Investment Rating - The investment rating for the power equipment and new energy industry is "Outperform the Market" (maintained) [2][17] Core Insights - Several companies have raised silicon wafer prices, with increases ranging from 8.0% to 11.7% [2][4] - The National Development and Reform Commission and the National Energy Administration have issued green electricity consumption ratios for key industries for 2025 and 2026, including steel, cement, and polysilicon industries [2][10] Summary by Sections Silicon Wafer Price Changes - On July 9, multiple silicon wafer companies increased their prices, with the following changes: - N-type 183 silicon wafer price increased by 11.1% to 1.0 CNY per piece - N-type 210R silicon wafer price increased by 11.7% to 1.15 CNY per piece - N-type 210 silicon wafer price increased by 8.0% to 1.35 CNY per piece - After the price increase, the unit gross profit for N-type 183 silicon wafers improved to -0.27 CNY per piece (equivalent to -0.03 CNY/W), indicating a reduction in loss margin [4][6] Green Electricity Consumption Ratios - The newly issued green electricity consumption ratios for key industries in 2025 include: - Steel, cement, polysilicon industries, and newly established data centers at national hubs [10][11] - The green electricity consumption ratios for various provinces in 2025 and 2026 have been specified, with notable percentages such as: - Hunan: 50.5% in 2025 and 51.5% in 2026 - Sichuan and Yunnan: 70.0% in both years [11][12] Investment Recommendations - The report suggests focusing on TBEA Co., Ltd. and Tongwei Co., Ltd. as potential investment opportunities [3][14]

Investment Rating - The investment rating for the power equipment and new energy industry is "Outperform the Market" (maintained) [2] Core Insights - Several companies have raised silicon wafer prices, with increases ranging from 8.0% to 11.7% [2] - The National Development and Reform Commission and the National Energy Administration have issued green electricity consumption ratios for key industries for 2025 and 2026, including steel, cement, and polysilicon industries [2][10] Summary by Sections Silicon Wafer Price Changes - On July 9, multiple silicon wafer companies increased their prices, with the following changes: - N-type 183 silicon wafer price increased by 11.1% to 1.0 CNY per piece - N-type 210R silicon wafer price increased by 11.7% to 1.15 CNY per piece - N-type 210 silicon wafer price increased by 8.0% to 1.35 CNY per piece - After the price increase, the unit gross profit for N-type 183 silicon wafers improved to -0.27 CNY per piece (equivalent to -0.03 CNY/W), indicating a reduction in loss margin [4] Renewable Energy Consumption Ratios - The newly issued green electricity consumption ratios for key industries in 2025 include: - Steel, cement, polysilicon industries, and newly established data centers at national hubs [10] - The 2025 renewable energy electricity consumption responsibility weight is a binding indicator for provincial assessments, while the 2026 weight is a forecast indicator for project reserves [10] Company Recommendations - The report suggests focusing on TBEA Co., Ltd. and Tongwei Co., Ltd. as potential investment opportunities [3][14]

Group 1: Concept and Significance of Green Certificates - Green electricity refers to electricity generated from renewable energy sources such as wind and solar power, which is certified by a green certificate (green certificate) issued by the government or third-party organizations [2][17]. - The green certificate serves as the only proof of the environmental attributes of renewable energy electricity in China, facilitating the transition to green energy and supporting the achievement of carbon neutrality goals [2][21]. - Implementing the green certificate system helps guide green electricity consumption, promotes the development and utilization of renewable energy projects, and supports the connection between electricity and carbon markets [2][21]. Group 2: Issuance and Style of Green Certificates - The green certificates in China are issued by the National Energy Administration and are based on a national green certificate issuance and trading system [3][25]. - Each green certificate corresponds to 1,000 kilowatt-hours of electricity, and the certificates are issued monthly with a validity period of two years [3][18]. - The certificate includes essential information such as project name, electricity generation, and has both Chinese and English versions for verification [3][32]. Group 3: Trading Models of Green Certificates - Green certificate trading includes two models: separate trading and green electricity trading, with the former allowing nationwide trading without physical grid constraints [4][41]. - The trading price of green certificates is determined by the market without upper or lower limits, and transactions can be conducted through listing or bilateral negotiation [4][41]. - Foreign entities may purchase Chinese green certificates under certain conditions, and trading can be facilitated through authorized agencies [4][39]. Group 4: Application Scenarios of Green Certificates - Holders of green certificates can declare their consumption and apply for cancellation, with no difference in application between tradable and non-tradable certificates [5][54]. - Green certificates can be integrated into energy consumption control systems, and the traded electricity is counted towards energy-saving assessments [5][61]. - In the international context, Chinese green certificates are similar to the EU's Guarantees of Origin (GO) and are actively seeking international recognition [5][71]. Group 5: Cancellation and System of Green Certificates - The cancellation of green certificates is crucial for ensuring the uniqueness of their environmental attributes, with certificates being canceled after their validity period or upon consumption declaration [6][79]. - A green certificate account is used to manage green certificate assets, with each entity allowed only one account, while provincial accounts are managed by local authorities [6][84]. - The national green certificate issuance and trading system is linked to the registration system, allowing users to access and manage their certificates online [6][93].

Core Viewpoint - The event "Green Certificate: Smoothly Navigating China and Moving Towards the World" aims to promote the widespread application of renewable energy green power certificates (referred to as "green certificates") in the Yangtze River Delta region, supporting the construction of a green power consumption system and contributing to regional green, low-carbon, and high-quality development [1][2]. Group 1: Event Overview - The event was held at the third Carbon Expo in Shanghai, attended by over 200 guests, including representatives from various energy and regulatory bodies [1]. - The initiative is part of a broader effort to implement the national "dual carbon" goals and accelerate the green transition in the Yangtze River Delta, a key area for high-quality economic development in China [1][2]. Group 2: Green Certificate Market Development - The Yangtze River Delta region leads the nation in green power consumption scale and has pioneered innovations in green certificate trading mechanisms [2]. - In the first five months of the year, China issued a total of 1.093 billion green certificates, with a trading volume of 289 million certificates, representing a year-on-year increase of 490% [2][3]. - The number of participating trading entities reached 96,000, covering all 34 provincial-level administrative regions, indicating a growing acceptance of green power consumption [2]. Group 3: Corporate Participation and Commitment - Major companies such as BMW Brilliance, Alibaba Cloud, BASF, and China Resources Power shared their experiences in green power consumption during the event [5]. - Representatives from the Yangtze River Delta region's power generation and consumption sectors expressed intentions to purchase 20 million green certificates, with commitments to increase green power consumption significantly over the next three years [5]. Group 4: Technological Advancements - The Beijing Electric Power Trading Center launched the Green Power Trading Platform 2.0, enhancing user experience through optimized processes and improved system performance [4]. - The new platform incorporates artificial intelligence technology to increase transaction efficiency and transparency, providing a more convenient trading service for users [4].

Core Viewpoint - The event "China Green Certificate: Smooth Sailing in China, Moving Towards the World" marks a significant step for China's green certificate system, showcasing its development and international recognition, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [1][9][10]. Group 1: Market Development - The Guangdong-Hong Kong-Macao Greater Bay Area is recognized as a key driver for economic growth and a pioneer in cultivating the green certificate market, with expanding coverage and record trading volumes [2][3]. - The cumulative trading volume of green certificates in the Greater Bay Area reached 1,329 billion kilowatt-hours, with an average growth rate of 10 times, and is projected to reach 491 billion kilowatt-hours in 2024, marking an 11-fold year-on-year increase [3]. - The region's green electricity trading achieved a remarkable start in Q1 2025, with a trading volume of 780 billion kilowatt-hours, a 16-fold increase year-on-year, accounting for 39% of the national trading volume during the same period [3]. Group 2: Energy Supply and Consumption - The development of the green certificate market is supported by a robust supply of green energy, with the installed capacity of renewable energy in the Greater Bay Area exceeding 200 million kilowatts, making it the largest power source for the Southern Power Grid [4]. - The Southern Power Grid delivers over 2,000 billion kilowatt-hours of electricity to the Greater Bay Area annually, with non-fossil energy accounting for 55% of its total energy supply [4]. - The diversity of consumption participants in the green certificate market is notable, with over 3,000 entities involved in green electricity consumption in 2024, driven by energy-saving policies and the green transformation of supply chains [6]. Group 3: International Recognition and Impact - The global recognition of China's green certificate by the RE100 initiative is a pivotal moment, allowing both Chinese enterprises and international partners to confidently adopt green certificates for renewable energy procurement [9][10]. - This recognition enhances the competitiveness of Chinese enterprises in the global market, particularly in light of international carbon trade regulations, and supports their green transformation efforts [11]. - The comprehensive acknowledgment of China's green certificate system signifies its alignment with international standards and its emerging global status [10]. Group 4: Future Directions - The green certificate market is transitioning to a new phase focused on high-quality development driven by demand, with a dual mechanism of mandatory and voluntary consumption to stimulate market vitality [12]. - Green certificates are evolving from mere proof of green electricity consumption to essential tools for corporate green transformation and carbon reduction [12]. - The successful implementation of the green certificate system in the Greater Bay Area serves as a replicable model for broader market development, contributing to global sustainable development efforts [14].

Core Viewpoint - The global green power consumption initiative RE100 has officially recognized China's renewable energy green power certificates, marking a significant milestone that is expected to have profound implications for corporate practices and market development [1][2]. Group 1: Recognition of China's Green Certificate - RE100's recognition of China's green certificate comes at a crucial time when global companies face pressure to meet sustainability goals and adapt to changing international market conditions [2]. - In 2024, RE100 member companies reported a substantial electricity consumption of 770 billion kilowatt-hours, with 59% sourced from renewable energy, highlighting the potential of China's green certificate system [2]. - The decision to recognize China's green certificate is based on a strong consensus regarding the improvement of the certificate system in China, supported by a series of recent policy developments [2]. Group 2: Impact on Corporate Practices - The recognition of China's green certificate provides companies in China with more diverse options for green power procurement, enhancing flexibility and potentially lowering costs [4]. - The simplified process for declaring green power consumption using China's green certificate is expected to attract more companies to increase their procurement efforts, thereby promoting market development [4]. - The recognition is anticipated to create new opportunities for the Chinese green certificate market, leading to more reasonable pricing and expanded market size [4]. Group 3: Internationalization and Best Practices - The internationalization of China's green certificate presents unprecedented development opportunities for Chinese export companies, encouraging them to leverage international cooperation [7]. - Companies are advised to strengthen international exchanges and learn from best practices to enhance their green power consumption levels and international competitiveness [7]. - The collaboration between the climate organization and Chinese partners aims to accelerate the large-scale implementation of the green certificate, facilitating the transition to green power consumption [8].

Core Insights - The green certificate system in China has been significantly improved over the past two years, establishing a comprehensive and efficient framework for green electricity consumption [1] - The Guangdong-Hong Kong-Macao Greater Bay Area has emerged as a key growth area for green electricity consumption, driven by policy guidance and market forces [1][2] Group 1: Green Certificate System - The green certificate is regarded as the "identity card" for renewable energy and serves as a commitment for companies to undertake social responsibility [1] - The green certificate system, implemented since 2017, has developed a full lifecycle management system including registration, issuance, trading, application, and cancellation [1] - In the first quarter of this year, the Guangzhou Power Trading Center's green certificate transactions exceeded 100 million, accounting for approximately 75% of the national total [1] Group 2: Market Performance - The cumulative green electricity trading volume in the Greater Bay Area reached 1.329 billion kilowatt-hours, with an annual growth rate of 10 times [2] - In the first quarter, the trading volume in the Greater Bay Area was 780 million kilowatt-hours, representing a year-on-year increase of 16 times and accounting for 39% of the national total [2] - Shenzhen's green electricity trading volume surged by 233% year-on-year, making up 31% of Guangdong's total green electricity trading [2] Group 3: Corporate Benefits and Pricing - Companies purchase green certificates to support green electricity consumption, enhance brand value, and improve product competitiveness [2] - The average price of green certificates in 2024 is projected to be 2.7 yuan per certificate, with fluctuations influenced by supply and demand, power source types, and regional distribution [3] - The long-term purchase agreements (PPA) for green electricity in Guangdong account for 81% of the total, indicating a diverse supply structure [3]

Core Insights - The event "China Green Certificate: Smoothly Connecting China to the World" was held in Shenzhen, where the global green power consumption initiative RE100 fully recognized China's green certificate, leading to a green certificate and green electricity trading intention of 40 billion kilowatt-hours [1][3] Group 1: Green Certificate System - China has established a comprehensive green certificate system that covers all aspects, ensuring transparency and efficiency in the process [1] - The Guangdong-Hong Kong-Macao Greater Bay Area is identified as a pioneer in cultivating the green certificate market [1] - In the first quarter of this year, the Guangzhou Power Trading Center's green certificate transactions exceeded 10 million, accounting for approximately three-quarters of the national total [1] Group 2: Energy Supply and Transition - The Southern Power Grid has become a model for green development and energy transition, with a clean energy-based power supply structure [2] - The installed capacity of renewable energy has surpassed 200 million kilowatts, making it the largest power source for the Southern Power Grid [2] - Non-fossil energy now accounts for 55% of the total electricity supplied by the Southern Power Grid [2] Group 3: International Recognition and Corporate Participation - The RE100 initiative, which includes around 430 large companies committed to using 100% renewable electricity, has unconditionally recognized China's green certificate [2] - International companies such as BMW, Apple, and BASF are among the top consumers of China's green electricity [2] - The recognition of China's green certificate by the RE100 initiative enhances confidence in green certificate consumption within China [3]

会上，国家能源局、国家节能中心有关负责同志介绍了绿证相关政策情况， 国家可再生能源信息管 理中心、广州电力交易中心、北京电力交易中心、内蒙古电力交易中心 介绍了绿证市场建设实践情 况，南方电网、国家电投、国家能源集团、协合新能源、比亚迪、阿里巴巴集团、富士康、中铝集 团、中国宝武、海螺水泥 、巴斯夫 、奥特斯（中国）、百威投资（中国）分别代表电网企业、发 电企业及国内外用能企业进行发言，中国欧盟商会、气候组织、全球环境信息研究中心等国际组织 代表就绿证使用进行了探讨交流。 会议指出，要同心协力共同培育好绿证市场，加快推进绿证市场高质量发展。国家能源局将进一步 完善配套政策，压实消纳责任至重点用能单位，加快研究出台非化石能源电力消费核算办法，组织 做好绿证价格监测， 推动电碳证更好衔接 。地方政府有关部门要不断优化营商环境，为开展绿证 交易和绿证合理流动创造基础条件。各绿证绿电交易平台要完善平台绿证绿电交易细则，优化交易 机制， 结合企业、居民实际需求创新交易品种、方式和期限 。各电力用户特别是重点用能企业要 履行绿色发展责任，通过绿证绿电交易主动参与绿色电力消费，为双碳目标实现添砖加瓦。各方要 持续加大绿证宣 ...

Core Viewpoint - The unconditional recognition of China's green certificate by RE100 signifies a major achievement in the improvement of China's green certificate system, enhancing its authority and influence in the international community [2][3]. Group 1: RE100 Recognition - RE100's unconditional recognition of China's green certificate will significantly boost confidence in the consumption of these certificates within China [2]. - Member companies of RE100 and their supply chain enterprises are expected to show greater willingness to purchase and use China's green certificates, leading to an increased demand [2]. - Chinese foreign trade enterprises and foreign-invested companies in China can enhance their export green competitiveness by purchasing Chinese green certificates, thereby increasing the "green content" of their supply chains [2]. Group 2: Future Plans and Communication - China has established a fundamentally complete green certificate system, with full coverage of certificate issuance [3]. - The National Energy Administration plans to strengthen communication with RE100 to promote the development of technical guidelines for purchasing Chinese green certificates, facilitating better service for Chinese enterprises [3]. - There will be ongoing efforts to enhance communication with major trading partners regarding green certificates and to accelerate the international mutual recognition of these certificates [3].