Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes accelerating the comprehensive green transformation of economic and social development, aiming to build a beautiful China through a focus on carbon peak and carbon neutrality goals [1] Group 1: Energy Transition - The key to accelerating comprehensive green transformation lies in vigorously promoting the green and low-carbon transition of energy and continuously optimizing the energy structure [2] - The development of renewable energy such as wind and solar power is essential to gradually reduce the consumption share of traditional fossil fuels [2] - A modern industrial system characterized by low consumption and high added value should be formed by guiding resources towards green, low-carbon, and circular economy industries [2] Group 2: Energy Structure and Pollution Control - The new energy system is crucial for ensuring national energy security and is a key approach for China to participate in global climate governance and achieve carbon peak and carbon neutrality [3] - Two governance approaches for carbon emissions are proposed: end-of-pipe treatment and source control, with a focus on source control for long-term sustainability [3] - The large-scale development and utilization of non-fossil energy sources, including hydropower, nuclear power, wind power, and solar energy, are necessary for achieving low-carbon energy structures [4] Group 3: New Power System Development - By 2060, the proportion of non-fossil energy consumption is expected to exceed 80%, requiring a significant adjustment in the power generation structure [6] - The installed capacity of wind and solar power is projected to exceed 600 million kilowatts by 2060, accounting for approximately 65% of total power generation [6] - Coal power must gradually exit its position as the main power source while ensuring reliable electricity supply [7] Group 4: Key Measures for Implementation - Important measures to promote the establishment of a new energy system include developing renewable energy to replace fossil fuels and enhancing the flexibility of existing coal power plants [7] - A new grid system that aligns with the new energy system is essential, as the grid plays a critical role in the energy system [7] - Increased efforts in energy storage and hydrogen energy are necessary to enhance system regulation capabilities and support dynamic balance in the power system [7]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

南方电网公司将于10月29日至31日在海南博鳌举办第六届新型电力系统国际论坛暨第二十一届中国南方电网国际技术论坛。 论坛将以"共建新型电力系统，加快能源低碳转型"为主题，助力数字化、绿色化协同，促进新型电力系统和新型能源体系建设，全面 深化国内外新型电力系统交流合作。 论坛将组织新型电力系统各专业技术领域主题研讨、重磅演讲，邀请国家能源局相关领导、海南省政府相关领导参加论坛并发表致辞， 邀请大型国际组织的领导、专家作致辞、参与主题研讨活动、做主旨演讲等，邀请院士专家深度参与学术研讨活动，邀请联合研究院及 其他重点高校的教授学者参与论坛，邀请国内外致力于新型电力系统和新型能源体系建设的专业人士参会，打造具有国际视野的高水平 学术交流平台。敬请期待！ 来 源：南 网 5 0 H z E n d 欢 迎 分 享 给 你 的 朋 友！ 出品 | 中国能源报（c ne ne rgy） 推广 责编 | 李慧颖 ...

Group 1: Key Concepts from the 20th Central Committee's Fourth Plenary Session - The session emphasizes "new quality productivity" and "high-level technological self-reliance" as core concepts for the 15th Five-Year Plan[8] - The focus is on technological innovation as the main line to ensure safety and resilience, promoting high-quality development and common prosperity[8] - The transition from a factor-driven growth model to an innovation-driven model is highlighted, marking a fundamental shift in economic growth[9] Group 2: Strategic Industry Development - The proposal aims to develop emerging pillar industries, accelerating the growth of sectors like new energy, new materials, and aerospace, potentially creating several trillion-level markets[11] - Hydrogen energy and nuclear fusion are identified as strategic future energy sectors, with significant market potential expected to reach trillion-level scales during the 15th Five-Year Plan[13] - The "three new" economy's contribution to GDP is projected to exceed 18% by 2024, indicating a strong focus on innovation-driven growth[11] Group 3: Policy and Market Implications - The government will provide strong support in planning, funding, and research for emerging industries, particularly hydrogen and nuclear fusion, over the next decade[14] - The integration of new energy technologies with manufacturing and smart control is expected to enhance the added value of manufacturing[12] - Risks include potential misinterpretation of policies and outcomes not meeting expectations, which could impact industry growth[15]

Core Viewpoint - The article emphasizes that during the "14th Five-Year Plan" period, China's renewable energy industry achieved significant development, exceeding planning targets, and is now entering a new phase of comprehensive market-oriented development during the "15th Five-Year Plan" period, presenting strategic opportunities for "scale expansion" and "quality improvement" [3]. Group 1: Photovoltaics - The photovoltaic industry has transitioned from being a "supplementary energy" to a "main energy" source, with a cumulative installed capacity of 1.11 billion kilowatts by July this year, accounting for 30% of the total installed capacity in the country, surpassing coal power [5]. - China has established the world's most complete and competitive photovoltaic industry system, with over 80% global market share in key manufacturing segments such as silicon materials, wafers, cells, and modules [5]. - The cost of photovoltaic power generation has decreased by over 90% in the past decade, highlighting its economic advantages [5]. - The photovoltaic industry is expected to enter a new stage of higher quality development, with ongoing technological innovations and expanded application scenarios, including "photovoltaics + agriculture" and "photovoltaics + livestock" [6][7]. - By 2030, distributed photovoltaic systems are projected to increase from 40% to over 50% of the total installed capacity [6]. Group 2: Wind Power - The wind power industry has made a historic leap from "resource development" to "system leadership" during the "14th Five-Year Plan" period, significantly enhancing its strategic position in energy security and green industrial chain construction [9]. - China maintains the world's largest cumulative installed capacity for wind power, with over half of the global offshore wind power capacity [11]. - The wind power industry aims to achieve an annual new installed capacity of 12 million kilowatts starting in 2026, with a five-year cumulative target of over 60 million kilowatts [12]. - The industry is shifting focus from "scale-driven" to "value-driven," emphasizing quality and efficiency improvements [12][13]. Group 3: New Energy Storage - New energy storage has seen a nearly 30-fold increase in cumulative installed capacity, reaching 94.91 million kilowatts by mid-2025, making it the second-largest flexible adjustment resource in China's power system [17]. - The industry is experiencing a shift from "mandatory storage" to "demand-based configuration," moving from "policy-driven" to "market-led" development [18]. - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage capacity to exceed 180 million kilowatts by 2027, with an expected direct investment of about 250 billion yuan [17]. Group 4: Hydrogen Energy - Hydrogen energy has transitioned from pilot demonstrations to large-scale development during the "14th Five-Year Plan," with significant policy support and a complete development framework emerging [20]. - The hydrogen energy industry is expected to play a crucial role in energy structure transformation and green development, with a focus on expanding application scenarios across various sectors [21]. - The strategic development of hydrogen energy is supported by multi-layered policy tools and aims to establish a comprehensive hydrogen energy project management system [21]. Group 5: Overall Strategic Outlook - The coordinated development of wind, solar, hydrogen, and storage is seen as a strategic mission to address key challenges in high-proportion consumption, industrial chain security, and economic viability [22]. - The article outlines a vision for a new energy system that leverages technological innovation and market mechanisms to solidify China's leading position in the global energy transition [22].

Core Viewpoint - The article emphasizes the transition of China's power industry towards a new energy system, focusing on accelerating green transformation and ensuring energy security during the "14th Five-Year Plan" and looking forward to the "15th Five-Year Plan" [3][12]. Group 1: Power Supply Capacity - The power supply capacity in China has significantly improved, with total installed capacity reaching 3.69 billion kilowatts, a year-on-year increase of 18% [5]. - The installed capacity of thermal power is 1.49 billion kilowatts, increasing by 5.5%, while hydropower and nuclear power capacities have also seen growth [5][6]. - The future focus will be on collaborative operation among different energy sources, transitioning coal power from a primary source to a supportive role for renewable energy [5][6]. Group 2: Market Mechanisms - The market-driven approach has led to a substantial increase in electricity trading volume, from 10.7 trillion kilowatt-hours during the "13th Five-Year Plan" to 23.8 trillion kilowatt-hours, with market transactions now accounting for over 60% of total electricity consumption [8][9]. - The establishment of a unified national electricity market has made significant progress, enhancing the efficiency of resource allocation [8][9]. - Future reforms will address new challenges in the electricity market, including the need for a more sophisticated pricing mechanism and better integration of various trading products [9]. Group 3: New Energy System Development - The construction of a new power system is crucial for addressing the challenges posed by large-scale renewable energy integration, focusing on the synergy of generation, grid, load, and storage [11][12]. - The development of high-voltage transmission technology is key to solving spatial mismatches between energy resources and demand [11]. - Continuous innovation in energy storage and flexible resource utilization will be essential for the future energy transition [12].

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held from October 20 to 23, 2025, in Beijing [1] - The main goals for the "15th Five-Year" period include significant achievements in high-quality development, substantial improvement in self-reliance in technology, breakthroughs in comprehensive deepening of reforms, enhancement of social civilization, continuous improvement in people's quality of life, major progress in building a beautiful China, and a more solid national security barrier [1] - By 2035, the aim is to achieve a significant leap in economic strength, technological strength, national defense strength, comprehensive national power, and international influence, with per capita GDP reaching the level of moderately developed countries and a happier, better life for the people, essentially realizing socialist modernization [1] Industry Development - The focus will be on building a modern industrial system and consolidating the foundation of the real economy [1] - The strategy emphasizes placing the economic development focus on the real economy, adhering to intelligent, green, and integrated directions, and accelerating the construction of a manufacturing powerhouse, quality powerhouse, aerospace powerhouse, transportation powerhouse, and cyber powerhouse [1] - Maintaining a reasonable proportion of manufacturing, constructing a modern industrial system centered on advanced manufacturing, optimizing and upgrading traditional industries, nurturing and expanding emerging and future industries, and promoting high-quality and efficient development of the service industry are key objectives [1] Infrastructure and Energy - The establishment of a new energy system is prioritized, with a focus on steadily advancing carbon peak goals and accelerating the formation of green production and lifestyle [3]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and the establishment of a new energy system to support China's modernization efforts, aiming for significant advancements in economic strength, technological independence, and overall national power by 2035 [1][2]. Economic and Social Development Goals - The main goals for the 15th Five-Year Plan period include achieving significant results in high-quality development, enhancing technological self-reliance, deepening reforms, improving social civilization, and increasing the quality of life for citizens [1]. Energy Sector Achievements - Since the beginning of the 14th Five-Year Plan, China's energy sector has made remarkable progress, ensuring energy security for over 1.4 billion people, with national electricity generation expected to exceed 10 trillion kilowatt-hours in 2024, accounting for one-third of global production [4][5]. Renewable Energy Growth - China has built the world's largest and fastest-growing renewable energy system, with the share of renewable energy generation capacity increasing from 40% to approximately 60%. Wind and solar power installations have seen unprecedented growth, with annual additions surpassing 100 million and 200 million kilowatts respectively [4][5]. New Energy System Construction - The focus has shifted from planning to implementation in the construction of a new energy system, emphasizing the need for a comprehensive approach that includes enhancing system capabilities and ensuring safe, adjustable, and sustainable energy operations [5][6]. Carbon Neutrality Goals - The energy sector is pivotal in achieving carbon peak and carbon neutrality goals, with renewable energy contributing significantly to new electricity installations and non-fossil energy consumption increasing by about 1 percentage point annually [8][9]. Future Industry Development - The 15th Five-Year Plan aims to foster emerging industries such as new energy, new materials, and aerospace, potentially creating several trillion-yuan markets and driving economic growth through advanced technologies [11]. Innovation and Technology - The energy sector has seen a surge in technological innovation, with over 40% of global renewable energy patents originating from China. Key projects like the Baihetan Hydropower Station and advanced nuclear technologies showcase China's capabilities in energy technology [10][11]. Market Dynamics - As renewable energy enters the market, the focus is shifting from reducing levelized cost of electricity (LCOE) to maximizing electricity value (LCOV), indicating a strategic pivot towards enhancing product competitiveness and grid support capabilities [12][13].

Core Viewpoint - The energy sector is crucial for high-quality economic and social development, with a focus on building a new energy system characterized by green initiatives and innovation to support China's modernization efforts [1][4]. Group 1: High-Quality Development - High-quality development is the primary task for building a modern socialist country, with the energy sector guided by the "Four Revolutions, One Cooperation" strategy, ensuring energy security for over 1.4 billion people [6]. - Since the beginning of the "14th Five-Year Plan," China's energy sector has made significant progress, with national electricity generation expected to exceed 10 trillion kilowatt-hours in 2024, accounting for one-third of global production [6][4]. - The share of renewable energy generation capacity has increased from 40% to approximately 60%, with annual installations of wind and solar power surpassing 100 million and 200 million kilowatts, respectively [6]. Group 2: New Energy System Construction - The focus has shifted from planning to implementation in the construction of a new energy system, emphasizing the need for a systematic capability reconstruction rather than merely increasing installed capacity [7]. - Key areas for advancing the new energy system include clean and low-carbon transformation of coal, energy storage solutions, and smart grid upgrades to ensure precise matching of supply and demand [8]. Group 3: Carbon Neutrality Goals - Achieving carbon peak and neutrality targets is a critical challenge, with the energy sector being the main battlefield; as of August, total installed capacity for wind and solar power reached 1.69 billion kilowatts, contributing to 80% of new power installations since the "14th Five-Year Plan" [10]. - The share of non-fossil energy consumption has increased by approximately 1 percentage point annually, while coal consumption has decreased by the same rate, laying a solid foundation for reaching carbon peak by 2030 [10]. Group 4: Technological Innovation - Since the "14th Five-Year Plan," China's energy technology has made significant advancements, with renewable energy patents accounting for over 40% of the global total [13]. - The development of high-tech products such as electric vehicles and solar products has become a new growth point for exports, contributing to the global low-carbon transition [13][14]. Group 5: Industry Outlook - The energy industry is expected to continue focusing on high-quality development, with a clear consensus on achieving annual new wind power installations of 12 million kilowatts starting in 2026, aiming for a cumulative total of over 60 million kilowatts in five years [11][14]. - The emphasis will be on extending the value chain of renewable energy through projects like zero-carbon initiatives and integrated energy management, enhancing the competitiveness of products [14].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the new energy system construction emphasized by the Fourth Plenary Session, focusing on energy structure adjustment, power grid, energy storage, and renewable energy waste utilization [2][3]. Key Points and Arguments 1. **New Energy System Construction**: The Fourth Plenary Session calls for accelerating the construction of a new energy system, which includes adjustments in power sources, grid enhancements, energy storage, and renewable energy waste utilization [2][3]. 2. **AI Data Centers**: By 2026, global AI data center construction power is expected to reach nearly 40GW, significantly driving energy storage demand due to the high stability and real-time response requirements of these centers [6][5]. 3. **Solid-State Battery Developments**: The solid-state battery sector is at a critical juncture, with several companies ramping up capacity and new silicon-based anode materials being developed [7][8]. 4. **Photovoltaic Industry Recovery**: The photovoltaic sector has shown signs of recovery, with some companies turning profitable in Q3. The current PB (Price-to-Book) ratios of many firms remain low, indicating potential value recovery opportunities [10][11]. 5. **Wind Power Growth**: The "Peak Energy Beijing Declaration 2.0" sets a target for annual new wind power installations of no less than 120 million kilowatts, with offshore wind power not less than 15 million kilowatts during the 14th Five-Year Plan period [12]. 6. **Grid Investment**: The power grid sector has seen a steady investment growth of 8.1% year-on-year, with a total investment of 420 billion yuan from January to September [13]. Additional Important Insights - **Focus on Quality Assets**: Recommended companies for investment include Tongwei Co. in silicon materials, LONGi Green Energy in integrated sectors, and inverter companies like Sungrow Power and DeYe [11]. - **Non-Electric Renewable Energy Potential**: Areas such as hydrogen, green hydrogen, and chlor-alkali processes are highlighted as having long-term development potential, despite being in early stages [16]. - **Robotics and Related Industries**: Companies involved in humanoid robotics, such as Fulin Precision, Keda Li, and Jinyang Co., are noted for their strong performance and potential for investment [14][15]. This summary encapsulates the critical insights and recommendations from the conference call, providing a comprehensive overview of the current state and future prospects of the new energy sector.