Group 1 - Shanghai Electric announced that its ninth board meeting for 2025 was held via teleconference on October 20, 2025, where the proposal for the election of directors responsible for company affairs was reviewed [1] - The former Vice Minister of Finance, Zhu Guangyao, expressed optimism that China's economic growth rate is expected to maintain between 4.5% and 5% in the coming years, with renewable energy and artificial intelligence identified as significant driving forces [1]

Group 1: Iron Ore Production and Demand Outlook - BHP maintains an optimistic outlook on global iron ore demand, supported by strong macroeconomic signals and rising global economic growth expectations [1] - In the three months ending September 30, BHP's iron ore production in Western Australia was 70.2 million tons, slightly below market estimates of 71.55 million tons, and a minor decrease of 0.1% year-on-year [1][2] - The company expects its iron ore production in Western Australia for the fiscal year 2026 to remain unchanged at 284 million to 296 million tons [2] Group 2: Copper Production and Strategic Focus - BHP's copper production increased by 4% to 493,600 tons, primarily due to higher output from the Escondida project in Chile, offsetting declines in other areas [3] - The company has become the world's largest copper producer, with an annual output of approximately 2 million tons, and maintains its copper production forecast for 2026 [3] - BHP's CEO highlighted that production disruptions at competitors' mines have tightened the overall market, benefiting BHP's world-class asset portfolio [3] Group 3: Potash Project Developments - BHP has postponed the expansion plans for the Jansen potash project due to cost overruns and ample market supply, but remains optimistic about potash as a long-term opportunity [3] - The first phase of the Jansen potash project is 73% complete and is expected to start production in 2027, while the second phase is 13% complete [3]

中国可再生能源学会风能专业委员会秘书长 秦海岩：到2035年，我国非化石能源消费占比达到30%以上，风电、太阳能发电总装 机容量达到2020年的6倍以上，力争突破36亿千瓦。 央视网消息：记者10月20日从中国电力企业联合会获悉，截至目前，中国风电装机规模已连续15年稳居世界第一。中国风电持续 保持高速稳定发展，正进入年均新增装机1亿千瓦以上的新时代。 最新数据显示，截至目前，全国风电新增并网容量超5784万千瓦，累计并网容量5.8亿千瓦，占全国发电装机容量的15.7%，规模 以上企业风电发电量占全社会用电量的10.1%。 我国风能资源丰富，开发潜力巨大。据了解，"三北"地区陆上风能资源经济技术开发量超过75亿千瓦，通过本地消纳与跨区平 衡，可提供最低成本的电力供应；中东南部陆上风能资源经济技术开发量超过25亿千瓦，因地制宜集约发展空间广阔；离岸300公里 范围内海上风能资源经济技术开发量超过27亿千瓦，已进入大规模商业化开发阶段。同时，我国风电整机企业加快"走出去"步伐，已 实现对全球六大洲57个国家的机组出口，7家整机商已在海外建厂或正在推进建厂计划。 CCTN/4） 中文国际 COM Des ...

潘慧敏谈到，国家能源局将重点推进以下几项工作：一是坚持本地消纳和外送消纳并重，加快推进以沙 戈荒地区为重点的大型风电光伏基地项目建设；二是规范有序推动省管海域的海上风电开发，积极稳妥 推进深远海海上风电有关工作；三是推动风电集成发展，不断拓展"风电+"模式；四是同上合组织其他 国家一道实施新增"千万千瓦光伏"和"千万千瓦风电"项目，依托"一带一路"、南南合作等平台，加强国 际交流与合作，深化风电产业链供应链国际合作。（刘丽丽）新浪声明：新浪网登载此文出于传递更多 信息之目的，并不意味着赞同其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此 操作，风险自担。 责任编辑：宋雅芳 10月21日消息，2025北京国际风能大会暨展览会（CWP 2025）10月20日-22日在京举行。在大会开幕式 上，国家能源局新能源和可再生能源司副司长潘慧敏表示，今年是"十四五"的收官之年，也是谋划"十 五五"的关键之年，更是开启碳达峰的攻坚之年。下一步，国家能源局将准确把握新能源发展新形势、 新要求，积极配合全国人大做好可再生能源法修改工作，科学编制"十五五"可再生能源发展规划，加快 出台《可再生能源消费最低比重目标和 ...

Core Viewpoint - The Chinese power industry has made significant progress in achieving the "dual carbon" goals over the past five years, with renewable energy surpassing coal power in installed capacity and increasing its share in the energy mix, while facing ongoing challenges and the need for further advancements [1][2][3]. Group 1: Achievements - Renewable energy installed capacity has historically surpassed coal power, with wind and solar power capacity expected to exceed 1.67 billion kilowatts by mid-2025, accounting for approximately 45.8% of total installed capacity [2]. - The carbon intensity of the power sector continues to decline, with a projected 11.6% reduction in energy consumption per unit of GDP by 2024 compared to 2020, equating to a decrease of 1.1 billion tons of CO2 emissions [2]. - Significant technological innovations have emerged, including smart grids and virtual power plants, enhancing the system's ability to accommodate a high proportion of renewable energy [2]. Group 2: Challenges - There is a structural tension between energy security and the rapid reduction of fossil fuels, as coal power remains a crucial backup source that cannot be fully replaced in the short term [3]. - Issues with renewable energy consumption and system adjustment capabilities persist, with some regions experiencing a rebound in renewable energy curtailment and low consumption rates [3]. - The industry faces bottlenecks in high-end materials and key components for solar and wind energy, as well as concerns over low-level redundant construction and overcapacity in certain areas [3]. Group 3: Future Pathways - The power industry must integrate safety and low-carbon goals, balancing the role of coal power during the transition period while promoting its transformation into a more flexible and supportive energy source [4]. - There is a need to accelerate the construction of a new power system dominated by renewable energy, enhancing the integration of various energy sources and improving cross-regional adjustment capabilities [4]. - The development of new energy storage technologies and the establishment of a multi-level adjustment system are essential for increasing system flexibility [5]. - Digitalization and smart technologies should be leveraged to enhance operational efficiency and renewable energy consumption capabilities [5]. - The market and policy mechanisms require improvement, including expanding the national carbon market and refining the electricity pricing mechanism to reflect green value [5]. - Strengthening international cooperation and setting standards will enhance China's influence in the global clean energy supply chain [5].

1. Report Basic Information - Report Title: Carbonate Lithium Futures Daily Report [1] - Date: October 21, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 2. Market Review and Operation Suggestion - Carbonate lithium futures fluctuated slightly down, with the 11 - 01 spread expanding to 240, and near - month contracts performing slightly weaker. The spot was continuously at a discount to the futures, with the spot price rising by 650 to 74,000 during the day, Australian ore rising by 10 to 860, and lithium mica ore remaining flat at 1,825. The production losses of salt plants using purchased lithium spodumene and lithium mica were narrowed to 1,852 and 6,553 respectively. The price of lithium hexafluorophosphate rose to 79,000, and the demand from downstream electrolyte and battery manufacturers continued to pick up [9]. - The current carbonate lithium market features high supply, high demand, and social inventory reduction. It is expected that with the continuous increase in battery production, domestic carbonate lithium inventory will continue to decline, which will support the price of carbonate lithium. Therefore, the downside space of carbonate lithium price is limited, but the upside space depends on the acceleration of social inventory reduction [9]. 3. Industry News Import Data - In September 2025, China's carbonate lithium imports were 19,600 tons, a 10.3% month - on - month decrease and a 20.5% year - on - year increase. Imports from Chile were 10,800 tons, a 30.8% month - on - month decrease and a 22.5% year - on - year decrease. Imports from Argentina were 6,948 tons, a 63.4% month - on - month increase and a 242.9% year - on - year increase. From January to September, China's carbonate lithium imports were 173,000 tons, a 5.2% year - on - year increase. In September, China's lithium hydroxide imports were 1,473 tons, a 20.3% month - on - month increase and a 74.8% year - on - year decrease. From January to September, China's lithium hydroxide imports were 10,654 tons, an 81.9% year - on - year increase [12]. - In September 2025, China's ternary cathode material imports were 8,906 tons, a 17.6% month - on - month increase and an 87.8% year - on - year increase. Among them, the imports of lithium nickel cobalt manganese oxide (NCM type) were 6,871 tons, and the imports of lithium nickel cobalt aluminum oxide (NCA type) were 2,034 tons. From January to September, the cumulative imports of cathode materials in China were 53,477 tons, a 5.3% year - on - year decrease [12]. Renewable Energy Report - According to the latest report of the International Renewable Energy Agency (IRENA), although the global new installed capacity of renewable energy reached a record 581.9 GW in 2024, the current growth rate is still far from the 11.2 TW target set by COP28 for 2030. To achieve this goal, the world needs to add about 1.122 TW of new renewable energy installed capacity annually from 2025 to 2030, with an average annual growth rate of 16.6%. Photovoltaic is the main growth driver, with 452 GW added in 2024, accounting for nearly 80% of the total renewable energy increment. To achieve the 6.15 TW photovoltaic target in 2030, the average annual new installed capacity needs to reach 716 GW. Meanwhile, the growth of energy storage facilities was strong in 2024, with the global new energy storage capacity reaching 74 GW, doubling that of 2023. IRENA called on countries to update their national climate commitments before COP30, double their renewable energy targets, and increase annual investment to at least $1.4 trillion to make up for the current development gap and promote the clean energy transition [12][13]

Core Insights - The article highlights the significant progress China is making in its green transition during the "14th Five-Year Plan" period, particularly in the electric vehicle (EV) sector and charging infrastructure [1][6]. Charging Infrastructure Development - During the recent holiday period, China's highway EV charging reached 123 million kilowatt-hours, with a daily average increase of over 45% year-on-year, marking a historical high [1]. - By the end of August 2025, China is expected to have 17.348 million electric vehicle charging points, approximately ten times the number from five years ago [2]. - The number of charging facilities on highways has increased to over 40,000, five times the number from five years ago, with significant expansion into rural areas [2]. Charging Speed and Technology - The average power of newly added DC charging stations has increased from 73.90 kilowatts at the end of 2021 to 98.51 kilowatts by June 2025, indicating a rapid adoption of high-power charging facilities [3]. - Shenzhen has established 1,057 supercharging stations and over 487,000 charging piles, surpassing the number of gas stations and making "full charge with a cup of coffee" a reality [3]. Renewable Energy Integration - The "14th Five-Year Plan" has seen a rapid increase in renewable energy, with the share of renewable energy generation capacity rising from 40% to around 60% [4]. - Wind and solar power generation has significantly increased, with their contribution to total electricity consumption rising from 9.7% in 2020 to an expected 18.6% by 2024 [4]. Traditional Energy Transition - 95% of coal-fired power units in China have achieved ultra-low emissions, with ongoing improvements in coal gangue utilization rates [5]. - The recent announcement of new national contribution targets aims for non-fossil energy to account for over 30% of total energy consumption by 2035, with a sixfold increase in wind and solar capacity compared to 2020 [5]. Future Ambitions - The new targets set forth are more ambitious and indicate that the next five years will see an even greater push towards green transformation in China [6].

连续15年居世界第一 最新数据显示，截至目前，全国风电新增并网容量超5784万千瓦，累计并网容量5.8亿千瓦，占全国发 电装机容量的15.7%，规模以上企业风电发电量占全社会用电量的10.1%。 中国可再生能源学会风能专业委员会秘书长秦海岩：到2035年，我国非化石能源消费占比要达到30%以 上，风电、太阳能发电总装机容量达到2020年的6倍以上，力争突破36亿千瓦。 我国风能资源丰富，开发潜力巨大。 记者20日从中国电力企业联合会获悉，截至目前，我国风电装机规模已连续15年稳居世界第一。 我国风电持续保持高速稳定发展，正进入年均新增装机1亿千瓦以上的新时代。 我国风电装机规模 "三北"地区陆上风能资源经济技术开发量超过75亿千瓦，通过本地消纳与跨区平衡，可提供最低成本的 电力供应。 中东南部陆上风能资源经济技术开发量超过25亿千瓦，因地制宜集约发展空间广阔。 离岸300公里范围内海上风能资源经济技术开发量超过27亿千瓦，已进入大规模商业化开发阶段。 同时，我国风电整机企业加快"走出去"步伐，已实现对全球六大洲57个国家的机组出口，7家整机商已 在海外建厂或正在推进建厂计划。 中国可再生能源学会风能专业委员会 ...

10月20日，2025年北京国际风能大会上发布的《风能北京宣言2.0》，以"年均新增装机不低于1.2亿千 瓦"的明确目标，为中国风电产业划定了未来五年的高增长轨道。与此同时，海内外市场双轮驱动与三 季度项目开工旺季形成共振，行业景气度正加速攀升。 海内外市场双轮驱动 "海外风机订单交付周期比国内长，海外订单的出货交付速度受业主融资成本的影响。"周利凯表示，未 来美元利率下降有望提升海外项目投资收益率，加速订单交付进度，海外市场将成为行业增长的重要增 量。 国家能源局数据显示，截至今年7月底，我国可再生能源装机规模已达到21.7亿千瓦，稳居全球首位， 其中风电装机5.7亿千瓦、光伏装机超过11亿千瓦，较"十三五"末实现翻倍增长。 国金证券分析指出，随着《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》落地， 风电凭借更优的发电曲线及度电成本，有望在未来新能源装机结构中实现更高的份额。 完善政策与创新协同 分析人士指出，在《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》（136号文） 推动的市场化改革红利下，风电行业凭借其成本与发电曲线优势抢占装机份额，三季报将进一步印证行 业从高速增长 ...

Core Insights - The "Wind Energy Beijing Declaration 2.0" sets a clear target for China's wind power industry, aiming for an annual new installed capacity of no less than 120 million kilowatts during the 14th Five-Year Plan period [1][2] - The wind power sector is experiencing accelerated growth driven by both domestic and international markets, with a significant increase in project initiations during the third quarter [1][4] Summary by Sections Wind Power Development Goals - The declaration outlines that during the 14th Five-Year Plan, China's annual new installed capacity for wind power should not be less than 120 million kilowatts, with offshore wind power contributing at least 15 million kilowatts annually [2] - By 2030, the cumulative installed capacity of wind power in China is expected to reach 1.3 billion kilowatts, increasing to 2 billion kilowatts by 2035 and 5 billion kilowatts by 2060 [2] Domestic and International Market Dynamics - The wind power industry is benefiting from a dual market drive, with domestic offshore wind power entering a bidding peak, leading to improved profitability across the industry [4] - As of July 2023, China's renewable energy installed capacity reached 2.17 billion kilowatts, maintaining its position as the global leader, with wind power accounting for 570 million kilowatts and solar power exceeding 1.1 billion kilowatts [4] Policy and Innovation Collaboration - The declaration emphasizes the need for a robust management system to stimulate market potential and to combat unhealthy competition within the industry [5] - It advocates for the establishment of a collaborative innovation system involving government, industry, academia, research, application, and finance to support advancements in wind power technology [6] - The declaration also highlights the importance of developing supporting policies for green hydrogen, ammonia, and zero-carbon parks to accelerate technological maturity and market adoption [6]