Investment Rating - The report does not explicitly provide an investment rating for the solar power industry Core Insights - The solar power industry in China is experiencing rapid growth in installed capacity, but faces challenges in power consumption due to limitations in transmission facilities and grid capacity [1][2][3] - The market-oriented trading environment is leading to a decline in solar power prices, while non-technical costs and mandatory energy storage requirements are increasing operational costs, thereby compressing profit margins for solar power projects [1][2][3] Summary by Sections Installed Capacity and Growth - As of June 2024, China's total installed power capacity reached 3,071 million kilowatts, with solar power accounting for 714 million kilowatts, representing 23.24% of the total [2][4] - In the first half of 2024, 15.1 million kilowatts of new solar capacity was added, making up 68.9% of the total new installations, with a growth rate of 51.6% for solar power installations [2][4] Supply and Demand Imbalance - There is a significant supply-demand mismatch in solar power installations, particularly in the "Three North" regions where conditions for power consumption are weaker [4][5] - The concentration of solar power installations in areas with rich resources but limited consumption capacity has created challenges for effective power utilization [4][5] Policy Environment - Recent policies have shifted from encouraging development to regulating construction, focusing on optimizing the business environment and ensuring that grid infrastructure keeps pace with solar project development [5][6] - The relaxation of consumption red lines has diminished the previous expectations for guaranteed consumption of renewable energy, leading to a decline in solar power utilization efficiency [6][10] Power Consumption and Utilization - The utilization hours for solar power generation have been decreasing, with 2023 figures showing an average of 1,286 hours, down 4.03% year-on-year [7][8] - The solar power utilization rate in the first half of 2024 was 97.1%, a decrease of 1.2% compared to the previous year, with some regions experiencing rates below 95% [8][10] Revenue and Cost Challenges - The deepening of market-oriented trading has led to a downward trend in solar power prices, with trading prices in provinces like Gansu and Xinjiang dropping below 0.2 yuan per kilowatt-hour [12][19] - Non-technical costs have risen, offsetting the benefits from reduced technical costs, and mandatory energy storage requirements have further increased project investment and operational costs [13][19] Profitability and Industry Outlook - The profitability of solar power companies is under pressure, with net profit growth rates turning negative in the first half of 2024, indicating a shrinking profit margin [15][19] - The industry is expected to see a more rational investment approach as companies face declining revenues and increasing operational costs [14][19]

| --- | --- | |-----------------------|--------------------------------| | | | | CPI、PPI | 双双回落，通胀压力处于可控范围 | | 12 月价格数据点评及 | 年展望 ,2022 年 1 | | 12 日 | | | --- | --- | |--------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 8 日 2024 年 9 月 14 2024 年第 1 ...

| --- | --- | |-----------------------|--------------------------------| | | | | CPI、PPI | 双双回落，通胀压力处于可控范围 | | 12 月价格数据点评及 | 年展望 ,2022 年 1 | | 12 日 | | 010-66428877-452 | --- | --- | |--------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------| | 1 202 20 4 24 年 年第 9 月 50 14 期 日 | 月价格数据点评 通胀水平延续回落、物价稳中 数据点评 宏观经济 | | | 内需偏弱对生产的拖累继续加大 ——8 月经济数据点评 | | 作者 : 中诚信国际 ...

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Group 1: Export Performance - In August, China's export amount reached $308.65 billion, with a year-on-year growth of 8.7%, an increase of 1.7 percentage points from the previous month[2] - The export growth rate for the first eight months of the year was 4.6%, significantly higher than the previous year's performance[2] - Mechanical and electrical products accounted for nearly 60% of total exports, with an August year-on-year growth of 11.92%[4] Group 2: Import Trends - In August, the import amount in dollar terms grew by only 0.5%, a sharp decline of 6.7 percentage points from the previous month[5] - The cumulative import amount from January to August was $1.71 trillion, reflecting a year-on-year growth of 2.5%, down 0.3 percentage points from the previous value[5] - The import growth of labor-intensive products was 4.2%, down 0.9 percentage points from the previous month, with furniture and clothing showing mixed results[5] Group 3: Trade Balance and Future Outlook - China's trade surplus in August rose to $91.02 billion, the highest level for the same period historically[5] - The ongoing "export grabbing" phenomenon is expected to continue, with export growth projected to remain above 3% for the year[3] - External demand is showing signs of weakness, and geopolitical tensions may pose risks to future export performance[5]

| --- | --- | --- | --- | |-----------------|---------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------| | www.ccxi.com.cn | | | | | | 特别评论 | | 中诚信国际 交通运输行业 | | | 2024 年 9 月 | | 交通运输行业中期信用观察：稳中有进，仍具潜力 | | 目录 | | | 要点 | | 要点 | | 1 | | | | | | 2024 年上半年我国航空客货运输均延续较好增长态势，其中 | | 主要关注因素 | 2 | | 国内客运在全面复苏后仍保持稳健增长、国际客运约恢复至 | | 航空运输行业 | | 2 | 2019 年同期八成，货运量达到历史最好水平；主要航空公司 | | 机场行业 | | 6 | 经营业绩进一步改善， ...

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www.ccxi.com.cn 2024 年 9 月 目录 要点 1 主要关注因素 2 结论 8 附表 12 联络人 作者 柯 维 027-87339288 wke@ccxi.com.cn 李转波 027-87339288 zhbli@ccxi.com.cn 其他联络人 龚天璇 027-87339288 txgong@ccxi.com.cn 中诚信国际 特别评论 中国城市燃气行业 中国城市燃气行业中期信用观察——天然 气价格重回俄乌冲突前水平，供需两旺叠 加上下游定价政策调整支撑城燃企业盈利 修复 要点 全球天然气市场深度调整后逐渐走向再平衡，2024 年上半年供需整体 宽松，国际天然气价格已恢复至俄乌冲突爆发前水平。中诚信国际预 计 2024 年下半年，全球天然气市场供需延续相对宽松态势，但地缘 政治紧张、极端气候等不确定性因素犹存。 2024 年上半年，我国天然气进口依存度仍较高，随着国际天然气价格 走低，进口气恢复式增长，国产气继续发挥"压舱石"作用；工业用 气快速增长拉动国内天然气消费量重回高增长轨道，国内市场呈"供 需两旺"局面。中诚信国际认为，2024 年下半年，多气源补充下我国 天然气供应预计相 ...