Investment Rating - The investment rating for the industry is "Outperform the Market" [4][64]. Core Insights - The report highlights the release of renewable energy power consumption responsibility weights and the implementation plans in Zhejiang and Hainan provinces [3][35]. - The public utility sector index increased by 1.11% during the week, outperforming the Shanghai Composite Index and the CSI 300 Index [2][12]. - The report suggests a focus on leading companies in the renewable energy sector due to favorable policies and expected improvements in project performance [8][7]. Market Performance - The public utility sector index's PE (TTM) is 17.43, slightly up from 17.38 the previous week, and down from 18.94 a year ago [23][26]. - The public utility sector index's PB (TTM) is 1.75, up from 1.74 the previous week, and down from 1.98 a year ago [26]. - The top-performing stocks for the week include Huayin Power (+40.89%), YN Energy (+25.1%), and Jingyun Tong (+22.32%) [29][30]. Industry Dynamics - The National Development and Reform Commission and the National Energy Administration have set binding indicators for renewable energy consumption responsibility weights for 2025 [35]. - The report discusses the establishment of zero-carbon parks and the implementation of green electricity direct connection plans in Yunnan province [36][37]. - Hainan's pricing mechanism for new energy projects has been clarified, with competitive pricing ranges established for onshore and offshore wind projects [37][38]. Key Data Tracking - As of July 11, 2025, the price of Shanxi mixed coal (5500) is 624 CNY/ton, with a week-on-week increase of 1.3% [42]. - The trading volume of wind and solar energy certificates totaled 5.4 and 3.65 million respectively during the week [45]. - The national CEA trading volume for the week was 51.5 thousand tons, with an average price of 74.30 CNY/ton [49][51].

Core Viewpoint - The document outlines the renewable energy power consumption responsibility weights for 2025 and 2026, emphasizing the need for provinces to enhance their renewable energy consumption and green electricity usage in key industries to support carbon neutrality goals [2][3]. Group 1: Renewable Energy Consumption Responsibility Weights - The 2025 renewable energy power consumption responsibility weight is a binding indicator for provinces, while the 2026 weight is a target for planning and project preparation [2]. - Provinces are required to optimize their renewable energy consumption and enhance their regulatory capabilities to improve the power system's absorption and adjustment levels [2][4]. Group 2: Green Electricity Consumption in Key Industries - In addition to the electrolytic aluminum industry, the 2025 plan includes increasing the green electricity consumption ratio for the steel, cement, polysilicon industries, and newly established data centers [3]. - The completion of green electricity consumption ratios for key industries will be monitored, with specific assessments for the electrolytic aluminum industry in 2025, while other industries will only be monitored [4]. Group 3: Implementation and Reporting Requirements - Provincial energy authorities must develop and implement plans to meet the renewable energy consumption responsibility weights and green electricity consumption ratios, reporting their progress by specified deadlines [5][6]. - The State Energy Administration will monitor the implementation of these responsibilities and provide guidance to ensure compliance [6].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have announced that the renewable energy power consumption responsibility weight for 2025 must be completed within that year and will not be transferred to 2026 [1] Group 1 - Each province's renewable energy power consumption responsibility weight will be calculated based on the actual physical electricity consumed within the province, supplemented by the purchase of green certificates from outside the province [1] - The assessment of green electricity consumption in key energy-consuming industries will primarily rely on green certificates [1] - In 2025, provinces will be evaluated on the green electricity consumption ratio for the electrolytic aluminum industry, while the steel, cement, polysilicon, and newly built data centers at national hub nodes will only be monitored without assessment [1]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notification regarding the renewable energy power consumption responsibility weights for 2025, establishing binding targets for provinces to enhance renewable energy integration into the power system [1] Group 1: 2025 Renewable Energy Power Consumption Responsibility Weights - The 2025 renewable energy power consumption responsibility weight is set as a binding indicator for assessment across provinces, with specific percentages outlined for each region [1] - Provinces are required to optimize their project reserves and improve their power consumption and regulation capabilities based on the 2025 targets [1] Group 2: 2026 Renewable Energy Power Consumption Responsibility Weight Expectations - The 2026 renewable energy power consumption responsibility weight is designated as an expected target, encouraging provinces to prepare accordingly [4] - The expected weights for 2026 show a general increase compared to 2025, indicating a trend towards greater renewable energy integration [4] Group 3: Provincial Breakdown of Responsibility Weights - Specific provincial weights for 2025 include: - Hunan: 50.5%, Guangdong: 31.6%, and Sichuan: 70.0% for total consumption responsibility [2] - Non-hydropower weights vary, with notable figures such as Hunan at 25.7% and Sichuan at 11.9% [2] - For 2026, expected weights show slight increases, with Hunan projected at 51.5% and Sichuan remaining at 70.0% [4]

Group 1 - Multiple silicon wafer companies have raised their prices, with increases ranging from 8.0% to 11.7% [2][5] - The price of N-type 183 silicon wafers increased by 11.1% to 1.0 yuan/piece, N-type 210R wafers rose by 11.7% to 1.15 yuan/piece, and N-type 210 wafers went up by 8.0% to 1.35 yuan/piece [5] - Following the price increase, the unit gross profit for N-type 183 silicon wafers improved to -0.27 yuan/piece (equivalent to -0.03 yuan/W), indicating a reduction in loss margin [5] Group 2 - The National Development and Reform Commission and the National Energy Administration have issued guidelines for the renewable energy power consumption responsibility weights for 2025 and 2026, which include new green power consumption ratios for key industries such as steel, cement, and polysilicon [2][6] - The 2025 renewable energy power consumption responsibility weight is a binding indicator for provincial assessments, while the 2026 weight is a projected indicator for project preparation [6][7] Group 3 - Investment recommendations include focusing on companies such as TBEA Co., Ltd. and Tongwei Co., Ltd. [3]

Core Insights - The National Energy Administration has reported that Shaanxi Province has achieved a renewable energy consumption responsibility weight completion of 26.6%, with a total renewable energy consumption of 69.1 billion kilowatt-hours [1] - Shaanxi's non-hydropower renewable energy consumption reached 60.2 billion kilowatt-hours, exceeding the national target [1] Group 1 - Shaanxi Province is implementing a new energy security strategy and is focused on achieving carbon neutrality goals by developing a new power system centered around renewable energy [1][2] - The installed capacity of renewable energy in Shaanxi has increased to 56.56 million kilowatts by the end of March 2025, which is 2.3 times that of the end of the 13th Five-Year Plan, with an annual growth rate exceeding 23% [1] - The proportion of renewable energy in the total installed capacity of the province has risen to 48% [1] Group 2 - The provincial development and reform commission aims to prioritize the development of renewable energy and establish three renewable energy bases, while also promoting pumped storage projects and the hydrogen energy storage industry [2] - The goal is to enhance the external power transmission channels and facilitate large-scale, high-proportion, and market-oriented development of renewable energy [2] - This initiative is expected to empower the province's high-quality development and ensure national energy security [2]