机构：中金公司 研究员：刘砺寒/刘佳妮 中国光大绿色环保1H25 业绩好于我们预期 公司公布1H25 业绩：实现营业收入34 亿港币，同比-3%，归母净利润1.9亿元，同比+33%。1H25 每股 派息2.8 港仙，同比+50%，对应分红率为30%，同比+10ppt。由于生物质发电板块成本管控得当、财务 费用同时压降，1H25 业绩好于我们的预期。 生物质综合利用：建造收入占比降至1.8%；成本管控得当，供热持续拓展，推动净利润同比+31%。 1H25 公司仅剩2 个在建项目，建造收入同比-17%至仅0.5 亿港币。运营方面，1H25 生物质材料处置量 同比-4%，上网电量同比+3%，吨发电效率提升，运营收入同比+3%至25 亿港币。成本方面，农林生物 质燃料成本管控得当，1H25 同比-8%。同时，期内持续扩大供热规模，蒸汽供应量同比+34%。在成本 管控及供热扩大的推动下，1H25 生物质综合利用板块净利润提升至6.3 亿港币。 危废处置：价格持续承压，减值持续，净利润录得亏损1.8 亿港币。由于危废处置行业仍然处于供给侧 出清阶段，市场竞争激烈，因此1H25公司危废处置价格持续下行，填埋/焚烧平均单价同 ...

据悉，零碳园区是指通过规划、设计、技术、管理等方式，使园区内生产生活活动产生的二氧化碳排放 降至"近零"水平，并具备进一步达到"净零"条件的园区。根据方案，内蒙古将分3个阶段推进零碳园区 建设：2025年启动零碳园区建设申报遴选工作，确定自治区零碳园区培育建设名单；2026至2028年，全 面开展国家级和自治区级零碳园区建设；到2030年，深化零碳园区建设探索实践，更多自治区级零碳园 区纳入国家级零碳园区试点。 本报呼和浩特8月14日电（记者张枨）日前，内蒙古自治区发展改革委与自治区工信厅、自治区能源局 联合印发《内蒙古自治区零碳园区培育建设方案》，计划通过试点推进、示范引领、模式创新等举措， 高标准高质量建设零碳园区，培育创建一批国家级和自治区级零碳园区试点，打造绿色低碳发展高地。 ...

Core Insights - The event "Ning Gong Pin Tui" facilitated supply-demand matching among key enterprises in the smart grid and equipment manufacturing sectors, enhancing collaboration within the industrial chain [1][3] - Leading companies like Guodian Nanjing Automation Co., Ltd. and Estun Automation Co., Ltd. emphasized their roles as "chain leaders," driving local supply chain development and regional economic growth [2][4] Group 1: Company Initiatives - Guodian Nanjing Automation highlighted its demand for components related to energy storage, including battery packs and circuit breakers, and has established a network of approximately 200 suppliers in Nanjing [1][5] - Estun Automation has been collaborating with local enterprises for 32 years, focusing on sectors such as automotive and photovoltaic, and aims to provide comprehensive solutions by enhancing cooperation with upstream and downstream partners [2][4] Group 2: Collaborative Efforts - The event served as a platform for various enterprises to present their latest products and technologies, fostering a collaborative environment for innovation and development [2][3] - Multiple key enterprises signed cooperation agreements to enhance supply chain collaboration, while banks like China Construction Bank and Ningbo Bank also engaged in partnerships to address financing challenges for these companies [3][4] Group 3: Future Directions - The city plans to support leading enterprises in forming innovation alliances with upstream and downstream companies, promoting shared resources and collaborative projects in areas like virtual power plants and zero-carbon parks [5] - Guodian Nanjing Automation aims to lead technological innovation in the industry by increasing R&D investments in cutting-edge fields and strengthening cooperation across the industrial chain [5]

Core Viewpoint - The global energy transition is accelerating, shifting the renewable energy industry from single equipment competition to a full industry chain ecological competition, focusing on technological collaboration and ecological co-construction to overcome resource bottlenecks and enhance project efficiency [1] Group 1: Technological Innovation - The company has established a "six major business ecosystem" encompassing wind power equipment, energy storage systems, smart operation and maintenance, hydrogen equipment, zero-carbon parks, and energy internet through continuous technological innovation [3] - The deep collaboration between technological accumulation and industrial layout allows the company to provide full lifecycle support from planning and site selection to operational services for its partners [3] Group 2: Ecological Co-construction - The company proposed two major cooperation concepts in Guangxi: the "Thousand Villages and Ten Thousand Towns Wind Action" to pilot distributed wind power projects in rural areas, and the "Zero Carbon Industrial Park" to create a green manufacturing cluster integrating wind, solar, energy storage, and smart microgrids [4] - A strategic cooperation agreement was signed with its partner, aiming for deep collaboration in multiple fields of renewable energy technology [4] - The company plans to explore scalable replication paths for both initiatives, promoting green energy accessibility and industrial upgrading in more regions [4]