川财证券研究所晨报

Core Insights - The report highlights the release of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" by the State Council, which aims to reduce energy consumption per unit of GDP by approximately 2.5% and carbon dioxide emissions by about 3.9% in 2024 [24][6][3] - It emphasizes the importance of non-fossil energy consumption, targeting a share of 18.9% in 2024 and 20% in 2025, with significant energy savings and carbon reduction goals set for key industries [24][6][3] - The report suggests focusing on sectors such as new productivity, public utilities, and electronics, as well as the ongoing development of 5G technology to enhance digital economic growth [3][9] Market Overview - The Caixin China Manufacturing PMI rose to 51.7 in May, the highest since July 2022, indicating accelerated expansion in manufacturing activities [17][3] - The report notes a mixed performance in the stock market, with the Shanghai Composite Index retreating while the ChiNext Index strengthened [3] Policy and Industry Focus - The action plan outlines nine key tasks, including the reduction of fossil energy consumption and the promotion of non-fossil energy sources, with specific actions for high-energy-consuming industries such as steel, petrochemicals, and construction [6][44] - The report discusses the need for improved energy consumption structure and the enhancement of renewable energy capacity, alongside the encouragement of non-fossil energy consumption [6][51] Future Opportunities - The report indicates potential investment opportunities in low-carbon projects and the energy storage industry, particularly in light of new green energy initiatives [34][30] - It also highlights the upcoming AI Summit by NVIDIA, which will explore AI applications in various sectors, suggesting a growing intersection between AI and industrial digitalization [35]