Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The environmental protection industry is experiencing dual growth in cash flow and performance, with an emphasis on increasing dividends and a continuous focus on the bio-oil sector due to the revaluation of oil and gas assets [1] - The report highlights the significant growth potential in waste-to-energy, emphasizing its unique position as a scarce green energy source with substantial cash flow increases and resource value [1][19] - The report suggests that the sector is poised for growth driven by policy support, operational efficiency improvements, and international expansion opportunities [19] Industry Performance - The report indicates a 34% increase in performance for Longjing Environmental in 2025, with a revenue of 6.548 billion yuan and a net profit of 2.245 billion yuan [1] - The report notes that the waste sector is expected to see a significant increase in cash flow and dividend potential, with a projected increase in the dividend payout ratio from 114% to 141% [19] - The report also mentions the strong performance of companies like Green Power and Yongxing Co., with notable increases in revenue and net profit [1] Key Recommendations - The report recommends focusing on companies such as Longjing Environmental, Green Power, and Hanhai Environmental for their strong growth potential and dividend capabilities [1] - It also suggests monitoring companies like Deyu Water and Xinyuan Environment for their potential in the water sector, which is expected to follow a similar growth trajectory as waste-to-energy [20] Bio-Oil Sector Insights - The report states that the prices of bio-jet fuel and waste oil remain stable, with bio-jet fuel prices in Europe averaging $2800 per ton and in China at $2250 per ton [26] - The report highlights the profitability of bio-diesel production, with domestic prices for first-generation bio-diesel at 8100 yuan per ton, reflecting a 1% increase [26][27] Sanitation Equipment Market - The report notes a 208.44% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 32.38% [41] - It emphasizes the growth potential in the sanitation equipment sector driven by policy support and technological advancements [41] Lithium Battery Recycling - The report indicates stable profitability in lithium battery recycling, with prices for lithium and carbonate showing slight fluctuations [53][54] - It highlights the importance of improving recycling rates to enhance profitability in the sector [53]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the construction of a new energy system and the development of an energy powerhouse, with specific targets set for 2030 and 2035, guiding the energy sector's development for the "14th Five-Year Plan" and beyond [1] Group 1: Energy Security and Development - Inner Mongolia has made significant progress in high-quality energy development since the "14th Five-Year Plan," focusing on traditional energy transformation and green energy development, ensuring energy supply tasks are met with over 12 billion tons of coal production [2] - The region's electricity generation capacity has doubled, with power delivery increasing by 72% compared to the end of the "13th Five-Year Plan," maintaining a leading position in national energy security [2] Group 2: New Energy Development - New energy capacity has reached 170 million kilowatts, achieving a 2.4 times increase in installed capacity and a 2.1 times increase in power generation compared to the end of the "13th Five-Year Plan," with over 70% of new electricity consumption coming from new energy sources [3] - The region has established 230 intelligent coal mines, accounting for 80% of coal mines in operation, with a production capacity of 1.14 billion tons, leading the nation [3] Group 3: Energy Reform and Cooperation - The approval process for new energy and grid projects has been streamlined, reducing processing time from six months to approximately three months, facilitating market entry for new energy [4] - Cooperation with central enterprises has expanded, with agreements totaling over 1.1 trillion yuan, and energy collaboration with Mongolia has strengthened, including the establishment of nine power transmission channels [4] Group 4: Future Energy Strategy - The "15th Five-Year Plan" aims to enhance traditional energy supply capabilities and promote the development of modern energy economies, transitioning Inner Mongolia from an energy region to an energy powerhouse [5][6] - The focus will be on improving the efficiency of new energy development, expanding renewable energy applications, and enhancing the construction of a new power system [6][7] - The region plans to develop green hydrogen and establish a comprehensive hydrogen transport network, positioning itself as a leader in the green hydrogen industry [7]

Investment Rating - The industry investment rating is "Outperform the Market" [1][61] Core Viewpoints - The report highlights a positive outlook for the power energy industry, expecting the industry index to outperform the CSI 300 index over the next six months [61] - Key events include the China Development Forum emphasizing the integration of computing and electricity, aiming for 80% of new computing facilities to utilize green electricity [10][11] - The report notes significant growth in electricity consumption and new power generation capacity, indicating a robust demand for energy [21][23] Industry Events - The China Development Forum held on March 22-23, 2026, focused on advancing the synergy between computing and electricity, with a goal of integrating green power into new infrastructure [10] - On March 23, a new AI data analysis platform for energy storage was launched, enhancing operational efficiency and safety in energy storage systems [11] - A policy change announced on March 26 aims to transform coal power's role in the energy market, promoting a shift towards renewable energy while maintaining coal as a backup [12] Market Performance - During the period from March 23 to March 29, 2026, the CSI 300 index fell by 1.41%, while the power equipment index rose by 0.05%, outperforming the CSI 300 by 1.47 percentage points [13][15] - Among 31 first-level industries, the power equipment sector ranked 9th in performance [15] Power Industry Operations - In the first two months of 2026, total electricity consumption reached 1,654.6 billion kWh, a year-on-year increase of 6.10% [21] - New power generation capacity added during this period was 65.91 million kW, marking a year-on-year growth of 20.87% [23] - The average utilization hours of power generation equipment were 466 hours, a decrease of 39 hours compared to the previous year [35] New Power System Situation Photovoltaics - As of March 25, 2026, the average price of polysilicon was 40.5 yuan/kg, down by 4.50 yuan/kg from the previous week [42][44] Energy Storage - By the end of December 2025, China's operational energy storage projects totaled 213 GW, a year-on-year increase of 54%, with new energy storage capacity reaching 144.7 GW, up 85% [47][48] Lithium Batteries - As of March 27, 2026, the price of lithium carbonate was 156,000 yuan/ton, an increase of 8,000 yuan/ton from the previous week [50][51] Charging Infrastructure - By the end of February 2026, the total number of charging facilities in China reached 21.01 million, a year-on-year increase of 56.19% [53][54]

国家能源局综合司关于印发《2026年能源行业标准计划立项指南》的通知 附件： 2026年能源行业标准计划立项指南 2026年能源行业标准计划立项指南 为深入贯彻党的二十大和二十届历次全会精神,根据《中 华人民共和国能源法》和《国家标准化发展纲要》要求,落 实全国能源工作会议部署,围绕能源行业管理和产业发展需 要,明确 2026年能源行业标准立项重点方向和工作要求, 持续完善能源行业标准体系,以标准支撑能源强国建设,特 制定本指南。 一、立项重点 紧密围绕构建新型能源体系工作任务,保障能源安全和 绿色低碳转型,促进能源新技术、新产业、新业态发展,突 出重点领域和关键技术要求,提出能源行业标准计划。对于 具有一定应用前景但尚在发展的技术或变化较快的新产业、 新业态、新模式,探索通过标准化指导性技术文件予以支持。 鼓励民营企业、外资企业等各类主体参与标准制修订工作。 支持对标国际先进,立足行业发展实际,推动国际标准和能 源领域标准互促转化,推进标准体系兼容。 (一) 行业标准制修订计划 1. 立足能源安全和促进能源绿色低碳转型。服务和保障 能源安全稳定供应,支撑能源领域落实碳达峰、碳中和目标 的行业标准计划;支撑新 ...

Core Viewpoint - The article emphasizes the importance of energy security and the transition to a new energy system in China, driven by recent geopolitical tensions and domestic policy initiatives aimed at achieving carbon neutrality and sustainable energy development [2][4]. Group 1: Energy Security and Transition - The Chinese government has outlined plans to strengthen energy security and transition towards renewable energy sources, as highlighted in the recent government work report [2]. - The "14th Five-Year Plan" explicitly includes the goal of building an energy powerhouse, which will guide energy development over the next five years [4]. - The construction of a new energy system is deemed essential, with significant achievements in renewable energy over the past decade, including a shift where non-fossil energy consumption has surpassed that of oil [4][6]. Group 2: Renewable Energy Development - By 2025, the power generation structure is expected to see a significant increase in renewable energy sources, with wind and solar power installations projected to rise dramatically by 2060 [6]. - Wind power capacity is expected to grow from 520 million kilowatts in 2024 to between 3.22 billion and 3.34 billion kilowatts by 2060, while solar power capacity is projected to increase from 890 million kilowatts to between 5.5 billion and 6.5 billion kilowatts [6]. - By 2060, renewable energy is anticipated to account for over 90% of total power generation, with wind and solar contributing approximately 77% of the total generation [6]. Group 3: Electrification and Energy Efficiency - The electrification rate in China is projected to reach around 35% by 2030, significantly above the OECD average, with electricity expected to account for over 50% of terminal energy consumption by 2050 [8]. - The government aims to ensure that new electricity demand is primarily met by renewable energy sources by the end of the "14th Five-Year Plan" [8]. - The article highlights the need for technological innovation and improved systems to enhance the proportion of renewable energy in total electricity consumption [9]. Group 4: Hydrogen Energy Potential - Hydrogen energy is identified as a crucial component for achieving carbon neutrality, with policies shifting towards a more integrated approach involving industry funds and green finance [11]. - The development of green ammonia and green methanol is projected to significantly reduce reliance on oil and natural gas imports, with green ammonia potentially decreasing oil import dependence by 1.77% and natural gas by 62.67% [12]. - The article suggests that hydrogen and hydrogen-based fuels can play a vital role in decarbonizing various sectors, including industry and transportation, thereby contributing to a cleaner energy landscape [13].

Group 1: Energy Security - By 2030, China's energy comprehensive production capacity is targeted to reach 5.8 billion tons of standard coal, a 13% increase from 5.13 billion tons in 2025[6] - The energy consumption total is expected to reach 7 billion tons of standard coal by 2030, with a production coverage ratio of approximately 82.9% during the 14th Five-Year Plan period[6] - The oil production is aimed to stabilize at around 200 million tons annually, with natural gas production steadily increasing[6] Group 2: Energy System Construction - The goal is to increase the share of non-fossil energy in total energy consumption to 25% by 2030, up from 16% in 2020 and 21.7% in 2025[13] - The plan includes the construction of major clean energy bases, with a cumulative installed capacity of offshore wind power expected to exceed 100 million kilowatts and nuclear power capacity reaching approximately 110 million kilowatts[15][17] - The new energy system will focus on multi-energy complementarity and innovation mechanisms, with a target of adding over 30 million kilowatts of new energy base capacity during the 15th Five-Year Plan[15] Group 3: Green Low-Carbon Transition - A 17% reduction in carbon emissions per unit of GDP is necessary to achieve the carbon peak by 2030, with projections indicating a decrease to approximately 0.78 tons per 10,000 yuan by that year[18][19] - The plan emphasizes dual control of carbon emissions, focusing on total emissions and intensity, with specific measures for high-energy-consuming industries[24] - Key actions include enhancing energy efficiency in major sectors, promoting circular economy initiatives, and implementing non-CO2 greenhouse gas management[25][27] Group 4: Future Energy Industry Development - The plan aims to foster technological breakthroughs in future energy industries, focusing on smart driving, new solar cells, and energy storage technologies[28] - Hydrogen energy and nuclear fusion are highlighted as key areas for future development, with a focus on creating a comprehensive hydrogen energy ecosystem[29] - The investment in nuclear fusion technology is expected to yield results during the 15th and 16th Five-Year Plans, positioning China at the forefront of future energy technology[29]

Core Viewpoint - The National Energy Administration has released the "2026 Energy Industry Standard Plan Project Guide," focusing on eight key areas to promote digitalization, intelligence, and green transformation in the energy sector [2]. Group 1: Key Areas of Focus - The guide emphasizes the construction of a new energy system and the assurance of energy security and green low-carbon transformation as its core tasks [2]. - The standardization efforts are shifting from traditional engineering construction to deeper areas such as digitalization, intelligence, and green low-carbon initiatives [2]. - Eight key areas for standardization have been identified: electricity, nuclear power, coal, oil and gas, new energy, new energy storage and hydrogen energy, refining and chemical, and energy carbon management [2][3]. Group 2: Electricity Sector - The electricity sector focuses on safety and digital intelligence, covering power system analysis, fault defense, grid-source coordination, and the safety of new energy generation [3]. - Key initiatives include enhancing coal power efficiency, heat transformation, and carbon capture, utilization, and storage (CCUS) [3]. - The sector also emphasizes high-voltage transmission, smart substations, and microgrids [3][4]. Group 3: New Energy and Storage - The post-market for new energy is emerging, particularly in wind and solar power, which includes upgrading old power stations and recycling wind turbine components [5]. - New energy storage encompasses various technologies such as electrochemical, compressed air, and flywheel systems, along with intelligent operations [5]. - Hydrogen energy is being developed across the entire industry chain, from production to storage, transportation, refueling, and power generation [5]. Group 4: Carbon Management and Integration - Energy carbon management is highlighted, focusing on carbon emission accounting and evaluation across all energy categories, including electricity, coal, and oil and gas [6]. - The integration of artificial intelligence with energy and the fusion of energy with other industries are emerging as new highlights, involving data integration and application capability assessments [6]. Group 5: Traditional Energy Sector - In the coal sector, the focus is on green mining, gas management, and monitoring, as well as the digitalization and intelligence of coal mines [7]. - The oil and gas sector emphasizes deep earth and deep sea exploration, digital storage and transportation, and CCUS technology [8]. - Refining focuses on the digitalization of facilities, green low-carbon transformation, and the establishment of standards for green fuels such as biodiesel and green ammonia [8]. Group 6: Market Opportunities - Scientific instrument manufacturers are encouraged to align with the standardization efforts and proactively engage in high-growth areas such as carbon monitoring, hydrogen safety, and new energy recycling [8]. - The transition from "passive procurement" to "active compliance" in the instrument market is expected to create structural growth opportunities as relevant standards are implemented [8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 財務總監、聯席公司秘書及董事會秘書 中國，2026年3月25日 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董 事為楊長利先生、李歷女士、馮堅先生及劉煥冰先生；獨立非執行董事為 王鳴峰先生、李馥友先生及徐華女士。 * 僅供識別 中国广核电力股份有限公司 2025 年年度报告全文 以下為本公司於深圳證券交易所網站發佈之《2025年年度報告全文》與《2025年年 度報告摘要》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 海外監管公告 尹恩剛 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 中国广核电力股份有限公司 2025 年年度报告 2026 年 3 月 1 中国广核电力股份有限公司 2 ...

1. Report Date and Title - The report is dated March 25, 2026, titled "Lithium Carbonate: Pay Attention to Market Sentiment Factors" [1] 2. Analysts - The analysts are Shao Wanyi (Investment Consulting Qualification Number: Z0015722, email: shaowanyi@gtht.com) and Zhang Hang (Investment Consulting Qualification Number: Z0018008, email: zhanghang2@gtht.com) [2] 3. Fundamental Data of Lithium Carbonate 3.1 Futures Contracts - For the 2605 contract, the closing price is 152,940, with a change of 3,900 compared to T - 1, -2,380 compared to T - 5, -10,060 compared to T - 10, 3,520 compared to T - 22, and 46,780 compared to T - 66. The trading volume is 231,071, with a change of 2,893 compared to T - 1, 57,632 compared to T - 5, 4,798 compared to T - 10, -73,727 compared to T - 22, and -782,845 compared to T - 66. The open interest is 260,696, with a change of -8,781 compared to T - 1, -48,146 compared to T - 5, -71,821 compared to T - 10, -93,279 compared to T - 22, and -412,015 compared to T - 66 [3] - For the 2607 contract, the closing price is 152,300, with a change of 4,000 compared to T - 1, -2,540 compared to T - 5, -10,400 compared to T - 10, 2,900 compared to T - 22, and 45,940 compared to T - 66. The trading volume is 26,087, with a change of -4,561 compared to T - 1, 6,402 compared to T - 5, -3,917 compared to T - 10, -8,875 compared to T - 22, and -77,871 compared to T - 66. The open interest is 105,924, with a change of 2,766 compared to T - 1, 6,285 compared to T - 5, 10,677 compared to T - 10, 15,625 compared to T - 22, and 48,718 compared to T - 66 [3] 3.2 Other Data - The warehouse receipt volume is 32,078, with a change of -1,459 compared to T - 1, -4,387 compared to T - 5, -4,941 compared to T - 10, -5,204 compared to T - 22, and 16,442 compared to T - 66 [3] - The basis data shows that the difference between spot and 2605 is -5,440, with a change of -2,900 compared to T - 1, -8,120 compared to T - 5, -940 compared to T - 10, 1,480 compared to T - 22, and 3,170 compared to T - 66; the difference between spot and 2607 is -4,800, with a change of -3,000 compared to T - 1, -7,960 compared to T - 5, -600 compared to T - 10, 2,100 compared to T - 22, and 4,010 compared to T - 66; the difference between 2605 and 2607 is 640, with a change of -100 compared to T - 1, 160 compared to T - 5, 340 compared to T - 10, 620 compared to T - 22, and 840 compared to T - 66; the difference between electric carbon and industrial carbon is 3,000, with a change of 0 compared to T - 1, -500 compared to T - 5, -250 compared to T - 10, -500 compared to T - 22, and 400 compared to T - 66; the difference between spot and CIF is 11,812, with a change of 1,019 compared to T - 1, -8,434 compared to T - 5, -9,595 compared to T - 10, -6,459 compared to T - 22, and -5,953 compared to T - 66 [3] - The raw material prices include lithium spodumene concentrate (6%, CIF China) at 2,072, with a change of 44 compared to T - 1, -113 compared to T - 5, -141 compared to T - 10, 72 compared to T - 22, and 746 compared to T - 66; lithium mica (2.0% - 2.5%) at 4,465, with a change of 65 compared to T - 1, -495 compared to T - 5, -735 compared to T - 10, -110 compared to T - 22, and 1,640 compared to T - 66 [3] - The lithium salt prices are as follows: battery - grade lithium carbonate at 147,500, with a change of 1,000 compared to T - 1, -10,500 compared to T - 5, -11,000 compared to T - 10, 5,000 compared to T - 22, and 49,950 compared to T - 66; battery - grade lithium carbonate (CIF) at 19,700, with a change of 50 compared to T - 1, -300 compared to T - 5, -250 compared to T - 10, 1,700 compared to T - 22, and 8,370 compared to T - 66; industrial - grade lithium carbonate at 144,500, with a change of 1,000 compared to T - 1, -10,000 compared to T - 5, -10,750 compared to T - 10, 5,500 compared to T - 22, and 49,550 compared to T - 66; battery - grade lithium hydroxide (micropowder) at 145,500, with a change of 500 compared to T - 1, -11,000 compared to T - 5, -13,500 compared to T - 10, 2,500 compared to T - 22, and 54,900 compared to T - 66; battery - grade lithium hydroxide (CIF) at 18,200, with a change of 100 compared to T - 1, -300 compared to T - 5, -250 compared to T - 10, 900 compared to T - 22, and 7,720 compared to T - 66 [3] - The prices of related products in the industry chain are: lithium iron phosphate (power - type) at 52,925, with a change of 245 compared to T - 1, -2,550 compared to T - 5, -2,670 compared to T - 10, 1,215 compared to T - 22, and 12,665 compared to T - 66; lithium iron phosphate (mid - to high - end energy - storage type) at 51,385, with a change of 240 compared to T - 1, -2,540 compared to T - 5, -2,660 compared to T - 10, 1,210 compared to T - 22, and 12,685 compared to T - 66; lithium iron phosphate (low - end energy - storage type) at 47,890, with a change of 240 compared to T - 1, -2,460 compared to T - 5, -2,580 compared to T - 10, 1,170 compared to T - 22, and 12,510 compared to T - 66; ternary material 523 (polycrystalline/consumer - type) at 189,550, with a change of 300 compared to T - 1, -3,950 compared to T - 5, -2,450 compared to T - 10, 4,550 compared to T - 22, and 30,600 compared to T - 66; ternary material 622 (polycrystalline/consumer - type) at 186,750, with a change of 500 compared to T - 1, -2,900 compared to T - 5, -300 compared to T - 10, 7,600 compared to T - 22, and 37,500 compared to T - 66; ternary material 811 (polycrystalline/power - type) at 208,750, with a change of 250 compared to T - 1, -3,550 compared to T - 5, -2,750 compared to T - 10, 8,300 compared to T - 22, and 45,450 compared to T - 66; lithium hexafluorophosphate at 108,000, with a change of 0 compared to T - 1, -3,000 compared to T - 5, -6,000 compared to T - 10, -17,000 compared to T - 22, and -62,500 compared to T - 66; electrolyte (for ternary power) at 31,250, with a change of 0 compared to T - 1, 0 compared to T - 5, 0 compared to T - 10, -1,500 compared to T - 22, and -5,500 compared to T - 66; electrolyte (for lithium iron phosphate) at 29,500, with a change of 0 compared to T - 1, 0 compared to T - 5, 0 compared to T - 10, -1,500 compared to T - 22, and -5,750 compared to T - 66 [3] 4. Macro and Industry News 4.1 China - Singapore Business Meeting - On March 23, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, met with Jeremy Weir, Chairman of Trafigura Group. Ling Ji stated that despite the complex international situation, the Chinese economy shows strong resilience and vitality and contributes to global economic stability. During the 15th Five - Year Plan period, China will support the development of the commodity circulation system and accelerate the construction of a new energy system, providing new opportunities for foreign - funded enterprises like Trafigura. Jeremy Weir said China is an important market for Trafigura, and the group highly appreciates China's opening - up measures and forward - looking layout in the new energy field, and will deepen cooperation with China to stabilize the global industrial and supply chains [4][5] 4.2 Company Winning Bid - Tobang Co., Ltd. announced that it received a winning bid notice from China Mobile Communications Co., Ltd. for the "Centralized Procurement Project of Lithium Iron Phosphate Batteries for Telecommunications from 2026 to 2028". The winning bid share is 11.46% in Package 1, with a winning bid amount of 189 million yuan (including tax). This cooperation will deepen the supply - chain collaboration, improve delivery efficiency and cost optimization between Tobang and China Mobile, enhance the market competitiveness of Tobang's products in the communication power backup field, and have a positive impact on Tobang's operating income and performance from 2026 to 2028 [5] 5. Trend Intensity - The trend intensity of lithium carbonate is 1, where the trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish, and the strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong [5]

Core Viewpoint - The article outlines the "2026 Energy Industry Standard Project Initiation Guidelines," emphasizing the need for a structured approach to standardization in the energy sector to support energy security and green low-carbon transformation [4][6]. Group 1: Project Initiation Focus - The guidelines focus on building a new energy system, ensuring energy security, and promoting the development of new technologies, industries, and business models [6][7]. - It encourages participation from various entities, including private and foreign enterprises, in the standard formulation and revision process [7][8]. - The guidelines aim to align with international standards and enhance the compatibility of China's energy standards with global practices [7][9]. Group 2: Industry Standard Formulation and Revision Plan - The plan includes standards that support energy security and the achievement of carbon peak and carbon neutrality goals [8][9]. - It addresses the need for standards that facilitate the development of the energy industry and ensure safety in electricity production [9][10]. - The guidelines promote the enhancement of the overall technical level and quality of products and services in the energy sector [9][10]. Group 3: Internationalization of Standards - The guidelines aim to improve the international credibility and influence of Chinese standards by aligning with advanced international standards [9][10]. - It supports the simultaneous application for international standard projects alongside domestic standards [9][10]. Group 4: Application Materials - The application materials for standard formulation should include a project plan summary, project task book, draft standards, and meeting minutes with expert signatures [10][11]. - The project plan must be comprehensive and indicate the key direction code, while the task book should detail the project's support role for industry work [11][12]. Group 5: Submission and Management - The submission process involves centralized applications, categorized evaluations, and unified issuance of projects [12][13]. - The guidelines stipulate a standard project lifecycle management approach to enhance the quality of standards [13][14].