Core Viewpoint - China's renewable energy transition and green development have made significant progress during the "14th Five-Year Plan" period, driven by strong policy support and continuous innovation across the entire industry chain [1][2]. Policy and Innovation Driving Growth - The proportion of renewable energy in China's total installed capacity has increased from 40% to around 60%, with wind and solar power installations surpassing 1 billion and 2 billion kilowatts annually, achieving unprecedented growth [2]. - The government has implemented a series of policies to support renewable energy, including the Energy Law, which emphasizes the priority of developing renewable energy, and mechanisms to enhance power consumption and promote green energy [2][3]. Market Competitiveness of Wind Power - China's wind power costs have become highly competitive, with onshore wind power costs as low as 0.1-0.15 yuan per kilowatt-hour and offshore wind power averaging 0.33 yuan per kilowatt-hour [4]. - The significant reduction in costs is essential for the high adoption rate of wind power, contributing to the achievement of carbon neutrality goals and supporting economic transformation [4][5]. Economic Transformation Engine - The wind power industry represents a new driving force for economic transformation, integrating advanced technologies and promoting the development of related sectors such as green hydrogen and energy storage [5]. - Wind power development fosters multi-industry collaboration, injecting new momentum into local economic transformation and green energy development [5]. Export Growth and Global Market Position - China's wind turbine exports have shown consistent growth, with an expected increase of 41.7% in new export capacity in 2024, reaching a cumulative capacity of 20,787.8 MW by the end of 2024 [6]. - The country has established a comprehensive wind power supply chain globally, providing competitive products that meet diverse environmental needs, thus supporting sustained export growth [6][7]. Supply Capacity and Global Leadership - China has become the world's largest wind power equipment manufacturing base, producing over two-thirds of global wind turbines and 70% of key components [7]. - The rich product portfolio developed through years of innovation allows China to meet various global market demands, reinforcing its position in the international wind power market [7].

Core Viewpoint - Australia, as the guest country at the current service trade fair, has set new records in exhibition area and number of exhibitors, highlighting its emphasis on the Chinese market and opportunities [1] Group 1: Trade and Investment Opportunities - Australia has been China's largest trading partner for 16 consecutive years, indicating the importance of this relationship for future trade and investment opportunities [1] - The Australia-China Free Trade Agreement (ChAFTA) has been in effect for ten years, and its high-quality implementation and review are crucial for future cooperation [1][8] - The Australian Trade and Investment Commission emphasizes the need for deep connections between Australian enterprises and Chinese partners, with expectations for mutual benefits in the service trade sector [4] Group 2: Exhibition Highlights - The Australian national pavilion at the trade fair is the largest ever, showcasing a diverse range of industries including higher education, financial services, and tourism [3] - Notable Australian brands in food, health products, and wine are featured, representing the diverse appeal of Australian trade goods [3] Group 3: Future Cooperation Areas - There is significant potential for deepening cooperation in high-tech fields, particularly in medical research and technology commercialization [6][8] - The focus on sustainable agriculture and innovative educational institutions reflects a trend towards responsible business practices and meeting societal needs [5][6] Group 4: Service Trade Development - The service trade sector has seen slower progress compared to goods trade, but it remains a key area for future negotiations and development [8] - The Australian government aims to listen to the real needs of enterprises to better understand and seize new opportunities within the existing framework of the free trade agreement [8]

Group 1 - Australia has set new records in terms of exhibition area and number of exhibitors as the guest country at the current service trade fair, highlighting its emphasis on the Chinese market and opportunities [1][2] - The Australian pavilion at the fair is the largest ever, showcasing a diverse range of industries including higher education, financial services, and tourism, as well as notable brands in food, health products, and wine [2] - The event aims to facilitate deep connections between Australian enterprises and Chinese partners, with 15 memorandums of understanding signed, indicating significant opportunities in bilateral service trade [3] Group 2 - The current global trade environment is complex, necessitating transformation and innovation among enterprises to remain competitive, as reflected in the diverse participation of Australian companies at the fair [4] - The focus on high-tech sectors and collaboration in medical research and technology commercialization is emphasized, with notable participation from a Nobel laureate, showcasing the depth of cooperation between Australia and China [5] - The China-Australia Free Trade Agreement (ChAFTA) has significantly boosted bilateral trade, with ongoing efforts to enhance service trade liberalization and address the needs of enterprises in future negotiations [6]

Group 1 - The report highlights that China has built the world's largest and fastest-growing renewable energy system, contributing to a quarter of the global increase in green areas [1] - By June 2025, China's non-fossil energy installed capacity is expected to reach 2.22 billion kilowatts, accounting for 60.9% of total installed capacity, with nuclear power leading globally [1] - The production of photovoltaic components and lithium batteries has increased significantly, with growth rates of over 370% and 640% respectively since the 14th Five-Year Plan [1] Group 2 - China is advancing green development in key sectors, with 1.69 billion square meters of new green building area expected in urban areas by 2024 [2] - The country aims for approximately 70% of the clean transportation of bulk goods in key industries by 2024, while also enhancing ecological safety through large-scale afforestation [2] - Continuous strengthening of technological innovation and policy incentives is noted, including the establishment of key laboratories for carbon peak and carbon neutrality technologies [2]

巴伊拉莫维奇补充说，大规模可再生能源并网对电力平衡、电压稳定及供电质量维护构成挑战，而储能 技术可作为缓解发电量与用电需求间不平衡的潜在解决方案，其核心目标在于增加电网容量、减少损耗 并优化负荷管理。他特别强调，电池储能系统可作为基础设施灵活性措施，就地消纳过剩发电量并暂时 缓解输电压力，从而避免可变可再生能源的限产。 针对电网资金问题，巴伊拉莫维奇指出，某些电力企业十余年未调整的电网使用费势必上涨，为电网强 化改造提供部分必要资金，并适应可再生能源及新技术接入需求。他同时强调现行电价机制（针对发电 企业使用输配电网的费用）已具备实施条件，应成为现有电价体系的补充措施。（驻波黑使馆经商处） 波黑《新闻报》9月7日报道。国际大电网会议（CIGRE）波黑委员会主席齐亚德·巴伊拉莫维奇博士表 示，到2030年，波黑电力分配系统需投入14亿马克进行升级改造。 巴伊拉莫维奇指出，可再生能源发展规模已达到导致输配电系统出现拥堵的程度，且整个地区各国都面 临可再生能源接入容量不足的问题。他预计配电网负荷增长还将来自交通电气化及供暖制冷部门电力消 耗的增加。他认为，波黑需要新建110千伏变电站，完成向20千伏电压等级的过渡改 ...

Group 1 - The report highlights that China has established the world's largest and fastest-growing renewable energy system, contributing to a quarter of the global increase in green area [1] - As of June 2025, the proportion of non-fossil energy installed capacity is expected to reach 60.9% of total installed capacity [1] - The production of photovoltaic components and lithium batteries has increased by over 3.7 times and 6.4 times respectively since the 14th Five-Year Plan, with new energy vehicle sales leading globally for ten consecutive years [1] Group 2 - In 2024, the area of newly built green buildings in urban areas is projected to be 1.69 billion square meters, accounting for 97.9% of the total new urban construction area [2] - The report indicates that the carbon market is gradually improving, with significant contributions to global climate governance [2] - The challenges of achieving carbon peak and carbon neutrality are acknowledged, emphasizing the need for a robust national strategy and the formulation of 2035 NDC targets [2]

Report Industry Investment Rating - Not mentioned in the provided report Core Viewpoints - The industrial silicon price is expected to maintain high-level consolidation in the short term, but there is a risk of a price decline if polysilicon enterprises implement production restrictions. The polysilicon price is likely to be volatile and prone to rising, with supply-side disturbances remaining unstable [1]. Summary According to Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of non-oxygenated 553 (East China) remained unchanged at 8,950 yuan/ton, and the average price of 421 (East China) also remained flat at 9,400 yuan/ton. The closing price of the futures main contract rose 3.58% to 8,820 yuan/ton [1]. - **Supply and Demand Analysis**: Supply is increasing steadily as some silicon plants in Xinjiang have resumed production, and businesses in the southwest are operating more due to lower electricity costs. On the demand side, polysilicon enterprises are reducing production, with some having复产 plans, which will bring some demand. However, the organic silicon market is facing supply pressure, and silicon-aluminum alloy enterprises are purchasing as needed [1]. - **Investment Strategy**: The industrial silicon market has strengthened recently due to polysilicon sentiment. It is expected that the short-term silicon price will maintain high-level consolidation, but if polysilicon enterprises implement production restrictions, it will be negative for the industrial silicon market [1]. Polysilicon - **Price Changes**: The prices of N-type dense material, N-type re-feeding material, and N-type mixed material increased by 0.20%, 0.19%, and 0.20% respectively, while the price of N-type granular silicon remained unchanged. The closing price of the futures main contract rose 8.70% to 56,735 yuan/ton [1]. - **Supply and Demand Analysis**: Supply is expected to increase slightly as some silicon material factories may have new production capacity, but demand has also increased as many upstream and downstream enterprises completed procurement and shipments by the end of August, reducing inventory [1]. - **Investment Strategy**: The polysilicon market has been rising recently due to rumors of state purchases. In the short term, supply-side disturbances may cause price fluctuations, and the price is likely to rise [1]. Other Information - **Industry News**: Southern Co's subsidiary, Georgia Power, has been approved to sign five new solar power purchase agreements with a total capacity of 1,068 megawatts. It has also launched a tender for up to 2,000 megawatts of utility-scale solar or "solar + energy storage" projects [1]. - **Company Announcement**: Daquan Energy's General Manager, Zhu Wengang, stated that the company will continue its production reduction strategy in the third quarter, with a production guidance of 27,000 to 30,000 tons, and an annual production guidance of 110,000 to 130,000 tons in 2025 [1].

Investment Rating - The report maintains a "Buy" rating for renewable energy operators due to the accelerated recovery of renewable energy subsidies, which is expected to alleviate cash flow pressures for green electricity operators [3][6][7]. Core Viewpoints - The "Document 136" promotes the full market entry of renewable energy, intensifying competition in the sector. The accelerated recovery of national renewable energy subsidies is anticipated to significantly ease cash flow pressures for green electricity operators, benefiting their recovery and long-term development [3][12]. - Recent data shows that several renewable energy operators have received substantial renewable energy subsidy funds, with notable increases in funding compared to the previous year. For instance, Jin Kai New Energy received CNY 1.214 billion, a 341.67% increase year-on-year, while Solar Energy received CNY 2.319 billion, a 232.23% increase [13][13][13]. Summary by Sections Industry Trends - The report indicates a 0.51% increase in the CITIC Power and Utilities Index, outperforming the CSI 300 Index by 1.33 percentage points during the week of September 1-5, 2025 [4][67]. - The coal price has dropped to CNY 687 per ton, which may impact the thermal power sector positively [15]. Renewable Energy - The price of silicon materials has risen to CNY 48 per kg, while the price of mainstream silicon wafers remains stable at CNY 1.42 per piece. This trend is expected to enhance the profitability of photovoltaic projects in the long run [50]. Hydropower - As of September 5, 2025, the inflow and outflow of the Three Gorges Reservoir have increased by 31.71% and 69.81% year-on-year, respectively, indicating a robust performance in hydropower generation [38]. Carbon Market - The national carbon market saw a 4.50% decrease in trading prices, with a total trading volume of 2.1243 million tons and a total transaction value of CNY 144 million during the week [60][64]. Key Stocks - The report highlights several key stocks with "Buy" ratings, including Zhejiang Energy, Anhui Energy, and Huaneng International, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [7].

Group 1 - Company Xiangrikui is planning to acquire controlling stakes in Xipu Materials and 40% of Beid Pharmaceutical, leading to a stock suspension [3] - Company Nanchin Technology intends to issue convertible bonds to raise no more than 1.933 billion yuan for research and industrialization of power management chips in the smart computing sector [2] - Company ST Pawa has received a notice of investigation from the China Securities Regulatory Commission [4] Group 2 - Company Junshi Biosciences has achieved the primary research endpoint in a Phase III clinical study for its anti-IL-17A monoclonal antibody treatment for moderate to severe plaque psoriasis [4] - Company Gansu Energy's Changle Company has officially put into commercial operation the 5th unit of its 2×1000 MW coal-fired unit expansion project [4] - Company Jidian has received 913 million yuan in renewable energy subsidy funds from the state for August [4]

Core Viewpoint - China's new energy storage capacity has surpassed the world, accounting for over 40% of global installed capacity, driven by clear policies and rapid technological advancements [3][7][8]. Group 1: Current Status of Energy Storage - As of the end of 2024, China's new energy storage capacity reached 73.76 million kilowatts, equivalent to 168 million kilowatt-hours, with an annual growth rate exceeding 130% since the 14th Five-Year Plan [3][7]. - By June 2023, the installed capacity had increased to 94.91 million kilowatts, representing a growth of approximately 29% compared to the end of 2024 [7]. - Major provinces such as Inner Mongolia and Xinjiang have installed capacities exceeding 10 million kilowatts, while Shandong, Jiangsu, and Ningxia have surpassed 5 million kilowatts [7]. Group 2: Policy Support and Market Mechanisms - The development of new energy storage is supported by various policies, including its inclusion in the Energy Law and the government work report, emphasizing its role in the new power system [8]. - The "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" aims to enhance the market mechanism for energy storage, promoting its scientific development [8]. - By 2024, the new energy storage market in the State Grid area is expected to reach 7.12 billion kilowatt-hours, a year-on-year increase of 2.7 times [15]. Group 3: Technological Innovations - The energy storage sector is witnessing a diverse range of technological advancements, with lithium-ion battery storage dominating the market [10][11]. - New technologies such as compressed air storage, flow battery storage, and solid-state batteries are making significant progress, providing a foundation for long-duration regulation capabilities [11][12]. - The establishment of over 20 energy storage standards in 2024 has further enhanced the industry's standardization and operational efficiency [12]. Group 4: Application and Market Expansion - New energy storage systems are increasingly utilized for peak shaving and power supply assurance, especially during high electricity demand periods [14]. - The maximum adjustable power of new energy storage in the State Grid area reached 64.23 gigawatts, with a peak discharge power of 44.53 gigawatts, marking a 55.7% increase from the previous year [14]. - The introduction of market mechanisms allows energy storage companies to participate in auxiliary services and spot markets, providing a stable revenue expectation for the industry [15][16].