The effects of hydrothermal temperature and catalyst concentration on the basic elements and combustion characteristics and kinetic parameters of hydrochars were investigated using ultimate analyzer and thermogravimetric method with rice husk as the research object and CaO as the additives. The results showed that: (1) the fixed carbon content of hydrochars gradually increased with the increase of hydrothermal temperature, whereas the volatile content gradually decreased. When CaO was added, the changes of fixed carbon and volatile fraction gradually decreased with the increase of hydrothermal temperature, and H/C atomic ratio increased to different degrees, which had a certain inhibitory effect on the degree of hydrothermal carbonization of rice husk. (2) The peak of the volatile fraction combustion section of hydrochars combustion derivative thermogravimetric curve was higher than that of the fixed carbon combustion section. CaO concentration has less effect on the volatile combustion section, and the combustion peak of the fixed carbon section is significantly reduced. (3) When the heating rate of the combustion test is accelerated, the ignition and burnout temperatures of the sample increase and the overall combustion curve shifts to the high temperature region. (4) The comprehensive combustion index SN decreases with the increase in hydrothermal temperature. When the hydrothermal temperature is certain, the CaO concentration causes the SN to increase and then decrease, which finally reduces the combustion performance of hydrochars. (5) The activation energy of the fixed carbon combustion section of hydrochars is lower than that of the volatile combustion section, and the activation energy of both volatile and fixed carbon combustion sections gradually decreases after adding CaO. The primary reaction kinetic model was used to describe the combustion kinetics of hydrochars, and the correlation coefficients ( R2) were all above 0.92, and the results were reliable.

Countries all over the world are looking for fuel to replace fossil energy due to environmental concerns and a scarcity of fossil fuels. Oil shale (OS) and rice husk (RH) are both viable fuels, although they both have issues like high ash content and poor calorific value. OS and RH were used as feedstock for high-quality fuel in this study, which uses a hydrothermal technique to provide a novel way to utilize OS and rice. At different hydrothermal temperatures (150, 200 and 250 °C), including combustion and pyrolysis processes, the thermogravimetric analyzer (TGA) was used to analyse thermal transformation characteristics of co-hydrothermal carbonization (co-HTC) of OS and RH, as well as the synergistic effects. Results showed that the co-HTC pretreatment had a significant effect on the thermal transformation behaviour of OS and RH. On the one hand, the co-HTC has higher volatile content than its calculated value. On the other hand, a synergistic effect was found in combustion processes, and this effect was the most obvious when the hydrothermal temperature was around 200 °C, and the characteristic peak of functional groups vibration was strong. Therefore, the co-HTC was considered suitable for combustion. The combination of co-HTC modification with subsequent thermochemical processes has positive implications for the energy production and utilization of organic waste.

Technological innovation is the source of generating new momentum. In the context of the financing constraints generally existing in China, it is particularly important to explore the impact of technological innovation investment on corporate financial risk, which also provides a risk identification perspective and development direction for enterprises. Based on the data of China’s small and medium-sized listed companies from 2010 to 2019, and from the perspective of moderating effect of financing constraints, this paper uses multiple regression analysis method to test the impact mechanism of technological innovation investment on corporate financial risk and the moderating effect of financing constraints in both. The results show that technological innovation investment can significantly reduce corporate financial risk, while financing constraints can significantly improve the level of financial risk. Financing constraints play a moderating role in technological innovation investment and financial risk. Heterogeneity test found that, compared with large-scale enterprises, small-scale enterprises’ technological innovation investment has a more significant impact on financial risk, and the moderating effect of financing constraints is also greater. Compared with private enterprises, state-owned enterprises’ technological innovation investment has less impact on financial risk, and the moderating effect of financing constraints is not significant.