Core Points - Chengdu government has issued the "Implementation Plan for National Carbon Peak Pilot (Chengdu)" to effectively promote carbon peak initiatives before 2030 [1][2] - The overall goal is to reduce energy consumption and carbon emissions per unit of GDP, enhance the competitiveness of green low-carbon industries, and establish a robust policy framework for green low-carbon development by 2030 [1] Group 1: Key Areas of Focus - The plan outlines eight key areas of work, including promoting clean and efficient energy use and optimizing industrial structure [2] - Specific initiatives include the construction of low-carbon and zero-carbon parks, enhancing green building standards, and implementing energy consumption limits for public buildings [2] Group 2: Policy Innovations - The plan proposes the exploration of a dual control system for carbon emissions and the establishment of a product carbon footprint management system [2] - Tasks include developing a rapid reporting system for carbon emissions in industrial enterprises and creating a carbon budget management system [2]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration released guidelines to promote the consumption and regulation of renewable energy, aiming to meet the annual demand for the reasonable consumption of over 200 million kilowatts of new energy, supporting the carbon peak target [1] Group 1: Policy Developments - The guidelines are part of a series of policies that have been gradually implemented since the issuance of Document No. 136, which stabilized electricity price expectations for renewable energy [1] - The acceleration of national subsidies and the recent issuance of consumption guidelines indicate a comprehensive policy framework for the renewable energy sector [1] Group 2: Industry Implications - With ongoing policy support, the current issues related to electricity prices, subsidies, and consumption in the renewable energy sector are expected to ease [1] - The large-scale and high-proportion development of renewable energy will necessitate improvements in the overall adjustment capacity of the power system [1] - There is a recommendation to focus on thermal power, which is expected to realize value in reliability and flexibility, as well as hydropower that benefits from wind and solar energy storage growth [1]

Market Strategy - The market is experiencing a volume contraction and continued weakness in the technology sector [5][7] - The overall A-share index fell by 0.51%, with the Shanghai Composite Index down 0.39% and the ChiNext Index down 1.40% [7][8] - Small-cap stocks outperformed, while mid-cap stocks lagged behind [8] Industry Dynamics - The Jiangsu Provincial Development and Reform Commission announced a bidding notice for mechanism electricity prices for new energy projects from June 1, 2025, to December 31, 2026, with a total scale of 13 billion kWh [24][25] - The Chinese foldable smartphone market saw a significant recovery in Q3 2025, with shipments reaching 2.63 million units, a year-on-year increase of 17.8% [26][27] - Huawei leads the foldable smartphone market with nearly 70% market share, followed by Honor and vivo [28] Company Updates - Zoomlion (000157.SZ) has led the publication of two national standards in the concrete machinery industry, filling a gap in technical parameter testing [29][30] - Chengde Lululemon (000848.SZ) completed a share buyback of 2.98% of its shares, which will be canceled, enhancing investor confidence [32][33] - Fangsheng Pharmaceutical (603998.SH) received a drug registration certificate for Indobufen tablets, expanding its cardiovascular drug portfolio [34]

Group 1 - The company plans to apply for a total credit limit of up to RMB 5 billion for 2025 from banks and financial institutions, which will be used for various financing needs including trade financing and working capital loans [1][2] - The company’s wholly-owned subsidiary, Shanxi Shangtai Lithium Battery Technology Co., Ltd., has signed a credit agreement with China Merchants Bank Taiyuan Branch for a credit limit of RMB 150 million, valid for 24 months [3][4] - The company has provided a joint liability guarantee for the credit facility extended to its subsidiary, ensuring all debts within the credit limit are covered [6][7] Group 2 - The company has approved an investment project for the construction of a lithium-ion battery anode material production facility with an annual capacity of 200,000 tons, with an estimated total investment of approximately RMB 4.07 billion [12][20] - The project will be located in the Shanxi Transformation Comprehensive Reform Demonstration Zone and is expected to enhance the company's production capacity and market position in the lithium-ion battery materials sector [23][27] - The investment is aligned with the company's long-term strategy to strengthen its competitive edge in the high-performance anode materials market, responding to increasing demand from downstream customers [27][28] Group 3 - The company has submitted an application for the issuance of convertible bonds to unspecified investors, which has been approved by the Shenzhen Stock Exchange's listing review committee [32][33] - The issuance is subject to further registration procedures with the China Securities Regulatory Commission, and the timeline for approval remains uncertain [32][33]

Core Viewpoint - Shanxi Province is actively pursuing its carbon peak and carbon neutrality goals by 2030 and 2060, respectively, demonstrating significant progress in energy consumption reduction and green energy transition [1][2]. Group 1: Carbon Reduction Achievements - Since the beginning of the 14th Five-Year Plan, Shanxi's energy consumption per unit of GDP is expected to decrease by 16.1%, exceeding national targets and ranking among the top in the country [1]. - The province has eliminated 3.321 million kilowatts of outdated coal power capacity and upgraded 73.82 million kilowatts of existing coal power units, achieving negative growth in coal consumption in key pollution prevention areas [1]. Group 2: Energy Structure Optimization - Shanxi is focusing on optimizing its energy structure and promoting a green transition in energy supply, with significant advancements in wind and solar energy, as well as hydrogen, geothermal, and biomass energy development [1]. - The province has maintained the highest volume of green electricity exports in the country [1]. Group 3: Industrial Upgrades and Zero Carbon Initiatives - Shanxi has implemented strict controls on high-energy-consuming projects and has upgraded over 30% of its steel enterprises to benchmark energy efficiency levels, with 83% of coal production now from advanced capacities [2]. - The province has launched eight pilot zero-carbon (near-zero carbon) industrial demonstration zones, achieving breakthroughs in zero-carbon mining and low-carbon technology applications [2]. Group 4: Promoting Low-Carbon Lifestyle - The concept of low-carbon living is gaining traction, with significant increases in the market share of energy-efficient household appliances and the promotion of electric vehicles [2]. - By the end of 2024, the province aims to achieve a public charging station to vehicle ratio of 1:7, ensuring adequate charging infrastructure for electric vehicles [2].

Group 1: Tin Industry Report Industry Investment Rating Not provided Core View The market sentiment has improved with the expected end of the US government shutdown, and the fundamentals are relatively strong. Long positions should be held. The future trend of tin prices depends on the supply recovery in Myanmar in the fourth quarter. If the supply recovers smoothly, tin prices may weaken; otherwise, they are expected to remain strong [1]. Summary by Directory - **Price and Basis**: SMM 1 tin increased by 0.74% to 285,800 yuan/ton, and SMM 1 tin premium increased by 30% to 650 yuan/ton [1]. - **Internal and External Price Ratio and Import Profit and Loss**: The import loss decreased by 7.99% to -14,989.79 yuan/ton, and the Shanghai-London ratio was 7.94 [1]. - **Monthly Spread**: The spreads between different contracts showed various changes, such as the 2511 - 2512 spread decreasing by 20.83% to -580 [1]. - **Fundamental Data**: In September, tin ore imports decreased by 15.13% to 8,714 tons, and SMM refined tin production in October increased by 53.09% to 16,090 tons [1]. - **Inventory Change**: SHEF inventory increased by 1.23% to 5,992 tons, and social inventory increased by 5.22% to 7,033 tons [1]. Group 2: Nickel Industry Report Industry Investment Rating Not provided Core View The macro situation exerts some pressure, and the fundamentals are mixed. The nickel price is expected to fluctuate within a range, with the main contract reference range of 118,000 - 124,000 yuan/ton. Attention should be paid to macro expectations and Indonesian industrial policies [4]. Summary by Directory - **Price and Basis**: SMM 1 electrolytic nickel increased by 0.25% to 121,200 yuan/ton, and 1 Jinchuan nickel premium increased by 20% to 3,600 yuan/ton [4]. - **Futures Import Profit and Loss and Shanghai-London Ratio**: The futures import loss increased by 7.99% to -1,825 yuan/ton, and the Shanghai-London ratio was 7.92 [4]. - **Monthly Spread**: The 2512 - 2601 spread remained unchanged at -170 [4]. - **Supply, Demand, and Inventory**: China's refined nickel production increased by 0.84% to 35,900 tons, and SHFE inventory increased by 1.19% to 37,187 tons [4]. Group 3: Stainless Steel Industry Report Industry Investment Rating Not provided Core View The policy and macro drivers are weakening, and the fundamentals have not improved significantly. The short - term stainless steel price is expected to weaken and fluctuate, with the main contract reference range of 12,500 - 13,000 yuan/ton. Attention should be paid to macro expectations and steel mill supply [6]. Summary by Directory - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,800 yuan/ton, and the spot - futures price difference decreased by 9.88% to 365 yuan/ton [6]. - **Monthly Spread**: The 2512 - 2601 spread remained unchanged at -5 [6]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production increased by 0.38% to 182.17 million tons, and the net export volume decreased by 9.83% to 29.82 million tons [6]. - **Inventory**: 300 - series social inventory decreased by 0.65% to 48.89 million tons, and SHFE warehouse receipts decreased by 0.08% to 7.20 million tons [6]. Group 4: Lithium Carbonate Industry Report Industry Investment Rating Not provided Core View The short - term fundamentals support the price, but the upward movement of the market is mainly driven by funds. The market may fluctuate widely in the short term. Attention should be paid to the marginal changes in demand after the peak season and the release speed of upstream projects [9]. Summary by Directory - **Price and Basis**: SMM battery - grade lithium carbonate increased by 0.44% to 80,750 yuan/ton, and the basis (SMM electric carbon benchmark) decreased by 88.49% to 290 yuan/ton [9]. - **Monthly Spread**: The 2511 - 2512 spread increased by 780 to -1,700 [9]. - **Fundamental Data**: Lithium carbonate production in October increased by 5.73% to 92,260 tons, and demand increased by 8.70% to 126,961 tons [9]. - **Inventory**: Lithium carbonate total inventory in October decreased by 10.90% to 84,234 tons [9]. Group 5: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View The industrial silicon market still faces inventory accumulation pressure in November, but it is less than in October. Prices are expected to fluctuate at a low level, with the main price range between 8,500 - 9,500 yuan/ton. Attention should be paid to the digestion of warehouse receipts after the concentrated cancellation of November contracts [10]. Summary by Directory - **Price and Basis**: The price of East China SI4210 industrial silicon increased by 0.52% to 9,750 yuan/ton, and the basis (SI4210 benchmark) decreased by 6.25% to -340 [10]. - **Monthly Spread**: The 2511 - 2512 spread increased by 27.52% to -242 [10]. - **Fundamental Data**: National industrial silicon production increased by 7.46% to 45.22 million tons, and the export volume decreased by 8.36% to 7.02 million tons [10]. - **Inventory**: Xinjiang factory inventory increased by 3.70% to 11.21 million tons, and social inventory decreased by 1.08% to 55.20 million tons [10]. Group 6: Polysilicon Industry Report Industry Investment Rating Not provided Core View The polysilicon market maintains a situation of both supply and demand decline, with an expectation of inventory accumulation in each link. Prices are expected to fluctuate at a high level. Attention should be paid to the recovery of component prices, the establishment of platform companies, and the increase in demand orders [12]. Summary by Directory - **Price and Futures Spread**: Spot prices were stable, and futures prices increased by 0.95% to 53,720 yuan/ton. The spreads between different contracts showed various changes [12]. - **Fundamental Data (Weekly)**: Silicon wafer production decreased by 5.55% to 13.45 GW, and polysilicon production decreased by 4.26% to 2.70 million tons [12]. - **Fundamental Data (Monthly)**: Polysilicon production increased by 3.08% to 13.40 million tons, and the net export volume decreased by 56.83% to 0.09 million tons [12]. - **Inventory Change**: Polysilicon inventory decreased by 0.77% to 25.90 million tons, and silicon wafer inventory decreased by 7.45% to 17.52 GW [12]. Group 7: Aluminum Industry Report Industry Investment Rating Not provided Core View - **Alumina**: Prices are expected to remain weak and fluctuate, with the main contract reference range of 2,750 - 2,900 yuan/ton. Attention should be paid to the production reduction of high - cost enterprises [15]. - **Aluminum**: Prices will fluctuate in the short term between event - driven factors and weak fundamentals, with the main contract reference range of 21,000 - 21,800 yuan/ton. Attention should be paid to LME warehouse receipt flows, domestic inventory changes, and overseas macro trends [15]. Summary by Directory - **Price and Spread**: SMM A00 aluminum decreased by 0.23% to 21,490 yuan/ton, and the 2511 - 2512 spread decreased by 10 to -45 [15]. - **Fundamental Data**: Alumina production in October increased by 2.39% to 778.53 million tons, and electrolytic aluminum production increased by 3.52% to 374.21 million tons [15]. - **Inventory**: China's electrolytic aluminum social inventory remained unchanged at 62.70 million tons, and LME inventory decreased by 0.36% to 54.7 million tons [15]. Group 8: Copper Industry Report Industry Investment Rating Not provided Core View The copper price rebounded slightly. In the medium - to - long term, the supply - demand contradiction supports the upward movement of the bottom price. Attention should be paid to the marginal changes in demand and overseas liquidity. The main contract should focus on the support at 84,000 - 85,000 [17]. Summary by Directory - **Price and Basis**: SMM 1 electrolytic copper increased by 0.60% to 86,232 yuan/ton, and SMM 1 electrolytic copper premium increased by 15 to 55 [17]. - **Monthly Spread**: The 2511 - 2512 spread increased by 20 to 0 [17]. - **Fundamental Data**: Electrolytic copper production in October decreased by 2.62% to 109.16 million tons, and the domestic mainstream port copper concentrate inventory increased by 0.57% to 62.97 million tons [17]. - **Inventory**: Domestic social inventory decreased by 2.10% to 19.59 million tons, and LME inventory increased by 1.06% to 13.59 million tons [17]. Group 9: Zinc Industry Report Industry Investment Rating Not provided Core View The Shanghai zinc market oscillated at a high level. The supply pressure may be limited in the future, and the demand has not shown unexpected performance. The LME zinc price has upward pressure, while the Shanghai zinc may be stronger than the LME zinc, with the main contract reference range of 22,300 - 23,000 [20]. Summary by Directory - **Price and Spread**: SMM 0 zinc ingot decreased by 0.31% to 22,570 yuan/ton, and the 2511 - 2512 spread increased by 5 to -55 [20]. - **Fundamental Data**: Refined zinc production in October increased by 2.85% to 61.72 million tons, and the galvanizing start - up rate decreased by 2.41% to 55.13% [20]. - **Inventory**: China's zinc ingot seven - region social inventory decreased by 1.30% to 15.96 million tons, and LME inventory remained unchanged at 3.5 million tons [20]. Group 10: Aluminum Alloy Industry Report Industry Investment Rating Not provided Core View The ADC12 price is expected to maintain a strong oscillation trend, with the main contract reference range of 20,400 - 21,100 yuan/ton. Attention should be paid to the improvement of scrap aluminum supply, downstream procurement rhythm, and inventory depletion [22]. Summary by Directory - **Price and Spread**: SMM aluminum alloy ADC12 remained unchanged at 21,450 yuan/ton, and the 2511 - 2512 spread decreased by 100 to -105 [22]. - **Fundamental Data**: Recycled aluminum alloy ingot production in October decreased by 2.42% to 64.50 million tons, and the recycled aluminum alloy start - up rate decreased by 2.95% to 55.84% [22]. - **Inventory**: Recycled aluminum alloy ingot weekly social inventory increased by 1.82% to 5.58 million tons [22].

Company Developments - Baidu's "Luo Bo Kua Pao" has received the first batch of fully autonomous commercial operation licenses from the Abu Dhabi Integrated Transport Center, marking the launch of public fully autonomous driving services overseas [5] - Huada Technology has recently secured project designations from domestic automotive manufacturers and new energy battery companies, involving body components and battery box pallets, with an estimated total sales amount of 2.9 billion [5] - Ganfeng Lithium's PPGS lithium salt lake project phase one has obtained the environmental impact assessment report, with approximately 15.07 million tons of LCE proven and controlled resource [5] - Shangtai Technology plans to invest 4.07 billion to build a project with an annual production capacity of 200,000 tons of lithium-ion battery anode materials, further expanding lithium battery material production capacity [5] - Mindray Medical has submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange, with Huatai International and JPMorgan as joint sponsors [5] - Zhongji Xuchuang has approved the management to initiate preparations for the overseas issuance of H-shares and listing on the Hong Kong Stock Exchange [5] - ST Huatuo's stock trading will be suspended for one day on November 11, 2025, and will resume trading on the 12th with the removal of other risk warnings, changing its stock name to Century Huatuo [5] - Cambrian will hold its first extraordinary general meeting of shareholders on November 27, 2025, to review important matters [5] - Tesla's Cybertruck project leader Siddhant Awasthi has announced his departure, concluding over eight years at Tesla [5] - CPE Yuanfeng has injected 350 million into Burger King China and will hold approximately 83% equity, forming a joint venture to promote brand development [5] - *ST Gaohong announced that its stock has been decided to be delisted by the Shenzhen Stock Exchange, with delisting scheduled for November 11, 2025 [5] - Moutai has initiated a "defense battle," notifying liquor merchants on Douyin that selling Moutai below market prices will result in penalties [5] Industry Insights - The storage chip sector continues to strengthen, with a comprehensive price increase cycle initiated; Goldman Sachs has doubled its target price for SanDisk, and global storage leaders are reaching new highs, driven by improved supply-demand dynamics [3] - Significant progress has been made in China's perovskite solar cell field, achieving a photoelectric conversion efficiency of 27.2%; technological iterations are continuously enhancing component efficiency, with institutions predicting a future penetration rate of 30% for perovskite components [3] - The Ministry of Industry and Information Technology is accelerating the promotion of AI applications in key areas, with institutions noting that AI application scenarios are rapidly breaking through, and deep integration of AI with marketing and healthcare is becoming a new industry hotspot [3] - Ten national standards for technology resource sharing and information integration have been officially released and implemented, promoting the standardization of technology resource sharing and information integration, aiding the innovation and development of technology-based enterprises [3] - Brazil's central bank has introduced new regulations that comprehensively prohibit the trading of algorithmic stablecoins, requiring all cryptocurrency asset services to obtain central bank authorization, which will impact the global stablecoin market structure and related industry chain layout [3]

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].

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 - Ningbo Energy (600982.SH) has completed the business registration change for Yongde Environment, which is expected to enhance its operational capabilities and align with national carbon neutrality goals [1] Group 1 - The company holds a 40% stake in Yongde Environment, and the consolidation scope of its financial statements remains unchanged [1] - The recent capital increase is aimed at supporting the business development of Yongde Environment and improving its profitability [1] - This move is in line with the company's strategic development goals and the national objectives of "carbon peak and carbon neutrality" [1]