Core Viewpoints - The development of renewable energy is crucial for improving energy structure, ensuring energy security, and promoting ecological civilization in China [2][3][4] - China has achieved historic accomplishments in renewable energy, becoming the largest and fastest-growing renewable energy system globally, with a complete industrial chain [3][5] - Renewable energy is a key driver for energy transition and economic development, contributing significantly to non-fossil energy consumption [3][4][5] Group 1: Achievements and Current Status - As of August this year, China's total installed capacity for wind and solar power exceeded 1.69 billion kilowatts, three times that of the end of the 13th Five-Year Plan, contributing 80% of new power installations since the beginning of the 14th Five-Year Plan [3][4] - The average cost of renewable energy has decreased significantly, with onshore wind power costs down by over 60% and solar power costs down by 80%, making renewable energy cheaper than coal power by 30% [4][5] Group 2: Future Development Strategies - The focus for the 14th Five-Year Plan is on expanding renewable energy supply and ensuring it plays a major role in achieving carbon peak goals [11][12] - Emphasis on non-electric utilization of renewable energy, such as biomass and geothermal energy, to diversify and scale up applications [12][13] - The integration of various energy sources and technologies is essential for enhancing efficiency and resource allocation in renewable energy development [8][12] Group 3: Market Dynamics and Challenges - The transition from resource-driven to benefit-driven development is necessary as the national unified electricity market progresses, with over half of renewable energy prices determined by the market [9][10] - The industry faces challenges such as price volatility and competition, necessitating a focus on cost control and operational efficiency [9][10] Group 4: Policy and Collaborative Efforts - A strong policy framework is needed to support the reliable replacement of traditional energy sources with renewable energy, ensuring a coordinated approach to energy supply and consumption [13] - Collaborative development across various sectors and technologies is vital for optimizing renewable energy utilization and enhancing overall system performance [13]

Core Viewpoint - The development of renewable energy is crucial for improving energy structure, ensuring energy security, and advancing ecological civilization in China, with significant achievements and transformations noted in the sector since the 18th National Congress of the Communist Party of China [1][2][4]. Group 1: Achievements in Renewable Energy - China has built the world's largest and fastest-growing renewable energy system, establishing the most complete renewable energy industrial chain globally [1][2]. - As of August 2023, the total installed capacity of wind and solar power in China exceeded 1.69 billion kilowatts, more than three times the capacity at the end of the 13th Five-Year Plan, contributing 80% of the new power installations since the beginning of the 14th Five-Year Plan [2]. - The average cost of renewable energy generation has decreased significantly, with onshore wind power costs down by over 60% and solar power costs down by over 80%, making renewable energy 30% cheaper than coal power [2]. Group 2: Economic Impact - In 2024, the investment in key renewable energy projects is expected to reach approximately 1.2 trillion yuan, accounting for over 50% of the investment in the power sector and more than 2% of total fixed asset investment in the country [3]. - Renewable energy has created numerous investment and employment opportunities, contributing over 20% of fixed asset investment in some resource-rich provinces [3]. Group 3: International Cooperation - China's renewable energy industry has become a significant player in global supply chains, with the production of wind and solar products expected to reduce global CO2 emissions by approximately 2.65 billion tons in 2024 [3]. - The country is positioned to lead international cooperation in renewable energy, especially in the context of global climate change and energy transition [3]. Group 4: Future Development Strategies - The focus for the 14th Five-Year Plan is on achieving carbon peak goals while ensuring energy security, with a strong emphasis on expanding renewable energy supply and enhancing its market participation [9][10]. - Strategies include promoting non-electric utilization of renewable energy, such as biomass and geothermal energy, and advancing hydrogen production from renewable sources [11][12]. - The development approach is shifting from resource-driven to benefit-driven, emphasizing market participation and efficiency in the renewable energy sector [8][9].

Core Viewpoint - The State Council has issued an implementation plan to promote high-quality development of new energy, focusing on various financial support measures and innovative policies to enhance the sector's growth [1][2]. Group 1: Policy Measures - The implementation plan includes 21 policy measures across seven areas, emphasizing the need for innovative financial products and services to support new energy projects [1]. - It aims to integrate new energy development with rural revitalization, encouraging farmers to utilize their rooftops for solar energy and promoting decentralized wind power development in rural areas [2][3]. - The plan also highlights the construction of large-scale wind and solar power bases in desert and arid regions, with a target of 450 million kilowatts of capacity planned, of which 85 million kilowatts are already under construction [2][3]. Group 2: Financial Support - The plan proposes to enhance financial policies supporting new energy, including optimizing the use of fiscal funds and incorporating eligible public construction projects into local government bond support [3][4]. - It emphasizes the need for sustainable capital investment in new energy projects, encouraging social capital participation and innovation in green financial products by commercial financial institutions [4]. - The integration of the green electricity market with the carbon emission trading market is also suggested to broaden financing channels for projects [4].

工业硅周报 光伏新政提振市场，工业硅触底反弹 核心观点及策略 ⚫ 上周工业硅触底反弹，主因国家发改委表示将统筹我国电 力外送、就近消纳及电网和调节能力建设等政策，持续推 进新能源高质量发展，极大地提振市场信心。供应来看， 新疆地区开工率维持7成，大厂减产进度缓慢，川滇地区 丰水期开工率小幅反弹，但增量却十分有限，供应端总体 偏弱运行；从需求侧来看，多晶硅市场成交较为有限，大 厂不敢盲目提高排产，二季度排产仍充满不确定性；硅片 市场下跌幅度较大多家企业联合减产挺价；光伏电池部分 厂商已动态调整产线，并采取以销定产的灵活策略；而组 件价格整体持稳但多数厂家下调7月排产，虽有分布式项 目的补装需求但整体终端订单表现疲软，光伏供给侧改革 仍在进行中，但发改委新政极大地提振市场情绪，社会库 存降至54.2万吨主因产量逐月下降，现货市场在发改委新 政的提振下得以企稳反弹。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F030799 ...