Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Lithium battery material prices continue to rise, with the average price of domestic lithium hexafluorophosphate reaching 121,500 CNY per ton, a 13.02% increase month-on-month [1] - Tinci Materials has signed long-term electrolyte supply agreements with two major battery manufacturers, with an expected total supply of nearly 1.6 million tons of electrolyte products from 2026 to 2028 [1] - The report recommends several companies in the electric vehicle sector, including Zhuhai Guanyu, Shangtai Technology, and others, while suggesting to pay attention to companies in the PCB and solid-state battery sectors [1][2] Summary by Sections Electric Power Equipment - The National Energy Administration has released guidelines for the integration of coal and new energy, with the fifth batch of State Grid bidding for transmission and transformation equipment amounting to 10.559 billion CNY, with over 67% of the bids for combination electrical appliances, transformers, and power cables [2] - Recommended companies in the electric power equipment sector include Dongfang Electric, Siyi Electric, and others, with a focus on controllable nuclear fusion technologies [2] Energy Storage - The average price of 4-hour energy storage systems rose to 0.52 CNY/Wh in October, with a total of 10GW/29.4GWh of energy storage systems and equipment completed in the domestic market [2] - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and others [2] Wind Power - The government of Yancheng plans to develop 35.83GW of wind power, with a focus on deep-sea wind projects [3][61] - Recommended companies in the wind power sector include Goldwind Technology, Zhongtian Technology, and others [3] Photovoltaic Industry - November saw a decrease in photovoltaic module production, which may lead to a rebound in prices as companies look to restore profit levels [3][52] - Recommended companies in the photovoltaic sector include GCL-Poly, Tongwei, and others [3] AI and Industry Applications - iFlytek has launched the "Spark Industry Analyst," shifting its AI strategy from general models to industry-specific applications, enhancing decision-making capabilities in various sectors [3][65] - The State Council has issued opinions on accelerating scene cultivation and promoting large-scale applications of new scenarios, with AI being a core driver [3][67]

Core Viewpoint - The article emphasizes the importance of integrating coal and renewable energy development to establish a new energy system that supports stable energy supply and promotes green and low-carbon transformation [1][3]. Overall Requirements - The integration of coal and renewable energy should be guided by Xi Jinping's thought, focusing on green and low-carbon directions, and leveraging technological innovation to enhance the development of renewable energy in coal mining areas [3][4]. Main Tasks - **Development of Photovoltaic and Wind Power in Mining Areas**: The article calls for the effective utilization of land resources in mining areas to accelerate the construction of photovoltaic power stations and promote local consumption of renewable energy [4][5]. - **Promotion of Clean Energy Substitution**: It highlights the need for electrification in key coal production processes and the replacement of traditional energy equipment with electric and hydrogen-powered alternatives [5][6]. - **Renewable Energy Heating and Cooling**: The article encourages the development of geothermal energy and distributed solar heating systems in mining areas to meet heating demands [6][7]. - **Innovative Energy Development Methods**: It suggests the establishment of intelligent microgrids in mining areas to integrate various energy sources and improve energy efficiency [7][8]. - **Extension of Coal Industry Chain**: The article supports the integration of coal and renewable energy industries, promoting investment in clean energy and enhancing the stability of the energy supply system [8][9]. - **Strengthening Technological Innovation and Talent Development**: It emphasizes the need for research and development in key technologies related to coal and renewable energy integration, as well as the cultivation of specialized talent [9][10]. - **Policy Support and Coordination**: The article outlines the necessity for national policies to support the integration of coal and renewable energy, including financial support and regulatory measures [10][11]. Implementation Organization - The National Energy Administration will coordinate the guidance and evaluation of coal and renewable energy integration projects, ensuring the implementation of policies and standards [11][12].

Core Viewpoint - The National Energy Administration's "Guiding Opinions" aim to promote the integration of coal and renewable energy, outlining seven key tasks to enhance the green transformation of the coal industry and achieve significant results by the end of the 14th Five-Year Plan [1][2]. Group 1: Key Tasks and Goals - Accelerate the development of photovoltaic and wind power industries in mining areas, and promote clean energy alternatives [1]. - By the end of the 14th Five-Year Plan, the integration of coal and renewable energy is expected to yield significant results, with a mature development model for coal mining area photovoltaic and wind power industries [1]. - The National Energy Administration will strengthen industry coordination and improve support policies and standards to facilitate high-quality development [1]. Group 2: Opportunities for Coal Enterprises - The "Guiding Opinions" provide a clear blueprint for the green transformation of traditional energy, particularly benefiting coal enterprises in the eastern and central regions [2]. - Developing photovoltaic and "photovoltaic+" models can revitalize idle resources in mining areas, transforming them into clean energy sources and creating new revenue streams [2][3]. - The "self-generated and self-used" model can significantly reduce electricity costs in high-energy-consuming production processes [3]. Group 3: Clean Energy Utilization and Electrification - The "Guiding Opinions" outline multiple action paths for clean energy alternatives in mining areas, including accelerating electrification in key coal production processes [3][4]. - The focus on electrification aligns with the national strategy to promote energy consumption electrification across society [3]. Group 4: Transition to Comprehensive Energy Service Providers - The "Guiding Opinions" encourage coal enterprises to extend their industrial chain and promote synergy with renewable energy development, gradually transitioning to comprehensive energy service providers [6]. - This transition requires coal enterprises to expand their business scope beyond coal production to include comprehensive energy services, covering various energy forms [6]. Group 5: Technological Innovation and Product Development - The "Guiding Opinions" emphasize the need for technological innovation and industrial chain extension, supporting projects that utilize green electricity and carbon capture technologies [7]. - Coal enterprises are encouraged to develop innovative products such as carbon-based special fuels and biodegradable materials, which align with carbon neutrality goals and market demands [7].

Core Viewpoint - The National Energy Administration's "Guiding Opinions" aims to promote the integration of coal and renewable energy, outlining seven key tasks to enhance the green transformation of the coal industry and achieve significant results by the end of the 14th Five-Year Plan [1][2]. Group 1: Key Tasks and Goals - The guiding opinions emphasize accelerating the development of photovoltaic and wind power industries in mining areas, promoting clean energy alternatives, and enhancing the synergy between coal and renewable energy [1][2]. - By the end of the 14th Five-Year Plan, the integration of coal and renewable energy is expected to yield significant results, with a mature development model for coal mining area photovoltaic and wind power industries [1][2]. Group 2: Opportunities for Coal Enterprises - The development of mining area photovoltaic and "photovoltaic+" models can revitalize idle resources, utilizing mining subsidence areas and reclaimed land to generate clean energy and create new revenue streams [2][3]. - Implementing a "self-generated and self-used" model can significantly reduce electricity costs in high-energy-consuming production processes [3]. - The "photovoltaic+" approach allows for the integration of agriculture and aquaculture, promoting land use efficiency and ecological restoration [3][4]. Group 3: Technological and Economic Considerations - The transition to clean energy in mining areas involves electrification of key production processes and increasing the electrification ratio of end-use equipment [4][5]. - The economic feasibility of electrification projects is crucial, as they often require significant investment in new infrastructure and equipment upgrades [4][5]. Group 4: Industry Transformation and Innovation - The guiding opinions encourage coal enterprises to extend their industrial chain and promote the integration of coal and renewable energy, transitioning towards comprehensive energy service providers [6][7]. - This transformation requires a shift from merely supplying coal to providing a range of energy services, including heat, electricity, and gas, necessitating a comprehensive upgrade in business scope and energy management capabilities [6][7]. Group 5: Development of Innovative Products - Coal enterprises are encouraged to develop innovative products such as carbon-based specialty fuels and biodegradable materials, aligning with carbon neutrality goals and market demands [8]. - The potential for growth in carbon-based specialty fuels and renewable energy materials is significant, with opportunities in high-value sectors like aerospace and agriculture [8].

央视网消息：国家能源局11月7日出台关于推进煤炭与新能源融合发展的指导意见。我国将加快发展煤炭矿区光伏风电产业，推动矿区用能清 洁替代，建设一批清洁低碳矿区。 据介绍，此次出台的文件聚焦煤炭生产、用能等多个关键环节，从多个维度推进煤炭与新能源的融合发展。 在推动矿区用能清洁替代方面，加快煤炭生产重点环节电气化改造，推进矿区运输设备新能源替代，支持矿区建设充换电站、加氢站等。同 时，推动矿区地热能规模化开发利用，发展分布式太阳能供热，探索矿区多热源联合供热。 在加快发展煤炭矿区光伏风电产业方面，鼓励具备条件的产煤地区规划建设大型光伏基地，在风力资源充沛的矿区及周边区域，有序推进集中 式、分散式风电开发。 此外，还要鼓励矿区建设智能微电网，鼓励参与绿证绿电交易，提高矿区绿色电力使用比例，建设高效低碳零碳典型厂区园区，降低矿区碳排 放水平。 中国宏观经济研究院能源所研究员高虎表示，这个文件明确了煤炭企业与新能源深度融合发展的主要方式和利用途径，将能更好地指导煤炭企 业绿色低碳、转型发展。 加速构建新型能源体系 确保能源稳定供应 专家表示，推进煤炭与新能源融合发展，对夯实能源稳定供应基础，促进能源绿色低碳转型具有重要 ...

Core Viewpoint - The National Energy Administration has issued guidelines to promote the integration of coal and renewable energy, focusing on green low-carbon development and technological innovation to enhance energy stability and facilitate the transition to a green economy [1][2]. Summary by Sections Main Tasks - Accelerate the development of photovoltaic and wind power industries in mining areas, utilizing land resources from subsided coal mining and promoting diverse business models such as "photovoltaic + agriculture" and "photovoltaic + aquaculture" while advancing wind power development [2] - Promote clean energy substitution in mining areas by accelerating electrification in production processes, promoting electric and hydrogen-powered mining vehicles, and establishing charging and energy storage stations while phasing out inefficient boilers [2] - Advance renewable energy heating and cooling solutions by utilizing geothermal energy, solar energy, and residual heat from mines, exploring multi-source heating and renewable energy cooling [2] - Innovate in green energy development and utilization by constructing smart microgrids in mining areas, facilitating green electricity direct connection and trading, and promoting energy-saving and carbon reduction projects [2] - Foster collaboration between the coal industry and renewable energy, supporting coal companies in transitioning to comprehensive energy service providers and encouraging joint ventures in coal power and renewable energy projects, as well as the application of carbon capture, utilization, and storage (CCUS) [2] - Strengthen technological innovation and talent cultivation, focusing on key technologies such as coal-renewable energy coupling power generation and mine energy storage, while training specialized interdisciplinary talents [2] - Enhance policy coordination and support by incorporating integrated development into the "14th Five-Year" energy plan and reinforcing the assurance of funding, finance, and grid access [2] Implementation Path - The National Energy Administration will strengthen industry coordination and improve the policy and standard system; provincial energy authorities need to detail measures and enhance guidance [3] - Coal enterprises, especially those part of high-quality development mechanisms, are required to develop implementation plans and create exemplary cases [3] - All relevant parties must strictly enforce safety production responsibilities, enhance project supervision, and promote the orderly advancement of integrated development [3]

中国国家能源局出台指导意见推进煤炭与新能源融合发展 中新社北京11月7日电 (记者 王梦瑶)中国国家能源局网站7日公布《关于推进煤炭与新能源融合发展的 指导意见》(下称《指导意见》)，该文件旨在引导煤炭行业顺应能源发展形势，因地制宜加快清洁能源 发展。 《指导意见》提出，到"十五五"末，煤炭与新能源融合发展取得显著成效，煤炭矿区光伏风电产业发展 模式基本成熟，电能替代和新能源渗透率大幅提高，建设一批清洁低碳矿区，煤炭行业绿色发展动能进 一步增强。 与此同时，《指导意见》还积极推动矿区用能清洁替代。加快煤炭生产重点环节电气化改造，推进矿区 运输设备新能源替代，支持矿区建设充换电站、加氢站，鼓励建设"光储充放"多功能综合一体站。因地 制宜推广先进锅炉，降低矿区自用煤消耗。(完) 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 国家能源局有关负责人介绍，《指导意见》结合矿区资源条件和上下游产业链情 ...

Core Viewpoint - The National Energy Administration has issued guidelines to promote the integration of coal and renewable energy, aiming to develop clean energy in coal mining areas and establish a mature photovoltaic and wind power industry model by the end of the 14th Five-Year Plan [2][8]. Group 1: Opportunities in Energy Development - Opportunity 1: Large-scale renewable energy consumption is encouraged in coal-producing areas with suitable land and grid access, promoting the construction of large photovoltaic bases [3]. - Opportunity 2: The establishment of intelligent microgrids in mining areas is proposed, integrating various energy sources and storage systems for efficient utilization [3]. - Opportunity 3: The promotion of clean energy alternatives in mining transportation, including electric and hydrogen-powered vehicles, is emphasized to enhance the low-carbon transport system [3][10]. - Opportunity 4: The development of zero-carbon parks in key mining areas aims to reduce carbon emissions significantly, with a target of establishing around 100 national zero-carbon parks by the end of the 14th Five-Year Plan [4]. - Opportunity 5: Research and development in gravity energy storage and other key technologies related to coal and renewable energy integration are prioritized [4][13]. Group 2: Policy and Industry Dynamics - The integration of coal and renewable energy is included in the 14th Five-Year Plan, with support for local governments to utilize central budget funds and carbon reduction tools [5][14]. - Encouragement for distributed energy projects in mining areas to participate in the electricity market is highlighted, with energy storage being crucial for stable green electricity output [5][14]. Group 3: Major Tasks - Accelerating the development of photovoltaic and wind power industries in mining areas by utilizing land resources effectively and promoting local energy consumption [9]. - Promoting clean energy alternatives in mining operations, including electrification of equipment and the establishment of charging and hydrogen stations [10]. - Innovating green energy development methods through the establishment of intelligent microgrids and enhancing the use of green electricity in mining areas [11][12]. - Supporting the extension of the coal industry chain and the collaborative development of coal and renewable energy [12]. Group 4: Implementation and Support - The National Energy Administration will coordinate efforts to ensure the successful implementation of coal and renewable energy integration projects, with a focus on safety and regulatory compliance [15][16]. - Financial institutions are encouraged to provide credit support for projects integrating coal and renewable energy, ensuring effective communication between grid companies and project developers [14].

答： 《指导意见》坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会精神，完整 准确全面贯彻新发展理念，深入践行能源安全新战略，以绿色低碳为方向，以科技创新为动力，依托煤炭矿区资源要素大 力发展新能源，有序实施矿区清洁能源替代，推动煤炭产业链延伸发展，建立完善煤炭与新能源融合发展机制，促进煤炭 行业绿色转型和可持续发展。《指导意见》提出，到"十五五"末，煤炭与新能源融合发展取得显著成效，煤炭矿区光伏风 电产业发展模式基本成熟，电能替代和新能源渗透率大幅提高，建设一批清洁低碳矿区，煤炭行业绿色发展动能进一步增 强。 问：《指导意见》提出了哪些重点任务？ 答： 《指导意见》结合矿区资源条件和上下游产业链情况，聚焦煤炭生产及辅助等关键环节，多维度推进煤炭与新能源融 合发展，提出了七项重点任务。 近日，国家能源局出台了《 关于推进煤炭与新能源融合发展的指导意见 》（国能发煤炭〔2025〕89号，以下简称《指导 意见》）。为做好《指导意见》的贯彻落实，记者采访了国家能源局煤炭司有关负责同志。 问：《指导意见》出台的背景是什么？ 答： 党中央、国务院高度重视煤炭绿色低碳转型和可持续发展。今年 ...

Core Viewpoint - The article emphasizes the importance of integrating coal and renewable energy development to enhance energy stability and promote a green, low-carbon transition in the energy sector [3][4]. Overall Requirements - The integration of coal and renewable energy should be guided by Xi Jinping's thought, focusing on green and low-carbon directions, technological innovation, and the establishment of a new energy system by the end of the 14th Five-Year Plan [4]. Main Tasks - **Development of Photovoltaic and Wind Power in Mining Areas**: The article advocates for utilizing land resources in mining areas for solar power stations and encourages the establishment of large-scale photovoltaic bases in coal-producing regions [5]. - **Promotion of Clean Energy Substitution**: It calls for the electrification of key coal production processes and the use of electric and hydrogen-powered mining vehicles to enhance the clean energy level in mining operations [6]. - **Renewable Energy Heating and Cooling**: The article suggests utilizing geothermal energy and distributed solar heating in mining areas to meet heating demands [7]. - **Innovative Energy Development**: It encourages the establishment of smart microgrids in mining areas to integrate various energy sources and improve energy efficiency [8]. - **Collaboration Between Coal and Renewable Energy**: The article supports coal enterprises in integrating coal and renewable energy investments to enhance overall energy supply stability [9]. - **Technological Innovation and Talent Development**: It emphasizes the need for research in coal and renewable energy integration technologies and the cultivation of skilled professionals in this field [10]. - **Policy Support and Coordination**: The article highlights the necessity for coordinated policies to support the integration of coal and renewable energy, including financial backing and regulatory frameworks [11]. Implementation Organization - The National Energy Administration will oversee the coordination and evaluation of coal and renewable energy integration projects, ensuring the implementation of policies and standards [12].