Investment Rating - The report indicates a positive outlook for the green certificate market, suggesting it is entering a high-quality development phase [3][6]. Core Insights - Green certificates are the only proof of the environmental attributes of renewable energy electricity in China, with a market mechanism that allows for flexible trading [3][4]. - The development of the green certificate market is strategically significant, emphasizing the environmental value of green electricity and imposing mandatory consumption ratios on high-energy-consuming industries [3][4]. - The report forecasts a substantial increase in the trading scale of green certificates, estimating a market size of 132 billion yuan by 2026 [4][6]. Summary by Sections 1. Green Certificate Market Development - The green certificate market is expected to undergo high-quality development, with a significant increase in issuance and trading volume [3][6]. - The average price of green certificates is projected to rise in the future due to increasing demand from both domestic and international markets [4][6]. 2. Trading Mechanism and Scale - The report outlines a closed-loop operation mechanism for green certificates, including issuance, trading, application, and cancellation [3][4]. - As of September 2025, a total of 70.62 billion green certificates have been issued, with a notable increase in trading volume [4][41]. 3. Mandatory Consumption Requirements - Each province and high-emission industry has established mandatory consumption ratios for green electricity, which are set to increase annually [3][54]. - The report highlights that regions with abundant renewable energy resources have higher mandatory consumption ratios compared to coastal areas [57]. 4. International Recognition and Future Outlook - The report emphasizes the need to enhance the international recognition of China's green certificates, especially in light of the EU's carbon tariff set to take effect in 2026 [3][4]. - By 2027, the green certificate market is expected to have a well-established trading system, combining mandatory and voluntary consumption mechanisms [21][22].

国务院参事室副主任郑宏英表示，中国是全球气候治理的积极参与者、重要贡献者和关键引领者。9月 份宣布的中国新一轮国家自主贡献，标志着中国迈入了更加系统全面的低碳韧性发展新征程，并将为 《巴黎协定》长期目标实现作出积极贡献。 来源：中国青年报 国新办近日发布的《碳达峰碳中和的中国行动》白皮书指出，中国能源绿色低碳转型取得显著成效，非 化石能源实现跃升发展，化石能源清洁高效利用加快推进，电力系统综合调节能力持续提升。白皮书的 数据显示，中国已经实现全球规模最大、速度最快的新能源发展，推进非化石能源消费比重由2020年的 16.0%增至2024年的19.8%，年均提高近1个百分点。 当地时间11月13日，《联合国气候变化框架公约》第三十次缔约方大会（COP30）中国角新能源日"中 国能源转型与新能源发展"主题边会在巴西贝伦举行。国家能源局供图 中国青年报客户端讯（中青报·中青网记者 贾骥业）记者从国家能源局了解到，当地时间11月13日， 《联合国气候变化框架公约》第三十次缔约方大会（COP30）中国角新能源日"中国能源转型与新能源 发展"主题边会在巴西贝伦举行，会上发布了《中国能源转型展望2025》《中国绿证发展报告 ...

Core Insights - The article discusses the recent implementation of the "Implementation Opinions on Expanding Green Trade" by the Ministry of Commerce and 16 other departments, which includes 16 targeted measures to enhance China's international competitiveness in green trade [1][2] - It highlights the transition of China's foreign trade strategy from a growth-oriented approach to a rule-based strategy focused on standards and values, aiming to position China as a leader in global green trade rules [3][4] Group 1: Policy and Strategic Shifts - The new policy marks a significant shift in China's green trade approach, moving from policy advocacy to systematic promotion, particularly in green supply chain collaboration and carbon footprint accounting [1][2] - Experts emphasize the need for China to actively participate in international trade rule-making processes to overcome structural challenges and enhance its negotiating power [2][3] - The article suggests that the establishment of a unified carbon footprint database is crucial for addressing the challenges faced by Chinese enterprises in meeting international standards [10][11] Group 2: Industry Opportunities and Challenges - The green trade sector presents both opportunities and challenges, with strong trade demand driven by climate change urgency and fragmented international green standards creating new trade barriers [2][3] - China's exports of wind power, photovoltaic, and new energy vehicles have significantly contributed to global carbon reduction, with exports to over 200 countries and regions [5] - The article outlines the need for a comprehensive transformation of China's foreign trade, focusing on green product exports, low-carbon logistics, and overall supply chain collaboration [5][6] Group 3: Implementation and Infrastructure - The article mentions the importance of green industrial parks in enhancing the competitiveness of foreign trade enterprises, with the Ministry of Industry and Information Technology reporting the establishment of numerous national green factories and parks [8] - It highlights the role of leading foreign trade enterprises in driving green transformation across the supply chain by setting green standards and sharing carbon management tools [6][7] - The article also discusses the necessity of creating a credible carbon data system to support the establishment of green supply chains and enhance the transparency of ESG disclosures [10][11] Group 4: Regional Development Strategies - The article suggests differentiated regional strategies for developing green supply chains, with trade provinces leveraging digital infrastructure to create zero-carbon supply chain demonstration zones [9] - It emphasizes the need for policy support, such as tax reductions and subsidies, to facilitate the development of green service trade in regions like Guangxi and Chongqing [9] Group 5: Future Directions - The article concludes with recommendations for enhancing the credibility and international recognition of ESG ratings, particularly for small and medium-sized enterprises facing challenges in professional capacity and financing [11][12] - It stresses the importance of integrating carbon pricing mechanisms with domestic carbon markets to drive the transition towards green trade [12]

Core Viewpoint - The white paper "China's Action on Carbon Peak and Carbon Neutrality" highlights significant achievements in China's efforts to reach carbon peak and carbon neutrality over the past five years, emphasizing the importance of reducing emissions and enhancing green development [1]. Group 1: Policy Framework - China has established the most comprehensive carbon reduction policy system globally [2]. - The guiding principle for achieving carbon peak and neutrality is represented by "1," while "N" refers to the implementation plans across key industries, sectors, and regions, with all 31 provinces having developed their carbon peak plans [3]. Group 2: Energy Transition - The proportion of non-fossil energy consumption is projected to increase from 16.0% in 2020 to 19.8% by 2024, with an average annual increase of nearly 1 percentage point [5]. - By 2024, the production of recycled non-ferrous metals in China is expected to reach 19.15 million tons, with one ton of green electricity used for every four tons of electrolytic aluminum produced [6]. Group 3: Economic Impact - China has built the largest and most complete clean energy industrial chain globally, with the "three new" economy (new industries, new business formats, and new models) expected to account for over 18% of GDP by 2024 [10]. Group 4: Urban Development - The area of newly constructed green buildings in urban areas is set to increase significantly in 2024, reflecting a shift towards greener urban construction methods and improved living quality [14]. Group 5: Lifestyle Changes - A green low-carbon lifestyle is becoming a new trend, with 27 provinces having introduced carbon-inclusive policies covering areas such as green travel, energy conservation, recycling, and waste sorting [17]. Group 6: Equipment Upgrades - Through large-scale equipment upgrades, over 20 million sets of equipment in key sectors are expected to be updated by 2024, resulting in energy savings equivalent to approximately 2.5 million tons of standard coal [20]. Group 7: Recycling Infrastructure - By the end of 2024, China aims to establish around 150,000 waste material recycling points and approximately 1,800 large sorting centers [21].

巴西当地时间 11 月 13 日 ， 《联合国气候变化框架公约》第三十次缔约方大会（ C OP30 ）中国角 新能源日 " 中国能源转型与新能源发展 " 主题边会在巴西贝伦成功举办 。会议由中国国家能源局新能源和可再生能源司、国务院参事室交流合作司指导，中国宏观经济研究院能源研究所、 国网能源研究院有限公 司联合主办 。 中国气候变化事务特使刘振民、国务院参事室副主任郑宏英、国家发展改革委环资司司长王善成、国家能源 局新能源和可再生能源司司长李创军、国家能源局国际司副司长熊敏峰 ， 丹麦气候事务大使奥勒 · 通克、国际可再生能源署总干事弗朗西斯科 · 拉 · 卡梅拉、 巴西财政部生态转型副秘书长卡罗利娜 · 格罗特拉 出席会议并致辞。 国家能源局新能源和可再生能源司介绍中国新能源和可再生能源发展所做的工作、取得的成绩和积累的经验 ， 发布《中国绿证发展报告》。国家 能源局国际司 介绍 中国能源转型为全球绿色低碳发展注入强大动力 的实践经验。 中国宏观经济研究院能源研究所发布《中国能源转型展望 2025 》 ， 国网能源研究院有限公司能源战略与规划研究所发布《中国能源电力发展展望 2025 》 等 。 本次边会 ...

Domestic Macro - The Ministry of Commerce and the General Administration of Customs announced the suspension of multiple export control measures effective from November 7, 2025, impacting various materials including rare earths and lithium batteries [5][15] - The Ministry of Finance released a report on the execution of China's fiscal policy for the first half of 2025, emphasizing the need for a more proactive fiscal policy and continued implementation of consumption-boosting initiatives [5][15] - The National Development and Reform Commission held a press conference on November 11, 2025, to discuss measures to further promote private investment development [5][15] Industry Policies - The Ministry of Industry and Information Technology issued a notice on November 7, 2025, to initiate key product innovation tasks in the fine chemical sector for 2025 [6][19] - The National Energy Administration released guidelines on promoting the integration of coal and new energy development on November 7, 2025 [6][19] - The National Development and Reform Commission and the National Energy Administration published guidance on promoting the consumption and regulation of new energy on November 10, 2025 [6][19] Local Policies - On November 8, 2025, a major project planning and implementation meeting was held in Qingdao, and the Chongqing government adjusted some administrative divisions [7][19] - The Beijing Municipal Government issued opinions on constructing a comprehensive data element pilot zone to deepen the market-oriented allocation of data elements on November 9, 2025 [7][19] - The Shanghai Municipal Government's executive meeting on November 10, 2025, focused on creating an open innovation hub to support leading industries in global competition [7][19] Overseas Dynamics - On November 8, 2025, the U.S. Democratic Party softened its stance on government shutdown, while the Republican Party acknowledged progress [9] - The South Korean government plans to reduce the maximum tax rate on dividend income from 35% to 25% [9] - On November 11, 2025, the European Union proposed to gradually eliminate Huawei and ZTE equipment from member states [9]

Core Viewpoint - China is a steadfast action-oriented contributor to global climate governance, having explored a new path for sustainable development through its efforts [1][3]. Group 1: Policy and Achievements - China has established the most systematic and comprehensive carbon peak and carbon neutrality policy framework globally, integrating these goals into ecological civilization and overall economic and social development [3]. - The country has built the largest and fastest-growing renewable energy system in the world, with installed wind and solar power capacity exceeding 1.69 billion kilowatts, more than three times that of 2020, contributing approximately 80% of new power installations since 2020 [3]. - By the end of 2024, new energy storage capacity is expected to reach 73.76 million kilowatts, which is 20 times that of 2020, accounting for over 40% of global installed capacity [3]. Group 2: Economic Impact - The "three new" economy (new industries, new business formats, and new models) is projected to account for over 18% of GDP in 2024, an increase of 1.2 percentage points since 2020 [4]. - China has become the largest market for new energy vehicles, with a total of 36.89 million electric vehicles by mid-2025, representing over half of the global total [4]. - The penetration rate of new energy passenger vehicles in the domestic market reached 52.2% from January to September 2025, ranking first among major economies [4]. Group 3: Energy Efficiency and Circular Economy - China is one of the fastest countries in the world to reduce energy intensity, with a cumulative decrease of 11.6% in energy consumption per unit of GDP from 2020 to 2024 [5]. - The country has developed the most complete and efficient circular economy system globally, with a comprehensive utilization rate of major solid waste reaching 59% by 2024 [5]. - The annual utilization of major recycled resources exceeds 400 million tons, with the production of recycled non-ferrous metals reaching 19.15 million tons, maintaining the top position globally for 15 consecutive years [5]. Group 4: Environmental Contributions - China has achieved the fastest and largest increase in greening globally, with a forest coverage rate of 25.09% and a forest stock volume of 20.988 billion cubic meters by 2024 [5]. - The country has successfully realized "zero growth" in land degradation and a dual reduction in desertified and sandy land areas, contributing to a quarter of the world's new green area [5]. - China provides high-quality green low-carbon products to the world, supplying 70% of wind power equipment and 80% of photovoltaic components globally, significantly reducing costs in these sectors [5].

Core Viewpoint - The article emphasizes the importance of promoting high-quality development of renewable energy in China, as guided by national policies and targets for carbon neutrality and peak carbon emissions [2]. Summary by Sections Renewable Energy Power Consumption Responsibility Completion - In 2024, the national renewable energy power consumption responsibility weight was completed at 35.2%, an increase of 3.2 percentage points year-on-year [5]. - 26 provinces completed the national total consumption responsibility weight, with Sichuan, Yunnan, and Qinghai exceeding 70% [5]. - Only Shanxi, Hubei, and Chongqing did not meet their renewable energy power consumption responsibility weights, with deficits of 0.3, 3.0, and 1.9 percentage points respectively [5][9]. Non-Hydropower Renewable Energy Power Consumption - The actual completion of non-hydropower renewable energy power consumption responsibility weight was 20.8%, up by 2.7 percentage points year-on-year [10]. - 28 provinces met the national non-hydropower consumption responsibility weight, with six provinces exceeding 30% [10]. - Shanxi was the only province that did not meet the non-hydropower renewable energy power consumption responsibility weight, with a shortfall of 0.6 percentage points [10][12]. Utilization Rates of Renewable Energy - In 2024, the average wind power utilization rate was 95.9%, a decrease of 1.4 percentage points year-on-year [13]. - The average photovoltaic power utilization rate was 96.8%, down by 1.1 percentage points year-on-year [13]. - The effective hydropower utilization rate was approximately 99.0%, a decline of 0.4 percentage points year-on-year [13]. High Voltage Direct Current (HVDC) Transmission of Renewable Energy - In 2024, 20 HVDC lines transmitted a total of 705.3 billion kWh, with renewable energy accounting for 400.8 billion kWh, an increase of 22.2% year-on-year [22]. - Renewable energy accounted for 56.8% of the total transmission volume of HVDC lines, an increase of 4.3 percentage points year-on-year [22]. Clean Energy Demonstration Provinces - In Zhejiang, the total renewable energy power consumption was 170.9 billion kWh, accounting for 25.2% of the province's total electricity consumption, an increase of 3.1 percentage points year-on-year [24]. - In Sichuan, the total renewable energy power consumption was 298 billion kWh, representing 74.5% of the province's total electricity consumption, a decrease of 1.5 percentage points year-on-year [24]. - In Gansu, the total renewable energy power consumption was 93.1 billion kWh, accounting for 53.3% of the province's total electricity consumption, an increase of 1.7 percentage points year-on-year [25].

Core Viewpoint - The renewable energy sector is experiencing significant growth, driven by rising stock prices of companies like TianNai Technology, Xiamen Tungsten, and Jiayuan Technology, which have all increased by over 3% [1] Group 1: Market Performance - The Sci-Tech Innovation Board's New Energy ETFs have seen positive performance, with the Sci-Tech Innovation New Energy ETF and the Yi Fangda New Energy ETF both rising by 1.73% [2] - The estimated scale of the Yi Fangda New Energy ETF is 2.45 billion, while the Sci-Tech Innovation New Energy ETF has an estimated scale of 10.63 billion [2] Group 2: Industry Developments - The National Energy Administration has issued guidelines to promote the integration of coal and new energy, aiming for significant achievements by the end of the 14th Five-Year Plan, with a focus on developing photovoltaic and wind power industries in coal mining areas [2] - The recent surge in the photovoltaic sector is attributed to overseas orders and rising prices of battery components, with a notable order of 4.2 GW secured in the Middle East [3] - The lithium battery component prices have increased significantly, with the price of 6F single units surpassing 131,000, reflecting an increase of 82,000 since August [3] Group 3: Investment Opportunities - The Sci-Tech Innovation New Energy ETF tracks an index with nearly 50% weight in photovoltaics and about 40% in the battery supply chain, indicating strong alignment with current market trends [4] - Major companies like CATL and Sungrow are expected to benefit from the 14th Five-Year Plan, which emphasizes the construction of a new energy system and aims for carbon peak and neutrality [4] - The solid-state battery market is gaining traction, with companies like Xiamen Tungsten and Putailai benefiting from increased demand in the AI era [4] Group 4: Future Outlook - The photovoltaic industry is entering a critical phase, with expectations for long-term benefits for leading companies like Longi and Aiko after a challenging cycle [4] - The AIDC and independent energy storage sectors are poised for growth, supported by policy initiatives and major corporate investments [5] - The overall photovoltaic industry is currently facing an oversupply, but adjustments are being made to align supply with demand, which may enhance future market conditions [5]

Group 1 - The COP30 conference in Brazil highlights China's commitment to green technology and carbon reduction solutions, attracting significant attention from attendees [1] - Shanghai Electric is recognized as a leading provider of industrial-grade green intelligent system solutions, integrating green development concepts into its business practices [1][8] - The company has made notable advancements in resource recycling and technological innovation, particularly in the wind power sector, addressing the challenges of decommissioned wind turbine blades [2][4] Group 2 - Shanghai Electric's parts remanufacturing center has successfully recycled over 1,000 components from the three electrical systems, saving the company over 20 million yuan in procurement costs [4] - The introduction of modified polypropylene (PP) cables by Shanghai Electric significantly reduces carbon emissions during production, with one kilometer of PP cable emitting less CO2 than a car driving around the Earth [5][7] - The PP cable is designed for various voltage levels and has achieved international advanced performance standards, positioning it as a key innovation in China's cable technology [7] Group 3 - Shanghai Electric is actively promoting its green technologies internationally, exemplified by the Tar Energy Integrated Project in Pakistan, which provides approximately 9 billion kilowatt-hours of clean electricity annually [8][10] - The company is also implementing clean energy commitments through projects like the installation of solar lights at local venues, further enhancing its environmental impact [10] - The ongoing efforts of Shanghai Electric reflect China's broader green development achievements and its role in global climate governance [10]