Core Viewpoint - The company held an annual performance briefing for 2024 and the first quarter of 2025, discussing its resource acquisition, project development, and financial performance, highlighting both growth opportunities and challenges in the renewable energy sector. Group 1: Resource Acquisition and Development Plans - In 2024, the company plans to acquire approximately 44 million kilowatts of new renewable resources, including 12.5 million kilowatts from the Xinjiang South Taklamakan Desert base, with an approved scale of about 12.2 million kilowatts [2] - The company is focusing on large-scale wind and solar bases in resource-rich areas and is advancing offshore wind power projects, particularly in Inner Mongolia, Xinjiang, and Qinghai [3] - The company aims to implement a "wind-solar-fire-storage" integrated development model to enhance energy transition and ecological governance [6] Group 2: Financial Performance and Challenges - The company's net profit attributable to shareholders is expected to decline by 14.81% in 2024 due to changes in electricity sales structure, increased depreciation, and impairment provisions totaling 1.45 billion yuan [7] - The company reported a 42 billion yuan recovery from renewable energy price additions in 2024, actively tracking fiscal fund allocations [8] - The overall financing cost for 2024 is expected to be more than 10% lower than the LPR, with a year-on-year decrease of approximately 35 basis points [9] Group 3: Market Trends and Future Outlook - The company anticipates a further release of market demand for green electricity in 2025, supported by new policies promoting renewable energy consumption [16] - The green electricity trading volume increased by 48% in 2024, although the overall price saw a decline due to market conditions [15] - The company plans to maintain a stable dividend policy, with a historical payout ratio above 30% [11]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The lithium battery industry is expected to enter a 2-3 year upward cycle, with potential improvements in performance and valuation [6][12] - The report highlights the successful listing of CATL on the Hong Kong Stock Exchange, which could be the largest IPO in Hong Kong in four years, targeting a transaction scale of approximately $5 billion [6][12] - The report recommends focusing on companies involved in solid-state battery technology and suggests several key players in the lithium battery supply chain [6][12] Summary by Sections Lithium Battery Sector - The battery industry index increased by 5.31%, outperforming the CSI 300 by 3.303 percentage points [10] - CATL's stock price rose by 7.24%, while other key players like Yiwei Lithium Energy and Hunan Youneng also saw significant gains [10] - The report emphasizes the upward trend in unit profitability for lithium battery companies in Q1 2025, indicating a potential turning point in supply and demand [6][10] Energy Storage Sector - In April 2025, the total bidding capacity for energy storage projects in China reached 10.2GW/30.2GWh [26] - The average bidding price for energy storage systems has decreased, with a year-on-year decline of 29.88% [27] - The report notes the successful bidding results for a 5GWh energy storage project by State Power Investment Corporation, with significant shares awarded to leading companies [29] Electric Power Equipment Sector - The report highlights the completion of China's first "wind-solar-fire-storage integrated" large-scale comprehensive energy base, marking a significant milestone in the power grid sector [6] - The power grid sector is expected to benefit from domestic stimulus measures, with potential increases in investment due to economic downturns [6] Market Trends - The report tracks the sales of electric vehicles in Europe, noting a 30% year-on-year increase in April 2025 [16] - The penetration rate of new energy vehicles in Europe reached 26.1%, reflecting a 6.3 percentage point increase year-on-year [16] - The report also provides insights into the pricing trends of key materials in the lithium battery supply chain, indicating a decrease in prices for lithium carbonate and other components [19][21]

Investment Rating - The industry investment rating is "Maintain Overweight" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The report highlights a 1.92% increase in the Shanghai Composite Index and a 2.04% increase in the CITIC Power and Utilities Index during the week of May 6-9 [65][66] - The report notes a decline in coal prices to 643 CNY/ton [14] Key Projects and Developments - The Shandong provincial government has issued a detailed implementation plan for the market-oriented reform of new energy pricing, marking a significant step in the industry [3][12][13] - The report emphasizes the importance of auxiliary service market transactions and price mechanisms, as well as optimizing capacity compensation mechanisms for power generation [13] Key Stocks and Recommendations - The report recommends several stocks for investment, including: - Zhejiang Energy Power (600023.SH) with a buy rating - Anhui Energy Power (000543.SZ) with a buy rating - Guodian Power (600795.SH) with a buy rating - Huaneng International (600011.SH) with a buy rating - New Energy (688501.SH) with a buy rating - New天绿色能源 (600956.SH) with a buy rating [8][78]

Group 1: Energy Infrastructure - The Longdong-Shandong ±800 kV UHVDC project is China's first "integrated wind-solar-thermal-storage" large-scale energy delivery project, capable of transmitting over 36 billion kWh of electricity annually to Shandong, with more than 50% from green energy sources [1][2] - The project will meet approximately 4% of Shandong's annual electricity demand, significantly contributing to ecological protection and high-quality development in the Yellow River basin [1][2] Group 2: Economic Development Initiatives - Shandong has introduced 23 new policies to enhance the Shanghai Cooperation Organization (SCO) demonstration zone, focusing on comprehensive reform, major platform construction, economic and trade cooperation, and optimizing the development environment [3][4] - The policies aim to accelerate the development of the SCO demonstration zone, positioning it as a high-level open economic area [4] Group 3: Rural Development - Shandong's government has released 20 measures to promote high-quality rural industries, targeting a per capita disposable income of over 30,000 yuan for farmers by 2027 [5][6] - The focus is on developing six key agricultural sectors and enhancing the processing of agricultural products to increase value and employment opportunities [6] Group 4: Supply Chain and Industrial Upgrades - The "Ten Chains, Hundred Groups, Thousand Enterprises" initiative aims to enhance supply chain resilience and support over 100,000 small and medium-sized enterprises through a structured chain management system [7][8] - The initiative includes the identification of key industrial chains and the development of supportive policies to drive investment and technological upgrades [8] Group 5: Youth Employment and Entrepreneurship - Shandong has implemented 26 measures to promote youth employment and entrepreneurship, focusing on service systems, expanding job channels, and creating supportive environments for young people [9][10] - The measures include establishing youth employment practice bases and promoting new job opportunities tailored for young individuals [9][10]

Group 1 - The National Development and Reform Commission emphasizes the implementation of the Private Economy Promotion Law through infrastructure support, effective execution, and public awareness [2] - The Ministry of Human Resources and Social Security plans to add 17 new occupations, including cross-border e-commerce operation managers, and 42 new jobs, including generative AI system testers [2] Group 2 - The 2024 national property market transaction scale is projected to reach 25.42 trillion yuan [4] - The logistics price index for China's road transport in April is reported at 105 points, indicating a month-on-month recovery [4] - The first "integrated wind-solar-fire-storage" ultra-high voltage project in China has been put into operation [4] Group 3 - The China Consumers Association highlights frequent disputes over deposit refunds in the new energy vehicle industry [5]

Core Viewpoint - Jiangsu Province's 13 cities reported their GDP for the first quarter of 2025, with 4 cities exceeding 250 billion yuan and 8 cities surpassing the provincial growth rate of 5.9% [1][2]. Group 1: GDP Performance - The total GDP of Jiangsu's 13 cities reached 33,088.55 billion yuan, with an overall growth rate of 5.9% [2]. - Suzhou led with a GDP of 6,095.68 billion yuan, accounting for nearly one-fifth of the province's total economy [4]. - Nanjing's GDP was 4,718.70 billion yuan, while Wuxi and Nantong both exceeded 3,000 billion yuan [4]. Group 2: Growth Rates - Eight cities outperformed the provincial growth rate of 5.9%, including Huai'an (7.0%), Suqian (6.6%), and Yangzhou (6.2%) [6]. - Huai'an achieved a remarkable growth rate of 7.1% in 2024, leading not only Jiangsu but also the Yangtze River Delta region [7]. Group 3: Economic Development Factors - Huai'an's strategic location in the Yangtze River Delta and its transportation infrastructure contribute to its economic growth [8]. - The city has focused on attracting investment, with industrial investments growing by double digits for four consecutive years [9]. - In 2024, Huai'an signed 806 industrial projects worth over 100 million yuan, a 33.9% increase year-on-year [9].

Core Viewpoint - The completion and commissioning of China's first large-scale integrated energy base project, the Longdong to Shandong ±800 kV UHVDC project, will significantly enhance the transmission of renewable and conventional energy from Gansu to Shandong, supporting energy resource optimization across regions [1][3]. Group 1: Project Overview - The UHVDC transmission line spans 915 kilometers, starting from Gansu and passing through Shaanxi, Shanxi, and Hebei, ultimately reaching Shandong [3]. - The project includes the construction of two converter stations in Gansu and Shandong, with a transmission capacity of 8 million kilowatts, capable of delivering over 36 billion kilowatt-hours of energy annually, sufficient to power over 10 million households for a year [3]. Group 2: Energy Composition - The total energy transmitted includes wind, solar, thermal, and storage power, with green energy accounting for half of the total [3]. Group 3: Strategic Importance - The project supports the development of large-scale wind and solar energy bases and their associated UHV projects, addressing the energy shortage in North China while optimizing the rich energy resources in the western regions [5]. Group 4: Environmental Considerations - To minimize the impact on native vegetation during construction, the project utilized a 2.07-kilometer freight cableway and detachable rotary drilling rigs, which were transported and assembled on-site [11]. - The construction team plans to replant 32 hectares of trees and sow 40 hectares of grass seeds in the areas affected by the construction of five transmission towers in the ecologically sensitive Ziwuling region [9][15].

Core Insights - The completion and commissioning of the Longdong-Shandong ±800 kV UHVDC project marks China's first large-scale integrated energy base for wind, solar, and thermal power, facilitating cross-regional energy resource optimization and addressing energy shortages in North China while leveraging abundant resources in the West [1][4] Group 1: Project Overview - The Longdong-Shandong project has a total investment of 20.2 billion yuan and spans 915 kilometers, utilizing ±800 kV rated voltage and 8 million kW rated capacity, making it the first UHVDC project to be fully commissioned at once [4] - The project is expected to deliver 36 billion kWh of electricity annually to Shandong, equivalent to the annual electricity consumption of 10 million households, while reducing carbon dioxide emissions by approximately 16 million tons and replacing 6 million tons of coal [2][4] Group 2: Technological Advancements - The project incorporates domestically developed key technologies, including a transformer with load tap changer and DC control protection based on domestic chips, enhancing the resilience and control of China's high-end power transmission and transformation equipment supply chain [7] - The successful implementation of the project has established a new benchmark for UHV construction, marking a transition to standardized and large-scale development in the sector [7] Group 3: Strategic Importance - The project supports the construction of the "Shagouhuan" new energy base and the large-scale development of renewable energy, contributing to the high-quality development of Gansu and Shandong provinces and promoting regional coordinated development [1][4] - It plays a crucial role in enhancing the electricity supply capacity to Shandong, increasing it to 38 million kW, thereby ensuring safe and green energy use during peak summer demand [2][4]

Core Insights - The State Grid announced the completion and commissioning of the East Long—Shandong ±800 kV UHVDC project, marking the establishment of China's first large-scale integrated energy base for wind, solar, and thermal storage [1] - Over half of the electricity transmitted through this UHVDC line is derived from renewable sources such as wind energy, solar energy, and energy storage [1] Industry Impact - This project signifies a significant advancement in China's efforts to integrate renewable energy into the national grid, enhancing energy security and sustainability [1] - The successful operation of this project may set a precedent for future large-scale renewable energy projects in China and potentially influence global energy transition strategies [1]

今天(8日)，我国首个"风光火储一体化"大型综合能源基地外送工程——陇东到山东±80万伏特高压直流 工程竣工投产。通过这条特高压直流输电线路，每年可从甘肃省向山东省输送风电、光伏、火电及储能 电量360亿度。该工程从甘肃出发，途经陕西、山西、河北，最终到达山东，输电线路全长915公里。新 建甘肃庆阳、山东东平两座换流站，输送容量800万千瓦，每年输送的风电、光伏、火电及储能总电量 超过360亿千瓦时，可满足超1000万户家庭一年的用电量。总电量中，绿电占到了一半。(央视新闻) ...