Core Insights - The white paper "China's Actions on Carbon Peak and Carbon Neutrality" emphasizes the integration of source, grid, load, and storage (源网荷储) as a key trend for future power systems, enhancing the capacity to utilize renewable energy effectively [1][2] - The integration model is expected to provide stable support for large power grids and improve the consumption capacity of renewable energy, guiding the efficient development of renewable resources [1][2] Industry Developments - The integration of source, grid, load, and storage is recognized as a core support for China's new power system, transitioning from concept validation to large-scale promotion due to policy support and technological advancements [3] - National and local policies are being implemented to promote the development of integrated projects, including the "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" [2] Project Implementation - Several projects have been launched, such as the Three Gorges Ulanqab New Generation Power Grid-Friendly Green Power Station and the Haikou Datang Coastal Integrated Smart Energy Innovation Demonstration Project [2] - Beijing Shuangjie Electric has initiated a project to build 400,000 kW of wind power and supporting storage, ensuring stable and clean power supply [5] Company Strategies - Companies are actively positioning themselves in the integrated projects, leveraging their strengths in technology and resources [4] - Weisheng Information Technology is focusing on AI and IoT technologies to enhance the integration of source, grid, load, and storage [4] - Ningbo Energy is exploring integrated solutions for distributed photovoltaic, storage, and smart microgrid systems, aiming for a low-carbon energy transition [4] Market Opportunities - Companies are encouraged to innovate in core technologies such as energy storage batteries and smart scheduling systems to overcome integration barriers [6] - The adoption of "self-consumption + surplus electricity grid connection" models is suggested to ensure profitability while promoting green transformation [6]

Investment Rating - The industry investment rating is "Outperform the Market" [1][57]. Core Viewpoints - The report indicates that the power energy industry is expected to outperform the CSI 300 index in the next six months due to favorable industry fundamentals [57]. - The report highlights significant growth in electricity consumption and generation capacity, with a 4.60% year-on-year increase in total electricity consumption from January to September 2025 [17][21]. - The report notes a substantial increase in new power generation capacity, particularly in thermal and wind power, with a 51.18% year-on-year growth in new installed capacity [19][21]. Summary by Sections Market Performance - During the period from November 3 to November 7, 2025, the CSI 300 index rose by 0.82%, while the power equipment index increased by 4.98%, outperforming the CSI 300 by 4.16 percentage points [10][11]. - Among the 31 first-level industries, the power equipment sector ranked first with a 4.98% increase [11][16]. Power Industry Operation - In September 2025, the total electricity consumption reached 888.6 billion kWh, marking a 4.50% year-on-year increase [17]. - From January to September 2025, the cumulative electricity consumption was 7767.5 billion kWh, with a 4.60% year-on-year growth [17]. - The new installed generation capacity from January to September 2025 was 366.73 million kW, reflecting a 51.18% year-on-year increase [19][21]. - The average utilization hours of power generation equipment were 2368 hours, a decrease of 251 hours year-on-year [29]. New Power System Situation Photovoltaics - The price of polysilicon remained stable at an average of 52 yuan/kg as of November 5, 2025 [36]. Energy Storage - By the end of the first half of 2025, China's operational energy storage projects had a cumulative installed capacity of 164.3 GW, a 59% year-on-year increase [40]. Lithium Batteries - As of November 7, 2025, the price of lithium carbonate was 77,500 yuan/ton, showing a slight decrease [42]. Charging Piles - As of the end of September 2025, the total number of charging infrastructure units reached 18.063 million, a year-on-year increase of 57.99% [49].

Core Viewpoint - The article outlines the guidance from the National Development and Reform Commission and the National Energy Administration aimed at promoting the consumption and regulation of renewable energy, with a goal to establish a multi-level renewable energy consumption and regulation system by 2030 and a new power system adaptable to high proportions of renewable energy by 2035 [1][3]. Overall Requirements - The strategy is guided by Xi Jinping's thought, emphasizing a systematic approach, categorized policies, diversified consumption, market guidance, safety, and innovation to ensure high-quality consumption of renewable energy while meeting the growing electricity demand primarily through new renewable generation [3]. Classification Guidance for Renewable Energy Development and Consumption - The article emphasizes the need to coordinate the development and consumption of renewable energy in "desert, Gobi, and wasteland" areas, optimizing the economic viability of these bases and ensuring responsibility for consumption at receiving ends [5][6]. - It also highlights the integration of hydropower and wind-solar bases, promoting orderly development of offshore wind energy, and enhancing the capacity for concentrated renewable energy development within provinces [6][7]. Promoting New Models and Innovative Development of Renewable Energy Consumption - The article discusses the innovation of integrated development models for renewable energy, supporting the establishment of collaborative industrial systems in resource-rich areas, and promoting the integration of renewable energy with traditional industries [9][10]. Enhancing the Adaptability of the New Power System to Renewable Energy - It calls for improvements in system regulation capabilities, including the construction of pumped storage power stations and advanced storage technologies, to enhance the utilization of renewable energy [13][14]. - The article also stresses the need for a new power dispatch system and enhanced safety governance for the new power system [14][12]. Improving the National Unified Electricity Market System for Renewable Energy Consumption - The article outlines the expansion of a multi-level market system for renewable energy consumption, promoting flexible trading mechanisms and enhancing the role of the spot market [16][17]. - It emphasizes the need for a comprehensive pricing mechanism that reflects the characteristics of renewable energy and encourages its consumption [17][18]. Strengthening Technological Innovation Support for Renewable Energy Consumption - The article highlights the importance of breakthroughs in efficient renewable energy generation technologies and flexible regulation systems, as well as advancements in grid operation technologies [19][20]. Assurance Measures - It discusses the optimization of management mechanisms for renewable energy consumption, emphasizing the need for clear responsibilities among various stakeholders, including government agencies, grid companies, and power generation enterprises [21][22]. - The article also mentions the establishment of monitoring and regulatory mechanisms to ensure the achievement of renewable energy consumption targets [23].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, aiming to establish a new power system that accommodates a high proportion of renewable energy by 2035, supporting carbon peak and national contribution goals [1][3]. Overall Requirements - The guidelines emphasize a multi-layered renewable energy consumption and regulation system to be established by 2030, ensuring that new electricity demand is primarily met by renewable energy generation, with a target of accommodating over 200 million kilowatts of new renewable energy annually [3][4]. Classification Guidance for Renewable Energy Development and Consumption - The guidelines propose coordinated development and consumption strategies for renewable energy bases in desert and arid regions, optimizing water and wind power integration, and promoting orderly development of offshore wind energy [4][5]. New Models and Innovative Development - The document encourages innovative development models for renewable energy, including integrated development of green hydrogen and other green fuels, and the promotion of local consumption of renewable energy in industrial parks and buildings [6][7]. Enhancing Adaptability of New Power Systems - The guidelines call for improvements in system regulation capabilities, including the construction of pumped storage power stations and advanced storage technologies, to enhance the adaptability of the power system to renewable energy [8][9]. Market System for Renewable Energy Consumption - The guidelines aim to expand a multi-level market system for renewable energy consumption, promoting flexible trading mechanisms and establishing rules for renewable energy participation in the electricity market [11][12]. Technological Innovation Support - The document highlights the need for breakthroughs in efficient renewable energy generation technologies and flexible regulation technologies, as well as advancements in grid operation technologies to support high proportions of renewable energy [13][14]. Management and Monitoring Mechanisms - The guidelines stress the importance of optimizing management mechanisms for renewable energy consumption, clarifying responsibilities among various stakeholders, and establishing monitoring and regulatory frameworks to ensure compliance with renewable energy consumption targets [15][16].

Core Viewpoint - The article emphasizes the importance of establishing a new power system that can accommodate a high proportion of renewable energy by 2035, with a focus on improving the renewable energy consumption and regulation system, and enhancing the role of a unified national electricity market in resource allocation [4][5]. Group 1: Overall Requirements - The new energy consumption and regulation measures aim to support the construction of a new energy system and power system, with a target to establish a multi-level renewable energy consumption regulation system by 2030 [4]. - By 2035, a new power system that can adapt to a high proportion of renewable energy will be fundamentally established, ensuring efficient consumption and optimization of renewable energy across the country [4]. Group 2: Classification Guidance for Renewable Energy Development and Consumption - The strategy includes promoting the development of renewable energy bases in desert and barren areas, ensuring both local consumption and external delivery [5]. - It emphasizes the optimization of integrated development and consumption of hydropower, wind, and solar energy, particularly in the southwestern regions [6]. - The plan also includes orderly development of offshore wind power and enhancing the capacity for local consumption in coastal areas [6]. Group 3: New Models and Innovative Development for Renewable Energy Consumption - The article discusses the innovation of integrated development models for renewable energy, supporting the establishment of a collaborative industrial system in resource-rich areas [7]. - It encourages the integration of renewable energy with traditional industries, promoting the transfer of high-energy-consuming industries to regions with clean energy advantages [7]. - New business models for nearby consumption of renewable energy, such as smart microgrids and integrated source-grid-load-storage systems, are also highlighted [8]. Group 4: Enhancing the Adaptability of the New Power System to Renewable Energy - The article outlines the need to improve system regulation capabilities, including the construction of pumped storage power stations and advanced storage technologies [9]. - It emphasizes the importance of enhancing the grid's capacity to accept renewable energy, optimizing the national electricity flow, and expanding transmission channels [10]. Group 5: Improving the National Unified Electricity Market System for Renewable Energy Consumption - The article calls for the expansion of a multi-level market system for renewable energy consumption, promoting flexible trading mechanisms and enhancing the role of the spot market [11]. - It also discusses the establishment of market rules that accommodate the characteristics of renewable energy generation and distribution [12]. Group 6: Strengthening Technological Innovation Support for Renewable Energy Consumption - The article highlights the need for breakthroughs in efficient renewable energy generation technologies, including advancements in photovoltaic and wind power technologies [13]. - It also emphasizes the importance of developing flexible regulation technologies and enhancing grid operation technologies to support high proportions of renewable energy [14]. Group 7: Assurance Measures - The article outlines the need for optimized management mechanisms for renewable energy consumption, including setting regional utilization rate targets and comprehensive evaluation methods [15]. - It stresses the importance of clear responsibility divisions among various stakeholders, including government agencies, grid companies, and power generation enterprises [15].

《指导意见》坚持系统观念、分类施策、多元消纳、市场引导、安全为基、创新驱动，完善新能源消纳 举措，优化系统调控，提出2030年、2035年新能源消纳调控工作目标。 下一步，国家发展改革委、国家能源局统筹推进新能源消纳和调控工作，后续将针对《指导意见》提出 的改革方向和任务，进一步细化完善配套政策，确保有关举措落实落地。各省级能源主管部门是统筹保 障本地区新能源消纳的责任主体，全面组织落实各项消纳举措，实现消纳目标。 国家能源局有关负责同志就《关于促进新能源消纳和调控的指导意见》答记者问 近日，国家发展改革委、国家能源局印发《关于促进新能源消纳和调控的指导意见》(发改能源 〔2025〕1360号，以下简称《指导意见》)，国家能源局有关负责同志接受采访，回答记者提问。 问：《指导意见》出台的背景和意义是什么? 答：近年来，我国新能源规模高速增长、占比快速提升，消纳压力持续增加，如何统筹好新能源发展与 消纳已成为能源绿色低碳转型的一项重大课题。党的二十届三中全会明确要求完善新能源消纳和调控政 策措施，党的二十届四中全会要求加快建设新型能源体系，积极稳妥推进和实现碳达峰。近期，我国新 一轮国家自主贡献目标明确了新能源 ...

Overall Requirements - The guidance aims to establish a multi-level renewable energy consumption and regulation system by 2030, ensuring that new electricity demand is primarily met by renewable energy generation, with a significant enhancement in the adaptability of the new power system and its regulatory capabilities [4][5][6] Classification Guidance for Renewable Energy Development and Consumption - The strategy emphasizes the dual approach of promoting both the external delivery and local consumption of renewable energy from "sand, desert, and wasteland" bases, particularly in arid regions [5] - It advocates for the integrated development and consumption of hydropower, wind, and solar energy, optimizing the configuration of renewable energy based on the characteristics of hydropower [6] - The orderly development and consumption of offshore wind energy are encouraged, with a focus on optimizing the offshore transmission network [6] Promoting New Models and Innovative Development of Renewable Energy Consumption - The guidance supports the integrated development of renewable energy, particularly in resource-rich areas, and aims to establish a collaborative industrial system [7] - It encourages the transfer of high-energy-consuming industries to regions with abundant clean energy, promoting the use of renewable energy in traditional industries [7] - New business models for nearby consumption of renewable energy, such as integrated source-grid-load-storage systems, are to be developed [8] Enhancing the Adaptability of the New Power System to Renewable Energy - The plan includes accelerating the construction of hydropower stations and energy storage facilities to improve system regulation capabilities [9] - It aims to enhance the grid's capacity to accept renewable energy by optimizing the national power flow and expanding transmission channels [10] - A new power dispatching system will be established to clarify the regulatory relationships among various energy sources and improve intelligent control levels [11] Improving the National Unified Power Market System for Renewable Energy Consumption - The guidance proposes expanding a multi-level market system for renewable energy consumption, promoting flexible trading mechanisms [11] - It emphasizes the need for a market rule system that accommodates the characteristics of renewable energy generation and distribution [12] - Innovative pricing mechanisms for renewable energy transmission and consumption are to be established to enhance market responsiveness [12] Strengthening Technological Innovation Support for Renewable Energy Consumption - The focus is on advancing efficient renewable energy generation technologies and improving power prediction accuracy [13] - The development of flexible regulation technologies and large-capacity energy storage solutions is prioritized [14] - The application of advanced technologies such as AI and big data in grid management is encouraged to enhance dynamic sensing capabilities [14] Assurance Measures - The guidance calls for optimizing the management mechanism for renewable energy consumption, setting regional utilization targets, and ensuring coordinated development [15] - Clear responsibilities are outlined for various stakeholders, including energy authorities and grid companies, to ensure effective implementation of consumption measures [16] - A monitoring and regulatory framework will be established to track renewable energy utilization rates and ensure compliance with targets [16]

Core Viewpoint - The article discusses the recent issuance of the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy" by the National Development and Reform Commission and the National Energy Administration, highlighting the need for improved policies to manage the rapid growth of new energy sources in China and ensure their effective integration into the energy system [2][3]. Summary by Sections Background and Significance - The rapid growth and increasing share of new energy in China's energy mix have led to significant consumption pressures, necessitating a balance between development and consumption. The guiding opinions aim to enhance the capacity of the power system to accept, allocate, and regulate new energy, supporting carbon peak and national contribution goals [3]. Overall Arrangement for New Energy Consumption - The guiding opinions propose a systematic approach to enhance new energy consumption, with goals set for 2030 and 2035. By 2030, a multi-layered consumption regulation system will be established, ensuring that new energy meets the majority of new electricity demand. By 2035, a high-proportion new energy system will be in place, optimizing resource allocation and supporting national goals [4]. New Ideas and Measures - The guiding opinions introduce innovative measures, including categorizing new energy development and consumption into five types, promoting new consumption models and business formats, and enhancing the adaptability of the new power system to large-scale new energy development [5][6]. National Unified Electricity Market System - The focus is on improving the electricity market's adaptability to new energy characteristics, including expanding market mechanisms, shortening trading cycles, and establishing rules for various new energy sources to participate in the market [7]. Technological Innovation Support - Emphasis is placed on technological innovation to ensure efficient consumption of new energy, including advancements in power prediction accuracy, flexible regulation technologies, and the application of AI and big data in energy management [8]. Management of New Energy Consumption - The guiding opinions propose a shift from a single utilization rate indicator to a comprehensive evaluation system for new energy consumption, with a focus on establishing a monitoring and early warning mechanism for the entire cycle of planning, construction, grid connection, and consumption [9]. Implementation of the Guiding Opinions - The article outlines the responsibilities of various entities in implementing the guiding opinions, including the National Development and Reform Commission, provincial energy authorities, and power grid companies, ensuring that the measures are effectively executed [10].

11月10日，国家发展改革委、国家能源局发布促进新能源消纳和调控的指导意见（以下简称《意 见》）。该文件聚焦新能源大规模开发与高质量消纳，提出分阶段目标及七大重点任务，旨在构建适配 高比例新能源的新型电力系统，支撑碳达峰及国家自主贡献目标。 《意见》提出，到2030年，协同高效的多层次新能源消纳调控体系基本建立，持续保障新能源顺利接 网、多元利用、高效运行，新增用电量需求主要由新增新能源发电满足。满足全国每年新增2亿千瓦以 上新能源合理消纳需求，助力实现碳达峰目标。到2035年，适配高比例新能源的新型电力系统基本建 成，新能源消纳调控体系进一步完善。 全文如下： 国家发展改革委 国家能源局关于促进 新能源消纳和调控的指导意见 发改能源〔2025〕1360号 各省、自治区、直辖市、新疆生产建设兵团发展改革委、能源局，北京市城市管理委员会，天津市工业 和信息化局、辽宁省工业和信息化厅、上海市经济和信息化委员会、重庆市经济和信息化委员会、甘肃 省工业和信息化厅，国家能源局各派出机构，有关中央企业： 为全面贯彻党的二十大和二十届历次全会精神，落实《中华人民共和国能源法》，完善新能源消纳和调 控政策措施，有力支撑新型能 ...

Core Viewpoint - The article outlines the guidelines for promoting the consumption and regulation of renewable energy in China, aiming to establish a new power system that accommodates a high proportion of renewable energy by 2035, with a focus on enhancing system regulation capabilities and optimizing energy consumption mechanisms [5][6]. Group 1: Overall Requirements - The guidelines emphasize the need for a multi-layered renewable energy consumption and regulation system to be established by 2030, ensuring that new electricity demand is primarily met by renewable energy sources [6]. - By 2035, a new power system that supports high proportions of renewable energy will be fundamentally established, with a unified national electricity market playing a crucial role in resource allocation [6]. Group 2: Classification Guidance for Renewable Energy Development and Consumption - The guidelines advocate for the coordinated development of renewable energy bases in desert and arid regions, promoting both local consumption and external delivery [7]. - There is a focus on optimizing the integrated development of hydropower, wind, and solar energy, particularly in southwestern regions with large hydropower bases [8]. Group 3: New Models and Innovative Development for Renewable Energy Consumption - The guidelines encourage the development of new business models for renewable energy consumption, such as integrated source-grid-load-storage systems and smart microgrids [10]. - Support is provided for the integration of renewable energy with industrial development, particularly in high-energy-consuming industries transitioning to cleaner energy sources [9]. Group 4: Enhancing the Adaptability of the New Power System to Renewable Energy - The guidelines call for the acceleration of system regulation capabilities, including the construction of pumped storage power stations and the promotion of advanced storage technologies [11]. - There is an emphasis on improving the grid's capacity to accept renewable energy, including the development of a new grid platform that enhances collaboration between main and distribution networks [11]. Group 5: Improving the National Unified Electricity Market System for Renewable Energy Consumption - The guidelines propose expanding a multi-level market system for renewable energy consumption, allowing for flexible trading mechanisms and promoting long-term purchase agreements [14]. - There is a focus on establishing market rules that accommodate the unique characteristics of renewable energy generation and distribution [15]. Group 6: Strengthening Technological Innovation Support for Renewable Energy Consumption - The guidelines highlight the need for breakthroughs in efficient renewable energy generation technologies, including advancements in solar and wind power [16]. - Emphasis is placed on the development of intelligent control technologies that enhance the dynamic sensing capabilities of the grid [17]. Group 7: Assurance Measures - The guidelines stress the importance of optimizing management mechanisms for renewable energy consumption, including setting regional utilization targets and ensuring coordinated planning [18]. - Responsibilities are clearly defined among various stakeholders, including government agencies, grid companies, and power generation enterprises, to ensure effective implementation of renewable energy consumption strategies [19].