中邮证券：推动矿区新能源加速发展 提升新能源装机需求预期

Core Viewpoint - The National Energy Administration released guidelines on November 7, 2025, to promote the integration of coal and renewable energy, aiming for significant achievements by the end of the 14th Five-Year Plan, with a mature development model for photovoltaic and wind power in coal mining areas and a substantial increase in electricity substitution and renewable energy penetration [1][2]. Industry Insights - The entire photovoltaic industry chain is currently experiencing an oversupply, with adjustments underway to counteract internal competition. There exists a significant gap in demand expectations that requires supplementary industrial policies to promote the development of renewable energy in mining areas, which will help enhance demand expectations [1][4]. - The development of photovoltaic and wind power industries in mining areas can effectively improve land resource utilization. This includes planning large photovoltaic bases in coal-producing regions with concentrated land resources and good grid access, utilizing mining subsidence areas for solar power stations, and promoting integrated models of photovoltaic and aquaculture or crop planting [3]. Investment Recommendations - Companies in the photovoltaic industry chain are recommended for attention, particularly in the silicon material segment, including GCL-Poly Energy (03800), Tongwei Co., Ltd. (600438), and Daqo New Energy (688303). Integrated manufacturers such as LONGi Green Energy (601012), JinkoSolar (688223), and Trina Solar (688599) are also suggested for investment focus [1][4].