Industry Insights - The State Council issued an implementation opinion to accelerate the cultivation and large-scale application of AI technology, emphasizing the development of a comprehensive unmanned system across land, sea, and air [1] - NAND flash memory prices surged by up to 50% due to increased demand driven by AI, causing major module manufacturers to pause shipments and reassess pricing [2] - The Chinese Ministry of Commerce responded positively to the Netherlands' request for discussions regarding semiconductor supply chain issues, indicating a willingness to negotiate [3] - October's CPI rose by 0.2% year-on-year, while PPI saw its first increase of 0.1% this year, suggesting a recovery in domestic consumption and a potential for moderate inflation in the coming months [4] Market Trends - Citic Securities advises not to avoid AI narratives amidst market volatility and suggests moderate allocations in chemical and non-ferrous sectors [7] -招商证券 highlights the potential for cyclical stocks to benefit from next year's economic recovery and recommends positioning in cyclical sectors [8] - Industrial opportunities in steel and chemicals are emphasized by Industrial Securities, citing improvements in CPI and PPI as indicators of economic recovery [9] Policy Developments - A white paper on carbon peak and carbon neutrality was released, promoting the construction of a new energy system, with expectations for significant growth in energy storage demand [10] - Strategic cooperation between two major state-owned enterprises is expected to deepen reforms and create investment opportunities in their listed subsidiaries [11] - Research by Goldman Sachs indicates that key suppliers in the robotics supply chain are entering a competitive phase, focusing on mass production capabilities and cost reduction [12]

Group 1 - The State Council issued an implementation opinion to accelerate the cultivation of scenarios and promote large-scale application of new scenarios [1] - The Ministry of Commerce announced a suspension of the second clause of the announcement regarding the export control of dual-use items to the United States [1] - The Ministry of Commerce responded to the ASML semiconductor issue, agreeing to the Netherlands' request for personnel to come to China for consultations [1] Group 2 - The white paper on "China's Actions for Carbon Peak and Carbon Neutrality" indicates that the proportion of non-fossil energy consumption will increase from 16.0% in 2020 to 19.8% in 2024 [1] - The National Energy Administration is accelerating the development of photovoltaic and wind power industries in mining areas, promoting clean energy alternatives [1] Group 3 - As of the end of October, China's foreign exchange reserves stood at $33,433 billion [1] - The China Securities Regulatory Commission approved the registration of platinum and palladium futures and options [1] Group 4 - The Ministry of Finance will continue to implement special actions to boost consumption, providing financial subsidies for personal consumption loans in key areas and loans to related industry operators [1] - The National Bureau of Statistics reported a year-on-year increase of 0.2% in consumer prices for October 2025 [1]

国务院新闻办公室8日发布《碳达峰碳中和的中国行动》白皮书。 白皮书除前言、结束语外分为六个部分，分别是坚定不移推进碳达峰碳中和、能源绿色低碳转型取得显 著成效、重点领域低碳发展深入推进、重点降碳路径全面落地见效、支撑保障体系不断夯实、为全球气 候治理注入强大动力。 白皮书强调，实现碳达峰碳中和，是中国站在对人类文明负责的高度，基于实现可持续发展的内在要求 作出的重大决策部署。作出碳达峰碳中和重大宣示五年来，中国牢固树立和践行绿水青山就是金山银山 的理念，采取有力行动、付出艰苦努力，推动绿色低碳转型取得历史性成就。 中华人民共和国 国务院新闻办公室 目录 前言 一、坚定不移推进碳达峰碳中和 白皮书指出，能源活动是碳排放的最主要来源，能源绿色低碳转型是实现碳达峰碳中和的关键。中国立 足基本国情和发展阶段，在保障能源安全的前提下，大力实施可再生能源替代，推进新型能源体系和新 型电力系统建设，为实现"双碳"目标提供有力支撑。 白皮书说，节能是从源头减少碳排放的重要抓手，循环经济对碳减排具有重要促进作用，生态系统碳汇 是实现减排固碳的重要途径。中国深入实施节能降碳增效行动、循环经济助力降碳行动、碳汇能力巩固 提升行动， ...

Group 1 - The A-share bull market is expected to continue into 2026, with the index projected to experience oscillating upward movement but at a slower growth rate [10] - Investors are anticipated to focus more on fundamental improvements and verification of economic conditions [10] Group 2 - The State Council's policy briefing highlighted the acceleration of scene cultivation and the promotion of large-scale applications in new scenarios, particularly in artificial intelligence and other emerging technologies [5] - The Ministry of Finance reported on the execution of fiscal policies, emphasizing support for consumer spending and employment stability [5] - The People's Bank of China announced an increase in gold reserves, marking the 12th consecutive month of accumulation [5] Group 3 - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average rising by 0.16% and the Nasdaq Composite falling by 0.21%, indicating volatility in tech stocks [4] - Major Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index dropping by 0.95% [4] Group 4 - The release of the "China Internet Development Report 2025" indicated significant growth in internet infrastructure, with 6.84 billion fixed broadband users and 11.18 billion 5G mobile users as of June 2025 [9] - China has become the largest holder of artificial intelligence patents globally, accounting for 60% of the total [9]

Group 1: Carbon Neutrality and Energy Transition - The white paper "China's Actions on Carbon Peak and Carbon Neutrality" was released, emphasizing the commitment to achieving carbon peak and carbon neutrality, with significant progress in green and low-carbon energy transformation [2] - The State Council issued important opinions on promoting clean energy applications in various sectors, aiming to build a clean energy transportation corridor and enhance the energy industry's low-carbon transition [2] - The National Energy Administration released guidance on the integration of coal and new energy, targeting significant achievements by the end of the 14th Five-Year Plan, including the development of clean and low-carbon mining areas [2] Group 2: Renewable Energy Developments - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons, marking a new phase of large-scale and efficient development in the domestic shale oil sector [2] - The construction of the world's first 650°C ultra-supercritical coal-fired power generation unit has commenced at Huaneng Yuhuan Power Plant, which is expected to significantly improve power generation efficiency [3] Group 3: Water Resource Management - The "Yin Da Ji Min" project in Sichuan has officially started, aiming to supply 1.389 billion cubic meters of water by 2040, benefiting multiple cities and improving irrigation areas [4] - The Sichuan provincial power company announced a bidding process for new energy projects for 2025-2026, focusing on centralized and distributed wind and solar projects [4] Group 4: Energy Supply and Demand - China National Petroleum Corporation reported a 3.7% year-on-year increase in natural gas supply resources for the upcoming winter heating season, ensuring over 60% of domestic supply [6] - In the first three quarters of the year, CNPC produced 1,230 billion cubic meters of natural gas, a 4.7% increase year-on-year, and imported 804 billion cubic meters, up 5.7% [6]

Core Insights - The white paper titled "China's Actions on Carbon Peak and Carbon Neutrality" outlines China's comprehensive carbon reduction policy framework and highlights its achievements in renewable energy development and carbon intensity reduction [1][3]. Group 1: Carbon Reduction Policy Framework - China has established the world's most systematic and complete carbon reduction policy system, becoming a leader in global renewable energy development [1][3]. - The country has contributed approximately one-fourth of the world's new greening area and is one of the fastest countries in terms of energy consumption intensity reduction [1][3]. Group 2: Renewable Energy Development - The white paper emphasizes significant progress in the green and low-carbon transformation of energy, with non-fossil energy consumption projected to increase from 16.0% in 2020 to 19.8% by 2024, averaging an increase of nearly 1 percentage point per year [3][4]. - By August 2025, the installed capacity of wind and solar power is expected to exceed 1.69 billion kilowatts, tripling the capacity from 2020 and contributing to about 80% of new power installations since 2020 [4]. Group 3: Fossil Energy Utilization - China is accelerating the clean and efficient utilization of fossil energy, with the proportion of fossil energy consumption expected to decrease from 84.0% in 2020 to 80.2% by 2024 [4][5]. - The country is focusing on the clean and efficient use of coal and promoting the green transformation of oil and gas development [4]. Group 4: Power System Development - The white paper highlights the continuous improvement of the power system's comprehensive regulation capabilities, aiming to build a clean, low-carbon, and economically efficient new power system [5]. - The integration of power sources, grids, loads, and storage is being promoted to facilitate large-scale development and utilization of renewable energy [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously launched, and the call for "anti - involution" is growing louder [4][121]. - In the overseas market, severe trade protectionism in Europe and the United States brings volatility risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East [4][121]. - In terms of the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [4][121]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The weekly price - to - earnings ratios and price - to - book ratios of related sectors and listed companies are presented in the report, including the closing prices and weekly price changes of companies such as BYD, Seres, and Great Wall Motor [14][17]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **China Market Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, and exports are provided, as well as sales data for electric vehicles (EV) and plug - in hybrid vehicles (PHV) [18][20][26]. - **China Market Inventory Changes**: Information on the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory is given [27][28]. - **China New Energy Vehicle Manufacturer Deliveries**: Monthly delivery data for new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [31][32][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Data on global new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [41][42][44]. - **European Market**: Information on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented [45][46][51]. - **North American Market**: Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [58][59][60]. - **Other Regions**: Information on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented [61][62][65]. 3.2.3 Power Battery Industrial Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of battery cells, and material costs are provided. Information on the production start - up rates and prices of ternary materials, ternary precursors, lithium iron phosphate, and other materials are also included [78][80][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented [101][102][103]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The State Council Information Office released the white paper "China's Actions for Carbon Peak and Carbon Neutrality", highlighting China's achievements in green and low - carbon transformation and the promotion of new energy vehicles [108]. 3.3.2 China: Industry Dynamics - According to the Passenger Car Association, from October 1 - 31, new energy vehicle retail sales increased by 17% year - on - year, and cumulative retail sales since the beginning of the year increased by 23%. The estimated wholesale growth rate of new energy vehicles in October was 16% [110][112]. 3.3.3 China: Enterprise Dynamics - Seres was listed on the main board of the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company with "A + H shares". The Aian UT Super 1 car jointly built by JD.com, GAC, and CATL was officially launched [113][114]. 3.3.4 Overseas: Policy Dynamics - The EU Council reached an agreement on the 2040 climate target, aiming to reduce net greenhouse gas emissions by 90% compared to 1990 by 2040 [115]. 3.3.5 Overseas: Industry Dynamics - In the UK, passenger car sales in September increased by 13.7%, with pure - electric and plug - in hybrid electric vehicles increasing by 29.1% and 56.4% respectively. In the US, car sales in October decreased by 5.1% year - on - year, and the new energy vehicle market was in trouble due to the expiration of tax credits [117][118]. 3.4 Industry Views - In the domestic market, in October, new energy passenger vehicle retail sales were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. From January to October, cumulative retail sales were 10.27 million, a year - on - year increase of 23%. In October, new energy passenger vehicle wholesale was 1.614 million, a year - on - year increase of 16% and a month - on - month increase of 8%. From January to October, cumulative wholesale was 12.061 million, a year - on - year increase of 30%. The new energy retail penetration rate in October was 58.7%, and the wholesale penetration rate was 55.2% [2][119]. - Globally, from January to September, new energy vehicle sales increased by 30% year - on - year to 15.42 million. In the European market, cumulative sales were 2.78 million, a year - on - year increase of 28%; in the North American market, cumulative sales were 1.42 million, a year - on - year increase of 10%; in other regions, cumulative sales were 0.77 million, a year - on - year increase of 54%. The UK reached a new high in September, mainly due to the government's electric vehicle subsidy policy [2][119]. - In the US, new energy vehicle sales and penetration rates reached consecutive record highs in August and September, mainly because the federal electric vehicle tax credit ($7,500) expired on September 30. In October, car sales decreased by 5.1% year - on - year, Ford's electric vehicle sales decreased by 24.8% year - on - year, and Tesla's sales decreased by 30.4% year - on - year in October after a growth in September. Tesla launched low - cost versions of Model Y and Model 3 in October, and the market reaction remains to be seen [3][120]. 3.5 Investment Suggestions - Focus on the new energy vehicle industry in China, pay attention to new growth points in overseas markets such as countries along the Belt and Road and the Middle East, and select companies with strong product strength, smooth overseas expansion, and stable supply [4][121].

Group 1 - The State Council issued an implementation opinion to accelerate the cultivation and large-scale application of new scenarios, focusing on five areas including new fields, industry transformation, and social governance [2] - In October, the national consumer price index (CPI) rose by 0.2% year-on-year, with urban prices increasing by 0.3% and rural prices decreasing by 0.2% [3] - The Ministry of Finance emphasized the continuation of special actions to boost consumption, including fiscal subsidies for personal consumption loans in key areas [4] Group 2 - The Ministry of Commerce announced a suspension of the second clause of the export control announcement regarding dual-use items to the U.S. until November 27, 2026 [5] - China's foreign exchange reserves increased by $4.685 billion in October, reaching $3.343343 trillion, marking a 0.14% rise from September [6] - The white paper on "China's Actions for Carbon Peak and Carbon Neutrality" was released, highlighting significant progress in energy transition and low-carbon development [7] Group 3 - Ant Group has deployed a domestic computing cluster on a scale of ten thousand cards, achieving over 98% stability in training tasks [10] - ST Huatuo applied to revoke other risk warnings after receiving an administrative penalty notice from the China Securities Regulatory Commission [11] - Shanghai Xiba announced that its board members are under investigation for suspected short-term trading, but it will not significantly impact the company's operations [12] Group 4 - Huadian Energy plans to invest 12.043 billion yuan in a wind power project to align with national industrial policies [13] - The U.S. Senate failed to advance a funding bill for federal employees, prolonging the government shutdown [16][17] - U.S. stock markets ended a three-week rising streak, with the Nasdaq down 3.04% for the week, while Microsoft experienced its longest losing streak since November 2011 [18] Group 5 - Analysts from China Galaxy suggest that the hidden main line for the year-end theme may be emerging, with a focus on sectors like power grid equipment and lithium batteries [28] - Zhongyuan Strategy predicts that the A-share market will likely experience sideways fluctuations in November, preparing for a potential index-level rally by year-end [29]

文 | 国务院新闻办公室 11月8日，国务院新闻办公室发布《碳达峰碳中和的中国行动》白皮书。 前言指出，为全面介绍五年来中国推进碳达峰碳中和取得的重大成就，分享中国碳达峰碳 中和工作的行动做法和实践经验，发布本白皮书。其中提到： 能源活动是碳排放的最主要来源，能源绿色低碳转型是实现碳达峰碳中和的关键。中国立 足基本国情和发展阶段，在保障能源安全的前提下，大力实施可再生能源替代，推进新型 能源体系和新型电力系统建设，为实现"双碳"目标提供有力支撑。 中国坚持先立后破，把大力发展非化石能源放在突出位置， 实现了全球规模最大、速度 最 快 的 新 能 源 发 展 ， 推 进 非 化 石 能 源 消 费 比 重 由 2020 年 的 16.0% 增 至 2024 年 的 19.8%，年均提高近1个百分点。 推动风电、光伏发电跨越式发展。中国坚持集中式与分布式并举，加快推进以沙漠、戈 壁、荒漠地区为重点的大型风电光伏发电基地建设，推动海上风电规范有序建设，积极推 广城镇、农村屋顶光伏，鼓励发展乡村分散式风电。 截至2025年8月底，风电、光伏发 电装机规模突破16.9亿千瓦，达到2020年的3倍以上，贡献了2020年以 ...

Investment Rating - The report maintains a positive investment outlook for the clean energy sector, particularly focusing on storage, wind, and solar energy [1][5][19]. Core Insights - The global electricity shortage narrative continues to evolve, driven by AI computing power demands and carbon reduction goals, which will collectively drive a significant cycle in clean energy and new grid construction over the next 3-5 years [1][5]. - Storage solutions are identified as critical for adapting to changes in power source structures and load characteristics, while green hydrogen and ammonia are seen as key pathways for carbon reduction in non-electric sectors [1][5]. - The report emphasizes the importance of top-level design documents in China, reinforcing the strategic direction for energy transition and carbon neutrality [6][7]. Summary by Relevant Sections Energy Storage - North America continues to experience electricity shortages, with a resonance between the Chinese and U.S. markets; the white paper on carbon peak and carbon neutrality in China further establishes the key role of storage [6][7]. - Tesla is expected to procure 30GWh of storage batteries from Samsung SDI, indicating a strong demand for storage solutions [8][9]. Lithium Battery - The price of lithium hexafluorophosphate (6F) continues to rise, with a notable increase of 4.19% in the average price of lithium iron phosphate batteries; the overall lithium battery supply chain remains optimistic [12][16]. - Tianqi Lithium announced significant orders totaling nearly 400 billion yuan for electrolyte products, indicating robust demand in the lithium battery sector [13]. Wind Energy - Wind turbine prices and volumes are exceeding expectations, with a focus on the profitability recovery of the turbine manufacturing segment; the report recommends key companies in this area [17][19]. - The government of Yancheng has released a green electricity direct connection plan, with a wind power capacity of 35.8GW planned, predominantly from offshore sources [20][21]. Solar Energy - The solar industry is experiencing a seasonal slowdown in production, but the decline is less than previously predicted; the report suggests bottom-fishing strategies in the solar sector, particularly in glass and low-cost silicon materials [23][24]. - The report highlights the potential for demand recovery in the solar market due to ongoing electricity shortages and domestic carbon reduction targets [23][26]. Hydrogen and Fuel Cells - The solid oxide fuel cell (SOFC) sector is experiencing unexpected growth, with new supply chain opportunities emerging; the report emphasizes the importance of green hydrogen and ammonia in future energy strategies [26][28]. - The report identifies a significant opportunity for green methanol production, driven by upcoming projects and the demand for green shipping fuel [27][28]. AIDC (Advanced Industrial Computing) - Major electrical giants are expanding their liquid cooling business through acquisitions, indicating a growing market for thermal management solutions in data centers [29][30].