证 券 研 究 报 告 双碳引领绿色转型，零碳园区试点先行 零碳系列报告一 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 傅浩玮 A0230522010001 朱赫 A0230524070002 2026.3.2 投资案件 www.swsresearch.com 证券研究报告 2 3 2. 体系构建：碳评价+碳市场 行政及市场两手抓 3. 落地路径：源头绿色转型 零碳工厂/园区先行 1. 2030年碳达峰在即，十五五启动进入碳双控，推动全面绿色转型 15 25 35 67 90 98 100 103 101 101 106 99 105 106 0% -28.5% -37.0% -40.7% -48.1%-48.4% -50.9%-51.5%-51.5% -54.0% -65% -70% -60% -50% -40% -30% -20% -10% 0% - 20 40 60 80 100 120 1980 1990 2000 2005 2010 2011 2012 2013 2015 2016 2019 2020 2021 2022 2023 2024 2030 碳排 ...

（来源：黑龙江日报） 拓宽冰雪经济新赛道。以体教融合提升办学质量，积极对接教育部、国家体育总局争取政策支持，创建 全国首所十二年一贯制短道速滑体育学校。以赛训融合促进国际合作，举办赛事赛训交流研讨，推动首 届"冰超"联赛火爆出圈。举办澳大利亚短道速滑训练营，吸引匈牙利等29支国内外队伍转训集训。以文 旅融合激发消费活力，打造冰雪嘉年华、雪雕艺术展等大型活动和7条精品旅游路线，全年接待旅游人 数、旅游总花费同比增长28.78%和32.75%。 释放转型发展新动能。加强规划引领赋能传统产业，全力推进矿区规划编制攻坚任务，《七台河矿区总 体规划（修编）》获国家发改委批复。加强技术攻坚赋能绿色产业，组织市发改委等部门成立工作专 班，推动江河园区跻身全国唯一资源型转型城市整园推进"零碳园区"。加强布局优化赋能新兴产业，健 全"四个一"招商机制，推动战略性新兴产业产值同比增长39.7%。建立干部驻企服务机制，联顺生物医 药带动生物经济产值同比增长53.8%。 转自：黑龙江日报 七台河市坚持以深化能力作风建设服务保障资源型城市高质量转型发展，以争资金、争试点、争进位、 争成效、争一流为重点，加力推动干部转变思想观念、增强专 ...

Group 1 - The spring market trend after the holiday is expected to continue, with price increases being a core focus for the first quarter [12] - The Ministry of Commerce emphasizes the importance of restoring global semiconductor supply chains and urges cooperation between China and the Netherlands [1] - The National Energy Administration plans to implement a new energy system and various energy planning initiatives by 2026, focusing on strategic projects and small-scale projects [2] Group 2 - The China Securities Regulatory Commission (CSRC) has taken action against Tianfeng Securities for illegal financing and information disclosure violations related to Wuhan Contemporary Technology Group [6] - The CSRC has also initiated an investigation into Qunke Technology for misleading statements during its overseas IPO process [7] - The market experienced significant declines, with major U.S. indices dropping, and notable movements in technology stocks, including Nvidia and Apple showing slight gains while others fell [9][11]

Core Viewpoint - The establishment of the first batch of 52 national-level zero-carbon parks marks a transition from strategic planning to implementation in China's zero-carbon park development, which is seen as a key component in achieving carbon neutrality and exploring systemic changes in the energy framework [2]. Group 1: Development Status - The cost of renewable energy has significantly decreased compared to traditional energy sources, providing a solid foundation for zero-carbon parks [4]. - Zero-carbon parks are becoming central to energy transformation, moving from marginal exploration to mainstream implementation, with successful examples across the country, such as the Ordos Zero-Carbon Industrial Park and the Chongqing AI City Park [4][5]. - These parks demonstrate that zero-carbon solutions are practical and replicable, focusing on integrated energy systems and collaborative supply-demand models [5]. Group 2: Challenges Faced - Despite rapid development, zero-carbon parks face multiple challenges, including insufficient flexibility in the energy system, leading to increased curtailment rates of renewable energy [6]. - Technical challenges include inadequate planning for multi-energy conversion and supply-demand coordination, which can result in resource misallocation and high costs [6]. - The complexity of achieving dynamic balance in energy supply and demand exceeds expectations, requiring advanced algorithms and computational power [6]. Group 3: Pathways to Solutions - A three-pronged approach involving technology, mechanisms, and cognitive shifts is necessary to overcome current challenges [8]. - Future energy systems must prioritize flexibility, with cross-disciplinary integration of technologies such as electric heating, hydrogen, and energy storage [8]. - Market mechanisms should be user-centered, allowing distributed energy to participate in real-time pricing systems to enhance flexibility and create new growth opportunities [8]. - Breaking traditional cognitive barriers and embracing innovative thinking is crucial for the development of zero-carbon parks, which should focus on collaborative and integrated energy solutions [8].

Core Insights - The article emphasizes the importance of implementing the "14th Five-Year Plan" to promote a strong start for the industrial economy, focusing on new industrialization and high-quality development [2][3]. Group 1: Industrial Economic Development - In 2025, the industrial added value of large-scale industries increased by 6% year-on-year, with high-tech manufacturing and equipment manufacturing growing by 9.2% and 9.3% respectively [4]. - The Ministry of Industry and Information Technology (MIIT) aims to stabilize growth in key industries and regions, which account for 80% of the total industrial output [4]. - The MIIT plans to enhance effective demand by promoting flexible manufacturing and accelerating the application of new technologies like artificial intelligence [5]. Group 2: Modern Industrial System - The MIIT will focus on traditional industry renewal and the development of emerging industries to create new economic drivers [6][7]. - Key areas for development include integrated circuits, new materials, and aerospace, with plans to establish national demonstration bases for emerging industries [7]. - The MIIT aims to enhance the safety and controllability of supply chains while maintaining a reasonable proportion of manufacturing [7]. Group 3: Technological Innovation - The MIIT has made significant progress in integrating technology and industry during the "14th Five-Year Plan," with a focus on overcoming critical technological challenges [9]. - Future plans include increasing high-quality technological supply and enhancing the role of enterprises in innovation [10]. - The MIIT will establish a national manufacturing innovation center and promote the transformation of technological achievements into marketable products [10]. Group 4: Digital and Intelligent Transformation - The MIIT aims to accelerate the digital transformation of manufacturing, with over 7,000 advanced intelligent factories established [11]. - Key initiatives include building a robust digital infrastructure and promoting the application of industrial internet platforms [12]. - The MIIT will implement actions to enhance artificial intelligence in manufacturing, focusing on both technology and application scenarios [13].

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。 目前，全国共有国家级、省级园区超3000个，各类园区集聚了80%以上的工业企业，消耗了全国约60%的能源，产生的直接碳排放占全国的30%以上。建 设一批国家级零碳园区可以重点发挥示范引领作用，"以点带面"推进各类园区低碳化、零碳化改造建设。 据CESA储能应用分会数据库不完全统计，2025年以来，江苏、湖南、四川等10个省份24个零碳园区项目并网，容量规模近1.4GWh。 | | | | 2025年并网零碳园区典型项目清单 | | | --- | --- | --- | --- | --- | | 홍릉 | 并网时间 | 建设地点 | 项目名称 | 储能规模 | | 1 | 2025年1月7日 | 山东 | 永泰数能山东潍坊港口光储充项目 | 5MWh | | 2 | 2025年3月14日 | 江苏 | 中车威墅堰所25.06MWh微电网项目 | 12.5MW/25.06MWh | | 3 | 2025年4月25日 | 江苏 | 盐芯微2.75MWh工商业储能项目 | 2 ...

Group 1 - The core viewpoint emphasizes the importance of the 20th Central Committee's fourth plenary session, highlighting it as a significant meeting during a critical period for achieving socialist modernization [1] - The meeting underscores the major achievements during the 14th Five-Year Plan and outlines the six major principles for economic and social development in the 15th Five-Year Plan [1] - There is a strong focus on implementing the energy power strategy, enhancing energy supply capabilities, and accelerating the construction of the Shage Desert large energy base [1] Group 2 - The development of new energy scenarios such as green electricity direct connection, green hydrogen and ammonia, zero-carbon parks, and green computing power is emphasized [1] - The initiative aims to promote a green and low-carbon transition through renewable energy, contributing to the high-quality construction of a national important energy and strategic resource base [1]

Core Viewpoint - The National Development and Reform Commission emphasizes the integration and optimization of infrastructure to enhance efficiency and promote digital transformation and intelligent upgrades in various sectors, particularly in transportation and energy [1] Transportation Sector - The initiative aims to promote the integration of various transportation modes, accelerating the development of hub networks and enhancing the connection between trunk and urban transport systems [1] - Development of comprehensive passenger transport hubs and improvement of the collection and distribution system for hub ports and stations are prioritized [1] - There is a focus on utilizing transportation facility spaces for the construction of photovoltaic, energy storage, and charging facilities, as well as enhancing the flood control, water supply, and power generation functions of shipping and water conservancy hubs [1] - The digital transformation and upgrade of existing facilities are encouraged, alongside a strong push for the development of intelligent transportation systems [1] Energy Sector - Support is provided for the local development and consumption of renewable energy resources in areas rich in such resources, with an emphasis on strengthening cross-regional energy transmission and local self-balancing [1] - The initiative encourages the collaborative construction of national computing power hubs and clean energy bases [1] - There is a push for innovative development of green power parks, zero-carbon parks, and smart microgrids [1] - The advancement of renewable energy generation technologies and the application of flexible direct current transmission and intelligent scheduling are prioritized, along with increased efforts in long-duration energy storage, green hydrogen production, and nuclear fusion technology [1] - Continuous promotion of ultra-supercritical coal power and flexible transformation technologies is also highlighted [1]

Core Viewpoint - The company, South Network Energy, has announced its strategic plan for 2026, focusing on industrial energy conservation and transitioning from holding solar energy projects to multi-energy collaboration and smart operations [1][7]. Group 1: Strategic Directions - The company has identified five core execution directions, emphasizing transformation and optimization of core business layout, particularly in industrial and building energy conservation [2][8]. - The company will no longer invest in comprehensive resource utilization and will focus on high-end service businesses in industrial and building energy conservation [2][8]. Group 2: Market Development and Product System - The company aims to optimize its market development mechanism and establish a new business opportunity management system, enhancing collaboration with various stakeholders [3][8]. - There will be a focus on deepening the product system and promoting lifecycle management while driving technological innovation and results transformation [3][8]. Group 3: Technological Innovation - The company emphasizes that technological innovation is its core competitive advantage, aiming to leverage business scenario advantages to drive breakthroughs in comprehensive energy technologies and products [4][9]. Group 4: Operational Service Capability - The company plans to enhance project operation management capabilities and optimize organizational models through digital transformation, focusing on improving asset quality and efficiency [5][10]. - Customer relationship management will be integrated with production operations to enhance customer loyalty through product quality and service attitude [5][10]. Group 5: Market Value Management - The company will elevate market value management to a strategic level, aiming to enhance market recognition and investment value, thereby increasing investor returns [6][11]. - It will engage in compliant information disclosure and strengthen investor relations while exploring mergers, refinancing, and asset securitization to enhance asset value and expand business space [6][11].

Core Insights - The "Evolving Energy: Ma Yifeng Annual Speech 2026" conference held in Qingdao attracted 2,000 offline participants and over 3 million online viewers, featuring major energy companies and investment firms [1][3] - Ma Yifeng's keynote highlighted a new trend in the renewable energy and dual carbon industry, emphasizing explosive growth in industry innovation and sharing 25 successful energy project case studies [3][5] - The conference included professional training sessions focusing on key areas such as electricity trading, virtual power plants, and energy storage, providing insights into the future of the renewable energy sector [5][6] Industry Trends - The conference showcased the increasing collaboration among large energy companies, state-owned enterprises, and investment firms, indicating a strong interest in developing innovative solutions for the energy sector [1][6] - Ma Yifeng's analysis of China's renewable energy expansion into Africa highlighted successful business models that adapt to local market needs, showcasing the potential for international growth [3] - The event facilitated networking opportunities through dedicated areas for resource exchange, enhancing collaboration and partnerships within the industry [6] Training and Development - The training sessions featured eight industry experts discussing critical topics such as the electricity spot market and new opportunities arising from market developments, indicating a focus on equipping companies for future challenges [5] - Participants expressed that the in-depth discussions and cutting-edge insights provided new perspectives on navigating the impending changes in the renewable energy landscape [5] Networking and Collaboration - The conference included innovative resource exchange areas designed to foster efficient collaboration among participants, highlighting the importance of building a cooperative ecosystem in the energy sector [6] - Attendees had the opportunity to visit leading projects and technologies, enhancing their understanding of practical applications and outcomes in the renewable energy field [6]