人民财讯1月22日电，国家能源局发布2025年12月全国可再生能源绿色电力证书核发及交易数据，2025 年12月，国家能源局核发绿证2.11亿个，涉及可再生能源发电项目68.87万个，其中可交易绿证1.50亿 个，占比71.32%。 2025年1—12月，国家能源局共计核发绿证29.47亿个，其中可交易绿证18.93亿个。2025年1—12月，全 国共计交易绿证9.30亿个，其中绿色电力交易绿证2.50亿个。 ...

Core Viewpoint - The National Energy Administration has issued the "Implementation Rules for the Management of Renewable Energy Green Power Certificates (Trial)" to standardize the lifecycle management of green certificates and promote high-quality market development [1] Group 1: Key Aspects of the Implementation Rules - The rules aim to refine the top-level design by detailing the principles for the issuance and trading of green certificates, clarifying processes for issuance, transfer, cancellation, supervision, and information management [1] - The rules emphasize the need for coordination between green certificates and other policies such as voluntary emission reduction markets (CCER) and carbon emission control mechanisms to ensure the authority, uniqueness, and universality of environmental rights [1] - The rules address social concerns by providing solutions for issues like self-consumed electricity, off-grid project certificate issuance, and disputes over certificate data [1] Group 2: Specific Mechanisms and Regulations - A collaborative mechanism is established among various stakeholders, including the National Energy Administration, provincial energy departments, grid companies, and power trading institutions, to clarify core responsibilities in green certificate management [2] - An account system is to be developed with a national green certificate issuance and trading system as the authoritative ledger, standardizing account management requirements and ensuring data integrity for renewable energy consumption and carbon reduction [2] - The issuance management will be refined by categorizing certificates, specifying issuance targets, and establishing clear timelines for key processes, ensuring comprehensive coverage for projects facing issuance obstacles [2] Group 3: Additional Mechanisms - A cancellation mechanism will focus on the uniqueness of environmental attributes, detailing rules for scenarios like expired certificates and account cancellations, providing authoritative proof for green electricity consumption tracing and certification [3] - A dispute resolution mechanism will standardize the application and handling processes for disputes regarding certificate issuance and transfer, ensuring the protection of market participants' rights [3] - Information supervision will be strengthened with a focus on data authenticity and traceability, outlining responsibilities for data management and penalties for violations, thereby reinforcing market safeguards [3] Group 4: Overall Impact - The introduction of these rules is expected to enhance the scientific, standardized, and operational aspects of the green certificate system, filling existing gaps in practical regulations and significantly contributing to the high-quality development of the green certificate market [3]

Core Viewpoint - The National Energy Administration has issued the "Implementation Rules for the Management of Renewable Energy Green Power Certificates (Trial)", aiming to enhance and standardize the management of green certificates [1] Group 1: Green Certificate Issuance - Green certificates will be issued monthly based on renewable energy generation, with 1 certificate issued for every 1000 kilowatt-hours of renewable energy generated, and any shortfall will be carried over to the next month [1] - The issuance of green certificates will vary by generation type, covering wind, solar, biomass, geothermal, and ocean energy projects, as well as newly commissioned conventional hydropower plants that are fully market-oriented from January 1, 2023 [1] Group 2: Non-Tradable Certificates - Non-tradable green certificates will be issued for self-consumed electricity, off-grid renewable energy generation, and conventional hydropower plants commissioned before January 1, 2023 [1] - Independent energy storage facilities will not be eligible for green certificate issuance [1]

Core Viewpoint - The National Energy Administration has issued the "Implementation Rules for the Management of Renewable Energy Green Power Certificates (Trial)" to establish a comprehensive management mechanism for green certificates throughout their lifecycle, supporting the standardized operation of renewable energy environmental rights [1] Group 1: Management Framework - The implementation rules consist of 10 chapters and 45 articles, detailing responsibilities, account management, certificate issuance, transfer, cancellation, dispute resolution, information management, and supervision [1] - A clear and comprehensive lifecycle management mechanism for green certificates is established, ensuring defined responsibilities and authority [1] Group 2: Certificate Issuance and Management - The rules standardize the issuance management of green certificates, categorizing them, defining the issuance targets, and clarifying the issuance norms with specific time requirements for key processes [1] - Special requirements for projects facing objective obstacles in obtaining green certificates are outlined, promoting full coverage of certificate issuance for registered projects [1] Group 3: Market Reform Alignment - The rules include annotations and distinctions for the pricing settlement mechanism related to renewable energy, aligning with the new requirements for comprehensive market-oriented reforms in the renewable energy sector [1]

Core Viewpoint - The article discusses the implementation of the "Renewable Energy Green Power Certificate Management Implementation Rules (Trial)" by the National Energy Administration, aimed at promoting the high-quality development of the green certificate market and establishing a comprehensive lifecycle management mechanism for green power certificates [2][3]. Background - The issuance of the rules aligns with the goals set by the 20th Central Committee of the Communist Party of China to accelerate the construction of a new energy system and achieve carbon peak [3]. - The Renewable Energy Law of the People's Republic of China emphasizes the establishment of a green energy consumption promotion mechanism through green power certificates [3]. Main Content - The "Implementation Rules" consist of 10 chapters and 45 articles, detailing responsibilities, account management, certificate issuance, transfer, cancellation, dispute resolution, information management, and regulation [5]. - A collaborative mechanism is established among various stakeholders, including the National Energy Administration, provincial energy authorities, grid companies, and power trading institutions, to clarify core responsibilities in green certificate management [5]. - The account system is enhanced with a standardized management approach, linking national and provincial accounts to support renewable energy consumption and carbon reduction calculations [5]. - The rules for certificate issuance are specified, including classification, issuance targets, and timelines, ensuring comprehensive coverage for projects facing issuance obstacles [6]. - Transfer rules for green certificates are clarified, ensuring clear ownership and incorporating market mechanisms for trading [6]. - A cancellation mechanism is established to maintain the uniqueness of environmental attributes, with specific rules for expired certificates and consumption declarations [7]. - A dispute resolution mechanism is introduced to protect the legal rights of market participants regarding certificate issuance and transfer [7]. - Information regulation focuses on data authenticity and traceability, with clear responsibilities and penalties for violations [7]. Next Steps - The National Energy Administration will coordinate the implementation of the rules, ensuring orderly management of the entire lifecycle of green certificates [8]. - Continuous optimization of the national green certificate issuance and trading system will be prioritized to enhance efficiency and data processing capabilities [8]. - Ongoing monitoring and evaluation of the implementation will be conducted to address new challenges and improve the management system [8].

Group 1 - In October 2025, the National Energy Administration issued 370 million green certificates, covering 374,100 renewable energy generation projects, with 158 million being tradable, accounting for 42.61% of the total [2] - For the period from January to October 2025, a total of 2.478 billion green certificates were issued, with 1.592 billion being tradable [2] - The breakdown of green certificates issued in October 2025 includes 79.17 million for wind power, 65.43 million for solar power, 211.05 million for conventional hydropower, 12.84 million for biomass power, and 1.52 million for other renewable energy sources [4] Group 2 - In October 2025, a total of 66.7 million green certificates were traded nationwide, with 22.99 million being green electricity trading certificates [5] - From January to October 2025, 596 million green certificates were traded, including 202 million green electricity trading certificates [5] - The average trading price for green certificates produced in 2024 was 2.56 yuan per certificate, while for those produced in 2025, it was 5.22 yuan per certificate [7]

Group 1 - The Chinese government has issued a document to improve the pricing policy for nearby transactions of renewable energy, optimizing the pricing mechanism for incremental distribution networks and promoting more commercial users to participate in market transactions [1] - The U.S. government announced a "reciprocal tariff" on global trade partners, with tariffs of 34% on China, 46% on Vietnam, 36% on Thailand, and 26% on India [1] - In February 2025, the national utilization rates for wind and solar energy were reported at 92.9% and 93.4% respectively, with a slight decrease from January [1] Group 2 - In February 2025, a total of 4,054 new renewable energy projects were registered in China, with 4,000 being solar projects, including 102 centralized and 3,898 distributed projects [2] - The National Energy Administration is seeking opinions on the implementation details for issuing green power certificates for renewable energy projects, which will be tradable for certain projects starting from January 1, 2023 [2] Group 3 - The average price of polysilicon remained stable at 40.0 CNY/kg for dense material and 38.0 CNY/kg for granular silicon, with low transaction volumes and significant inventory pressure in the industry [3] - The average price of 150um 182mm monocrystalline silicon wafers was stable at 1.15 CNY/piece, while 130um 183mm N-type wafers increased by 8.3% to 1.3 CNY/piece due to production disruptions from a recent earthquake [4] - The average price of M10 solar cells remained stable at 0.31 CNY/W, while TOPCon cells increased by 1.6% to 0.310 CNY/W, indicating a potential upward trend in prices due to rising demand [5] Group 4 - The average price of 182mm bifacial PERC modules remained stable at 0.65 CNY/W, while 182mm TOPCon double-glass modules increased by 1.4% to 0.75 CNY/W, driven by strong demand from end-users [5] - The price of 3.2mm coated photovoltaic glass remained stable at 22.0 CNY/m², while 2.0mm coated glass also held steady at 14.0 CNY/m² [6] Group 5 - Companies recommended for investment include Aiko Solar and Longi Green Energy in new technology, Flat Glass in supply-side improvement, and overseas layout companies such as Longi Green Energy and Sungrow Power Supply [7] - Other companies to actively monitor include Xinyi Solar, GCL-Poly Energy, Tongwei Co., and JA Solar Technology among others [7]

Investment Rating - The report maintains a "Buy" rating for several companies, including Aishuo Co., Longi Green Energy, and others, with ratings ranging from A to B [1][8]. Core Insights - The solar industry is experiencing structural price increases in the supply chain, influenced by recent events such as the earthquake in Myanmar affecting silicon wafer production [1][6]. - The utilization rate of photovoltaic (PV) systems in February 2025 was reported at 93.4%, indicating strong performance in the sector [2][3]. - The Chinese government is enhancing policies for renewable energy pricing, aiming to optimize market mechanisms for electricity transactions [1][2]. Summary by Sections Investment Recommendations - Key stocks recommended for investment include Aishuo Co. and Longi Green Energy for new technology, and companies like Fulete and Hongdian Dongci for supply-side improvements [1][8]. Market Performance - The report notes that the solar industry has shown resilience, with a significant number of new PV projects being registered, totaling 4,000 in February 2025 [2][3]. Price Tracking - The average price of polysilicon remains stable at 40.0 CNY/kg, while silicon wafer prices have seen slight increases due to supply chain disruptions [4][6][7]. - The average price for M10 solar cells is reported at 0.31 CNY/W, with expectations for further price increases due to rising demand [7]. Policy Developments - The National Energy Administration has issued guidelines for renewable energy green power certificate issuance, which will impact the market dynamics for renewable energy projects [3].