Core Viewpoint - Hong Kong and China Gas and Tianneng Holding Group have established a strategic cooperation to promote the integration of renewable energy and the green economy, aiming to inject new momentum into the green transformation of the energy industry [1] Group 1: Strategic Cooperation - The signing of the strategic cooperation agreement marks a significant upgrade in the relationship between the two companies, evolving from a single project collaboration to a comprehensive strategic partnership [3] - Future collaboration will focus on joint project development, investment and financing cooperation, demonstration base construction, and innovation in technology and application scenarios [3][4] Group 2: Company Background and Goals - Hong Kong and China Gas has successfully transformed from urban gas and derivative businesses to smart energy, actively expanding its green fuel business across various sectors [3] - The company aims to create zero-carbon smart industrial parks and low-carbon factories, supporting enterprises in their ESG management [3] - Tianneng Holding Group recognizes the complementary nature of its business with Hong Kong and China Gas and aims to deepen cooperation in smart energy business development, technological innovation, and capital collaboration [4] Group 3: Industry Trends and Future Directions - The collaboration aligns with global energy transition and low-carbon development trends, exploring new sustainable development models [6] - Both companies aim to provide practical examples and industry benchmarks for achieving national "dual carbon" goals through their partnership [6]

Group 1 - The company Jinko Technology (601778.SH) announced its exploration of new application models and scenarios combining renewable energy and IoT blockchain technologies [1] - The company's wholly-owned subsidiary, HongKong Crystal Energy Power Limited, signed a partnership agreement with PUHMERCHANTS LTD. and GaiaDTGuardians Investment Management Limited to invest in a fund [1] - The fund aims to raise up to $300 million, with HongKong Crystal Energy committing to invest $30 million as a limited partner [1] Group 2 - The fund will primarily focus on the renewable energy sector, leveraging blockchain technology to efficiently connect physical assets in renewable energy with global capital [2] - The company, as a long-standing clean energy supplier and service provider, aims to strategically explore the investment value of digitalized renewable energy assets while ensuring stable development of its main business [2] - This investment aligns with the company's light asset development strategy and seeks to explore investment opportunities in the global digitalization process of renewable energy [2]

Group 1 - The company, Jinko Technology (601778.SH), announced its exploration of new applications combining renewable energy and IoT blockchain technologies through its wholly-owned subsidiary, HongKong Crystal Energy Power Limited [1] - HongKong Crystal Energy Power Limited signed a partnership agreement with PUHMERCHANTS LTD. and GaiaDTGuardians Investment Management Limited to invest in a fund targeting a maximum fundraising scale of $300 million, with the company committing $30 million as a limited partner [1][2] - The fund will primarily focus on renewable energy, leveraging blockchain technology to efficiently connect physical assets in the renewable energy sector with global capital [2] Group 2 - The investment aligns with the company's strategy of exploring the digital investment value of renewable energy assets while ensuring stable development of its core business [2] - This investment is consistent with the company's light asset development strategy, aiming to explore investment opportunities in the global digitalization process of renewable energy [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of 2025 met expectations, benefiting from the integration of conventional energy platforms within the Huadian Group [5] - The company reported a revenue of 60 billion yuan in the first half of 2025, a year-on-year decrease of 8.98%, while the net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan [6][5] - The average on-grid electricity price was 516.8 yuan/MWh, a decrease of 1.44% year-on-year, indicating stable electricity pricing despite a decline in revenue [5] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 117,176 million yuan (2023), 112,994 million yuan (2024), 117,075 million yuan (2025E), 125,303 million yuan (2026E), and 126,744 million yuan (2027E) [6][7] - Net profit attributable to shareholders is projected to grow from 4,522 million yuan in 2023 to 7,761 million yuan in 2027, with a significant year-on-year growth rate of 4,430.69% in 2023 [6][7] - The company's earnings per share (EPS) is expected to increase from 0.39 yuan in 2023 to 0.67 yuan in 2027 [6][7] - The company completed the acquisition of 16GW of thermal power assets from Huadian Group, with a total transaction price of 7.167 billion yuan [5][6]

"十四五"我国能源转型与绿色发展的成绩斐然。这背后究竟有着怎样的推动力量？"十五五"进一步提高 新能源使用比例对我国经济发展又将产生哪些深远影响？面对新能源行业格局变化，未来发展方向何 在？带着这些问题，近日记者专访了中国可再生能源学会风能专业委员会秘书长秦海岩。 近十年来，我国助力全球风电和光伏发电项目平均度电成本分别下降60%和80%。 秦海岩认为，经过持续的规模化开发与全产业链创新，我国风电成本已降至极具竞争力的水平。目前， 在风能资源较好的地区，陆上风电度电成本已低至0.1—0.15元/千瓦时，近海海上风电平均度电成本也 仅为0.33元/千瓦时，风电已成为当前最具市场竞争力的电源类型。"如今我们选择使用风电，不仅因为 它是清洁的能源，更重要的是它价格低廉，具备了与传统能源同台竞争的实力。"秦海岩说。 秦海岩认为，得益于政策层面的大力支持，以及全产业链企业的持续创新，我国构建起全球最大、最完 整的可再生能源产业链供应链体系。当前，风电成为最具竞争力的新能源之一，风电产业是带动经济转 型升级的新引擎。未来五年，国际市场也将为我国风电行业提供广阔天地，我国凭借丰富的产品谱系和 高效优质的产品，将更好服务全球 ...

Core Viewpoint - Australia, as the guest country at the current service trade fair, has set new records in exhibition area and number of exhibitors, highlighting its emphasis on the Chinese market and opportunities [1] Group 1: Trade and Investment Opportunities - Australia has been China's largest trading partner for 16 consecutive years, indicating the importance of this relationship for future trade and investment opportunities [1] - The Australia-China Free Trade Agreement (ChAFTA) has been in effect for ten years, and its high-quality implementation and review are crucial for future cooperation [1][8] - The Australian Trade and Investment Commission emphasizes the need for deep connections between Australian enterprises and Chinese partners, with expectations for mutual benefits in the service trade sector [4] Group 2: Exhibition Highlights - The Australian national pavilion at the trade fair is the largest ever, showcasing a diverse range of industries including higher education, financial services, and tourism [3] - Notable Australian brands in food, health products, and wine are featured, representing the diverse appeal of Australian trade goods [3] Group 3: Future Cooperation Areas - There is significant potential for deepening cooperation in high-tech fields, particularly in medical research and technology commercialization [6][8] - The focus on sustainable agriculture and innovative educational institutions reflects a trend towards responsible business practices and meeting societal needs [5][6] Group 4: Service Trade Development - The service trade sector has seen slower progress compared to goods trade, but it remains a key area for future negotiations and development [8] - The Australian government aims to listen to the real needs of enterprises to better understand and seize new opportunities within the existing framework of the free trade agreement [8]

Group 1 - Australia has set new records in terms of exhibition area and number of exhibitors as the guest country at the current service trade fair, highlighting its emphasis on the Chinese market and opportunities [1][2] - The Australian pavilion at the fair is the largest ever, showcasing a diverse range of industries including higher education, financial services, and tourism, as well as notable brands in food, health products, and wine [2] - The event aims to facilitate deep connections between Australian enterprises and Chinese partners, with 15 memorandums of understanding signed, indicating significant opportunities in bilateral service trade [3] Group 2 - The current global trade environment is complex, necessitating transformation and innovation among enterprises to remain competitive, as reflected in the diverse participation of Australian companies at the fair [4] - The focus on high-tech sectors and collaboration in medical research and technology commercialization is emphasized, with notable participation from a Nobel laureate, showcasing the depth of cooperation between Australia and China [5] - The China-Australia Free Trade Agreement (ChAFTA) has significantly boosted bilateral trade, with ongoing efforts to enhance service trade liberalization and address the needs of enterprises in future negotiations [6]

Group 1 - The report highlights that China has built the world's largest and fastest-growing renewable energy system, contributing to a quarter of the global increase in green areas [1] - By June 2025, China's non-fossil energy installed capacity is expected to reach 2.22 billion kilowatts, accounting for 60.9% of total installed capacity, with nuclear power leading globally [1] - The production of photovoltaic components and lithium batteries has increased significantly, with growth rates of over 370% and 640% respectively since the 14th Five-Year Plan [1] Group 2 - China is advancing green development in key sectors, with 1.69 billion square meters of new green building area expected in urban areas by 2024 [2] - The country aims for approximately 70% of the clean transportation of bulk goods in key industries by 2024, while also enhancing ecological safety through large-scale afforestation [2] - Continuous strengthening of technological innovation and policy incentives is noted, including the establishment of key laboratories for carbon peak and carbon neutrality technologies [2]

巴伊拉莫维奇补充说，大规模可再生能源并网对电力平衡、电压稳定及供电质量维护构成挑战，而储能 技术可作为缓解发电量与用电需求间不平衡的潜在解决方案，其核心目标在于增加电网容量、减少损耗 并优化负荷管理。他特别强调，电池储能系统可作为基础设施灵活性措施，就地消纳过剩发电量并暂时 缓解输电压力，从而避免可变可再生能源的限产。 针对电网资金问题，巴伊拉莫维奇指出，某些电力企业十余年未调整的电网使用费势必上涨，为电网强 化改造提供部分必要资金，并适应可再生能源及新技术接入需求。他同时强调现行电价机制（针对发电 企业使用输配电网的费用）已具备实施条件，应成为现有电价体系的补充措施。（驻波黑使馆经商处） 波黑《新闻报》9月7日报道。国际大电网会议（CIGRE）波黑委员会主席齐亚德·巴伊拉莫维奇博士表 示，到2030年，波黑电力分配系统需投入14亿马克进行升级改造。 巴伊拉莫维奇指出，可再生能源发展规模已达到导致输配电系统出现拥堵的程度，且整个地区各国都面 临可再生能源接入容量不足的问题。他预计配电网负荷增长还将来自交通电气化及供暖制冷部门电力消 耗的增加。他认为，波黑需要新建110千伏变电站，完成向20千伏电压等级的过渡改 ...

Group 1 - The report highlights that China has established the world's largest and fastest-growing renewable energy system, contributing to a quarter of the global increase in green area [1] - As of June 2025, the proportion of non-fossil energy installed capacity is expected to reach 60.9% of total installed capacity [1] - The production of photovoltaic components and lithium batteries has increased by over 3.7 times and 6.4 times respectively since the 14th Five-Year Plan, with new energy vehicle sales leading globally for ten consecutive years [1] Group 2 - In 2024, the area of newly built green buildings in urban areas is projected to be 1.69 billion square meters, accounting for 97.9% of the total new urban construction area [2] - The report indicates that the carbon market is gradually improving, with significant contributions to global climate governance [2] - The challenges of achieving carbon peak and carbon neutrality are acknowledged, emphasizing the need for a robust national strategy and the formulation of 2035 NDC targets [2]