Investment Rating - The report maintains an "Overweight" rating for the utility sector, specifically recommending investment in JianTou Energy and other undervalued thermal power assets, as well as opportunities in charging stations and photovoltaic sectors [1]. Core Insights - JianTou Energy's Q3 2025 performance is highlighted, with a projected net profit of approximately 1.583 billion yuan, representing a year-on-year increase of 232%. The Q3 net profit alone is expected to be around 686 million yuan, a staggering increase of 566% year-on-year [4]. - The National Development and Reform Commission (NDRC) has issued a plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide [4]. - The NDRC has also released a draft for implementing minimum renewable energy consumption targets, which will enhance the share of renewable energy in electricity consumption through various means [4]. Industry Data Tracking - **Electricity Prices**: In August 2025, the average grid purchase price decreased by 2% year-on-year but increased by 1.3% month-on-month, averaging 388 yuan/MWh [39]. - **Coal Prices**: As of October 17, 2025, the price of thermal coal at Qinhuangdao was 748 yuan/ton, reflecting a year-on-year decrease of 10.95% but a week-on-week increase of 39 yuan/ton [44][45]. - **Water Conditions**: The water level at the Three Gorges Reservoir was 170.55 meters as of October 17, 2025, with inflow and outflow rates increasing by 48.15% and 102.78% year-on-year, respectively [53]. - **Electricity Consumption**: From January to July 2025, total electricity consumption reached 5.86 trillion kWh, a year-on-year increase of 4.5% [14]. - **Power Generation**: The cumulative power generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Thermal and hydropower generation saw declines of 1.3% and 4.5%, respectively [22]. - **Installed Capacity**: As of the first half of 2025, new installed capacity for thermal power was 25.78 million kW, a year-on-year increase of 41.3% [47]. Investment Recommendations - **Thermal Power**: Focus on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, with recommendations for JianTou Energy, Jingneng Power, and Datang Power [4]. - **Charging Station Equipment**: Suggested investments in companies like Teruid and Shenghong Co., Ltd. [4]. - **Photovoltaic and Charging Station Assets**: Potential for value reassessment in photovoltaic and charging station assets due to market dynamics [4]. - **Green Energy**: Emphasis on the recovery of asset quality and growth potential in green energy, with recommendations for Longyuan Power, Zhongmin Energy, and others [4]. - **Hydropower**: Highlighting the low cost and strong cash flow of hydropower, with recommendations for Changjiang Power [4]. - **Nuclear Power**: Continued growth in nuclear power with recommendations for China Nuclear Power and China General Nuclear Power [4].

Core Viewpoint - The international spot silver price has surged significantly this year, surpassing $50 per ounce, primarily due to severe liquidity constraints in the London silver market [1] Group 1: Market Dynamics - The London silver inventory has decreased by approximately one-third since mid-2021, with a substantial portion held by exchange-traded funds (ETFs) [1] - The market's freely available silver inventory has plummeted by about 75% compared to 2019 [1] - Many traders who previously bet on falling silver prices were forced to cover their short positions at higher prices, leading to a surge in silver buying [1] Group 2: Demand Drivers - Analysts highlight that silver possesses both store of value and industrial utility, with the industrial sector expected to be the largest source of silver demand [1] - The solar energy industry is specifically noted as a significant driver of silver demand growth, reflecting the increasing importance of renewable energy [1] Group 3: Future Outlook - Goldman Sachs indicates that while the recent liquidity tightening has driven silver prices up, this situation is expected to be temporary [1] - Unlike gold, silver lacks strong support from central bank demand, resulting in higher volatility and downside price risks compared to gold [1]

IMO 投票决定净零排放框架讨论推迟至 2026 年 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 10 月 19 日 15666646523.tcy 证券研究报告 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] IMO 投票决定净零排放框架讨论推迟至 2026 年 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 2025 年 10 月 19 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 上次评级 看好 [Table_Author] 化工行业： [Table_Summary] [T ...

Core Insights - Beijing's market supervision authority has released six local standards aimed at promoting green and low-carbon development, focusing on carbon emissions, energy consumption limits, resource recycling, and energy measurement systems [1][2][3] Carbon Emission Standards - The new guideline for carbon emissions in industrial parks outlines technical requirements for carbon emission evaluation, accounting, and pollution reduction measures, integrating low-carbon concepts into planning stages [1] - The standard aims to transition environmental impact assessments from traditional methods to a collaborative approach that includes climate change considerations [1] Energy Consumption Limits - Revised standards for energy consumption limits in the production of liquor and synthetic detergents provide specific energy consumption thresholds based on production methods, encouraging the adoption of advanced energy-saving technologies [2] - These standards are designed to enhance energy management levels in production enterprises and provide a scientific basis for government energy-saving monitoring [2] Resource Recycling Initiatives - A new technical specification for the use of sludge products in mine soil reconstruction has been established, addressing utilization requirements and environmental monitoring, which is crucial given the city's annual sludge production of approximately 2.19 million tons [2] - The updated design specifications for wastewater source heat pump systems include new requirements for planning and monitoring, aimed at improving design quality and system reliability [2] Energy Measurement Guidelines - A guideline for energy measurement in enterprises focuses on the hierarchical measurement of energy systems, including renewable energy sources, and specifies measurement methods for various renewable energy systems [3] - The standard outlines two main applications for renewable energy measurement data: energy audits and carbon footprint calculations, which will help optimize energy structure and carbon reduction strategies [3]

Core Insights - Apple is expanding its clean energy projects in Europe, developing large solar and wind farms in Greece, Italy, Latvia, Poland, and Romania [1] - These projects, along with a new solar array in Spain, will add 650 megawatts of renewable energy capacity to the European grid in the coming years [1] - By 2030, these initiatives are expected to generate over 1 million megawatt-hours of clean electricity for Apple users [1] Industry Context - There is growing concern among environmental organizations regarding the high energy consumption of the tech industry, particularly data centers [1] - Ireland has over 80 data centers, which account for approximately 22% of the country's total electricity consumption, with this percentage expected to rise in the coming years [1] - In 2018, Apple abandoned an €850 million data center project in Athenry, County Galway, due to prolonged legal disputes that delayed its commencement [1]

Core Insights - Atlas Renewable Energy successfully raised $475 million for its Copiapó solar project in the Atacama region of Chile, which includes a 357 MW photovoltaic power plant and a 320 MW/4-hour energy storage system, expected to generate 750 GWh annually [1] - The project has secured a 15-year long-term power purchase agreement with the Chilean mining industrial group CAP [1] - The financing was supported by international financial institutions including BBVA, BCI, and CACIB, contributing to a total of over $1.2 billion raised by the company in the past 13 months [1] - The total installed capacity of the three solar power plants and associated storage systems operated by the company in Chile has reached 1.5 GW [1]

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 何睦宁表示，最近几年，我们看到越来越多的公司不仅仅是关注天气，而是更加关注可持续方面的工 作，这样一来他们的努力也有一定的很好的结果，他们有很好的效率的提升，而且很好的成本的控制， 因为可持续发展方面的工作带来市场的差异化竞争。全球可持续发展报告告诉我们95%的受调查的公司 都是有非常好的因为可持续发展受益获得价值，所以说我们现在关注的核心已经从合规变成了价值产 生，可持续发展不仅仅是一个带来成本，而是带来更多的利益和收益。 以下为演讲全文： 各位贵宾们，女士们，先生们，感谢各位，非常感谢主办方让我有机会跟大家讲两句，可持续发展这个 话题影响了我们的选择，也会影响未来的领袖，这个问题不仅仅是经济方面的责任，同时我们要考虑得 是领导怎么可以捕捉住这个价值，同时能够重新创造业务模型。 在普华永道可持续发展是我们的核心价值观，我们专注于跟利益攸关方一起合作，避免问题的出现，同 时带来非常长久的影响，以及带来非常好的增长。 今天，我想跟大家分享三个趋势，这三个趋势会改变未来，以及跟大家分享一下会带来怎么样的机遇和 挑战： 2025可持续全球领导者大会 ...

Core Insights - The International Energy Agency's report indicates that approximately half of the new power generation capacity in the Middle East from 2023 to 2035 will come from photovoltaic (PV) power, with a projected 15-fold increase in new PV capacity compared to existing installations [1][2]. Group 1: Advantages and Trends in PV Development - The Middle East has significant natural advantages for PV development, with an average solar irradiation exceeding 2000 kWh per square meter annually, particularly in countries like Saudi Arabia, UAE, Morocco, and Egypt [2]. - The region's vast undeveloped deserts and flat terrain provide low-cost land ideal for large-scale PV installations, minimizing land-use conflicts [2]. - Rapidly growing electricity demand driven by population growth, urbanization, and climate change is making the Middle East the fastest-growing region for electricity demand globally [2][3]. Group 2: Renewable Energy Goals and Current Status - Many Middle Eastern countries have set ambitious renewable energy targets, such as Saudi Arabia aiming for a 50% share of renewable energy in its power generation by 2030, and UAE targeting 14 GW of renewable capacity by the same year [3]. - There is a significant gap between current renewable energy capacity and these ambitious targets, indicating a surge in new renewable energy projects in the coming years [3]. Group 3: Scale and Storage in PV Projects - The trend in the Middle East is shifting towards larger-scale PV projects, moving from megawatt (MW) to gigawatt (GW) scale, which helps reduce costs [4]. - Companies like China Energy Engineering have significantly increased their project sizes in Egypt, with plans for 1 GW PV projects and associated storage [4][5]. - The demand for energy storage is rapidly increasing in the region, with over 20 GWh of announced storage projects across several countries, driven by advancements in battery technology and decreasing costs [5]. Group 4: Market Participation and Supply Chain - Chinese and Indian companies dominate the construction of PV projects in the Middle East, with Chinese firms holding over half of the market share due to their experience and quality [5]. - Despite the reliance on imported PV components, there is a strategic push in some countries to develop local manufacturing capabilities for PV equipment [2].

Core Insights - The International Energy Agency's report indicates that approximately half of the new power generation capacity in the Middle East from 2023 to 2035 will come from photovoltaic (PV) power, with a projected 15-fold increase in installed PV capacity compared to previous levels [2][3] Group 1: Photovoltaic Power Development - The Middle East has significant natural advantages for developing PV power, with many countries setting ambitious development goals to promote energy transition and meet rising demand [2][3] - The region has the highest solar power potential globally, with average solar irradiation exceeding 2000 kWh per square meter annually, particularly in Saudi Arabia, UAE, Morocco, and Egypt [3] - The construction of large-scale PV power plants is becoming a trend, with a focus on integrating energy storage solutions [5][7] Group 2: Energy Transition Goals - Many Middle Eastern countries have set ambitious renewable energy targets, such as Saudi Arabia aiming for a 50% share of renewable energy in its power generation by 2030, and UAE targeting 14 GW of renewable capacity [4] - There is a significant gap between current renewable energy capacity and these ambitious targets, indicating a surge in new renewable energy projects in the coming years [4][6] Group 3: Market Dynamics and Opportunities - Chinese and Indian companies dominate the construction of PV projects in the Middle East, with Chinese firms holding over half of the market share due to their experience and quality [6] - The demand for energy storage is rapidly increasing in the region, with over 20 GWh of announced storage projects, driven by advancements in battery technology and decreasing costs [7] - The integration of storage solutions is becoming essential for new large-scale PV projects in Egypt, with specific ratios of storage capacity being mandated alongside PV installations [7]

Core Viewpoint - The cumulative installed capacity of renewable energy in China has historically surpassed that of coal-fired power, marking a significant achievement for a country that has been primarily coal-dependent [1] Group 1 - The achievement of surpassing coal-fired power capacity with renewable energy is highlighted as a major milestone for China [1]