Core Insights - The recent policy guidance from the National Development and Reform Commission and the National Energy Administration aims to promote high-quality development in the renewable energy sector, establishing a clear implementation path for the industry [1] Group 1: Policy Implications - The "Guiding Opinions" outlines key tasks such as enhancing the adaptability of new power systems to renewable energy, improving the national unified electricity market system, and strengthening technological innovation for renewable energy consumption [1][2] - By 2030, a multi-level renewable energy consumption and regulation system is expected to be established, ensuring that new electricity demand is primarily met by renewable energy sources [1][2] - The policy is anticipated to benefit sectors like offshore wind power, solar energy, hydropower, energy storage, and ultra-high voltage technology [2] Group 2: Sector Developments - The guidance emphasizes the need for advanced and efficient new energy storage systems, promoting various technologies such as flow batteries and compressed air storage to enhance energy utilization [3] - The focus on renewable energy consumption has intensified, with recent discussions highlighting the shift from insufficient installed capacity to challenges in systematic consumption and market survival capabilities [3] Group 3: Market Outlook - Analysts express optimism regarding the steady increase in China's electrification rate, which is expected to drive demand for new power systems and related infrastructure [4] - The construction of new power systems is seen as essential for ensuring electricity safety and clean supply, leading to increased demand for source networks and supply chain equipment [4] Group 4: Company Performance - Huadian International Power (01071) reported a total revenue of RMB 59.953 billion for the six months ending June 30, 2025, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to RMB 3.904 billion [5] - Datang Power (00991) announced a revenue of RMB 89.345 billion for the first three quarters of 2025, a decline of 1.82%, but net profit rose by 51.48% to RMB 6.712 billion [6] - Huaneng International Power (00902) reported a third-quarter revenue of RMB 60.94 billion, down 7.1% year-on-year, but net profit surged by 89% to RMB 5.58 billion, exceeding expectations [6] - Xinyi Energy (00968) achieved a revenue of HKD 1.21 billion for the first half of 2025, a growth of 7.67%, with net profit increasing by 23.43% to HKD 450 million [7]

● 本报记者 刘杨 11月10日，国家发展改革委、国家能源局发布《关于促进新能源消纳和调控的指导意见》。《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。 分类引导新能源开发与消纳 《意见》明确，分类引导新能源开发与消纳。在大型基地层面，重点推进三类场景协同发展：统筹"沙 戈荒"新能源基地外送与就地消纳，通过新能源集成发展、东部地区产业梯度转移、西部地区挖掘消纳 潜力等方式，促进"沙戈荒"新能源基地实现规模化就地消纳；优化水风光基地一体化开发与消纳，依托 西南大型水电基地，充分考虑水电调节特性，优化配置新能源；推动海上风电规范有序开发与消纳，落 实海洋经济高质量发展要求，科学布局海上风电，继续推动近海风电开发，有序推动深远海风电基地建 设。 推动消纳新模式新业态 《意见》提出，大力推动新能源消纳新模式新业态创新发展。在创新新能源集成发展模式方面，《 ...

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 multi-level renewable energy consumption and regulation system by 2030 and a new power system compatible with high proportions of renewable energy by 2035 [1] Group 1: Renewable Energy Development and Consumption - The guidelines emphasize classified guidance for renewable energy development and consumption, focusing on three scenarios for large-scale base development: coordinating the external delivery and local consumption of renewable energy in "sand, desert, and rocky" areas, optimizing the integrated development of hydropower and wind-solar bases, and promoting orderly development and consumption of offshore wind power [2] - The guidelines call for efficient promotion of concentrated renewable energy development and consumption within provinces, considering resource conditions and electricity growth, while enhancing grid capacity to ensure effective consumption of renewable energy [2] Group 2: New Models and Industries for Consumption - The guidelines advocate for the innovation and development of new models and industries for renewable energy consumption, including the establishment of integrated development industrial systems in resource-rich areas and enhancing the application level of green electricity in renewable energy equipment manufacturing [3] - The guidelines support the integration of renewable energy with strategic emerging industries such as information technology and high-end equipment manufacturing, particularly in resource-rich regions [3] - The guidelines also promote the healthy and sustainable development of new consumption models such as integrated source-grid-load-storage systems, green electricity direct connection, and smart microgrids [3]

Group 1: Express Delivery Industry - The China Express Development Index for October 2025 is reported at 475.5, reflecting a year-on-year increase of 2.4%. The development scale index, service quality index, and development capability index are at 616.4, 705.2, and 240.7, with respective year-on-year increases of 5.6%, 0.2%, and 1.7% [1] - The industry is experiencing a seasonal peak, with accelerated market growth and improved operational efficiency, contributing positively to consumer market vitality and economic development [1] - Demand in the express delivery sector is expected to maintain resilient growth, with a projected volume growth rate of 17.2% for the first three quarters of 2025 [1] Group 2: Energy Storage - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of new energy, aiming to establish a multi-level new energy consumption regulation system by 2030 [2] - Energy storage is recognized as a crucial resource for regulating new energy consumption, benefiting from the high installation growth of photovoltaic and wind power [2] - The guidelines emphasize the development of new energy storage and the establishment of a capacity pricing mechanism, with expectations for provincial policies to emerge, potentially leading to higher-than-expected domestic energy storage demand [2] Group 3: Superconductivity - Researchers at MIT have observed key evidence of unconventional superconductivity in "magic angle" twisted trilayer graphene, marking a significant step towards achieving room-temperature superconductivity [3] - Room-temperature superconductivity could enable technologies such as zero-energy transmission cables and efficient power grids, representing a revolutionary breakthrough in two-dimensional materials [3] - The technology is expected to advance towards large-scale applications by 2030, becoming a core material driving global technological revolution [3] Group 4: Artificial Intelligence - A research team from USC has developed a fully functional artificial neuron (1M1T1R) that mimics real brain cells, potentially leading to hardware-based learning systems closer to natural intelligence [4] - This innovation could drastically reduce the energy required for AI tasks, allowing AI to be embedded in everyday devices like watches and glasses [4] - The low energy consumption and high biomimetic characteristics of artificial neurons are expected to enable AI to penetrate traditional sectors, fulfilling demands for reliability and real-time performance in industries like automation and autonomous driving [4] Group 5: Power Sector - The recent guidelines from the National Development and Reform Commission and the National Energy Administration stress the importance of technological innovation in new energy consumption and the integration of advanced technologies like AI and big data [5] - These measures aim to enhance the dynamic sensing capabilities of the power grid and improve the consumption capacity of renewable energy resources [5] - The guidelines lay a foundation for a high-proportion renewable energy-friendly, intelligent, digital, and flexible power system, supporting China's dual carbon goals and new power system construction [5] Group 6: Macro and Industry News - The State Council has issued measures to further promote private investment, encouraging participation in low-altitude economy infrastructure projects [6] - The National Development and Reform Commission has released a plan to promote the open interconnection of logistics data to reduce overall logistics costs [6] - The Ministry of Industry and Information Technology has set new energy vehicle credit ratio requirements for 2026 and 2027 at 48% and 58%, respectively [6]

Group 1 - The National Development and Reform Commission and the National Energy Administration released guidelines to promote the consumption and regulation of renewable energy, emphasizing the need for technological innovation in renewable energy consumption [1] - The guidelines highlight the integration of advanced technologies such as artificial intelligence, big data, and cloud computing as core supports for renewable energy consumption innovation [1] - The measures aim to enhance the electricity system's capacity for renewable energy consumption, regulatory resilience, and operational efficiency, laying a technical and institutional foundation for achieving carbon neutrality goals and building a new power system [1] Group 2 - Nanfang Technology focuses on digitalization of the power grid, flexible operation and maintenance, and diversified interaction between sources and loads, leveraging the "Silk Road InOS" operating system to form an industrial cluster for smart electricity and smart distribution [2] - Dongfang Electronics is comprehensively laying out distributed photovoltaic equipment, smart microgrids, integrated source-load-storage systems, centralized power generation, and energy management systems, positioning itself as a key technology supplier in the integrated source-load-storage and AI smart grid sectors [2]

Core Insights - The National Development and Reform Commission and the National Energy Administration jointly released the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy," providing a clear implementation path for high-quality development of new energy in China [1] Group 1: Key Tasks and Focus Areas - The "Guiding Opinions" outlines several key tasks, including categorizing the guidance for new energy development and consumption, promoting innovative new models and new business formats for new energy consumption, enhancing the adaptability of the new power system to new energy, improving the national unified electricity market system for promoting new energy consumption, and strengthening technological innovation support for new energy consumption [1] - A significant focus is placed on the collaborative planning and optimization of new energy and computing power facilities, promoting the green development of computing power facilities [1] - Innovations in energy storage technology are emphasized, particularly the application of various technologies such as flow batteries, compressed air storage, and gravity storage, to accelerate breakthroughs in large-capacity long-duration energy storage technologies [1] Group 2: Energy Storage Insights - According to Lin Boqiang, the cheapest energy storage method is pumped storage, but it is limited by specific geographical conditions [2] - Other energy storage technologies, such as electrochemical storage, compressed air storage, and flywheel storage, have diverse characteristics, but current battery storage is still small-scale, primarily constrained by cost, lifespan, and safety issues [2] - Energy storage systems are crucial for supporting new energy systems, effectively balancing the fluctuations of intermittent renewable energy sources like wind and solar, thereby enhancing the reliability and efficiency of the power grid [2] Group 3: Consumption Mechanisms and New Business Models - The "Guiding Opinions" propose classifying new energy development and consumption into five categories, optimizing the integration of water, wind, and solar energy, and promoting orderly development and consumption of offshore wind power [3] - The document highlights the emergence of new models and business formats under the "dual carbon" goals, emphasizing the integration of new energy with industry, supporting the development of four new business formats for nearby consumption of new energy [3] - Lin Boqiang notes that while previous policies on new energy consumption were not entirely absent, current policy direction is moving towards comprehensive and systematic integration, focusing on the construction of nearby consumption mechanisms and the promotion of integrated development [4]

Core Insights - China has established the world's most comprehensive carbon reduction policy system and has become a leader in renewable energy development, achieving significant progress in carbon neutrality goals [1] Group 1: Carbon Market Development - The national carbon emissions trading market was officially launched in July 2021, covering over 60% of carbon emissions from key industries such as electricity, steel, cement, and aluminum [1] - As of September 2023, the cumulative trading volume of carbon emission allowances reached approximately 728 million tons, with a total transaction value of about 49.83 billion yuan [1] - The carbon market is expected to significantly reduce carbon reduction costs and improve pricing levels in industries like power generation, cement, and coal [2] Group 2: Renewable Energy Growth - The share of non-fossil energy consumption in China is projected to increase from 16% in 2020 to 19.8% by 2024 [3] - By August 2023, the installed capacity of wind and solar power exceeded three times that of 2020, contributing to approximately 80% of new power installations [3] - The comprehensive adjustment capability of the domestic power system is continuously improving, with significant growth in cross-regional and cross-provincial electricity transmission expected by 2024 [3] Group 3: Emerging Energy Solutions - New entities such as virtual power plants and energy storage systems are anticipated to develop at scale, providing multiple benefits including cost savings and enhanced reliability of electricity supply [4] - The distribution network is evolving into a platform for integrating distributed energy resources and new loads, moving away from its traditional role of one-way electricity transmission [4] - The emergence of new energy solutions is expected to foster innovative business models, transitioning from simple economic incentives to market-oriented operations [4]

以下文章来源于科创板日报 ，作者张真 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 今日，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（简称"意见"）。其中指出，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。 意见提到，推动新能源与产业融合发展，包括支持新能源资源富集地区实现信息技术、高端装备制造、新材料等战略性新兴产业与新能源融 合发展。 加强新能源与算力设施协同规划布局及优化运行，推动算力设施绿色发展 。 就 储能技术 发展方面，意见强调，要增强新型电力系统对新能源适配能力，包括大力推进技术先进、安全高效的新型储能建设，挖掘新能 源配建储能调节潜力，提升利用水平。创新应用液流电池、压缩空气储能、重力储能等多种技术路线，加快突破大容量长时储能技术。 在提升 电网对新能源的接纳能力 上，意见指出，需加快构建主配微协同的新型电网平台，提升电网承载力。优化全国电力流向，进一步扩 大新能源资源配置范围，稳步提升跨省跨区输电通道规模。充分利用区域间、省间调节资源和新能源出力 ...

Core Insights - The article emphasizes the importance of new energy consumption and regulation, with a focus on establishing a multi-level consumption regulation system by 2030 and a new power system by 2035 to support carbon peak goals [1][3]. New Energy and Storage - The document highlights new energy sectors, particularly wind and solar power, which are expected to see moderate growth rates due to established development targets from 2025 to 2035 [3]. - New energy storage is identified as a critical growth area, transitioning from a mere "auxiliary adjustment tool" to an essential infrastructure for high-quality new energy consumption, impacting various scenarios including centralized and distributed energy projects [3][5]. - The disparity between the distribution of new energy generation and consumption necessitates robust storage support to achieve the outlined consumption goals [3]. Market Dynamics - The U.S. energy market is experiencing a surge in demand for storage solutions due to regulatory changes, with all new solar projects required to enter market transactions starting January 1, 2026, leading to real demand for storage [5][6]. - In China, the current surge in installations is seen as a correction of historical underinvestment, with a conservative estimate suggesting a need for at least 2000 GWh of storage capacity to stabilize the power system [6][10]. Regional Profitability - Economic conditions for storage projects in Inner Mongolia have improved significantly due to policy changes and industry scaling, with market dynamics allowing for greater profitability through various revenue models [7][10]. - The profitability logic varies by region, with eastern provinces benefiting from significant peak-valley price differences, while western regions rely on capacity compensation [10][11]. Long-term Industry Outlook - The storage market is expected to grow at an annual installation rate of 40%-50% over the next five years, driven by inherent market demand rather than subsidies [10][13]. - The relationship between storage and new energy is characterized as a one-way support system, where storage provides flexibility and energy time-shifting capabilities to complement generation [12][13]. - The article concludes that the growth of the storage industry is essential for the energy transition, with storage becoming a critical component in stabilizing the grid as renewable energy sources expand [13].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have released guidelines to promote the consumption and regulation of renewable energy, aiming 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 [1][3][5]. Group 1: Renewable Energy Consumption and Regulation - By 2030, a collaborative and efficient multi-level renewable energy consumption and regulation system is expected to be established, ensuring smooth grid connection, diversified utilization, and efficient operation of renewable energy [5][6]. - The guidelines aim to meet the annual renewable energy consumption demand of over 200 million kilowatts nationwide, contributing to carbon peak goals [5]. - The guidelines emphasize the need for a unified national electricity market system to facilitate renewable energy consumption [7][9]. Group 2: Development and Integration of Renewable Energy - The guidelines propose optimizing the development and consumption of water and wind power bases, leveraging the characteristics of hydropower for better configuration of renewable energy [5][6]. - There is a focus on promoting the orderly development and consumption of offshore wind power, with an emphasis on optimizing offshore transmission networks [6][10]. - The guidelines encourage the integration of renewable energy with industrial development, promoting the transfer of high-energy industries to regions with clean energy advantages [6][10]. Group 3: Market Mechanisms and Pricing - The guidelines call for the expansion of a market-oriented system for renewable energy consumption, including flexible trading mechanisms and long-term power purchase agreements [8][9]. - There is a push for innovative pricing mechanisms to facilitate renewable energy consumption, including adjustments to cross-province and cross-region transmission pricing [9][10]. - The guidelines highlight the importance of developing a green certificate market and coordinating the "electricity-certificates-carbon" market to reflect the environmental value of renewable energy [9]. Group 4: Enhancing Grid Capacity and Flexibility - The guidelines stress the need to enhance the grid's capacity to accommodate renewable energy, including the construction of new grid platforms and the optimization of electricity flow [10]. - There is an emphasis on the development of advanced storage technologies and the construction of pumped storage power stations to improve system regulation capabilities [10]. - The guidelines advocate for the construction and intelligent upgrading of distribution networks to support large-scale distributed renewable energy integration [10].