《碳达峰碳中和的中国行动》白皮书发布，中国是能源转型的坚定行动派

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report emphasizes the importance of safety in the power system, indicating that investment in safety must be sufficient. The automation and digitalization of the grid and power sources will further enhance to intelligence, which will strengthen user-side investments [7] - The report highlights the significant achievements of China in promoting carbon peak and carbon neutrality over the past five years, positioning China as a steadfast advocate for energy transition [5] - The report notes that as of August 2025, the installed capacity of wind and solar power has exceeded 1.69 billion kilowatts, more than three times that of 2020, with the proportion of wind and solar power generation increasing by an average of 2.2 percentage points annually [5] Summary by Relevant Sections Industry Basic Situation - The closing index is 10836.31, with a 52-week high of 10836.31 and a low of 6107.84 [2] Investment Highlights - The demand for flexible resources in the power system is continuously increasing, with over 50% of coal-fired units now capable of deep peak regulation. The report also mentions the construction of gas turbine peak regulation units and the scientific layout of pumped storage and solar thermal power [6] - The report suggests focusing on companies like Guodian NARI and Guodian Nanzhi due to the expected increase in investment intensity in secondary equipment [7]