Core Insights - The meeting between the National Energy Administration of China and the German Federal Ministry for Economic Affairs and Energy took place on October 22, focusing on energy policy and development transformations [1] - A work plan for the China-Germany Energy Working Group for 2025-2026 was approved, emphasizing collaboration in various energy sectors [1] Group 1: Meeting Overview - The meeting reviewed the outcomes of cooperation since the last working group meeting in July 2024 [1] - Both parties presented updates on their respective energy policies and transformation developments [1] Group 2: Future Collaboration - The approved work plan includes discussions and research in areas such as energy legal frameworks, energy and electricity markets, power systems, sustainable heating/cooling, renewable energy, hydrogen, and energy storage [1]

Core Viewpoint - The meeting between China's National Energy Administration and Germany's Federal Ministry for Economic Affairs and Energy focused on energy policy updates and collaboration outcomes since the last meeting in July 2024, highlighting the commitment to enhance bilateral cooperation in various energy sectors [2] Group 1: Meeting Overview - The 13th meeting of the China-Germany Energy Working Group took place in Suzhou on October 22, 2025 [2] - Both parties presented their latest energy policies and transformation developments [2] - The meeting reviewed the cooperation achievements since the last meeting [2] Group 2: Future Collaboration Plans - A work plan for 2025-2026 was approved, outlining areas for future collaboration [2] - The agreed areas for exchange and research include energy legal frameworks, energy and electricity markets, power systems, sustainable heating/cooling, renewable energy, hydrogen, and energy storage [2] - Representatives from both countries' energy authorities, the German Embassy in China, and project execution agencies participated in the meeting [2]

Core Points - The current U.S. government has intensified its crackdown on the offshore wind energy sector, leading to significant repercussions for the domestic shipbuilding industry and port development [1] - The U.S. Department of Transportation has canceled financing for offshore wind port projects, totaling over $679 million, including a $34 million grant for a facility in Massachusetts that was expected to generate $75 million in tax revenue and create 800 jobs over 20 years [1] - Industry organization Oceantic reports that orders for new offshore wind service vessels have disappeared, with at least 10 vessels originally scheduled for launch in 2024 now affected [1] - Major companies such as Maersk and Equinor have had to cancel orders and delay project construction related to U.S. offshore wind due to these developments [1] - Despite the government's view of offshore wind as unattractive and inefficient, it aims to support the U.S. maritime industry, claiming that the shipbuilding and port sectors can be revitalized without offshore wind support [1] - The shipbuilding and port industry has faced long-standing issues of cost inflation and insufficient government support [1]

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 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 自願公告 合作協議 本公告乃中國水業集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）自 願作出，以向本公司股東（「股東」）及有意投資者提供有關本集團最新業務發展的 情況。 背景 誠如本公司日期為二零二五年三月二十日的公告所披露，於二零二五年三月二十 日，本公司與印度尼西亞三寶瓏縣地方政府（「三寶瓏縣政府」）訂立諒解備忘錄， 內容有關位於三寶瓏縣的填埋場管理之潛在合作，包括但不限於利用填埋場的填 埋氣發電、填埋場的營運及管理，以及滲濾污水處理。 合作協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年十月二十三日，本公 司間接非全資附屬公司PT Blondo Lestari Energi（「PT Blondo」）與三寶瓏縣政府訂 立合作協議（「合作協議」），內容有關在印度尼西亞中爪哇省北部三寶瓏縣實施、 管理及營運位於 ...

韩国政府周四表示，亚太地区最大的可再生能源开发商之一Vena集团已提交投资意向书，计划在太阳 能、风能等可再生能源解决方案开发、电池储能系统等多个韩国项目上投资20万亿韩元（约合140亿美 元）。Vena集团是全球最大投资管理公司贝莱德的全资子公司。上个月，韩国总统李在明会见了贝莱德 CEO拉里·芬克，讨论了在人工智能和可再生能源领域的合作。 ...

Core Viewpoint - The transformer industry is experiencing a significant surge in demand due to global energy transitions and the increasing need for electric vehicles and AI data centers, leading to a supply crisis and substantial export growth from China [5][10][25]. Export Growth - In the first eight months of 2025, China's transformer exports reached 29.711 billion yuan, marking a year-on-year increase of 51.42%. August alone saw exports of 4.718 billion yuan, up 57.90% year-on-year [7][8]. - Exports to Asia, Africa, Europe, and North America grew by 65.39%, 28.03%, 138.03%, and decreased by 4.35% respectively, indicating strong demand from most regions [7]. Market Demand - The global transformer market is projected to reach $103 billion by 2031, with a compound annual growth rate (CAGR) of 6.1% from 2021 to 2031 [15][16]. - The demand for transformers is driven by the growth of renewable energy sources, which require 1.5 to 3 times more transformers compared to traditional power generation systems [10]. Supply Crisis - The average delivery time for transformers has increased to 115-130 weeks, with large transformers taking 120-210 weeks, significantly longer than previous timelines [26]. - Since 2020, transformer prices have risen by over 60%, with some categories increasing by more than 80% due to supply-demand imbalances [27]. Opportunities for China - China is the largest transformer manufacturing base, accounting for over 60% of global production in 2023, and has a complete and self-sufficient supply chain [37][40]. - Chinese companies like TBEA, Xidian, and Baobian Electric are consistently ranked among the top ten global transformer manufacturers [38]. - The recent global supply shortages present a valuable opportunity for Chinese manufacturers to expand their market share internationally [43].

2025 年 10 月 23 日 商 品 研 究 工业硅：仓单去化，盘面较抗跌 多晶硅：关注现货成交价格 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2511收盘价（元/吨） Si2511成交量（手） | 8,485 | -20 | -85 | -260 | | | | | 105,522 | -83,120 | -119,546 | -198,321 | | | | Si2511持仓量（手） | 96,554 | -10,964 | -45,827 | -181,434 | | 工业硅、多晶硅期货市场 | | PS2511收盘价（元/吨） | 50,715 | 375 | 725 | - | | | | PS2511成交量（手） | 100,492 | -21,378 | -175,684 ...

Core Insights - China is undergoing a significant transformation in its energy production and consumption patterns, focusing on green energy initiatives as part of its "14th Five-Year Plan" [1][2] - The country has established itself as a global leader in renewable energy, generating over 10 trillion kilowatt-hours of electricity annually, accounting for one-third of the world's total [1][2] Group 1: Renewable Energy Development - The transformation of barren lands into vast solar power fields and the construction of large hydropower stations along the Yangtze River represent the largest clean energy corridor globally [2] - The "14th Five-Year Plan" has led to the establishment of nine major clean energy bases, with seven located in western regions, highlighting a strategic focus on renewable energy development in less populated areas [2] Group 2: Infrastructure and Energy Transmission - The construction of 19 ultra-high voltage transmission lines over the past five years has created a super network for electricity delivery, facilitating a 70% increase in clean energy transmission from the west to the east [2] - Renewable energy now supports one-fifth of the electricity demand in the eastern and central regions of China, showcasing the effectiveness of the new energy infrastructure [2] Group 3: Energy Storage Innovations - The introduction of new energy storage technologies, such as gravity storage and compressed air, has played a crucial role in managing peak electricity demand during the summer [2] - These innovations are referred to as "giant power banks," which have become essential for stabilizing the grid during peak times [2] Group 4: Achievements in Non-Fossil Energy Consumption - China has successfully met its target of achieving a 20% share of non-fossil energy consumption as outlined in the "14th Five-Year Plan," establishing the country as a leader in the global renewable energy sector [2]

近日，世界气象组织发布的报告称，自20世纪60年代以来，二氧化碳增长速度已增至三倍，浓 度水平达到至少80万年来的最高值，浓度上升使地球走向更长期的升温轨迹，并正朝着升温3 摄氏度的方向发展。 为应对全球气候变化，我国做出了极大的努力。2020年9月，我国在联合国大会上明确提出力 争2030年前实现二氧化碳排放达峰、2060年前实现碳中和。党的二十大要求，统筹产业结构 调整、污染治理、生态保护、应对气候变化，协同推进降碳、减污、扩绿、增长。党的二十届 三中全会进一步强调，要积极应对气候变化，健全绿色低碳发展机制。 近年来，我国频繁遭遇异常天气，对人们的生产生活带来显著影响。国家气候中心气象专家表 示，最近10多年我国东部地区汛期多雨带较之本世纪头10年和上世纪90年代明显地北移。水利 部的数据显示，今年7至8月，中国总体确实呈现"北涝南旱"的降水格局。 进入9月后，我国西北地区东部、华北南部和黄淮等出现连阴多雨天气，给秋粮收获带来困 难，也对推进秋种带来风险。华北以及长江中下游地区是我国粮食主产区，需要提前形成预 案，以应对可能的"北涝南旱"趋势对粮食安全的影响。国家气象局的数据显示，我国每年因各 种气象灾害 ...

【环球时报驻南非特派记者 董嘉怡 环球时报特约记者 任重】日前南非政府斥资2.2万亿兰特（约合1267亿美元）推进能源转型的消息，再度将非 洲电力供应难题推向公众视野。"非洲电力短缺，6亿人用不上电。"尼日利亚"赋能非洲"网站报道称，能源供应短缺仍是非洲当前最紧迫的挑战之 一，停电与限电更是多国的日常。为解决这一问题，南非、肯尼亚、尼日利亚等国已相继启动能源转型进程。但问题随之而来：巨额投入如何缓 解"电荒"？非洲能源转型又有哪些挑战？ 南非斥资万亿背后 南非作为非洲最大经济体之一，长期以来始终难以摆脱电力危机的困扰。该国电力和能源部部长拉莫豪帕在近期新闻发布会上坦言："电力一直是 我们国家经济的结构性制约因素。" 据报道，2007年以来，拉闸限电成为南非的常态，直到今年大选前后才有所缓解。究其原因，一是过度依赖平均服役年限超过30年的老旧燃煤电 厂；二是国有电力巨头Eskom持续面临债务危机。据路透社报道，今年7月，Eskom负债高达约232亿美元。 持续"电荒"对南非经济造成冲击。据普华永道相关报告，2020年南非有45万人因限电失业，带来的经济损失高达46亿美元。南非科学和工业研究 理事会（CSIR）的 ...