年内第二轮上涨， 上海电力 （600021.SH）的股价创了近10年新高。 10月10日晚，上海电力发布股票交易异常波动公告，过去三个交易日，公司股票累计涨幅超过20%，公司及控股 股东均无应披露而未披露事项。 K线图显示，2025年8月以来的两个月，上海电力的股价已经翻倍。10月10日，公司收盘价为25.12元/股，创下了 2015年同期以来的近10年新高。 作为中国五大发电集团之一国家电投集团旗下最主要的上市公司之一，上海电力不仅仅局限于火力发电，通过积 极布局，已经成为一家集火电、风电、光伏、氢能、 综合 智慧能源、现代能源供应和服务于一体的现代能源企 业。 公司还在加码布局 新能源 。近期，公司宣布，拟投资逾60亿元建设两个新能源电力项目。 上海电力的经营业绩快速恢复性增长。2025年上半年，公司盈利逾19亿元，接近2024年全年水平。与之相关的经 营现金流净额为61.49亿元，同比增长41.59%。 资金加仓股价创新高 上海电力在二级市场上表现出色。 10月10日，A股市场上，沪深创三大指数出现调整，上海电力的股价也出现了波动，但在收盘时，涨幅达7.90%， 较盘中涨幅9.60%有所收窄。 此前的9 ...

近年来，中国与海湾合作委员会国家的能源合作显著加深，特别是在全球能源市场动荡和美中贸易摩擦加剧的背景下，中 国通过一系列长期采购协议巩固与海合会国家的能源纽带，以确保能源安全并应对地缘政治风险。 这些协议不仅为中国提供了稳定的能源供应，也为海合会国家开辟了亚洲市场的战略机遇，同时推动了清洁能源领域的合 作。 本文是阿中产业研究院"中东生意经"系列第160篇，深度介绍中阿投资、贸易和工程建设领域的产业政策、法律法规、产业 趋势、市场需求、竞争格局和潜在交易机会。 2025年4月，中国海洋石油集团与阿联酋国家石油公司（ADNOC）签署了一项为期五年的液化天然气（LNG）供应协议， 自2026年起每年供应50万吨。 几天后，ADNOC又与两家中国企业达成协议：与新奥天然气天然气公司签订了为期15年、每年100万吨的合同，以及与振 华石油签订了为期五年的合同。 这些协议通过锁定供应量和定价公式，有效降低了中国买家面临的市场波动风险，尤其是在美国对伊朗石油制裁力度加大 的情况下。 对于ADNOC而言，这些交易确保了阿联酋不断扩大的出口能力获得稳定需求。阿联酋正通过其9.6 Mt/年的鲁韦斯液化天然 气项目提升出口能力， ...

Core Viewpoint - Hong Kong and China Gas Company Limited (Towngas) has achieved a significant upgrade in its ESG rating from "AA+" to the highest level "AAA," ranking first among Hong Kong utility companies, reflecting its leadership in the industry [1][3]. Group 1: ESG Rating Improvement - Towngas's upgrade to "AAA" highlights its strong performance in environmental, social, and governance (ESG) criteria, particularly in environmental aspects [3]. - The company has been consistently included in the Hang Seng Sustainable Development Index series since 2011, making it one of the longest-standing constituents of the index [3]. Group 2: Commitment to Sustainable Development - Towngas is actively developing green energy businesses, focusing on green methanol, hydrogen, and sustainable aviation fuel (SAF) to accelerate the transition to green transportation [3]. - The company collaborates with various stakeholders to promote carbon reduction across the value chain through initiatives like sustainable performance-linked supplier payment schemes [3]. Group 3: Future Outlook - Towngas plans to deepen its investments in renewable energy and low-carbon technologies, aligning with the national "3060" dual carbon goals to contribute to a sustainable future [4].

Core Insights - India's hydrogen demand is expected to grow significantly from 6.7 million tons per year to 13 million tons per year by 2030, currently accounting for 7%-8% of global demand [2] - By 2050, India's hydrogen demand could reach approximately 26 million tons per year, representing 10% of global hydrogen demand [2] - The growth forecast does not include hydrogen demand related to green ammonia exports, indicating substantial expansion potential for India's hydrogen industry [2] Industry Overview - India's hydrogen production currently relies heavily on natural gas reforming, primarily for use in refineries and fertilizer plants [2] - Reliance on gray hydrogen, blue hydrogen, and low-carbon hydrogen is necessary to meet projected demand, highlighting the transitional nature of India's energy sector [2] - Reliance on imported technology for electrolyzers poses a challenge for scaling up domestic hydrogen production [3] Cost Competitiveness - Current global green hydrogen production costs range from $4 to $6 per kilogram, while local green hydrogen prices in India are around $3.8 per kilogram, at the lower end of the international cost range [3] - The introduction of a carbon credit mechanism could help narrow the cost gap between green hydrogen and gray hydrogen, making green hydrogen a more attractive option for industries transitioning to clean energy [3] Infrastructure and Supply Chain - India's existing natural gas pipeline network provides an advantage for integrating hydrogen into the energy structure, allowing for economical transportation of hydrogen through specific concentration injection into pipelines [3] - The need for domestic research and production of electrolyzers is urgent to foster a robust hydrogen economy, which would lower costs and enhance energy security [3]

Core Insights - The article highlights the significant advancements in renewable energy and biodiversity conservation efforts in Qinghai, China, particularly through the initiatives led by Sungrow Power Supply Co., Ltd. [1][4][8] Group 1: Renewable Energy Development - Qinghai is leveraging its abundant clean energy resources, including solar, wind, and hydropower, to drive high-quality development in the renewable energy sector [6][7] - As of December 31, 2024, Qinghai's installed capacity for solar, wind, and energy storage reached 36.317 million kW, 12.683 million kW, and 200,000 kW/661 MWh, respectively [6] - Sungrow Power focuses on integrating energy storage with solar power to enhance grid stability and efficiency in resource-rich but environmentally challenging areas like Qinghai [6][7] Group 2: Biodiversity Conservation - The establishment of the "Sunshine Forest" project aims to restore habitats and enhance biodiversity in the Qilian Mountain National Park, which is crucial for wildlife migration and ecosystem health [3][4] - The project is part of a broader initiative to engage corporate social responsibility in ecological protection, demonstrating a model for other enterprises to follow [4][5] - The monitoring of 282 vertebrate species in the Qilian Mountains underscores the region's importance as a biodiversity hotspot [3] Group 3: Corporate Sustainability and ESG - Sungrow Power's MSCI ESG rating improved from AA to AAA in August 2025, reflecting its commitment to sustainable practices and innovation in the renewable energy sector [8] - The company emphasizes the importance of technology in connecting energy generation with consumption, thereby facilitating the integration of intermittent renewable energy into the grid [8][9] - Sungrow Power's initiatives are framed as a "bridge" connecting technology, responsibility, and hope for a sustainable future, aligning with global sustainability goals [9]

Core Viewpoint - The company is launching a special action plan titled "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" to enhance operational quality and investor returns while adhering to national policies and market demands [1][3][33]. Group 1: Operational Strategy - The company aims to deepen strategic guidance and optimize its renewable energy project development, focusing on both centralized and distributed wind and solar energy projects [2][3]. - The company will enhance its project investment decision-making process and adapt to regional energy policies to improve operational efficiency [2][3]. - The company plans to diversify into energy storage and hydrogen sectors to promote multi-energy complementarity [2][3]. Group 2: Investor Returns - The company emphasizes a long-term stable operation philosophy, prioritizing cash dividends as the main profit distribution method, committing to distribute no less than 30% of the average distributable profit over the last three years [3][4]. - The company will develop a long-term shareholder return plan, balancing reasonable returns with sustainable development [3][4]. Group 3: Investor Communication - The company will enhance its information disclosure mechanisms to ensure transparency and maintain investor relations, including regular roadshows and performance briefings [4][5]. - The company aims to establish a systematic and multi-level investor communication mechanism to improve investor relationship management [4][5]. Group 4: Corporate Governance - The company is committed to optimizing its corporate governance structure, ensuring clarity in responsibilities and compliance with regulatory requirements [5][6]. - The company will enhance the effectiveness of its board committees and protect the rights of minority shareholders [5][6]. Group 5: Accountability and Responsibility - The company will strengthen the accountability of key stakeholders, linking their performance evaluations to the company's operational efficiency and market performance [6]. - The company plans to implement a contract-based management system for its management team to enhance operational vitality and efficiency [6].

Core Insights - China has announced a new round of Nationally Determined Contributions (NDCs), aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with non-fossil energy consumption reaching over 30% of total energy consumption [6][7] - The country has established the world's largest carbon market, covering over 60% of carbon dioxide emissions after including steel, cement, and aluminum industries [6][8] Regulatory Voices - The Minister of Ecology and Environment, Huang Runqiu, stated that nearly 20 million high-emission vehicles will be eliminated during the 14th Five-Year Plan [4] - The Deputy Minister of Ecology and Environment, Li Gao, emphasized the acceleration of building a unified national carbon market and expanding its coverage [4] - The Deputy Governor of the People's Bank of China, Lu Lei, highlighted the importance of financial institutions in carbon accounting and sustainable information disclosure [4] Policy Updates - The National Development and Reform Commission (NDRC) has initiated revisions to the pricing methods for electricity transmission and distribution to adapt to the new requirements of a modern power system [6] - The NDRC and the National Energy Administration released implementation opinions to promote the integration of artificial intelligence in the energy sector [6] Industry Insights - The China Alcohol Industry ESG Rating Platform 2.0 has been updated to cover all categories of alcoholic beverages, expanding from three to over ten categories [8] - The Shanghai Cooperation Organization has launched a platform to support renewable energy projects, including a target of adding 10 million kilowatts of photovoltaic and wind power capacity [8] - A recent document from the Central Government emphasizes the urgency for companies to disclose ESG information, with 2,523 A-share listed companies having released their 2024 ESG reports, achieving a disclosure rate of 46.49% [8] Event Highlights - The 2025 China International Service Trade Fair showcased advancements in hydrogen energy applications and zero-carbon park developments, indicating a significant shift towards green transformation in China's economic development [10][11] - The fair also featured discussions on how technology, including AI and remote sensing, can drive the green transformation of industries and support climate governance [10]

Core Insights - The G20 Chief Scientific Advisors Roundtable and Science Ministers Meeting took place from September 21 to 24 in South Africa, serving as a significant platform for promoting technological innovation and green transformation [1] - The meeting's theme focused on "Equitable Science, Technology, and Innovation for Inclusive Human Development and Global Sustainability," emphasizing hydrogen innovation and green transition [1] Group 1: Technological Cooperation - South African experts believe that Sino-African technological cooperation is becoming a new highlight in promoting global green development [1] - South Africa is transitioning to a green economy, primarily relying on solar and wind energy, which is expected to create numerous jobs [1] - Collaboration projects exist between South African institutions and several Chinese universities in the technology sector [1] Group 2: Energy and Health Research - The South African Minister of Science and Innovation highlighted ongoing research in hydrogen energy, fuel cells, and green ammonia [1] - In the health sector, South Africa has established a foundation for vaccine production, addressing local needs [1] - There is extensive international cooperation with China across various fields, including the installation of China's Beidou navigation system in South Africa [1]

Core Viewpoint - The city of Liaocheng is accelerating the construction of a multi-energy complementary energy structure, focusing on the development of the high-end bearing industry and establishing a modern industrial system with distinctive features and advantages [1] Group 1: New Energy Industry Development - Liaocheng adheres to the "project-oriented" philosophy to drive the growth of the new energy industry, with 7 new energy equipment manufacturing enterprises, led by Luwest New Energy Equipment Group [3] - The city has a total of 62 "wind-solar-storage" projects, including 2 operational centralized wind power projects, 34 operational centralized photovoltaic projects, and 4 operational energy storage projects [3] - By 2024, the six regulated enterprises are expected to achieve a revenue of 9.97 billion yuan, representing a 15% year-on-year growth [3] Group 2: Renewable Energy Capacity and Generation - As of the end of August, the city's renewable energy installed capacity reached 5.5333 million kilowatts, a year-on-year increase of 17.03%, accounting for 29.95% of the total installed capacity [4] - The cumulative renewable energy generation reached 5.337 billion kilowatt-hours, reflecting a year-on-year growth of 15.1% [4] - The city is actively seeking wind power indicators totaling 420,000 kilowatts, with specific projects in Guan County and Linqing City [4] Group 3: Future Development Plans - The city plans to accelerate the construction of a new energy system, focusing on the integration of wind power, photovoltaic, and hydrogen energy [5] - There is an emphasis on attracting more photovoltaic projects to be included in the provincial marketization project list by 2025, and supporting local enterprises to enhance product capacity and quality [5] - The city aims to reserve high-quality energy storage projects and attract energy storage component manufacturers to establish R&D institutions in Liaocheng [6]

Core Insights - The report by PwC's Strategy& Middle East indicates that global green investments will exceed $1 trillion from 2020 to 2024, with Saudi Arabia, UAE, and Oman attracting only $24 billion, accounting for approximately 2% of the total [1] - The three countries have invested a total of $132 billion in overseas green projects, completing 29 large-scale foreign and 10 domestic green investments, focusing on hydrogen, ammonia, and renewable energy [1] - Saudi Arabia received $12.6 billion and Oman $8.9 billion in investments, primarily from investors in China, India, and the United States [1] - The Gulf Cooperation Council (GCC) has significant advantages, such as the lowest solar power generation costs globally, with six of the world's ten lowest-cost projects located in the region [1] - Global green investments are projected to reach $158 billion in 2024, tripling from 2020 levels [1]