两部门联合发文力促消纳，新能源发展步入高质新阶段

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and an expectation that the industry index will outperform the benchmark index [2][7]. Core Insights - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, aiming for a high-quality development phase in the renewable energy sector [1][5]. - By 2030, a multi-level renewable energy consumption regulation system is expected to be established, ensuring efficient integration and utilization of renewable energy sources [5]. - The report emphasizes the need for differentiated strategies for various types of renewable energy to enhance policy implementation efficiency and promote new consumption models and industry upgrades [5]. Industry Overview - As of September 2025, the installed capacity of wind and solar power accounts for approximately 46% of the total energy mix, highlighting the rapid expansion of renewable energy in China [5]. - The report notes significant regional challenges in energy consumption, with wind and solar abandonment rates reaching 6.6% and 5.7% respectively in the first half of 2025, indicating severe regional consumption issues [5]. - The guidelines categorize renewable energy development and consumption into five types, including "desert" bases and offshore wind power, to optimize energy distribution and enhance local consumption [5]. Investment Recommendations - The report suggests focusing on leading national renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality local offshore wind enterprises like Funiu Co. and Zhongmin Energy [5].