Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology have released a draft for public consultation regarding the procurement standards for new energy vehicles, emphasizing non-discriminatory treatment of suppliers and strict adherence to contract specifications for vehicle parameters and configurations [2] - China's first green hydrogen coal chemical project has commenced full market operation, with an expected annual hydrogen production of 705,900 cubic meters, which will reduce carbon dioxide emissions by 13,880 tons [2] - Over 510 green mines have been established at the provincial level or above in China, including 1,054 national-level green mines, accounting for 40.8% of licensed operating mines, achieving significant results in resource conservation and ecological restoration [2] - The steel, cement, and aluminum smelting industries are set to complete their first carbon emission quota clearance by the end of this year, as per the newly released quota distribution plan for 2024 and 2025 [2] Regional Developments - The Yangtze River Delta has achieved 180.8 billion kilowatt-hours of inter-regional electricity exchange, surpassing its annual target ahead of schedule, with an 8.26% increase compared to the previous year [3] - The implementation plan for the national carbon peak pilot in the Qiannan High-tech Industrial Development Zone has been released, aiming for a low-carbon, efficient modern phosphate chemical industry by 2030 [3] Energy Projects - Shanxi Province has initiated a bidding process for new energy projects, with a total mechanism electricity scale of 55.06 billion kilowatt-hours, including 14.17 billion kilowatt-hours from wind power and 40.89 billion kilowatt-hours from solar power [4] International Developments - Japan is expected to approve the restart of its largest nuclear power plant, the Kashiwazaki-Kariwa Nuclear Power Plant, with only one of its seven reactors set to resume operation [5] - Egypt has signed a nuclear fuel procurement agreement with Russia for the Dabaa Nuclear Power Plant, ensuring fuel supply for the first reactor [5] Corporate News - China Nuclear Engineering Corporation has reported new contracts totaling 123.84 billion yuan and cumulative operating revenue of 81.33 billion yuan as of October 2025 [7]

作为中国乃至全球前三的光储国际盛会，11月18日，2025第八届中国国际光伏与储能产业大会在成都世纪城新国际会展中心隆重举行。十一届、十二届全国 人大常委会副委员长陈昌智出席大会并宣布开幕。成都市委副书记、市长王凤朝出席大会并致辞。重要领导、全球光储行业权威专家学者、领军企业家、光 储企业代表齐聚一堂，汇智聚力，持续助力世界绿色可持续发展。 领导嘉宾巡馆，了解光储产业发展 共话未来 凝聚各方力量 共促光储新发展 十一届、十二届全国人大常委会副委员长陈昌智致辞表示，"十五五"是我国如期实现碳达峰目标的决胜期，中国光储产业的高质量发展和国际循环水平的提 升，不仅需要国家层面在国际化、金融支持和生态培育上提供战略引领和制度保障，也需要政府、行业、企业等多方共同努力，系统调整产业生态，重构核 心竞争力。对于企业而言，不仅要竞争，更要注重"竞合"。企业要在自身所精所强的方面做大，在别人所专所精的环节有效配合，理性地适当控制，营 造"有所为、有所不为;你为我好、我为你好"的商业生态，共同推动行业发展实现质量效益的跃升，进一步巩固光储行业作为中国新型能源体系"主力军"地 位。 启动仪式现场 嘉宾云集 汇聚全球合力 构建清洁 ...

Core Viewpoint - The recent publication of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the need for high-quality development of clean energy, including the peak consumption of coal and oil, and the promotion of new energy storage solutions [1] Group 1: Coal and Oil Peak Consumption - China's coal consumption has decreased from 68.5% in 2000 to 53.2% in 2024, while oil consumption has dropped from 22% to 18.2%, but both still account for 71.4% of total energy consumption [2] - Achieving peak consumption for coal and oil by 2030 is challenging but feasible, with ongoing policy efforts showing gradual effectiveness [2] - The coal power sector is expected to reach its peak consumption before the coal sector overall, due to the reduction in coal use in industries like steel and cement [4] Group 2: Energy Transmission and Pricing Mechanism - The external transmission of electricity is deemed crucial for large-scale renewable energy consumption, especially in regions like Northwest China [5] - The establishment of a scientific and reasonable pricing mechanism for electricity transmission is essential, as current pricing often leads to disputes and inefficiencies [7] - Government intervention is necessary to enhance transmission capacity and coordinate interests among different stakeholders [9] Group 3: Renewable Energy Investment and Market Dynamics - As of September 2023, China's renewable energy capacity reached nearly 22 billion kilowatts, with a target of 36 billion kilowatts by 2035, necessitating an annual increase of 1.9 to 2 billion kilowatts [10] - The current low on-grid electricity prices are affecting investment enthusiasm in the renewable sector, particularly in solar energy [10][11] - The relationship between promoting investment and achieving targets is manageable, with expectations that the 2035 goal will be met or exceeded [12] Group 4: New Energy Storage Development - The new energy storage sector is experiencing rapid growth but faces challenges such as low-price competition and economic viability [15] - Recent policy changes have ended mandatory energy storage requirements for new renewable projects, leading to an oversupply in the market [16] - The government is working on reforms to improve market mechanisms for energy storage, including integrating it into capacity pricing systems [17]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - Tesla plans to expand its Texas Gigafactory, aiming to establish a production base for the Optimus humanoid robot with an annual capacity of 10 million units by 2027 [1]. - The completion of IPO guidance for Yushu Technology has been reported, indicating progress in the company's public offering process [1]. - The National Energy Administration has issued guidelines to promote the integrated development of new energy, emphasizing the importance of reliable replacement levels and market competitiveness by 2030 [2]. - The National Development and Reform Commission and the National Energy Administration have released guidance on new energy consumption and regulation, aiming to establish a multi-level consumption regulation system by 2030 [3]. Summary by Relevant Sections Market Performance - The report highlights the recent market performance of the electric equipment and new energy industry, noting significant developments such as Tesla's expansion plans and Yushu Technology's IPO progress [1][2]. Price Tracking - The report provides price tracking data for polysilicon, silicon wafers, battery cells, and modules, indicating stable prices for polysilicon and slight declines in silicon wafer prices due to weak demand [5][7][8]. - The average price of polysilicon remains at 52.0 CNY/kg, while silicon wafer prices have decreased by 3.7% for N-type wafers [5][7]. Investment Recommendations - The report recommends several companies based on different strategic focuses, including: - BC new technology: Aishuo Co., Longi Green Energy - Supply-side focus: Daqian Energy, Fulete - Light storage direction: Sunshine Power, Deyi Co. - Market-oriented direction: Langxin Group - Domestic substitution: Quartz Co. - Overseas layout: Hengdian East Magnetic, Bowei Alloy [9].

文 | 赶碳号科技 刘汉元这番讲话，信息量满满，大有深意。现如今的光伏，也的确到了需要有人勇敢站出来、大声疾呼 的时刻！ 行业生死存亡系于一线，"反内卷"当然刻不容缓。但也有一些人担心，或提出质疑，如果搞硅料产能收 储、搞光伏组件最低指导价，那么会不会触及"反垄断"呢，会不会导致我们的光伏产品再也无法走出国 门呢？毕竟，多年以来西方就是一直通过所谓的"双反"来打压我们——光伏老人们对此记忆很深。 反内卷与反垄断，这看上去似乎是一对矛盾，鱼与熊掌不可兼得。赶碳号深知，相关部委指导、行业协 会牵头推动的这场"反内卷"行动，其实始终坚持一个重要原则，那就是从供需两端共同发力，坚持市场 化、法治化。话虽如此，仍然无法打消人们的疑虑，毕竟"双反"让我们曾经付出过无比惨痛的代价。 在2025第八届中国国际光伏与储能产业大会上，面对上百家媒体，通威集团董事局主席刘汉元直接回答 了这个光伏行业最为敏感的话题。 一年5000亿美元的外汇支出难题，让光伏来解决！ 刘汉元表示，"十五五"规划里关于能源转型、能源强国有一大段系统的论述。这充分说明，从国家战略 到规划层面，进一步强调了能源对于我国经济社会发展的重要性，强调了能源转型、 ...

Core Viewpoint - The recent guidelines from the Central Committee emphasize the need for coordinated local consumption and external delivery of clean energy, aiming for high-quality development in the energy sector, while addressing the challenges of achieving peak coal and oil consumption by 2030 [1][2]. Group 1: Coal and Oil Peak Consumption - China's coal consumption has decreased from 68.5% in 2000 to 53.2% in 2024, while oil consumption has dropped from 22% to 18.2%, yet both still account for 71.4% of total energy consumption, indicating a challenge in reaching peak consumption targets [2][5]. - The coal industry is expected to peak before coal power, as coal power's peak is delayed due to its role in ensuring energy security and the reduction in coal consumption from other sectors like steel and cement [6][5]. Group 2: Energy Delivery and Storage - The primary solution for large-scale renewable energy consumption in the northwest regions is external delivery, as local consumption capacity is limited due to economic constraints and insufficient grid flexibility [7][8]. - The construction of external delivery channels faces challenges such as high costs and complex approval processes, which can lead to underutilization of built channels [9][10]. Group 3: Renewable Energy Investment - As of September, China's renewable energy capacity reached nearly 220 million kilowatts, with wind and solar power exceeding 170 million kilowatts, necessitating an annual addition of 19 to 20 million kilowatts to meet the 2035 targets [13][15]. - The recent market price decline for renewable energy has led to a cautious investment stance among power generation companies, particularly in the solar sector, due to the adjustments in pricing mechanisms [16][17]. Group 4: Addressing Negative Pricing - The frequent occurrence of negative pricing in the electricity market is attributed to supply-demand imbalances, and simply adjusting long-term trading ratios will not resolve this issue [18][19]. - To ensure that the benefits of negative pricing reach consumers, innovative mechanisms are needed, such as developing virtual power plants that aggregate consumer loads to respond to market conditions [20][21]. Group 5: New Energy Storage Development - The new energy storage sector is experiencing rapid growth but faces challenges such as low price competition and economic viability, leading to widespread operational difficulties [22][23]. - The government is working on reforms to allow energy storage to participate as an independent market entity, which includes integrating storage into capacity pricing mechanisms to ensure stable revenue streams [24].

Core Insights - Beijing Bank has issued carbon reduction loans totaling 1700.08 million yuan to 58 projects since obtaining carbon reduction support tools, with an average loan interest rate of 3.09% and an annual carbon reduction effect of 624,587.25 tons of CO2 equivalent [2] Group 1: Recent Developments - In Q3 2025, Beijing Bank issued carbon reduction loans amounting to 88.51 million yuan to 5 projects, with an average interest rate of 2.97%, resulting in an annual carbon reduction of 39,271.56 tons of CO2 equivalent [1] - For the current year, Beijing Bank has cumulatively issued carbon reduction loans of 286.76 million yuan to 12 projects, with an average interest rate of 2.99%, leading to an annual carbon reduction of 104,170.71 tons of CO2 equivalent [1] Group 2: Project Highlights - Notable projects benefiting from the carbon reduction loans include the Nanchang Qianling Municipal Solid Waste Incineration Power Plant Expansion, the Xixian New Area Energy Gold Trade Zone Clean Energy Replacement Project, and the Guotou Qitai County 1.8 million kW Wind-Solar-Hydrogen Storage Integrated Project [1] Group 3: Future Commitment - Beijing Bank aims to continue supporting green and low-carbon development by providing financial assistance in key areas such as clean energy, energy conservation, and carbon reduction technologies, in line with the goals of carbon peak and carbon neutrality [2]

Group 1: Lithium Battery and Photovoltaics - Lithium battery and photovoltaic sectors have shown significant performance this year, driven by strong domestic demand for passenger vehicles and the replacement of heavy-duty trucks, alongside European electric vehicle sales and subsidies [1] - The energy structure in China remains heavily reliant on coal, which accounted for approximately 60% of the energy mix this year, despite the growth in new energy vehicles, which now represent about 50% of total vehicle sales [2][3] - The development of energy storage is crucial for improving the stability of renewable energy sources, as past inefficiencies in energy storage have led to wasted renewable energy [3] Group 2: Energy Storage - Energy storage has seen substantial growth this year, with increasing support from national policies and rising installation rates, alongside export demand from the U.S. and other regions [3] - Despite short-term fluctuations in energy storage prices, the underlying demand remains strong, similar to the semiconductor industry, which has maintained popularity over the years [4] - The importance of energy storage is expected to increase in the coming years, as it plays a vital role in the effective utilization of renewable energy [3] Group 3: Photovoltaic Industry - The photovoltaic sector experienced a decline in performance during the first three quarters of the year, but there was a marginal improvement in profits due to rising prices of silicon materials [4] - The "anti-involution" policy has positively impacted the photovoltaic industry, leading to price increases for silicon materials and a recovery in performance for some companies involved in both photovoltaic and energy storage businesses [4] - The outlook for the photovoltaic industry remains optimistic, with expectations for continued demand driven by the energy storage sector [4][5] Group 4: Market Outlook - The overall market outlook for next year is optimistic, with expectations for continued opportunities in the new energy sector, alongside artificial intelligence and innovative pharmaceuticals [5]

Industry Overview - Combined Cooling, Heating and Power (CCHP) is an integrated energy system that utilizes a single fuel source to simultaneously generate electricity, heating, and cooling, achieving higher overall energy efficiency [1][2] - The CCHP market in China is projected to reach approximately 6.824 billion RMB in 2024, with a year-on-year growth of 9.34%, driven by government commitments to carbon peak and neutrality goals, as well as supportive policies [1][6] Market Dynamics - The growth of the CCHP industry is significantly supported by the Chinese government's policies, including the classification of CCHP as an encouraged project in the Industrial Structure Adjustment Guidance Catalog [1][6] - Cities like Beijing and Shanghai provide subsidies of 0.25 RMB per kilowatt-hour for CCHP projects, effectively reducing the economic burden on these projects [1][6] Industry Chain - The upstream of the CCHP industry includes power generation equipment such as gas turbines and micro gas turbines, as well as heat recovery devices and control systems [5] - The midstream involves system integration and engineering services, while the downstream applications are found in industrial parks, commercial complexes, hospitals, data centers, and residential buildings [5] Key Companies - New Hope Energy focuses on micro/small gas turbines and has achieved comprehensive efficiency exceeding 90% in projects like Changsha Huanghua Airport [7][8] - Lianmei Quantum emphasizes distributed CCHP using natural gas, integrating gas internal combustion engines with heat recovery systems [7][8] Development Trends - The integration of CCHP with smart microgrids is becoming a key path for energy transition, enhancing system flexibility and reliability through optimized energy allocation [9] - Regional integrated comprehensive energy services are emerging as a significant development direction, improving energy efficiency and reducing costs [10] - Cost reduction through technological breakthroughs and large-scale applications is a critical goal, with expectations for lower construction and operational costs [11][12]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Views - The report highlights that the price of R134a has exceeded expectations, indicating a significant value proposition in the refrigerant sector, and suggests that long-term positioning is timely [4] - The fluorochemical index has shown a strong performance, increasing by 7.71% and outperforming major indices such as the Shanghai Composite and CSI 300 [6][25] - The report emphasizes the ongoing upward trend in refrigerant prices, particularly for R134a, R32, and R125, while noting a structural differentiation in the market [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical market is experiencing a positive trend, with R134a prices rising significantly due to concentrated purchasing demand, reaching 60,000 yuan/ton, an increase of 6,000 yuan/ton [9][22] - The overall market sentiment for fluorite is weak, with prices for 97% fluorite powder averaging 3,391 yuan/ton, down 0.96% from the previous week [19][33] 2. Refrigerant Market Trends - As of November 14, refrigerant prices are as follows: R32 at 63,000 yuan/ton, R125 at 45,500 yuan/ton, R134a at 55,000 yuan/ton, and R410a at 53,500 yuan/ton, with R134a showing a weekly increase of 1.85% [21][24] - The report notes that the refrigerant market is characterized by a strong upward trend for R32 and R134a, while R125 remains stable, and other products like R404 and R507 are experiencing downward pressure [22][23] 3. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]