（征求意见稿） 第一章 总则 近日，国家发展改革委发布《可再生能源消费最低比重目标和可再生能源电力消纳责任权重 制度实施办法（征求意见稿）》，向社会公开征求意见。 其中提出，可再生能源消费最低比重是指能源用户消费的可再生能源在其总能源消费中的比 重。可再生能源消费最低比重目标分为 可再生能源电力 消费 最低比重 目标和 非电消费最低比 重 目标两类 ， 其中电力消费最低比重目标包括全部可再生能源发电种类；非电消费最低比重目 标包括可再生能源供热（制冷）、可再生能源制氢氨醇、生物燃料等可再生能源非电利用种类。 意见稿全文如下： 可再生能源消费最低比重目标和可再生能源电力消纳责任权重制度实施办法 第一条 为推动可再生能源高质量发展，助力实现碳达峰碳中和，落实可再生能源在能源消费中 的最低比重目标，完善可再生能源电力消纳保障机制，根据《中华人民共和国能源法》《中华人 民共和国可再生能源法》，制定本办法。 第二条 本办法适用于能源用户可再生能源消费最低比重目标和省级行政区域可再生能源电力消 纳责任权重的制定、监测和考核。 第三条 国务院能源主管部门会同有关部门制定可再生能源消费最低比重目标和可再生能源电力 消纳责任权 ...

Core Insights - The National Development and Reform Commission (NDRC) released a draft on October 13, 2025, regarding the minimum consumption ratio targets for renewable energy and the responsibility weight system for renewable energy power consumption [1][2]. Group 1: Renewable Energy Consumption Targets - The draft introduces minimum consumption ratio targets for renewable energy, aimed at addressing the increasing pressure on renewable energy consumption across the country [3]. - The targets are divided into two categories: minimum consumption ratio for renewable energy electricity and minimum consumption ratio for non-electric consumption [3]. - The electricity consumption target encompasses all types of renewable energy generation, while the non-electric consumption target includes renewable energy heating (cooling), hydrogen production, and biofuels [3]. Group 2: Industry Implications - The government supports key energy-consuming industries to enhance their renewable energy consumption ratios beyond the established minimum targets [3]. - Regions with the capability are encouraged to set minimum renewable energy consumption targets for government departments, public institutions, and state-owned enterprises [3]. - The demand for green hydrogen and ammonia is expected to increase, driven by both domestic and international markets, suggesting investment opportunities in companies like Goldwind Technology and Jilin Electric Power [4].

Core Viewpoint - The National Development and Reform Commission has released a draft proposal to establish minimum renewable energy consumption targets and responsibilities for renewable energy power consumption, aiming to promote a green energy transition in China [1][3]. Group 1: Renewable Energy Consumption Targets - The draft introduces minimum renewable energy consumption targets for key energy-consuming industries and provincial regions, with a focus on green certificate trading, self-use of renewable energy, and direct green electricity connections as primary consumption methods [1][5]. - The proposal aims to create clear market demand for various renewable energy sources, including geothermal and biomass energy, thereby assisting companies in complying with international carbon regulations [1][3]. Group 2: Implementation Mechanism - The draft outlines a systematic and detailed approach, including accounting methods, assessment targets, and penalties for non-compliance, indicating a long-term and stable execution mechanism for renewable energy policies [4][5]. - The policy emphasizes the need for monitoring and assessment of renewable energy consumption responsibilities at the provincial and energy consumption entity levels, providing a foundational method for societal participation in renewable energy consumption [5][8]. Group 3: Green Certificate Market - The green certificate system, established in 2017, has matured but previously suffered from low trading volumes due to voluntary participation. The draft now links mandatory consumption responsibilities to green certificate purchases, potentially increasing trading volumes and prices [6][8]. - This change is expected to activate the green certificate market, providing a clear value for compliance and driving demand for green certificates [6]. Group 4: Non-Electric Renewable Energy Applications - The draft includes minimum consumption targets for non-electric renewable energy applications, such as heating and hydrogen production, creating significant market opportunities for industries like solar thermal utilization and biomass heating [8][9]. - The policy provides a pathway for recognizing the environmental value of "green heat," which is crucial for industries reliant on thermal energy, helping them comply with international carbon regulations [8][9].

证券研究报告：电力设备|点评报告 发布时间：2025-10-15 行业投资评级 强于大市 |维持 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《中国更新 NDC3.0,进一步提升全球气 候治理领导力》 - 2025.09.26 可再生能源消费最低比重目标的提出，有助于绿色 氢氨醇提升在国内市场的需求 行业基本情况 | 收盘点位 | | 9661.64 | | --- | --- | --- | | 52 | 周最高 | 10428.72 | | 52 | 周最低 | 6107.84 | 行业相对指数表现（相对值） 2024-10 2024-12 2025-03 2025-05 2025-08 2025-10 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 l 投资要点 事件：2025 年 10 月 13 日，国家发改委发布《可再生能源消费最 低比重目标和可再生能源电力消纳责任权重制度实施办法（征求意见 稿）》，用于能源用 ...

Core Points - The article discusses the implementation of the "Minimum Proportion Target for Renewable Energy Consumption and the Responsibility Weight System for Renewable Energy Power Consumption" to promote high-quality development of renewable energy and achieve carbon peak and carbon neutrality goals [2][3]. Group 1: Renewable Energy Consumption Minimum Proportion Target - The minimum proportion target for renewable energy consumption refers to the share of renewable energy in the total energy consumption of energy users, divided into electricity and non-electric consumption categories [5][7]. - The government will set minimum proportion targets for key energy-consuming industries and monitor their progress, encouraging regions to establish their own targets [7][8]. - The completion of the minimum proportion targets will be verified using renewable energy green power certificates [8][9]. Group 2: Renewable Energy Power Consumption Responsibility Weight - The responsibility weight for renewable energy power consumption is defined as the proportion of renewable energy consumed in a region compared to the total electricity consumption [9][10]. - The government will calculate and assign these responsibility weights annually, with local energy departments responsible for implementation [10][12]. - Electric grid companies are required to support the implementation of renewable energy consumption plans and enhance their capacity to absorb renewable energy [10][11]. Group 3: Monitoring and Evaluation - The government will conduct quarterly monitoring and annual evaluations of the implementation of the minimum proportion targets and responsibility weights, with results published [12][14]. - Local energy departments must report on the completion status of these targets annually, and any failures to meet the targets will lead to regulatory actions [16][14]. Group 4: Implementation Timeline - The new measures are set to take effect from a specified date in 2026, with additional regulations for sustainable aviation fuel consumption to be developed separately [18][19].

Core Points - The article discusses the public consultation for the draft implementation measures of the minimum proportion target for renewable energy consumption and the responsibility weight system for renewable energy power consumption [2][3] - The initiative aims to promote high-quality development of renewable energy and support the achievement of carbon peak and carbon neutrality goals [2] Group 1 - The National Development and Reform Commission (NDRC) is seeking public opinions on the draft measures [2] - The consultation is part of the implementation of the Energy Law of the People's Republic of China [2] - The deadline for feedback is set for November 12, 2025 [3]

Core Points - The article discusses the implementation of a draft regulation aimed at establishing minimum consumption targets for renewable energy and a responsibility weight system for renewable energy power consumption in China, in line with the Energy Law of the People's Republic of China [1][2][3] Group 1: Renewable Energy Consumption Targets - The minimum consumption target for renewable energy refers to the proportion of renewable energy consumed by energy users in their total energy consumption [3] - The targets are divided into two categories: minimum targets for renewable energy electricity consumption and non-electric consumption [3] - The electricity consumption target includes all types of renewable energy generation, while the non-electric consumption target includes renewable heating, hydrogen production, and biofuels [3] Group 2: Implementation and Monitoring - The State Council's energy authorities will determine key energy-consuming industries and set specific minimum consumption targets and transition periods, with ongoing monitoring and evaluation [4] - The annual targets for renewable energy electricity consumption and non-electric consumption will be issued by the State Council's energy authorities, with provincial energy departments responsible for implementation [6][12] - Compliance with the minimum consumption targets will be verified using renewable energy green power certificates [5][9] Group 3: Responsibility Weight for Renewable Energy Consumption - The responsibility weight for renewable energy consumption is defined as the proportion of renewable energy consumed in each provincial region relative to the total electricity consumption [8] - The State Council's energy authorities will conduct unified calculations of the responsibility weights for each province and issue them annually [11] - Provincial energy departments will develop implementation plans to ensure the stable utilization of wind and solar power [12] Group 4: Evaluation and Accountability - The State Council's energy authorities will conduct quarterly monitoring and annual evaluations of the implementation of the minimum consumption targets and responsibility weights [10][11] - Enterprises that fail to meet the minimum consumption targets will be required to make up the shortfall through green certificate trading or other market-based methods within three months [12][13] - Non-compliance may result in increased scrutiny and potential penalties for the responsible enterprises [12][13]