Core Viewpoint - China's energy supply and demand structure is undergoing profound changes driven by carbon peak and carbon neutrality goals alongside high-quality economic development. Energy consumption is expected to continue rising, with a significant increase in the share of clean energy consumption by 2025 [1] Energy Consumption Analysis - Total energy consumption is projected to grow steadily, with a forecast of 61 to 62 billion tons of standard coal in 2025, reflecting a year-on-year growth rate of approximately 3% to 4%. Renewable energy consumption is expected to exceed 1.2 billion tons of standard coal, showcasing strong green growth momentum [1][2] - Coal consumption is anticipated to see slight growth, with raw coal consumption estimated at 4.8 to 4.9 billion tons in 2025, a year-on-year increase of 1% to 2%, while its share of total energy consumption will slightly decline [2] - Oil consumption is expected to stabilize, with crude oil consumption projected at 77 to 78 million tons in 2025, reflecting a year-on-year growth of about 1% [2] - Natural gas consumption is forecasted to grow steadily, reaching 450 to 460 billion cubic meters in 2024, with a year-on-year increase of approximately 6% to 7% [3] - Electricity consumption is expected to maintain rapid growth, with total electricity consumption projected to reach 10.4 to 10.5 trillion kilowatt-hours in 2025, reflecting a year-on-year growth of 5% to 7% [3] Energy Production Analysis - Total energy production is expected to reach 505 to 515 million tons of standard coal in 2025, with a slight slowdown in growth due to a high base from previous years. The share of non-fossil energy production is projected to rise to 22.3% to 23.0% [4] - Coal production is expected to remain stable at 4.8 to 4.88 billion tons in 2025, with a year-on-year increase of 1.5% to 2% [6] - Crude oil production is projected to reach 22 million tons in 2025, reflecting a year-on-year growth of about 2% [6] - Natural gas production is anticipated to enter a rapid development phase, with production expected to reach 250 to 260 billion cubic meters by 2025, reflecting a year-on-year growth of approximately 5% [7] Energy Supply and Demand Outlook - Energy consumption growth is expected to outpace production growth by about 0.5 percentage points, with an energy self-sufficiency rate maintained above 80%. Coal supply and demand are projected to remain stable, with coal imports expected to be between 500 to 550 million tons in 2025 [8] - The crude oil supply-demand gap is expected to exceed 50 million tons, with high levels of crude oil imports maintained. Natural gas imports are projected to have a demand gap of approximately 180 to 200 billion cubic meters [8] Recommendations - Strengthening energy security strategies and establishing a more robust energy reserve and emergency mechanism is recommended, along with enhancing collaboration with key energy supplier countries [9] - Continuous improvement of the share of electricity in final energy consumption and optimizing the power system's adjustment capacity to support the rational consumption of new energy is advised [9] - Attention should be paid to new business layouts and energy demands in areas such as artificial intelligence computing power and the new energy industry [9]

Core Viewpoint - Lishui is actively pursuing high-level ecological civilization construction and high-quality green development, aiming to create a "Lishui model" for beautiful China construction, guided by the principle that "lucid waters and lush mountains are invaluable assets" [1] Group 1: Ecological Protection and Governance - Lishui is a core area of the Yangtze River Delta ecological security barrier and has implemented a series of ecological governance reforms, establishing a comprehensive ecological environment regulatory framework with nearly 40 policy documents [2] - The city has significantly improved its ecological environment quality, ranking ninth in air quality and fourth in water quality among 168 key cities in China by 2024 [2] Group 2: Ecological Restoration and Innovative Projects - Lishui has initiated integrated protection and restoration projects in the Oujiang River source area, with notable projects recognized by international organizations, such as the "United Nations Decade on Ecosystem Restoration" [3] - The city is transforming abandoned mining sites into cultural tourism attractions, promoting a sustainable development model [3] Group 3: Economic Development and Ecological Integration - Lishui has developed a unique high-quality green development path by integrating ecological products into the economy, focusing on industries like ecological agriculture, health medicine, and cultural tourism [4] - The city aims to create a hundred-billion-level characteristic industrial cluster by enhancing the value chain of its advantageous industries [4] Group 4: Green Initiatives and Community Engagement - Lishui promotes green consumption and lifestyle choices, implementing initiatives like "waste-free cities" and exploring various ecological development paths [5] - The city is enhancing its cultural influence through international events and promoting eco-friendly tourism and agricultural practices [5] Group 5: Biodiversity and Environmental Monitoring - Lishui is establishing a comprehensive biodiversity monitoring system and has been recognized as a "charming city" by the United Nations for its biodiversity efforts [8] - The city plans to further develop its biodiversity index evaluation system and enhance protective measures for ecosystems [8] Group 6: Future Directions and Goals - Lishui will continue to deepen ecological civilization reforms, advance the construction of beautiful gardens, and enhance the ecological economy to contribute to the broader goals of beautiful China [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司2024年年度報告摘要》《新 天綠色能源股份有限公司2024年年度報告》及《新天綠色能源股份有限公司2024年度已審財務報 表》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年3月25日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生、王濤先生及張旭蕾女士； 本公司執行董事為譚建鑫先生；以及本公司獨立非執行董事為郭英軍先生、陳奕斌先生及林濤博 士。 * ...

Core Viewpoint - The article emphasizes the importance of advancing carbon peak and carbon neutrality goals in China, highlighting the establishment of zero-carbon parks and factories as part of the national strategy [2]. Group 1: Policy Initiatives - The 2025 Government Work Report calls for a proactive approach to achieving carbon peak and carbon neutrality, including the establishment of zero-carbon parks and factories [2]. - The National Energy Administration's 2025 Energy Work Guidance emphasizes optimizing the layout of renewable energy and key industries, promoting renewable energy applications in various sectors [2]. - A joint opinion from five departments aims to enhance the green electricity consumption ratio in key industries such as steel, non-ferrous metals, and data centers, with a target of 80% for new data centers [2]. Group 2: Energy Consumption Monitoring - The Shaanxi Provincial Development and Reform Commission has published a list of 622 key energy-consuming units for 2025, which will be monitored for energy consumption [3]. - Local development and reform departments are tasked with guiding energy-saving efforts and ensuring new key energy-consuming units complete their energy consumption monitoring systems by April 2025 [3][4]. Group 3: Role of Energy Storage - Energy storage is identified as a crucial component in supporting the construction of zero-carbon and green parks, indicating its growing importance in the energy transition [2].

财政部发布2024年中国财政政策执行情况报告（简称"报告"）。 原文如下： 2024年中国财政政策执行情况报告 综述 报告指出，2025年财政政策要更加积极，持续用力、更加给力，具体体现在五个方面： 报告还指出，支持全方位扩大国内需求。大力提振消费。加大民生保障力度，多渠道增加居民收入。推进实施提振消费专项行动，加大消费品以旧换新支持 力度。适当提高退休人员基本养老金，提高城乡居民基础养老金和城乡居民基本医疗保险财政补助标准等。推进实施国家综合货运枢纽补链强链提升行动、 公路水路交通基础设施数字化转型升级，推动降低全社会物流成本。积极扩大有效投资。统筹用好各类政府投资资金，聚焦关键领域和薄弱环节加大投资力 度。合理安排政府债券发行，加快政府债券资金预算下达，尽早形成实物工作量。 2024年是实现"十四五"规划目标任务的关键一年。面对外部压力加大、内部困难增多的严峻复杂形势，在以习近平同志为核心的党中央坚强领导下，各地区 各部门深入贯彻党的二十大和二十届二中、三中全会精神，按照党中央、国务院决策部署，坚持完整准确全面贯彻新发展理念，加快构建新发展格局，扎实 推动高质量发展，全年主要发展目标顺利完成，中国式现代化 ...

Core Viewpoint - The issuance scale of green bonds has significantly increased in 2025, driven by continuous policy support and the improvement of market mechanisms [1][2]. Group 1: Green Bond Issuance Growth - As of March 20, 2025, the total issuance of green bonds has exceeded 1600 billion yuan, marking a 54.45% increase compared to the same period in 2024, which had an issuance of 1039.16 billion yuan [2][4]. - Agricultural Bank of China issued a record 600 billion yuan in green financial bonds on February 26, 2025, highlighting the strong demand for green financing [4][5]. - Other banks, such as Bohai Bank and Minsheng Bank, also participated in green bond issuance, with amounts of 50 billion yuan and 100 billion yuan respectively [5]. Group 2: Policy Support and Market Dynamics - The growth of green finance is significantly influenced by policy initiatives, such as the "Implementation Plan for High-Quality Development of Green Finance" released in January 2025, which aims to enhance support for green, low-carbon, and circular economies [8][9]. - The Ministry of Finance has established a framework for issuing Chinese green sovereign bonds, which is expected to attract international investment and provide a quality benchmark for domestic enterprises issuing green bonds abroad [10]. Group 3: Market Trends and Future Outlook - The green bond market is anticipated to continue its growth trajectory, with expectations of innovation in various sectors, including the Belt and Road Initiative [2][6]. - Following a slight decline in 2024, the green bond market is now entering a phase of normalization and high-quality development, with a focus on sustainable financing practices [6].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry, with a PE ratio of 20.80, indicating a favorable outlook based on expected industry performance and valuation levels [21]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in February 2025, with a growth of 2.67% compared to 2.16% for the Shanghai index [17]. - The AI model expansion is accelerating cloud computing adoption, with global cloud infrastructure spending expected to reach $321.3 billion in 2024, driven by AI applications [18]. - The enterprise-level ICT market in China is projected to grow by 11.7% year-on-year in 2024, with key growth drivers being cloud computing, AI, and computing power deployment [19]. - The RISC-V ecosystem in China is rapidly developing, with the market expected to grow from $1.7 billion in 2023 to $25 billion by 2030, reflecting a compound annual growth rate of 47.9% [29]. Summary by Sections Industry Performance - The communication industry is expected to benefit from the integration of AI technologies, enhancing cloud service capabilities and reducing costs for telecom operators [21]. - The semiconductor industry showed strong performance in February 2025, with a 12.28% increase, indicating robust demand and recovery in the sector [26]. Market Trends - The gaming industry is experiencing growth, with a steady increase in market size and player engagement, supported by high-quality game releases and favorable policies [34]. - The food and beverage sector saw a 4.5% increase in February 2025, with significant growth in sub-sectors like liquor and dairy products, indicating a recovery in consumer demand [39]. Investment Opportunities - The report suggests focusing on telecom operators, AI computing, and AI mobile sectors as key investment opportunities, particularly companies like China Telecom, China Unicom, and China Mobile [21]. - In the gaming sector, companies with strong product pipelines and R&D capabilities, such as KYE Network and Perfect World, are recommended for investment [36]. - The food and beverage sector presents opportunities in white liquor, health products, and snacks, with specific companies highlighted for potential investment [41].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-03-12 宏观策略 [Table_MacroStrategy] 海外周报 20250309：紧财政冲击美股情绪，非农暂缓衰退担忧 核心观点：本周公布的美国经济数据喜忧参半，非农就业略不及预期但走 弱幅度相对可控，一定程度上缓解了近期市场对于美国经济过于悲观的 预期。但同时，特朗普及其内阁"紧财政"思路逐步浮出水面，欧美财政 叙事的分化给美股市场情绪带来更大的冲击，美元、美股大跌。下周关注 2 月美国 CPI 和 3 月 14 日再度到来的政府停摆风波。向前看，我们认为 美国经济仍有韧性，但特朗普政策对市场情绪的扰动仍是当前大类资产 的主导因素。虽然短期美国财政赤字实质性削减的空间十分有限，但考虑 到本届共和党在众议院较为微弱的优势、债务上限的掣肘等因素，不可忽 视"紧财政"预期对市场情绪和风险资产的打压。 宏观量化经济指数周报 20250309：新增贷款：2 月同比少增，1-2 月同比 持平 2 月国内挖机销量同比增长 99.4%，指向项目开工进程或开始提速 宏观点评 20250307：财政扩张令德国国债利率飙升 德国国债利率飙升：德国新领导人在周 ...

Investment Rating - The report maintains a "Recommended" investment rating for the energy sector, specifically focusing on the new energy segment [6]. Core Insights - The report highlights positive production data for March, indicating a clear signal of price increases within the industry. The performance of the power equipment sector has outperformed the broader market indices, with specific sub-sectors such as wind power and battery equipment showing significant gains [2][11]. - The report emphasizes the recovery of the photovoltaic (PV) industry, with companies preparing for improved performance as they have adequately accounted for asset impairments. The report suggests focusing on companies with clear alpha potential and new technologies [4]. Weekly Market Review - From March 2 to March 7, 2025, the Shanghai Composite Index rose by 1.56%, while the Shenzhen Component Index increased by 2.19%. The power equipment sector, represented by the Shenwan index, rose by 1.75%, outperforming the CSI 300 by 0.36 percentage points. Sub-sectors such as wind power equipment and battery equipment saw increases of 3.86% and 1.22%, respectively [11][2]. - The report notes that the production of silicon materials is expected to increase by approximately 5% in March, although overall market conditions remain influenced by high inventory levels across the supply chain [27]. Key Sector Tracking - The report tracks developments in the ternary lithium battery sector, highlighting the launch of a new electric vehicle model by GAC Honda, which features a customized 90-degree ternary lithium battery with a maximum range of 650 km [3]. - In the photovoltaic sector, the report details a significant tender by the China Datang Corporation for N-type TOPCon photovoltaic modules, with an estimated total procurement of 19.5 GW. The bidding prices ranged from 0.692 to 0.705 yuan/W [3][19]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies that have experienced sufficient price corrections and have clear alpha potential, such as Aishuo Co., Fulete, and GCL-Poly Energy. The wind power sector is also highlighted as having strong investment opportunities, particularly in offshore wind power [4]. - In the new energy vehicle sector, the report indicates a rapid growth trajectory, recommending a focus on companies benefiting from low upstream raw material prices, such as CATL and EVE Energy [4]. Price Data Summary - The report provides insights into the pricing trends of key materials in the photovoltaic supply chain, noting that silicon material prices are expected to stabilize between 39-41 yuan/kg, while the prices for N-type silicon wafers have shown an upward trend due to increased demand [27][28]. - The average price of P-type M10 battery cells has decreased to a range of 0.31-0.33 yuan/W, while N-type G12R battery cells have seen an increase to 0.30 yuan/W, driven by demand from distributed generation projects [32][36]. Company Announcements - The report includes significant announcements from various companies, such as a strategic cooperation agreement between Shida Shenghua and CATL for the supply of electrolyte materials, and the commencement of a new battery factory project by Envision Energy with an annual capacity of 20 GWh [21][17]. - Additionally, the report notes the approval of three wind power expansion projects in Yunnan Province, totaling 935 MW of installed capacity [19].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 积极稳妥推进碳达峰碳中和，四川零碳工业 园区试点建设方案发布 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 03 月 11 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/3/11 2024/7/10 2024/11/8 2025/3/9 公用事业 沪深300 相关研究 《中石油合同价微增、沿海价格下降， 中石化合同价下降，预计 2025 年城燃 采购成本下行》 2025-03-09 《《2025 年能源工作指导意见》印发， 蒙西电力现货市场转正》 | 1. 行情回顾 | | --- | | 2. 电力板块跟踪 | | 2.1. 用电:2024M1-12 全社会用电量 ...