Core Viewpoint - The National Development and Reform Commission has revised the "Energy Conservation Review and Carbon Emission Evaluation Method for Fixed Asset Investment Projects," which will take effect on September 1, 2025, aiming to enhance energy conservation and carbon emission management in investment projects [1] Group 1: Key Changes in the Review Process - The revision incorporates carbon emission evaluation and coal consumption management requirements into the energy conservation review process [1] - A dynamic adjustment mechanism for energy conservation review authority has been established to improve management requirements during and after the review process [1][2] Group 2: Importance of Energy Structure - China's energy resource endowment is characterized by "rich coal, poor oil, and scarce gas," leading to a coal-dominated energy consumption structure [1] - Controlling total energy consumption, optimizing energy consumption structure, and improving energy efficiency are crucial for achieving carbon neutrality goals [1] Group 3: Implementation of Carbon Emission Evaluation - The new requirements for carbon emission evaluation during project reviews will help identify high carbon emission projects and prevent the blind approval of "high energy consumption, high pollution, and low efficiency" projects [2] - The evaluation of coal consumption will be strictly controlled, using coal consumption volume as a key basis for review authority classification [2] Group 4: Historical Impact of Energy Conservation Review - Since its implementation, the energy conservation review system has significantly improved energy efficiency and reduced unreasonable energy consumption, saving approximately 14 million tons of standard coal annually since the 14th Five-Year Plan [3] - However, issues such as weak regulatory enforcement and the delegation of review authority have led to the over-concentration of high energy consumption projects in certain areas [3] Group 5: Future Directions for Green Development - Ensuring strict energy conservation and low-carbon entry standards for fixed asset investment projects is a critical step towards promoting green and high-quality development [4] - Future efforts should integrate various policy tools to support comprehensive green transformation in economic and social development [4]

据悉，办法自2025年9月1日起施行，原《固定资产投资项目节能审查办法》同时废止。下一步，国家发 展改革委将持续加强工作指导和监督管理，推动各有关方面落实好办法要求，更好发挥节能审查和碳排 放评价源头把关作用，坚决遏制高耗能高排放项目盲目无序上马，扎实推动产业结构和能源结构调整优 化，加快经济社会发展全面绿色转型。 新华社北京7月25日电（记者魏玉坤）记者25日从国家发展改革委获悉，为贯彻落实党中央、国务院决 策部署，建立能耗双控向碳排放双控全面转型新机制，更好适应新形势下的节能降碳工作需要，强化固 定资产投资项目能源消费和碳排放管理，近日，国家发展改革委修订印发《固定资产投资项目节能审查 和碳排放评价办法》。 【纠错】 【责任编辑:王頔】 办法将碳排放评价和煤炭消费管理有关要求纳入节能审查，对项目用能和碳排放情况进行综合审查评 价；建立节能审查权限动态调整机制，由国家发展改革委对重点领域重大项目实施节能审查和碳排放评 价；强化节能审查事中事后监管，压实地方管理节能工作部门的监督管理职责，完善项目节能报告和情 况说明编制、项目重大变动情形、节能审查验收等方面的具体规定，明确相关违法违规行为的法律责 任。 ...

Group 1 - The central government emphasizes the importance of stabilizing employment, enterprises, markets, and expectations to achieve economic goals for the year and ensure a successful conclusion to the 14th Five-Year Plan [1][2] - The State Council highlights the need to enhance macro policy effectiveness and address challenges to meet the annual development targets [1][2] - Various departments have outlined key work areas to support economic stability and growth, focusing on domestic and international dual circulation [1][2] Group 2 - The National Development and Reform Commission aims to strengthen internal circulation, optimize external circulation, and complete annual targets and tasks of the 14th Five-Year Plan [1][2] - Emphasis on stabilizing employment and promoting consumption through investment and policy measures [2][8] - The Ministry of Industry and Information Technology focuses on enhancing the quality of key industrial chains and promoting technological innovation [5][7] Group 3 - The Ministry of Finance plans to implement more proactive fiscal policies to support consumption and expand domestic demand [8][10] - The People's Bank of China is committed to maintaining a moderately loose monetary policy to support innovation, consumption, and small enterprises [16][17] - The China Securities Regulatory Commission aims to consolidate market stability and enhance regulatory effectiveness [31][35] Group 4 - The National Administration of Foreign Exchange is working on reforms to facilitate foreign trade and investment, enhancing the management of cross-border capital flows [37][38] - The focus is on improving the regulatory framework for foreign exchange management to ensure safety and efficiency [42][43]

Investment Rating - The report maintains a "Buy" rating for several companies including Jin Feng Technology, Daikin Heavy Industries, and Yun Da Co., while recommending "Hold" for others like Tai Sheng Wind Energy and Jin Lei Co. [1][4] Core Insights - The report highlights a significant increase in offshore wind power grid connections, with a year-on-year growth of 200% in the first half of 2025, indicating a positive trend in the industry [2][3][4] - The National Development and Reform Commission emphasizes the need to eliminate "involution" competition and promote reforms in the bidding system, which is expected to stabilize and potentially increase wind turbine prices [2][4] - The report notes that the wind power sector is experiencing accelerated construction and a strong demand for large-scale products, which is expected to enhance profitability for key players [4][7] Industry Dynamics - The report outlines that in the first half of 2025, the total installed capacity of wind power reached 572.60 million kW, with a year-on-year increase of 22.70% [25][30] - The total new installed capacity for wind power in the first half of 2025 was 51.39 GW, representing a 98.88% increase compared to the same period in 2024 [25][28] - The average bidding price for offshore wind turbines has shown a downward trend, currently averaging 3266.17 yuan/kW [3][53] Market Performance - The wind power equipment index reported a TTM price-to-earnings ratio of 33.17 and a market-to-book ratio of 1.69 [14][21] - The wind power equipment sector outperformed the broader market, with a weekly increase of 1.86%, ranking 12th among 124 sub-sectors [14][17] Company Performance - Key companies such as Jin Feng Technology and Yun Da Co. are highlighted for their strong market positions and expected benefits from the ongoing industry trends [4][7] - The report identifies specific companies for investment based on their market advantages and growth potential, including Daikin Heavy Industries and Tai Sheng Wind Energy [7]

Core Viewpoint - The National Development and Reform Commission (NDRC) has revised and issued the "Measures for Energy Conservation Review and Carbon Emission Evaluation of Fixed Asset Investment Projects," which will take effect on September 1, 2025, replacing the previous energy conservation review measures [1] Group 1 - The revised measures incorporate carbon emission evaluation and coal consumption management requirements into the energy conservation review system, allowing for a comprehensive assessment of project energy use and carbon emissions [2] - A dynamic adjustment mechanism for energy conservation review authority has been established, with the NDRC responsible for reviewing major projects in key areas and detailing specific review processes [2] - The measures enhance the management of energy conservation reviews during and after project implementation, requiring oversight of review implementation and clarifying circumstances for significant project changes and non-compliance with review opinions [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On August 4, the main contracts of coke and coking coal futures rebounded significantly after hitting lows, with coking coal showing a larger increase. The spot market of double - coking is lagging behind the futures market, resulting in a significant difference in the trend between the two. Considering the tight supply in the double - coking spot market driven by supply - demand relationship, there is still room for price increase. It is possible that the phased decline of double - coking futures has ended, and then it may turn into a volatile trend, waiting for further development of the supply - demand relationship after the spot market price increase to determine the direction [5][11]. 3. Summary by Related Catalogs 3.1 Market Review - **Futures Market**: On August 4, the main contract J2509 of coke futures had a previous closing price of 1585 yuan/ton, an opening price of 1585.5 yuan/ton, a highest price of 1626 yuan/ton, a lowest price of 1551.5 yuan/ton, and a closing price of 1615 yuan/ton, with a decline of 0.15%. The trading volume was 30,451 lots, the open interest was 25,782 lots, a decrease of 2,331 lots, and the capital outflow was 0.58 billion yuan. The main contract JM2601 of coking coal futures had a previous closing price of 1092.5 yuan/ton, an opening price of 1099.5 yuan/ton, a highest price of 1143 yuan/ton, a lowest price of 1066.5 yuan/ton, and a closing price of 1141 yuan/ton, with an increase of 2.33%. The trading volume was 1,908,758 lots, the open interest was 487,977 lots, an increase of 59,997 lots, and the capital inflow was 10.71 billion yuan [5]. - **Spot Market**: On August 4, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1420 yuan/ton, with no change. In Tangshan, it was 1350 yuan/ton, also with no change. For low - sulfur main coking coal, the price in Tangshan increased by 180 yuan/ton to 1485 yuan/ton, in Linfen it remained unchanged at 1500 yuan/ton, etc. [8]. - **Technical Indicators**: On August 4, the daily KDJ indicator of the coke 2509 contract showed a divergent trend, with the J - value turning up slightly, while the K - value and D - value continued to decline. The daily KDJ indicator of the coking coal 2601 contract continued to decline. The daily MACD indicator of the coke 2509 contract had a dead - cross the previous day and the green bar enlarged; the daily MACD indicator of the coking coal 2601 contract had a dead - cross [8]. 3.2 Future Outlook - **Policy**: The National Energy Administration will guide coal - producing provinces and enterprises to ensure coal production and supply, and conduct production inspections to prevent over - capacity production [10]. - **Fundamentals**: For coke, the output of independent coking plants decreased slightly after two consecutive weeks of increase, and the output of steel mills reached a new low since late February. The port coke inventory reached a new high since early June, while the inventories of steel mills and coking plants reached new lows since late December last year. The profit per ton of coke has been in the red for 11 consecutive weeks, and the fifth round of spot price increase for coke was proposed on August 3. For coking coal, from January to June, the import volume of coking coal in China still showed a large year - on - year decline of 7.4%. The inventories of raw coal and clean coal in coal washing plants have dropped significantly in the past 7 weeks, with declines of 17.6% and 33.8% respectively. The inventory of independent coking plants has increased for 6 consecutive weeks and reached a new high since early February, the port inventory reached a new low since early August last year, and the steel mill inventory has increased for 3 consecutive weeks. With the continuous increase of steel mill inventory, the replenishment of coking plants has significantly cooled down [10]. 3.3 Industry News - The National Development and Reform Commission has completed the allocation of the third batch of 69 billion yuan of ultra - long - term special treasury bond funds for consumer goods trade - in this year, and will allocate the fourth batch of 69 billion yuan in October to complete the annual allocation plan of 300 billion yuan. The 800 billion yuan list of "two major" construction projects and 735 billion yuan of central budgetary investment have been basically allocated. The NDRC will promote project construction and strengthen supervision [12]. - From July 19 - 25, the average coal price in Inner Mongolia was 730.96 yuan/ton, a week - on - week decrease of 0.7% and a year - on - year decrease of 9.8%. Domestic coal production capacity is continuously released, and overseas coal imports have increased significantly year - on - year [14]. - In the first half of 2025, Shaanxi Coal Industry Group achieved an operating income of 227.5 billion yuan and a profit of 18.04 billion yuan, with coal production reaching 129 million tons, a year - on - year increase of 1.5%, and power generation reaching 27.27 billion kWh, a year - on - year increase of 3.4% [14]. - Henan Dayou Energy Co., Ltd. has transferred its coal production capacity replacement indicators to Shenmu Shengfu Mining Co., Ltd. for a total transaction price of 1.01132 billion yuan [14]. - The "Xinjiang Coal to Jiangsu" railway direct - access channel of Xinjiang Energy Group has been successfully connected. The comprehensive shipping cost has decreased by 20% compared with the beginning of the year, and it aims to achieve an annual sales volume of 3 million tons in the East China region this year [14]. - In July, the single - month power sales of State Grid Shandong Electric Power exceeded 62.12 billion kWh for the first time, a year - on - year increase of 20.19% [15]. - As of July 30, Gansu has signed new inter - provincial power transmission agreements with 9 provinces and cities this year, and the cross - provincial and cross - regional power transmission transaction volume has reached 61.742 billion kWh, of which new energy accounts for 57.57%, a year - on - year increase of 27.18% [15]. - In July, the coal production of Coal India Limited was 46.4 million tons, a year - on - year decrease of 15.7% and a month - on - month decrease of 19.72%, and the sales volume was 53.7 million tons, a year - on - year decrease of 9.9% and a month - on - month decrease of 11.09% [16].

国家发改委修订相关办法，把好节能降碳"源头关"—— 助推经济社会发展绿色转型 固定资产投资项目节能审查和碳排放评价是从源头提高新上项目能源利用效率、减少碳排放的一项重要 制度，是中国节能降碳制度体系的重要组成部分。近日，国家发展改革委修订印发《固定资产投资项目 节能审查和碳排放评价办法》（以下简称《办法》），自2025年9月1日起施行。据了解，此举旨在贯彻 落实党中央、国务院关于节能降碳的部署要求，进一步健全有关制度规定、着力提升管理效能，推动经 济社会高质量发展。 促进用能主体节能增效 节能审查制度有什么作用？据国家发展改革委有关负责人介绍，节能审查制度建立实施以来，在提高能 源利用效率、促进产业提质升级等方面发挥了重要作用。一是从源头减少能源浪费和二氧化碳排放，二 是推动产业转型升级，三是促进用能主体节能增效。 "节能审查依据节能政策制度和法规标准等要求，指导项目建设单位在开工建设前优化项目能源管理机 制，完善工艺技术路线设计和节能高效设备选型等方案，可有效减少不合理能源消费、提高能源利用效 率。"该负责人说，"十四五"以来，全国每年通过节能审查有效减少项目不合理设计能耗约1400万吨标 准煤，相当于减少 ...

近日，山东省荣成市热电厂内机械轰鸣，高温次高压供暖锅炉节能改造工程施工正酣。改造完成后，供 暖锅炉的热效率将得到有效提高，煤炭消耗量将进一步降低，既能保障冬季供暖的稳定性与充足性，又 能为当地节能减排、推动绿色低碳发展。 李信君摄（人民视觉） 固定资产投资项目节能审查和碳排放评价是从源头提高新上项目能源利用效率、减少碳排放的一项 重要制度，是中国节能降碳制度体系的重要组成部分。近日，国家发展改革委修订印发《固定资产投资 项目节能审查和碳排放评价办法》（以下简称《办法》），自2025年9月1日起施行。据了解，此举旨在 贯彻落实党中央、国务院关于节能降碳的部署要求，进一步健全有关制度规定、着力提升管理效能，推 动经济社会高质量发展。 促进用能主体节能增效 节能审查制度有什么作用？据国家发展改革委有关负责人介绍，节能审查制度建立实施以来，在提 高能源利用效率、促进产业提质升级等方面发挥了重要作用。一是从源头减少能源浪费和二氧化碳排 放，二是推动产业转型升级，三是促进用能主体节能增效。 "节能审查依据节能政策制度和法规标准等要求，指导项目建设单位在开工建设前优化项目能源管 理机制，完善工艺技术路线设计和节能高效设备选 ...

郑栅洁表示，要着力稳就业、稳企业、稳市场、稳预期，进一步做强内循环、优化外循环、搞好双循 环。同时更大力度稳定就业，扎实维护粮食、能源、产业链供应链等重点领域安全，做好迎峰度夏、迎 峰度冬能源电力保供工作，加强安全生产和防灾减灾，强化重点行业领域风险隐患治理，加强普惠性、 基础性、兜底性民生建设。 为扎实做好下半年发展改革工作，努力完成全年预期目标和"十四五"规划各项任务，日前，国家发展改 革委就下半年九方面工作进行部署。 国家发展改革委主任郑栅洁在会上表示，发展改革系统要扎扎实实做好下半年发展改革工作，努力完成 全年预期目标和"十四五"规划各项任务，为"十五五"良好开局打好基础。一是聚焦重大变化、重要指 标、重大问题等做好形势分析和研判。二是扎实做好"十四五"规划收官各项工作。三是加大力度稳投资 促消费。四是因地制宜培育壮大新质生产力。五是纵深推进全国统一大市场建设。六是坚定不移扩大高 水平对外开放。七是以碳排放双控全面转型推动绿色低碳发展。八是全面推进区域城乡协调发展。九是 强化综合统筹和综合平衡。 ...

转自：贝壳财经 A.行业动态 1. 工信部：加强光伏等行业治理，以标准提升倒逼落后产能退出 7月28日，全国工业和信息化主管部门负责同志座谈会在京召开。 会议提出，加强新能源汽车动力电池、电动自行车锂离子电池回收利用管理。实施绿色工厂提质扩面计划、绿色低碳供应链提升行动。加强安全生产工作， 全面完成危化品生产企业搬迁改造。会议还提出，巩固新能源汽车行业"内卷式"竞争综合整治成效，加强光伏等重点行业治理，以标准提升倒逼落后产能退 出。 零碳解读：加强光伏行业规范治理，通过提升行业标准，淘汰落后产能，推动行业从低价无序竞争转向技术引领和品质提升。同时，通过系统施策集中治理 违背市场和产业发展规律的行为，营造良好产业发展生态环境 。 2. 工信部：推动光伏落后产能有序退出 一、双碳要闻 中国光伏行业协会7月25日在山西大同召开"光伏行业2025年上半年发展回顾与下半年形势展望研讨会"。工业和信息化部电子信息司二级巡视员吴国纲在发 言中表示，在规范行业发展方面，推动落后产能有序退出，强化规范条件的政策引导作用，定期公告符合规范条件的企业名单，实行社会监督和动态管理， 持续营造以创新为引领、以质量为优先、以公平为准则的 ...