他表示，中国在应对气变上是实打实的"行动派"。我们将碳达峰碳中和作为国家战略，构建了全 球最系统完备的碳减排政策体系，建成了全球最大、发展最快的可再生能源体系，是世界能耗强 度下降最快的国家之一。中国向世界提供了70%的风电设备、80%的光伏组件设备，推动全球风 电和光伏发电成本分别下降超过60%和80%。习近平主席在联合国气候变化峰会上郑重宣布中国 2035年国家自主贡献目标，覆盖全经济范围、包括所有温室气体，首次提出绝对量减排目标，体 现了中国的坚定决心和最大努力。 "中方将与各方一道，贯彻共同但有区别的责任原则，推动本次大会达成积极平衡成果，为全球气 候治理作出新的贡献。"郭嘉昆说。 郭嘉昆表示，今年是《巴黎协定》达成10周年，全球气候治理进入关键阶段。中方积极参与引领 全球气候治理，坚定支持巴西作为主席国举办大会。习近平主席特别代表、中共中央政治局常 委、国务院副总理丁薛祥出席贝伦气候峰会并致辞，宣介了中共二十届四中全会精神，传递了把 握正确方向、落实气候行动、深化开放合作的强有力信号，为本次大会取得成功提供动力。 "气候变化关乎人类共同未来。无论是全球南方还是全球北方、发展中国家还是发达国家，大家都 ...

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a positive outlook compared to the market [1]. Core Insights - The new materials sector has shown resilience, with the new materials index rising by 1.11%, outperforming the ChiNext index by 0.46% during the week [4][20]. - The report highlights the strong rebound in lithium hexafluorophosphate prices, which have increased to 121,500 CNY/ton as of November 7, 2025, following a significant drop in previous years [6][8]. - The demand for lithium hexafluorophosphate is driven by the automotive and energy storage industries, leading to a notable increase in procurement by electrolyte manufacturers [8]. Market Performance - The new materials sector has experienced varied performance across sub-sectors, with the battery chemicals rising by 8.24%, while semiconductor materials and electronic chemicals saw declines of 4.58% and 2.53%, respectively [4][20]. - The report notes that 53.93% of stocks in the new materials sector achieved positive returns, with notable performers including Yishitong (16.96%) and Qiaoyuan Co. (13.51%) [26]. Price Tracking - The report provides detailed weekly price updates for various materials, including amino acids, biodegradable plastics, and industrial gases, indicating fluctuations in prices across the board [5][29][39]. - For instance, the price of valine is reported at 12,550 CNY/ton, reflecting a week-on-week increase of 1.21% [29]. Industry Developments - The release of the "Carbon Peak and Carbon Neutrality Action in China" white paper emphasizes the focus on renewable energy, particularly wind power, which is expected to drive growth in related materials [6]. - The report suggests that the wind power sector will maintain a high growth trajectory, with cumulative installed capacity projected to reach 1.3 billion kW by 2030 and 5 billion kW by 2060 [6]. Investment Recommendations - The report recommends focusing on companies within the lithium hexafluorophosphate supply chain, such as Tianji Co., Tianci Materials, and Xinzhou Bang, due to the anticipated price increases and recovery in profitability [8]. - Additionally, it suggests monitoring companies involved in wind power materials, such as Times New Materials and Maijia Xincai, as they are expected to benefit from the growing demand in the renewable energy sector [6].

Core Points - China is actively participating in global climate governance and is seen as a leader in addressing climate change, particularly during the ongoing COP30 conference in Brazil [1][2] - The country has established a comprehensive carbon reduction policy framework and is the largest and fastest-growing renewable energy system globally [2] - China's commitment to achieving carbon peak and carbon neutrality is a national strategy, with significant contributions to global wind and solar energy equipment [2] Group 1 - The Chinese government emphasizes the importance of cooperation among all countries, regardless of their development status, in tackling climate change [1] - China has provided 70% of the world's wind power equipment and 80% of solar photovoltaic components, significantly reducing global energy costs [2] - President Xi Jinping announced China's 2035 national contribution targets, which include absolute reduction goals for all greenhouse gases, showcasing China's determination [2] Group 2 - The Chinese delegation at COP30 aims to promote balanced outcomes and contribute positively to global climate governance [2] - The 10th anniversary of the Paris Agreement marks a critical phase in global climate governance, with China playing a pivotal role [1][2] - The Chinese government is committed to the principle of common but differentiated responsibilities in climate action [2]

Core Viewpoint - The article emphasizes the role of China Energy News as a leading media platform in the energy sector, promoting high-quality development and supporting the carbon peak and carbon neutrality goals set by the government [1]. Group 1: Overview of China Energy News - China Energy News was established on June 1, 2009, and is the first mainstream economic newspaper in China covering the entire energy industry chain [1]. - The publication serves as an authoritative platform for interpreting President Xi Jinping's important discourses on energy work and showcases the high-quality development of the energy industry [1]. - It has become a media benchmark for the energy sector, fostering innovation and integration within industry media [1]. Group 2: Audience and Partnerships - The readership of China Energy News spans the entire energy industry chain, making it a preferred industry publication for professionals in various sub-sectors [1]. - Many readers habitually save and collect issues of China Energy News, indicating its value and relevance in the industry [1]. - The publication has established strong partnerships with numerous government agencies, enterprises, and think tanks, enhancing its influence and reach [1]. Group 3: Collaboration and Brand Building - China Energy News aims to collaborate deeply with energy enterprises, leveraging its multi-dimensional media platform to support brand building and enhancement for its partners [1]. - The publication invites professional readers to join its efforts in promoting high-quality development in the energy sector and contributing to the achievement of carbon neutrality goals [1].

Report Industry Investment Ratings No information provided in the given content. Core Views of the Report - A-shares showed a shrinking volume and oscillating trend, with sector rotation continuing. The pro-cyclical sectors rotated upwards, while the TMT sector collectively corrected. The four major stock index futures contracts all declined, and the basis discounts of the main contracts widened [2][3]. - The pressure on funds has marginally eased, and the bond futures market showed an oscillating trend. The central bank will implement a moderately loose monetary policy, and the market liquidity is expected to return to a stable state [5][6]. - The deterioration of US employment data has boosted the expectation of interest rate cuts, and precious metals fluctuated significantly during the session but still closed higher. In the medium and long term, precious metals are expected to enter a bull market [8][9]. - The container shipping index showed a downward trend in the futures market. The spot market is still cold, and the upward trend of the main contract is difficult to sustain. It is expected to oscillate within a certain range [11][12]. - Various metals in the non-ferrous metal sector showed different trends. For example, copper prices rebounded due to the expected end of the US government shutdown and the release of liquidity risks; aluminum prices will fluctuate between event-driven factors and weak fundamentals in the short term [12][21]. - In the black metal sector, the inventories of iron and carbon elements are differentiated. The long coal and short hot-rolled coil strategy can continue to be held. The prices of iron ore, coking coal, and coke all showed a downward trend [46][54][57]. - In the agricultural product sector, the export of US soybeans is still uncertain, and attention should be paid to the USDA report on Friday [61]. Summaries According to the Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Conditions**: On Tuesday, A-shares opened higher in the morning and then oscillated weakly during the day. The Shanghai Composite Index fell 0.39%, and the Shenzhen Component Index and the ChiNext Index also declined. The pro-cyclical sectors rotated upwards, while the TMT sector collectively corrected. The four major stock index futures contracts all declined, and the basis discounts of the main contracts widened [2][3]. - **Operation Suggestions**: It is recommended to mainly observe. If there is a significant decline in a single day, a bull spread of put options can be arranged [4]. Bond Futures - **Market Performance**: Most bond futures contracts closed flat, and the yields of most major interest rate bonds in the inter-bank market declined. - **Funding Situation**: The central bank conducted a 7-day reverse repurchase operation of 403.8 billion yuan, with a net investment of 286.3 billion yuan. The market liquidity is expected to return to a stable state [5][6]. - **Operation Suggestions**: It is recommended to go long on dips in a single - sided strategy. For the spot - futures strategy, attention can be paid to the positive arbitrage strategy opportunities [7]. Financial Derivatives - Precious Metals - **Market Review**: The US government's "re - opening" process is progressing steadily, and the recent US employment situation has continued to deteriorate, which has supported the expectation of a Fed interest rate cut in December. Precious metals fluctuated significantly during the session but still closed higher. The international gold price closed at $4,125.67 per ounce, up 0.24%, and the international silver price closed at $51.187 per ounce, up 1.37% [8][9]. - **Future Outlook**: The US economy and employment market are still affected by the government "shutdown" and trade frictions. The probability of a Fed interest rate cut in December is increasing. Precious metals are expected to enter a bull market in the medium and long term. It is recommended to hold long positions [9][10]. Financial Derivatives - Container Shipping Index (European Line) - **Spot Quotations**: As of November 4, the freight quotations for Shanghai - European basic ports showed different ranges. As of November 10, the SCFIS European line index rose 24.5% month - on - month, and the US West route index rose 4.94% month - on - month [11]. - **Fundamentals**: As of November 10, the global container total capacity increased by 7.34% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7 [11]. - **Operation Suggestions**: It is expected to oscillate within the range of 1,750 - 1,950 points. It is recommended to go long on dips for the December contract [12]. Commodity Futures - Non - Ferrous Metals Copper - **Spot**: As of November 11, the average price of SMM electrolytic copper increased compared with the previous working day, and the market procurement sentiment improved [12]. - **Macro**: The expected end of the US government shutdown is expected to release liquidity, which is beneficial to copper prices [12]. - **Supply**: The spot TC of copper concentrate is at a low level. In October, the output of SMM Chinese electrolytic copper decreased month - on - month, mainly due to the maintenance of 8 smelters. It is expected that the output in November will decrease slightly [13][14]. - **Demand**: The weekly operating rates of electrolytic copper rods and recycled copper rods increased. The downstream demand for copper has strong resilience, and there are still many purchase orders after the price decline [14]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 85,500 - 87,500 yuan/ton [16]. Aluminum Oxide - **Spot**: On November 11, the average price of SMM Shandong aluminum oxide increased, while the prices in other regions were flat. The short - term supply pattern is gradually loosening, and the spot price is loose [16]. - **Supply**: In October, the output of Chinese metallurgical - grade aluminum oxide increased year - on - year and month - on - month. It is expected that the supply surplus pattern will continue in November, and high - cost enterprises may reduce production [17]. - **Operation Suggestions**: The main contract is expected to oscillate weakly within the range of 2,750 - 2,900 yuan/ton [18]. Aluminum - **Spot**: On November 11, the average price of SMM A00 aluminum increased, and the market shipment was active at high prices, but the actual transaction was less [19]. - **Supply**: In October, the domestic electrolytic aluminum output increased year - on - year and month - on - month. It is expected that the daily output of aluminum ingots may decline slightly in November due to environmental protection restrictions [19]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 21,000 - 21,800 yuan/ton. It is recommended to go short on rallies in the short term [21]. Zinc - **Spot**: On November 11, the average price of SMM 0 zinc ingots increased, and the downstream demand was weak, with only a small amount of rigid demand replenishment [24]. - **Supply**: The supply of the zinc industry chain is gradually loosening, and the TC has turned from rising to falling. It is expected that the supply pressure will be limited in the future [25]. - **Demand**: The operating rates of the three primary processing industries of zinc showed a weak trend, and the overall demand did not exceed expectations. The export window of refined zinc is open, which may boost domestic zinc prices [26]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 22,300 - 23,000 yuan/ton [27]. Tin - **Spot**: On November 11, the price of SMM 1 tin increased, and the market trading was relatively cold [28]. - **Supply**: The supply of tin ore is still tight, and the processing fee of smelters remains at a low level. It is expected that the improvement of tin ore supply this year is limited [31]. - **Demand**: The demand is still weak, and the order volume of the solder industry has decreased significantly. Although some tin consumption has been driven by AI and the photovoltaic industry, it is difficult to make up for the decline in traditional consumption [31]. - **Operation Suggestions**: Hold long positions and pay attention to the supply recovery in Myanmar in the fourth quarter [31]. Nickel - **Spot**: As of November 11, the average price of SMM1 electrolytic nickel increased slightly [31]. - **Supply**: The production of refined nickel is still at a high level, but it is expected to decrease month - on - month [32]. - **Demand**: The overall demand for electroplating and alloys is relatively stable, while the demand for stainless steel is general. The demand for ternary materials has improved in the short term, but there is new production capacity in the medium term [32]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 118,000 - 124,000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [33]. Stainless Steel - **Spot**: As of November 11, the prices of Wuxi Hongwang 304 cold - rolled steel decreased, and the raw material cost support declined [35]. - **Supply**: In October, the domestic stainless steel production increased month - on - month. It is expected that the production will decrease in November. The production of the 300 - series still remains at a high level [36]. - **Operation Suggestions**: The main contract is expected to oscillate weakly within the range of 12,400 - 12,800 yuan/ton. Pay attention to macro - expectations and steel mill supply [37]. Lithium Carbonate - **Spot**: As of November 11, the prices of battery - grade and industrial - grade lithium carbonate increased, and the spot trading was still light [38]. - **Supply**: In October, the output of lithium carbonate increased year - on - year and month - on - month. The production last week increased slightly, mainly driven by lithium spodumene and mica [39]. - **Demand**: The demand is generally optimistic, and the production schedules of iron - lithium and ternary materials are expected to increase month - on - month [39]. - **Operation Suggestions**: Pay attention to the performance near the previous high pressure level. The short - term view is wide - range oscillating adjustment [41]. Polysilicon - **Spot Price**: On November 12, the prices of polysilicon remained unchanged. The demand is expected to decline, and the silicon wafer price has decreased [42]. - **Supply**: In November, the production of polysilicon is expected to decline to about 120,000 tons [42]. - **Demand**: The demand at all levels is expected to decline, and there is still an expectation of inventory accumulation [43]. - **Operation Suggestions**: It is expected to oscillate at a high level. Pay attention to the support of the spot price and the digestion of warehouse receipts [44]. Industrial Silicon - **Spot Price**: On November 12, the prices of industrial silicon in various regions remained unchanged [46]. - **Supply**: In October, the production of industrial silicon increased, and it is expected to decline to about 400,000 tons in November [46]. - **Demand**: The demand is expected to decline slightly, mainly due to the decrease in polysilicon production [46]. - **Operation Suggestions**: It is expected to oscillate at a low level within the range of 8,500 - 9,500 yuan/ton. Pay attention to the digestion of warehouse receipts after the centralized cancellation of the November contract [47]. Commodity Futures - Black Metals Steel - **Spot**: The spot prices of steel remained stable, and the basis weakened [47]. - **Cost and Profit**: The cost of iron elements has weak support, while the cost of carbon elements has support. The current profit ranking is billet > hot - rolled coil > rebar > cold - rolled coil [48]. - **Supply**: The production of iron elements increased year - on - year from January to September. Recently, the molten iron output has declined, and the production of five major steel products has also decreased [48]. - **Demand**: The domestic demand expectation is still weak, while the export remains at a high level. The current apparent demand has declined [48]. - **Operation Suggestions**: Hold the long coal and short hot - rolled coil strategy. Observe unilaterally and pay attention to the support levels of rebar and hot - rolled coil [50]. Iron Ore - **Spot**: As of November 11, the price of mainstream iron ore powder remained stable [51]. - **Futures**: The iron ore futures prices declined, and the 1 - 5 spread strengthened [52]. - **Demand**: The daily molten iron output decreased, and the demand for iron ore decreased [53]. - **Supply**: The global shipment and arrival volume of iron ore decreased last week [53]. - **Operation Suggestions**: Observe unilaterally. Arrange the long coking coal and short iron ore strategy [54]. Coking Coal - **Futures and Spot**: The coking coal futures prices declined, while the domestic coking coal spot market continued to be strong, and the Mongolian coal price followed the futures to decline [55]. - **Supply**: The production capacity utilization rate of sample coal mines decreased, and the production of raw coal and clean coal decreased [55][56]. - **Demand**: The iron water output declined significantly, and the coking plant's start - up decreased slightly. The steel mill's replenishment demand weakened [56]. - **Operation Suggestions**: Consider the coking coal 1 - 5 positive arbitrage strategy. The single - sided view is oscillating, with the range of 1,170 - 1,290 yuan/ton [57]. Coke - **Futures and Spot**: The coke futures prices declined, and the mainstream coke enterprises initiated the fourth round of price increases, but it has not been implemented yet [58][60]. - **Supply**: The production of coke decreased, and the coking plant's start - up decreased [58]. - **Demand**: The iron water output declined significantly, and the steel mill's profit decreased, which suppressed the price increase of coke [59]. - **Operation Suggestions**: Consider the coke 1 - 5 positive arbitrage strategy. The single - sided view is oscillating, with the range of 1,650 - 1,780 yuan/ton [60]. Commodity Futures - Agricultural Products Meal - **Spot Market**: On November 11, the domestic soybean meal spot prices showed mixed trends, and the rapeseed meal prices decreased by 0 - 20 yuan/ton [61]. - **Fundamental News**: The US soybean export inspection volume last week was 1,088,577 tons, and the soybean harvest rate was 96% [61]. - **Operation Suggestions**: Pay attention to the USDA report on Friday as the US soybean export is still uncertain [61].

Group 1: Oil and Gas Industry - The oil price is expected to remain volatile in the short term due to mixed factors, including OPEC+ production increases and geopolitical risks from the Russia-Ukraine conflict [3][4][6] - OPEC+ has completed its target of increasing production by 2.2 million barrels per day ahead of schedule, with further increases expected [3][4] - The long-term outlook suggests a downward shift in the oil price equilibrium, with potential for larger declines in extreme scenarios [3][4] Group 2: Shipping Industry - The oil shipping market is experiencing a "super bull market" driven by geopolitical conflicts and increased global oil production, leading to sustained demand for oil transportation [4][6] - Oil tanker profitability is projected to reach a 15-year high in Q4 2025, with expectations for continued strong performance into 2026 [4][6] Group 3: Automotive Industry - The automotive supply chain is increasingly involved in the energy storage sector, with companies like BYD leading in both electric vehicles and energy storage solutions [7][8] - BYD has achieved a cumulative shipment of 40 GWh in energy storage systems, surpassing competitors and establishing a strong market position [7][8] - The synergy between electric vehicle components and energy storage technologies is expected to enhance the competitive edge of companies in this sector [7][8] Group 4: Construction Industry - The Chinese government plans to implement significant infrastructure projects during the 14th Five-Year Plan, focusing on urban renewal and major engineering initiatives [10][12] - The Ministry of Finance emphasizes the need for proactive fiscal policies to support these projects and enhance investment efficiency [10][12] Group 5: Steel Industry - Steel production is declining, which is aiding inventory reduction, with a notable decrease in both consumption and production levels reported [33][35] - The steel industry is expected to stabilize as demand from construction and manufacturing sectors remains steady, despite challenges from the real estate sector [35][36] - The government is implementing policies to reduce production and promote the exit of inefficient capacities, which is anticipated to improve the industry's fundamentals over time [36][37]

Core Viewpoint - The COP30 conference in Brazil emphasizes the importance of South-South cooperation in addressing climate change challenges faced by developing countries, highlighting the need for multilateralism and collaboration in global climate governance [1][2]. Group 1: South-South Cooperation Initiatives - China has signed 55 South-South cooperation documents with 43 developing countries, implementing over 300 capacity-building projects and providing training for more than 10,000 individuals [2][3]. - The "Clean Stove" flagship project was launched at the forum, with the first cooperation document signed with Tanzania, inviting other developing countries to participate [4]. Group 2: Material Assistance and Capacity Building - China has signed cooperation agreements with seven African countries for the "African Light Belt" flagship project, aiming to alleviate long-standing electricity shortages [3]. - The country is enhancing early warning capabilities for climate change and extreme weather in developing nations through the donation of small satellite systems and meteorological support systems [3]. - China is conducting training workshops focused on climate change response for Pacific island countries, with plans to sign a memorandum of understanding with the convention secretariat to strengthen capacity-building efforts [3].

Group 1: Domestic Policy Developments - Xi Jinping's visit to Guangdong emphasized the province's role as a leader in reform and opening up, focusing on high-quality development and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [11][12] - The 8th China International Import Expo in Shanghai showcased a record number of participating companies, highlighting China's vast market potential and commitment to global trade [13][14] - The establishment of a new Debt Management Department by the Ministry of Finance aims to enhance domestic debt management and implement more proactive fiscal policies [24] Group 2: Market Analysis - The A-share market saw a collective slight increase, with the Shanghai Composite Index rising over 1% and the CSI 300 Index increasing by 0.82% [25] - The China Securities Regulatory Commission (CSRC) announced the implementation of the Securities Settlement Risk Fund Management Measures, effective December 8, 2025, to enhance risk prevention in the securities market [26] - The Producer Price Index (PPI) showed a month-on-month increase for the first time this year, indicating improved supply-demand dynamics in certain industries [27][28]

Core Viewpoint - The COP30 conference in Brazil highlights the country's commitment to climate change, with a focus on electric vehicles as a key solution to address environmental challenges [1][2]. Group 1: Electric Vehicle Industry - The choice of Chinese electric vehicle brands like BYD and Great Wall as official vehicles for the conference signifies a shift towards electric mobility in Brazil, reflecting a broader trend of Chinese automotive brands expanding in Latin America [2][4]. - BYD's factory in Bahia, Brazil, which recently celebrated the production of its 14 millionth electric vehicle, represents China's growing influence in the global automotive industry, particularly in the electric vehicle sector [4]. - The transition from traditional automotive manufacturing to electric vehicle production is reshaping supply chains, job markets, and emission structures in Brazil, as evidenced by the closure of European and American car factories and the establishment of Chinese manufacturing plants [4]. Group 2: Global Climate Initiatives - The absence of high-level U.S. representation at COP30 marks a significant shift, yet the conference emphasizes that global progress on green development continues without U.S. leadership [5]. - The release of China's white paper on carbon neutrality underscores the need for global cooperation in addressing climate change, advocating for a multilateral approach to climate governance [7]. - Brazilian President Lula's call for a new, more equitable, and resilient low-carbon development model reflects a growing recognition of the need for innovative solutions to climate challenges [7].

Core Viewpoint - The article emphasizes the critical role of the distribution network in the power system, highlighting its function as the "capillary" that connects the transmission network to end users, and the expected significant investment growth in the distribution network driven by the rise of distributed photovoltaics and charging stations during the 14th Five-Year Plan period [2][3][4]. Distribution Network Overview - The distribution network is described as the key component responsible for the distribution and supply of electrical energy, connecting the transmission network to various users [6][9]. - It operates at lower voltage levels compared to the transmission network, which is characterized by high voltage and long-distance energy transport [10][9]. Investment Growth Drivers - The rapid development of distributed photovoltaics and charging stations is identified as the main driver for the growth of distribution network investments, with the current penetration rate of distributed photovoltaics at approximately 31.3%, indicating over twofold growth potential [3][28]. - The investment in the distribution network is projected to reach around 1.75 trillion yuan during the 14th Five-Year Plan, with an annual average investment of about 350 billion yuan, reflecting a growth rate of over 15% compared to the previous plan [3][48]. Equipment Update and Market Reform Opportunities - The article discusses the need for equipment updates in the distribution network to support the integration of high-capacity transformers and energy storage systems, driven by the requirements of distributed photovoltaics and high-speed charging stations [4][55]. - The market reform in the distribution network is expected to create financial service opportunities as more social capital enters the investment landscape, with banks potentially finding new clients among provincial grid companies [4][54]. Challenges in Integration - The article highlights the challenges faced by the traditional distribution network in accommodating the rapid growth of distributed photovoltaics, including mismatches in construction pace and existing equipment limitations [19][20]. - The integration of charging stations presents additional challenges, such as spatial imbalances and technological gaps, necessitating upgrades to the distribution network to handle increased load demands [33][35]. Policy and Regulatory Framework - The article outlines the recent policy initiatives aimed at enhancing the quality and capacity of the distribution network, including guidelines for integrating distributed energy sources and improving infrastructure [49][48]. - It notes that the government has set ambitious targets for the distribution network, including the ability to accommodate 500 million kilowatts of distributed renewable energy and 12 million charging stations by 2025 [48][47]. Financial Services and Investment Landscape - The article suggests that the financial services sector should adapt to the evolving landscape of distribution network investments, with opportunities arising from equipment updates and market reforms [54][69]. - It emphasizes the importance of developing comprehensive energy services to ensure the economic viability of new investments in the distribution network [79][69].