投资策略：公用事业：1.煤价电价同步下行，火电盈利有望维持合理水 平，推荐全国大型火电企业华电国际以及区域电价较为坚挺的上海电 力；2.国家持续出台政策支持新能源发展，新能源发电盈利有望逐步趋 于稳健，推荐全国性新能源发电龙头企业龙源电力、三峡能源，区域优 质海上风电企业广西能源、福能股份、中闽能源，以及开展新能源与智 算中心一体化深化算电协同标的金开新能；3.装机和发电量增长对冲电 价下行压力，预计核电公司盈利仍将维持稳定，推荐核电运营标的中国 核电、中国广核；国家电投整合核电资产，打造 A 股第三家核电运营商， 推荐重组标的电投产融；4.全球降息背景下高分红的水电股防御属性凸 显，推荐业绩稳健性和成长性兼具的水电龙头长江电力；5.燃气推荐具 有海气贸易能力，特气业务锚定商业航天的九丰能源；6.基于余热锅炉 设备制造进军核能和清洁能源装备制造的西子洁能。环保：1.水务&垃 圾焚烧行业进入成熟期，自由现金流改善明显，再叠加无风险收益率的 持续走低，投资者的预期回报率和风险偏好均有所下降，建议关注环保 板块中的"类公用事业投资机会"，推荐光大环境、上海实业控股、中 山公用；2.中国科学仪器市场份额超过 90 亿 ...

公用环保 202601 第 2 期 优于大市 2025 年 1-11 月光伏/风电发电利用率同比下滑，重视"环保+资源品"投资逻辑 市场回顾：本周沪深 300 指数上涨 2.79%，公用事业指数上涨 2.54%，环 保指数上涨 3.88%，周相对收益率分别为-0.24%和 1.10%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 23 和第 16 名。电力板 块子板块中，火电上涨 2.40%；水电上涨 0.70%，新能源发电上涨 3.74%； 水务板块上涨 2.50%；燃气板块上涨 4.80%。 重要事件：1-11 月份，全国光伏/风电发电利用率分别为 94.8%/94.3%。电 力行业规划研究与监测预警中心公布 2025 年 11 月全国新能源并网消纳 情况，11 月光伏发电利用率 93.7%，同比-2.5pct，1-11 月光伏发电利 用率为 94.8%，同比-2.2pct；11 月风电利用率 93.1%，同比-2.7pct， 1-11 月风电利用率 94.3%，同比-2.0pct。 专题研究：从成本中心到价值创造，重视"环保+资源品"投资逻辑。过去 一年，受地缘政治紧张和供应链安全焦虑驱 ...

本文刊载于《中国科学院院刊》2025年第11期"战略与决策研究" 王光谦* 钟德钰 清华大学 水圈科学与水利工程全国重点实验室 以"绿水青山就是金山银山"理念为指导，系统研究了生态价值实现机制，提出以"绿水青山"绿证制度为核心、分三阶段推进的生态价值实现方案。绿证作为 生态资产的客观量化凭证，将生态水、水土保持、绿色碳汇和植树造林（种草）4类生态产品统一度量，形成一证通用的可交易权证体系，为通过市场机制 实现"绿水青山"向"金山银山"转化提供制度基础。以黄河流域为例，计算了流域内生态产品的物质量和绿证数量，为跨区域生态补偿与协同发展提供量化依 据与制度创新方案，进一步推动黄河流域生态价值实现。 一、研究背景 1.1 生态价值实现的内涵与实现机制 2025年是"绿水青山就是金山银山"理念提出20周年。习近平总书记多次强调统筹经济发展与生态环境保护的重要性，明确指出要"积极探索推广绿水青山转 化为金山银山的路径"。党的二十届三中全会进一步提出"加快完善落实绿水青山就是金山银山理念的体制机制"，并强调"健全生态产品价值实现机制"。"绿 水青山就是金山银山"理念深刻表明，生态可以转化为生产力，保护生态就是保护生产力， ...

本次债券是山西省安装在境内债券市场的首次公开亮相，也是山西资本市场2026年第一家获批的10亿以 上发债项目。 01、发行13.5亿债券 根据中国证监会批复，该债券注册有效期为24个月，可分期发行，发行总面值不超过13.5亿元。该债券 早在2025年9月就由董事会审议通过，但这笔债券注册金额从9月审议通过的15亿元变成了目前证监会批 复通过的13.5亿元。 | | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 借款 机构 | 借款银行 | 起息日 | 行权日 | 债务金额 | 拟使用本次募集 资金偿还的金额 | | | | 农业银行 | 2025/7/25 | 2026/7/24 | 10,000.00 | 10,000.00 | | 2 | | 农业银行 | 2025/8/14 | 2026/8/13 | 10,000.00 | 10,000.00 | | 3 | | 农业银行 | 2025/8/28 | 2026/8/27 | 7,000.00 | 7,000.00 | | 4 | | 邮储银行 | 2025/8/ ...

回溯至2024年，泰山港华"直流侧240.66kWp（235KW交流侧）分布式光伏发电项目"成功获得了由国家 能源局核发的绿色电力证书，这张泰安市首张分布式光伏发电项目"绿证"，不仅是对该项目绿色属性的 权威认证，更标志着泰山港华在绿色能源转型和可持续发展领域迈出了坚实且关键的一步。作为国有控 股企业，泰山港华燃气始终将绿色发展理念深植企业发展战略，主动肩负起推动能源结构优化、践行生 态环保责任的使命担当，该光伏项目的落地与绿证的获取，正是企业践行社会责任的生动实践。 绿色电力证书是我国可再生能源电力消费的唯一凭证，是衡量企业绿色发展水平、体现生态价值的重要 标志。泰山港华燃气分布式光伏发电项目自推进以来，始终以清洁能源替代、降低碳排放为核心目标， 通过充分利用场地资源实现太阳能的高效转化，为能源清洁低碳转型提供了有力支撑。此次绿证的顺利 核发与成功交易，不仅验证了项目的生态价值与市场认可度，更展现了企业在新能源项目开发、运营及 价值转化方面的扎实努力与显著成效。为进一步深耕新能源领域，泰山港华燃气抽调专业人员组建新能 源项目工作专班，致力攻坚综合能源项目，充分发挥天然气基础能源优势，以热能项目作为切入点，积 ...

10月中国核发绿色电力证书3.7亿个 中新社北京11月25日电 (记者 王梦瑶)绿色电力证书(简称"绿证")是中国认定可再生能源电力生产、消费 的唯一凭证。中国国家能源局25日公布的数据显示，2025年10月，国家能源局核发绿证3.70亿个，涉及 可再生能源发电项目37.41万个。 从核发情况看，10月核发的绿证中，可交易绿证1.58亿个，占比42.61%。2025年1月至10月，国家能源 局共计核发绿证24.78亿个，其中可交易绿证15.92亿个。 从交易情况看，2025年10月，全国交易绿证6670万个，其中绿色电力交易绿证2299万个。2025年1月至 10月，全国交易绿证5.96亿个，其中绿色电力交易绿证2.02亿个。 2025年10月，电量生产年为2024年的绿证单独交易平均价格为每个2.56元(人民币，下同)，电量生产年 为2025年的绿证单独交易平均价格为每个5.22元。(完) 来源：中国新闻网 编辑：陈俊明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新 ...

Core Viewpoint - The article emphasizes the importance of three core assets—gold, green power certificates, and high-dividend core assets—as effective hedges against inflation in a diverse global inflation landscape since 2025 [1]. Group 1: Gold as a Hard Currency - Gold is increasingly recognized as a "final value anchor" in the 2025 monetary environment, with China's gold reserves rising to 73.9 million ounces, marking an increase of 70,000 ounces and a continuous accumulation for eight months [3]. - As of August 2025, gold accounted for 7.64% of China's reserve assets, reflecting the national acknowledgment of gold's value preservation attributes [3]. - The price of gold has risen over 12% in 2025, with domestic prices exceeding 480 yuan per gram, driven by global inflation expectations and risk aversion [3]. Group 2: Green Power Certificates as Policy-Driven Hard Currency - Green power certificates (referred to as "green certificates") have emerged as a new type of hard currency, supported by strong national policies aimed at promoting renewable energy [4]. - A significant policy document issued on March 18, 2025, established a dual-track mechanism for mandatory and voluntary consumption of green certificates, injecting long-term momentum into the market [4]. - From January to October 2025, the trading volume of green certificates increased by 215%, with some industry-specific certificates seeing prices rise by 35% since the beginning of the year [4]. Group 3: High-Dividend Core Assets as Equity Hard Currency - High-dividend core assets have become a crucial choice for combating rising prices, supported by stable cash flows and favorable policies [5]. - A policy issued on October 12, 2025, encourages long-term funds, such as social security and insurance funds, to increase their equity investment proportions, ensuring stability in long-term asset allocation [5]. - The average dividend yield of the CSI 300 high-dividend index stocks reached 4.2% in Q3 2025, significantly surpassing the 10-year government bond yield of 1.8025% [6]. Group 4: Configuration Logic of Hard Currencies - The inflation environment of 2025 necessitates a diversified asset allocation strategy rather than a singular focus, with gold serving as a "safety cushion" in asset portfolios [7]. - Gold should constitute 5%-10% of total household assets, while green certificates are suitable for long-term investors focusing on renewable energy projects [7]. - High-dividend core assets are recommended as a "yield engine" in portfolios, particularly in stable cash flow sectors like consumer goods and utilities [7].

Core Insights - The 15th National Games in the Guangdong-Hong Kong-Macao region has set a benchmark for "carbon-neutral" large-scale sports events by implementing a comprehensive green energy supply and low-carbon initiatives [1][2]. Group 1: Green Energy Supply - The Guangdong competition zone procured 188,000 green power certificates, achieving full green energy supply for the event [1]. - The estimated electricity consumption during the event in Guangdong is 188 million kilowatt-hours, resulting in a reduction of 160,000 tons of CO2 emissions and equivalent to planting 8.88 million trees [1]. Group 2: Venue Construction and Technology - Over 90% of the venues in the Guangdong competition zone were renovated from existing facilities, with similar practices in Hong Kong and Macau [1]. - Many venues incorporated energy-saving materials, efficient electromechanical equipment, smart lighting systems, and distributed photovoltaic technologies [1]. - The Guangzhou Tianhe Sports Center was transformed into the first near-zero carbon large sports venue in the country [1]. Group 3: Event Operations and Carbon Management - The event adopted systematic carbon reduction measures, including the use of low-carbon products and biodegradable materials for uniforms and catering [2]. - All taxis used for event support were 100% electric vehicles, and the event in Dongguan achieved full electronic coverage to reduce paper usage [2]. - A full-chain carbon management system was explored, including measurement, reduction, offsetting, and certification [2]. - Donations from 31 companies amounted to approximately 380,000 tons of carbon products for the Guangzhou zone, while Shenzhen received 100,000 tons of carbon assets for offsetting emissions [2].

Core Insights - The 15th National Games emphasizes the integration of green, low-carbon, and sustainable practices into every aspect of the event, aiming to reduce carbon emissions significantly [1][2] Group 1: Event Overview - The event is expected to achieve a carbon emission reduction to between 750,000 and 800,000 tons, with the Guangdong competition area achieving 100% green electricity coverage [1][4] - This edition of the National Games does not involve the construction of new large venues, with over 90% of the 75 competition venues in Guangdong being upgraded existing facilities [1] Group 2: Venue Upgrades - The Tianhe Sports Center is a key focus for upgrades, aiming to become the first near-zero carbon large sports venue in the country, with a carbon emission intensity of 10.73 kg per square meter per year and a carbon reduction rate of approximately 56% [2][3] - The venue incorporates energy-efficient materials, variable frequency air conditioning, and smart lighting systems to maximize carbon reduction [2] Group 3: Energy Management - The Tianhe Sports Center's energy management platform provides real-time monitoring of electricity, water usage, and carbon emissions, allowing for precise management and alerts for unusual energy consumption [3] - The venue's upgrades are expected to save approximately 1.09 million kWh of electricity annually, equivalent to a reduction of about 811 tons of CO2 emissions [3] Group 4: Green Energy Procurement - The total electricity consumption for the event is estimated at 188 million kWh, leading to a reduction of 160,000 tons of CO2 emissions, equivalent to planting 8.88 million trees [4][5] - The Guangdong Electric Power Company has procured 188,000 green electricity certificates to ensure the authenticity and traceability of the green energy supplied for the event [5]

Core Insights - In September 2025, China issued 229 million green power certificates (GPCs), covering 306,500 renewable energy generation projects, with 158 million being tradable, accounting for 68.86% of the total [1][2] - The trading of GPCs in September 2025 reached 65.12 million, with 21.02 million being green power trading certificates. From January to September 2025, a total of 529 million GPCs were traded, including 179 million green power trading certificates [1] - Major buyers of GPCs include multinational corporations like Apple, as well as leading companies in polysilicon, electrolytic aluminum, steel, and data centers, with significant growth in trading volumes from these sectors [1] - Key regions for GPC purchases include Guangdong, Zhejiang, Shanghai, and Jiangsu, driven by dual control of energy consumption and responsibility for consumption [1] Industry Developments - The current GPC policy framework in China is becoming increasingly comprehensive, effectively promoting green consumption [2] - Future improvements in standards, systems, and labels for green power consumption certification based on GPCs are anticipated, alongside the deepening of policies related to consumption responsibility and carbon dual control [2] - The Chinese GPC market has entered a new stage of high-quality development [2]