Group 1 - The A-share photovoltaic sector is experiencing significant gains, with companies like Canadian Solar hitting the 20% limit up, and Longi Green Energy and Hongyuan Green Energy rising over 9% [1] - Policy signals are increasingly positive, with China International Capital Corporation noting that meetings have clarified the acceleration of carbon peak and carbon neutrality goals, alongside local supportive measures in places like Henan, which are expected to boost domestic energy storage demand and subsequently drive photovoltaic installation demand [1] - As of October 29, 2025, the CSI Photovoltaic Industry Index (931151) has surged by 6.85%, with key stocks such as Canadian Solar up 19.97% and Sungrow Power Supply up 11.83% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Sungrow Power Supply, Longi Green Energy, and TBEA, collectively accounting for 58.02% of the index [2]

Group 1 - The market experienced a morning rally on October 29, with the Shanghai Composite Index rising above 4000 points and the ChiNext Index increasing by over 2% at one point [1] - By the midday close, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 0.9%, and the ChiNext Index gained 1.35% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.42 trillion yuan, an increase of 719 billion yuan compared to the previous trading day [1] Group 2 - The Chuangye 50 ETF (159682) closed up 1.54% with a trading volume exceeding 200 million yuan [1] - Notable stocks within the ETF included Sanhuan Group, which rose over 9%, and Tonghuashun and Sunshine Power, both increasing by over 6% [1] - The Chuangye 50 ETF tracks the ChiNext 50 Index, with sector allocations including manufacturing, information transmission, software, and technology services [1] Group 3 - Sunshine Power released its Q3 2025 financial report on October 28, reporting total revenue of 66.4 billion yuan for the first three quarters, a year-on-year increase of 33% [1] - The net profit for the same period was 11.9 billion yuan, reflecting a year-on-year growth of 56% [1] - In Q3 alone, the company achieved revenue of 22.87 billion yuan, a year-on-year increase of 20.83%, with a net profit of 4.147 billion yuan, marking a 57.04% year-on-year growth and the highest quarterly net profit since its listing [1] Group 4 - CICC pointed out that the government has clearly defined the direction for wind and solar energy, accelerating the comprehensive green transformation of economic and social development [2] - The focus is on advancing pollution prevention and ecological system optimization while promoting the construction of a new energy system [2] - The government aims to steadily advance and achieve carbon peak targets [2]

Core Viewpoint - The article emphasizes that the "15th Five-Year Plan" period is a critical window for China to achieve its carbon peak by 2030, focusing on a comprehensive green transformation of economic and social development [1]. Energy Transition - The "15th Five-Year Plan" highlights "green development" as a key aspect of Chinese modernization, aiming to achieve carbon peak and carbon neutrality through coordinated efforts in reducing carbon emissions, pollution, and promoting green growth [1][3]. - The plan calls for the construction of a new energy system, increasing the share of renewable energy, and ensuring a reliable and orderly transition from fossil fuels [1][2]. Renewable Energy Development - The plan stresses the importance of a multi-energy approach, including wind, solar, hydro, and nuclear energy, to promote high-quality development of clean energy [2]. - It aims for the majority of new electricity demand by the end of the "15th Five-Year Plan" to be met by new clean energy generation [3]. Carbon Emission Control - The transition from energy consumption control to carbon emission control is highlighted, with a focus on implementing a carbon emission total and intensity control system [4]. - The plan includes specific targets for energy conservation and carbon reduction, aiming to peak coal and oil consumption [4]. Green Industry Growth - The green low-carbon industry is projected to grow significantly, with estimates suggesting a doubling of its scale to approximately 22 trillion yuan in the next five years [6]. - The plan aims to establish around 100 national-level zero-carbon parks, providing substantial growth opportunities for the green low-carbon industry [6]. Circular Economy and Resource Management - The plan emphasizes the importance of resource management and promoting a circular economy, including improving waste classification and resource utilization [6]. - It aims to enhance the green consumption incentive mechanism and promote low-carbon lifestyles [6].

每日经济新闻 2025年10月29日，创业板新能源ETF华夏（159368）上涨1.90%，持仓股德福科技涨超10%，阳光 电源涨超5%，鹏辉能源涨超5%。 （责任编辑：贺翀 ） "十五五"时期经济社会发展的指导方针和主要目标，提到加快建设新型能源体系。持续提高新能源 供给比重，推进化石能源安全可靠有序替代，着力构建新型电力系统，建设能源强国。坚持风光水核等 多能并举，统筹就地消纳和外送，促进清洁能源高质量发展。加强化石能源清洁高效利用，推进煤电改 造升级和散煤替代。全面提升电力系统互补互济和安全韧性水平，科学布局抽水蓄能，大力发展新型储 能，加快智能电网和微电网建设。提高终端用能电气化水平，推动能源消费绿色化低碳化。加快健全适 应新型能源体系的市场和价格机制。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 湘财证券认为，需通过技术突破、模式创新与政策支持提升产业竞争力。整体来看，新能源、新材 料等战略 ...

Core Viewpoint - The A-share market opened positively on October 29, with the ChiNext New Energy ETF (Hua Xia, 159368) experiencing a significant rise, driven by strong performance from its constituent stocks, particularly Sunshine Power and Hunan Youneng, which reached historical highs [1] Group 1: Company Performance - Sunshine Power (300274) reported its Q3 2025 financial results, achieving total revenue of 66.4 billion yuan, a year-on-year increase of 33%, and a net profit of 11.9 billion yuan, up 56% year-on-year [1] - The company's core profitability indicators showed substantial improvement, with earnings per share at 5.73 yuan and the storage business revenue accounting for 45% of total revenue, surpassing inverters as the primary income source [1] - The gross profit margin remained stable at a high level of 38% to 40% [1] Group 2: Market Trends and Policies - CICC noted that the government has clearly defined the direction for wind and solar energy, accelerating the green transformation of the economy and society, and promoting pollution prevention and ecosystem optimization [1] - In terms of storage, Henan Province has introduced development measures including revenue guarantees and capacity compensation, while national-level storage policies are emerging, likely leading to sustained high demand [1] Group 3: ETF Overview - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2] - It has the highest flexibility with a maximum increase of 20%, the lowest fee rate at a total of 0.2%, and a scale of 1.085 billion yuan as of October 16, 2025 [2] - The ETF has a significant storage component of 51% and solid-state battery content of 30%, aligning with current market trends [2]

（文章来源：每日经济新闻） 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从沪深市场中选取涉及环境保护、清 洁能源、节能减排等业务的上市公司证券作为指数样本，覆盖新能源、环保设备与服务等行业，旨在反 映绿色经济相关上市公司证券的整体表现。 中泰证券指出，电力设备行业方面，加快能源绿色低碳转型是全面绿色转型的"牛鼻子"，"十五五"将加 快建设新型能源体系，重点发展非化石能源并推进化石能源清洁高效利用。光伏设备行业方面，硅料价 格重心小幅波动，成交整体偏观望；硅片价格虽有波动但整体稳健；电池片环节显现颓势，183N需求 持续减弱；组件价格小幅震荡，210需求较高但210R价格下跌；光伏玻璃成交不佳，头部企业坚挺高价 而二三线让利出货，库存增多下价格可能进一步松动。国内海风建设节奏有序进行，预期逐步迎来交付 高峰期。 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The polysilicon market is expected to operate cautiously and strongly within the range. The supply in the fourth quarter can meet the terminal demand, but the industry's internal improvement momentum is weak, and the market focus is on the policy side, which is currently in a vacuum period [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Market Performance: The main contract price of polysilicon ran strongly within the range. The closing price of the PS2601 contract was 54,335 yuan/ton, with a daily increase of 1.58%. The trading volume was 208,200 lots, and the open interest was 114,932 lots, with a net increase of 9,055 lots [4]. - Spot Price: The transaction price range of polysilicon n-type re-feeding material was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, flat compared to the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also flat compared to the previous period [4]. - Future Outlook: In the fourth quarter, the expected output of polysilicon is 382,000 tons, with a monthly average output of 127,300 tons. The current output level can meet the terminal demand of about 63GW. The demand for downstream silicon wafers and cells is stable, but the industry's internal improvement momentum is weak. The pressure comes from the weak terminal demand after the "rush installation" period. The market focus is expected to remain on the policy side, and the market will operate cautiously and strongly within the range [4]. 3.2 Market News - On October 28, the number of polysilicon warehouse receipts was 9,150 lots, a net decrease of 90 lots compared to the previous trading day [5]. - In September 2025, the newly installed photovoltaic capacity was 9.66GW, a month-on-month increase of 31.25%. From January to September, the cumulative newly installed photovoltaic capacity was 240.27GW [5]. - The Communique of the Fourth Plenary Session of the 20th Central Committee proposed to accelerate the construction of a new energy system, build a modern industrial system, and promote the high - quality development of the service industry [5].

"十五五"时期，更多绿电有望跨越山海，点亮万家灯火。10月28日发布的《中共中央关于制定国民经济 和社会发展第十五个五年规划的建议》明确提出，"加快建设新型能源体系"。 国家发展改革委主任郑栅洁介绍，到"十五五"末，新增用电需求绝大部分由新增清洁能源发电量满足。 专家认为，构建新型电力系统能够支持绿电发得出、电网接得住、终端用得好，是加快建设新型能源体 系的重要环节。 "'十五五'时期，电力消费需求仍将保持较快增长，电力供给的形态更加多元，新型电力系统构建相 较'十四五'更加迫切，也更富挑战性，要大力发展新型储能，加快源网荷储的协同布局和统一电力市场 的体系完善，不断增强对绿色电力保供和运行安全的支撑能力。"王鹏说。 (责任编辑：张紫祎) "进入'十五五'时期，应对气候变化凸显非化石能源消费占比提升的重要性，地缘政治冲突风险进一步 加速能源供应链的重构进程，加快建设新型能源体系成为'必答题'。"华北电力大学国家能源发展战略 研究院执行院长王鹏说。 《建议》提出，持续提高新能源供给比重，推进化石能源安全可靠有序替代，着力构建新型电力系统， 建设能源强国。 中国华电集团有限公司副总工程师李立新表示，加快建设新型能 ...

Industry News - The National Energy Administration emphasizes the acceleration of building a new energy system, increasing the proportion of renewable energy supply, and constructing a new power system as part of the 14th Five-Year Plan [4] - The Ministry of Industry and Information Technology has announced the public listing of the 2025 industrial energy-saving and carbon reduction standards research projects, aiming to enhance energy efficiency and carbon reduction in the industrial sector [4] - A significant advancement in next-generation photovoltaic technology has been achieved, with a new all-perovskite tandem solar cell reaching over 30% efficiency, published in the prestigious journal Nature [4] - The first hydrogen-powered cultural tourism train in China, "Hydrogen Spring," has been launched, marking a breakthrough in green rail transportation with zero carbon emissions [6] Company News - The Ministry of Industry and Information Technology has released a public list of national green data centers for 2025, including the Guian Data Center of State Power Investment Corporation and the Southern Power Grid Green Smart Data Center [6] - China Huaneng has made progress in establishing international standards for ion exchange resins, with a new proposal successfully initiated, indicating the formation of a standard cluster led by Chinese technology [6] - Sinopec has registered its first electricity sales company in Chongqing, marking its entry into the electricity trading market, alongside other major oil companies [7] - The Dagang Oilfield gas storage facility has exceeded its annual gas injection target, ensuring natural gas supply for the Beijing-Tianjin-Hebei region this winter, with a record daily injection of 21.16 million cubic meters [8] - Two large hydropower projects in the Yarlung Tsangpo River basin have achieved synchronized river closure, marking a significant milestone in the construction of China's first integrated wind-solar-hydro power base [10] - The world's highest pumped storage power station, the State Grid Xinyuan Jiangsu Jurong Pumped Storage Power Station, has commenced full operation, with a total installed capacity of 1.35 million kilowatts [10] - The International Energy Agency reports a significant decline in Russian natural gas exports to Europe, with liquefied natural gas exports down 10% and pipeline gas exports down 45% in the first three quarters of 2025 [11] - Google has announced plans to restart a nuclear power plant in Iowa to supply power for its AI infrastructure, indicating a shift towards diverse energy sources for tech companies [11]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the acceleration of building a new energy system, focusing on non-fossil energy as the main supply, which is crucial for achieving carbon neutrality and ensuring national energy security [1][2]. Group 1: New Energy System Development - The new energy system aims to transition to a green and low-carbon energy structure, with non-fossil energy consumption increasing significantly [1]. - By the end of the "14th Five-Year Plan," one-third of the total electricity consumption was green electricity, with non-fossil energy's share in total energy consumption increasing by 1 percentage point annually [1]. - The construction of a new power system is essential for supporting the generation, transmission, and consumption of green electricity [2]. Group 2: Changes in Energy Supply and Demand - The role of thermal power is shifting from being the main power source to a regulatory power source, with a greater reliance on renewable energy [2]. - The majority of new electricity demand by the end of the "15th Five-Year Plan" will be met by new clean energy generation [2]. - The demand for electricity is expected to grow rapidly, necessitating a more diverse supply structure and the development of new energy storage solutions [2].