Core Insights - China Energy Construction Corporation (CEC) has successfully completed the acquisition of its first renewable energy investment project in South America, the Coremas Solar Project in Brazil, marking a significant breakthrough in overseas investment [1] Group 1: Project Overview - The Coremas Solar Project is located in Paraíba, Brazil, with a total installed capacity of approximately 93 megawatts and an annual power generation of 167 million kilowatt-hours, which can meet the annual electricity needs of over 80,000 households [1] - The project is expected to save approximately 20,500 tons of standard coal annually, demonstrating significant emission reduction benefits [1] - Nearly 100 jobs have been created locally, contributing to regional economic development and improving local living standards [1] Group 2: Future Plans and Strategic Goals - After the acquisition, CEC's overseas investment subsidiary will actively promote project upgrades and operational optimization to enhance power generation efficiency and operational benefits [1] - The company aims to establish the Coremas Solar Project as a benchmark for green energy in South America, aligning with the consensus of leaders from China and Brazil [1] - CEC will deepen practical cooperation with local governments, leading enterprises, and financial institutions to promote collaboration in clean energy and sustainable development between China and Brazil [1]

10月31日03时13分，南方电网云南丽江供电局500千伏太安变电站扩建工程顺利建成投产，标志着丽江 市能源枢纽升级迈出关键一步，为区域经济社会高质量发展与"绿色能源强市"建设注入了强劲稳定的电 力支撑。 该工程的投产运行，将带来供电可靠性和新能源消纳能力的双重提升。扩建后，太安变电站整体供电能 力实现质的飞跃，不仅极大优化了丽江电网主网架结构，满足日益增长的用电需求，还为迪庆电网提供 了更坚强的上级电源支撑。 据悉，本次扩建工程总投资8172万元，核心建设内容包括新增一台容量达750兆伏安的500千伏主变压 器，同时配套安装两组60兆乏低压并联电容器和两组60兆乏低压并联电抗器。这些关键设备的投运，将 全面提升变电站的调节灵活性、运行稳定性及电能输送效率。 作为丽江电网与云南主网唯一的500千伏联络点，太安变电站承担着保障全市供电、"西电东送"战略实 施及迪庆电网连接主网的重要使命。随着丽江及周边地区新能源项目快速发展，电力外送能力不足成为 制约绿色能源产业发展的瓶颈。此次扩建工程的投产，将有效疏通新能源电力外送的"中梗阻"，为区域 清洁能源接入与高效消纳创造有利条件。 ...

Core Points - The 2025 World Internet Conference Wuzhen Summit will be held in Wuzhen, Zhejiang from November 6 to 9, continuing its commitment to green energy with 100% green electricity supply for the third consecutive year since 2023 [1] - The State Grid Jiaxing Power Supply Company has purchased 510 green power certificates, successfully configuring over 500,000 kilowatt-hours of green electricity, which is expected to reduce carbon emissions by over 380 tons [1] - The company has customized energy-saving and carbon reduction plans for the venues and implemented a "Photovoltaic Doctor" system for real-time monitoring and intelligent diagnosis of solar facilities [1] Energy Infrastructure - Wuzhen has over 900 public charging piles and more than 2,600 private charging piles, along with intelligent mobile charging robots, creating a "5-minute charging circle" to meet green travel needs during the conference [1] - The technological aspect of power supply assurance is enhanced with the deployment of a "six-in-one" portable device, AR glasses, drones, and micro-photography devices for power transmission lines, forming a digital power supply assurance system covering all aspects of power transmission, transformation, distribution, and usage [1] - This system enables real-time visibility of power operation status, intelligent scheduling, and rapid response [1]

特斯拉还在展台打造了一个"未来街区"。街区内，房屋的太阳能板将吸收的太阳能转化为绿电，储存进 特斯拉家用储能系统，房屋内和新能源汽车的电全部来自这一系统，各类机器人替代人工。这个绿色循 环的未来街区，展现了绿色能源助力美好生活的畅想。 (本报记者 王崟欣) 《 人民日报 》( 2025年11月06日 10 版) 没有方向盘、没有脚踏板，甚至没有后视镜……11月5日，特斯拉携明星产品——赛博无人驾驶电动车 亮相进博会汽车展区，这也是该款车型的亚太首秀。 工作人员介绍，该款无人驾驶电动车采用"纯视觉处理系统+端到端神经网络"的自动驾驶方案，不搭载 传统的激光雷达等硬件设备，从而进一步缩短信息决策链路，实现像人脑一样的端到端决策。展台上， 坐进车内，输入目的地便可模拟无人驾驶，仿佛置身科幻大片。 "选择在这里进行赛博无人驾驶电动车的亚太首秀，是因为进博会是国际合作与创新交流的重要平台。 我们希望借助这一全球瞩目的平台，向公众展示特斯拉在人工智能、智能制造和绿色能源方面的前沿技 术与创新能力。我们也期待与全球合作伙伴更深入交流，共同推动世界迈向可持续富足的美好未 来。"特斯拉全球副总裁陶琳介绍。 ...

工作人员介绍，该款无人驾驶电动车采用"纯视觉处理系统+端到端神经网络"的自动驾驶方案，不搭载 传统的激光雷达等硬件设备，从而进一步缩短信息决策链路，实现像人脑一样的端到端决策。展台上， 坐进车内，输入目的地便可模拟无人驾驶，仿佛置身科幻大片。 "选择在这里进行赛博无人驾驶电动车的亚太首秀，是因为进博会是国际合作与创新交流的重要平台。 我们希望借助这一全球瞩目的平台，向公众展示特斯拉在人工智能、智能制造和绿色能源方面的前沿技 术与创新能力。我们也期待与全球合作伙伴更深入交流，共同推动世界迈向可持续富足的美好未 来。"特斯拉全球副总裁陶琳介绍。 特斯拉还在展台打造了一个"未来街区"。街区内，房屋的太阳能板将吸收的太阳能转化为绿电，储存进 特斯拉家用储能系统，房屋内和新能源汽车的电全部来自这一系统，各类机器人替代人工。这个绿色循 环的未来街区，展现了绿色能源助力美好生活的畅想。 没有方向盘、没有脚踏板，甚至没有后视镜……11月5日，特斯拉携明星产品——赛博无人驾驶电动车 亮相进博会汽车展区，这也是该款车型的亚太首秀。 （文章来源：人民日报） ...

Market Performance - A-shares showed resilience with all three major indices closing higher despite a significant drop in the global market, with the Shanghai Composite Index up 0.23%, Shenzhen Component Index up 0.37%, and ChiNext Index up 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan [1] Sector Highlights - The power equipment sector led the market, with the Green Energy ETF (562010) surging, reaching an intraday high of 3.21% before closing up 2.61% [2][4] - The Double Innovation Leader ETF (588330) and the ChiNext Enhanced ETF (159292) both saw gains exceeding 1% [1][2] - The technology sector weakened, particularly in the fintech space, with the 100 Billion Fintech ETF (159851) declining over 1% [1][2] Economic Indicators - The China Warehousing Index for October 2025 rose to 50.6%, indicating a slight recovery in economic vitality [2] - The People's Bank of China announced a continued release of mid-term market liquidity, contributing to a favorable market environment [2] Future Outlook - Analysts from China Galaxy Securities noted that the recent U.S.-China trade talks have alleviated external uncertainties, while domestic policies are expected to support high-quality development and economic governance [3] - The upcoming macro policies are anticipated to provide a stable environment for the A-share market, with the third-quarter reports of listed companies showing resilience in fundamentals [3] Investment Strategies - Investment strategies suggested by Guangfa include focusing on low-valued sectors with expected profit recovery, such as consumer electronics, and maintaining positions in high-growth sectors without overly worrying about year-end style changes [3] - The green energy sector is highlighted as having strong long-term growth potential, driven by global energy investments shifting towards clean energy and technological advancements [7]

Core Viewpoint - The electric equipment sector is leading the market with a net inflow of over 32.4 billion yuan, driven by strong demand for AI, ongoing policy support, and growth in overseas markets [1][4]. Group 1: Market Performance - The electric equipment sector (申万) increased by 3.40%, with a net inflow of 32.443 billion yuan, making it the top sector for capital absorption [2]. - Major stocks like 阳光电源 and 亿纬锂能 received significant capital inflows of 2.452 billion yuan and 1.342 billion yuan, ranking second and fifth in the A-share capital absorption list [1][2]. Group 2: ETF Performance - The green energy ETF (562010) saw a midday increase of 3.21%, closing up 2.61%, and has risen 39.13% since August, outperforming major indices like the创业板指 and沪深300 [2]. - Among the 50 constituent stocks, 44 saw gains, with 阿特斯 hitting the daily limit, and other stocks like 天合光能 and 亿纬锂能 also showing strong performance [2]. Group 3: Industry Drivers - Policy support emphasizes the acceleration of a new energy system and aims for carbon peak by 2030, benefiting leading companies like 宁德时代 and 阳光电源 [4]. - The photovoltaic industry is experiencing a recovery in profitability, with major companies planning to consolidate capacity to stabilize prices [4]. Group 4: Technological Advancements - Recent research from Tsinghua University has made breakthroughs in solid-state batteries, addressing challenges in fast charging and battery life [5]. Group 5: Long-term Outlook - The green energy sector is expected to have solid long-term growth driven by global energy investments shifting towards clean energy, with electrification and renewable resources shaping the future energy landscape [5][6].

Core Viewpoint - 佛燃能源 (002911) is actively expanding its business in urban gas, renewable energy, and technology development, while maintaining stable growth in financial performance and planning for future dividends [1][3][5]. Business Segment Layout - The company focuses on urban gas services, enhancing infrastructure, and expanding into oil and chemical products, hydrogen energy, thermal energy, photovoltaics, energy storage, and green methanol [2]. - It is also advancing research and development in solid oxide fuel cells (SOFC) and other energy technologies, while exploring supply chain services and extending into engineering and lifestyle services [2]. Financial Performance - Since its listing, the company's revenue has grown from 4.292 billion to 31.589 billion yuan from 2017 to 2024, with a compound annual growth rate (CAGR) of 33.00%. Net profit increased from 347 million to 853 million yuan during the same period, with a CAGR of 13.69% [3]. - For the first three quarters of 2025, total assets reached 21.052 billion yuan, a 9.01% increase from the beginning of the year. Natural gas supply was 3.524 billion cubic meters, with total revenue of 23.501 billion yuan, a year-on-year increase of 5.38%, and net profit of 490 million yuan, up 6.07% [3]. Gas Business Regional Layout - The company holds 13 regional pipeline gas business licenses, with exclusive rights in several districts within 佛山市 and additional licenses in various other regions [4]. Dividend Policy - Since its IPO in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to 3.088 billion yuan, averaging over 65% of net profit. The company plans to distribute at least 65% of net profit as cash dividends annually from 2025 to 2027 [5]. Investment in Green Methanol - The company is investing in green methanol projects in response to national policies promoting green liquid fuels, aiming to capture market opportunities in the context of stricter international emissions regulations [6]. - The collaboration with Hong Kong's China Gas leverages their expertise in green methanol production, enhancing the company's strategic positioning in the green energy sector [7][8]. SOFC Business Development - The company has established a specialized R&D team for SOFC, collaborating with leading domestic and international firms to develop and demonstrate SOFC systems, targeting applications in various sectors including distributed energy [10][11].

10月30日，中国能源建设股份有限公司（以下简称"中国能建"）在南美洲的首个新能源投资项目——巴西科雷马斯光伏项目顺利完成交割。中能建海外投 资有限公司（以下简称"能建海投"）正式成为该项目的控股股东，并全面负责运营管理。此举标志着中国能建在南美洲新能源投资领域迈出关键一步，实 现了境外投资业务的重大突破，也为中巴两国绿色能源合作注入新动能。 ▲项目航拍 未来，能建海投将积极践行中巴两国领导人共识，以中国能建"四新"战略为指引，深化与当地政府、行业领军企业及金融机构的务实合作，推动两国在清 洁能源与可持续发展领域的深度协作，持续为中巴合作不断注入绿色动能。 记者：王可 编辑：韩懿 完成交割后，能建海投将积极推进项目的升级改造与运维优化，通过技术和管理提升发电效率与运营效益，致力于将科雷马斯光伏项目打造为南美地区具 有示范意义的绿色能源标杆工程。 ▲仪式现场 校对：刘卓 科雷马斯光伏项目位于巴西东北部帕拉伊巴州，总装机容量约93兆瓦，年均发电量达1.67亿千瓦时，可满足当地超过8万户家庭的年度用电需求，相当于 每年节约标准煤约2.05万吨，减排效益显著。该项目已为当地创造近百个就业岗位，在带动区域经济发展的同时 ...

Group 1 - Over 26 billion in main funds flowed into the power equipment sector, making it the top sector among 31 Shenwan primary industries [1] - The only ETF tracking the green energy index (562010) saw a midday surge, with an intraday increase of 3.21% and a current rise of 2.51% [1] - Key stocks in the sector include Arctech leading with over 15% increase, followed by Yiwei Lithium Energy and Trina Solar with over 7% gains [1] Group 2 - The AI industry is facing a power supply issue rather than a surplus of computing power, as stated by Microsoft CEO Satya Nadella [3] Group 3 - The global energy transition is driving optimism for green energy development, with significant demand for energy storage driven by data centers [4] - Lithium battery demand is expected to grow over 30% next year, presenting investment opportunities in materials, batteries, and integration [4] - The all-solid-state battery technology is advancing, with progress in commercialization and production capacity [4] - The importance of green energy is emphasized in the "14th Five-Year Plan," aiming for carbon peak by 2030, benefiting leading companies like CATL and Sungrow [4] - The green energy sector is seen as having a solid long-term growth logic, with a clear investment theme focusing on clean energy, electrification, smart grids, and renewable resources [4] Group 4 - The green energy ETF (562010) passively tracks the green energy index, with top ten weighted stocks including CATL, BYD, and Sungrow [5] - It is noted as the only ETF in the market tracking the green energy index [6]