10月20日，在2025北京国际风能大会暨展览会开幕式上，中国能源研究会可再生能源专委会主任委员梁 志鹏表示，新能源已是电力系统中大规模、高比例的电源，对电网的安全稳定运行带来新挑战，新能源 在电力供需平衡方面也面临新的难题，需要在技术、商业模式、体制机制、政策措施等方面持续推进创 新。 一是要持续推进新能源技术创新。风电等新能源产业应发展"适网型"技术装备，同时电网侧也应打 造"适新型"智能电网。在新型电力系统建设中应全方面引入数字化、智能化技术，解决新能源并网运行 和供需平衡问题。 二是要探索新能源消纳利用新方式。加快推广虚拟电厂、综合智慧能源、源网荷储一体化等模式，为新 能源的消纳与利用开辟广阔空间。同时还需要更好地发挥储能的作用，从"重配储"转变为"重用储"。今 后还应推广可再生能源电力转化为工业产品等新方式。 三是要深化体制机制改革。继续完善新能源参与电力市场的机制，探索更多适应风电、光伏特性的市场 交易模式。 四是要继续完善支持新能源发展的法律制度和政策。在能源法的基础上修改完善可再生能源法、电力法 等法律法规，加强风电等新能源开发的土地要素保障，满足未来新能源更大规模开发的需要。在能耗双 控全面 ...

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [12] Core Viewpoints - Renewable energy, particularly wind and solar, is central to China's dual carbon goals, but the industry faces challenges with rapid growth in generation capacity and increasing consumption pressure [4][7] - The report emphasizes the need for high-quality development in the renewable energy sector, focusing on enhancing supply and expanding utilization pathways [4][7] - The transition to a unified electricity market and the promotion of energy storage, ultra-high voltage transmission, and new business models are seen as critical for improving renewable energy consumption [8][22] Summary by Sections Power Utilization: Core Role of Storage, New Business Models, and Ultra-High Voltage - The contradiction of increased installed capacity and reduced utilization rates is expected to emerge by 2025, necessitating reforms in the electricity system to support renewable energy consumption [8][22] - Energy storage is anticipated to play a crucial role, with a three-part value system involving spot markets, ancillary services, and capacity pricing being established [9][22] - New business models supported by government policies are expected to facilitate local consumption of renewable energy [9][22] Non-Electric Utilization: Decreasing Costs of Green Electricity and Potential Growth of Green Hydrogen and Methanol - The report highlights the low current share of non-electric renewable energy utilization, which is less than 1% of total energy consumption, but anticipates significant growth in green hydrogen and methanol as costs decrease [10][22] - Green hydrogen is identified as a key intermediate process for deep decarbonization, with applications in agriculture and as a zero-carbon energy source [10][22] - The demand for green ammonia and methanol is expected to expand rapidly due to the establishment of environmental value systems domestically and internationally [10][22] Future Outlook: Comprehensive Market Entry and Maturity of the Unified Electricity Market - The next five years are critical for transitioning from scale development to high-quality development in the renewable energy sector, with a focus on enhancing consumption capacity [49][50] - The report outlines the importance of market-driven resource allocation and the establishment of a sustainable pricing mechanism for renewable energy [49][50] - The construction of a unified electricity market is expected to facilitate better resource allocation and promote renewable energy consumption [53][55]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The release of the "14th Five-Year" Energy Planning Management Measures emphasizes compliance and economic viability in energy projects, with stricter controls on project inclusion in energy planning [2][7] - The new measures aim to enhance the systematic, authoritative, scientific, and adaptive nature of energy planning, with a focus on mid-term and summary evaluations [7][9] - The market sentiment towards new energy development has been pessimistic due to the negative impact of market transactions on investment returns, but the 2035 development goals announced by President Xi Jinping have provided reassurance [3][10] - The government is addressing irrational competition in the energy sector, particularly in coal and photovoltaic industries, to stabilize prices and promote the exit of inefficient capacities [10][11] Summary by Sections 1. Energy Planning Management Measures - The new management measures replace the previous version and are effective for five years, focusing on high-quality energy development [7] - The measures restrict provincial energy planning from including projects not approved at the national level, ensuring a more rigorous planning process [8][9] 2. Market Dynamics and Recommendations - The report suggests focusing on stocks with third-quarter performance catalysts, highlighting long-term investments in quality hydropower and undervalued wind power companies [12][13] - Short to medium-term recommendations include companies with strong asset quality and management capabilities, as well as regional stocks with lower downside risk [11][12]

Company Highlights - Sunhigh New Energy (1250.HK) saw its stock rise by 7.57% to HKD 1.99 in afternoon trading [1] - The company announced that by August 2025, the operational power generation capacity of its projects will reach approximately 526,707 MWh [1] - For the eight months ending August 31, 2025, the cumulative operational power generation of the company and its joint ventures will be about 4,815,272 MWh, representing a year-on-year increase of approximately 6.3% compared to 2024 [1] - The wholly-owned subsidiary, Heze Sunhigh Energy, signed an EPC contract in mid-September with China Energy Engineering Group and Zhengchen Technology for a 175 MW distributed wind power project in Shandong Province, with a total contract value of approximately RMB 1.011 billion [1] - This investment is expected to enhance the company's strategic layout and business scope in the Shandong market, contributing to the diversification of its renewable energy business and expanding its revenue base [1] Industry Insights - Wang Hongzhi, Director of the National Energy Administration, emphasized the need for greater efforts to promote high-quality development of renewable energy in a recent article [1] - The article highlighted the importance of addressing the supply-demand imbalance in the upstream and downstream stages of the industry chain, as well as the need to rectify "involution" competition within the photovoltaic industry [1] - The focus is on upgrading the quality of the photovoltaic industry and promoting orderly competition and healthy development in renewable energy generation and related industries [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights the positive outlook for the lithium battery sector, with iron-lithium battery prices continuing to rise and significant breakthroughs in solid-state battery technology [1][8] - The photovoltaic sector is supported by government initiatives aimed at promoting high-quality development in the renewable energy industry, with expectations for price stabilization as excess capacity is eliminated [2][17] - The wind power sector aims for a total installed capacity of 360 GW by 2035, with ongoing tenders for offshore wind projects in Hainan [2][30] - The energy storage sector is seeing new technology layouts from government departments, with recent price increases in battery cells and tight supply conditions [3][42] - The electric power equipment sector is experiencing increased capital expenditure forecasts from major companies like Alibaba, indicating growth potential [4][49] Summary by Sections Lithium Battery Sector - Iron-lithium battery prices have increased by 0.15% to 0.33 CNY/Wh for 100Ah cells, and 0.17% to 0.30 CNY/Wh for 280Ah cells [8] - Solid-state battery advancements have been published in Nature, moving towards a lithium-rich manganese-based cathode and metallic lithium anode [9] - The automotive sector plans to implement solid-state batteries by 2026, with consumer electronics rapidly adopting semi-solid batteries [10] Photovoltaic Sector - The National Energy Administration emphasizes the need for high-quality development in the renewable energy sector, addressing "involution" in the photovoltaic industry [2][17] - The report anticipates a gradual recovery in prices as outdated capacity is phased out due to new national standards and industry self-regulation [2][18] - Recent price trends show fluctuations in silicon material and module prices, with expectations for future price increases [19][21] Wind Power Sector - China's wind and solar installed capacity target for 2035 is set at 360 GW, with significant growth expected in the coming years [30] - Recent tenders for offshore wind projects in Hainan indicate ongoing investment and development in the sector [31] Energy Storage Sector - The government has released guidelines for new energy storage technologies, focusing on solid-state and liquid flow batteries [3][39] - The price of battery cells has seen slight increases, with supply remaining tight [42][45] - The report highlights the growing demand for energy storage solutions in both domestic and international markets [46] Electric Power Equipment Sector - Alibaba's increased capital expenditure forecast suggests a robust growth trajectory for the electric power equipment sector [49] - The report notes the significance of the Yantai-Weihai high-voltage project, which is expected to be completed by 2026 [50] Industrial Control and Robotics Sector - The report discusses the introduction of various robotic technologies at the 2025 Industrial Expo, indicating advancements in automation [56][57] - The manufacturing sector shows signs of recovery, with an increase in the PMI index suggesting improved demand for industrial control components [56] Hydrogen Energy Sector - The National Energy Administration has issued guidelines for the high-quality development of hydrogen energy equipment, with significant projects being approved [4][66] - The report highlights the approval of a large-scale green hydrogen project by Goldwind Technology, indicating growth in the hydrogen sector [67][68] - The report suggests focusing on companies involved in green hydrogen production and fuel cell systems [69][72]

Core Insights - The report focuses on Kangnong Agriculture (837403), which specializes in hybrid corn seeds and has integrated breeding, propagation, and promotion since 2017, leading to significant growth in new markets [3][11] - The company is projected to achieve a revenue CAGR of 30.5% and a profit CAGR of 42.1% from 2022 to 2024, driven by the successful launch of its main product, Kangnong Yu 8009 [3][11] - The report highlights the favorable market conditions for high-yield and quality seed varieties, with a predicted stable corn price and strong planting enthusiasm among farmers [3][11] Company Overview - Kangnong Agriculture has established a comprehensive development model that connects breeding, propagation, and promotion, enhancing its market competitiveness [3][11] - The company has successfully entered new markets in the Huanghuaihai summer sowing area and the northern spring sowing area, which have become new growth drivers [3][11] Industry Analysis - The seed market is currently experiencing a supply-demand imbalance, with a supply-demand ratio of 175% expected for the 2024/25 season, indicating a high inventory situation that may take 2-3 years to improve [3][11] - High-quality seed varieties are favored in the market, commanding better premiums, while competition among homogeneous varieties remains intense, leading to price pressures [3][11] Short-term Outlook - For 2025, the company aims to increase revenue while reducing costs, with Kangnong Yu 8009 expected to lead growth [3][11] - The self-propagation model is anticipated to lower costs, with a projected gross margin increase of 1.2-5.0 percentage points in 2025 based on sensitivity analysis [3][11] Long-term Strategy - The company plans to continue expanding its national sales footprint, leveraging its market position in the southwest and introducing diverse product combinations in the Huanghuaihai market [3][11] - Kangnong Agriculture has a robust pipeline of transgenic varieties, with a structured approach to commercialization across different regions [3][11] Investment Rating and Valuation - The report forecasts the company's net profit for 2025-2027 to be 0.96 billion, 1.23 billion, and 1.50 billion respectively, with corresponding PE ratios of 25, 19, and 16 times [3][11] - A target market capitalization of 45 billion is set for 2025, indicating a potential upside of 90% from the closing price on September 25, 2023, with a "Buy" rating assigned [3][11] Catalysts for Stock Performance - Key catalysts include exceeding expectations in contract liabilities for Q3 2025, higher-than-expected sales of Kangnong Yu 8009, and progress in promoting high-protein corn [3][11]

Core Viewpoint - The article emphasizes the need for greater efforts to promote high-quality development of renewable energy in China, highlighting significant growth in installed capacity and the importance of diversifying energy utilization methods [1] Summary by Relevant Sections Installed Capacity and Growth - As of the end of August this year, the total installed capacity of wind and solar power in China has surpassed 1.69 billion kilowatts, exceeding three times the level at the end of the 13th Five-Year Plan [1] - Renewable energy sources contributed to 80% of the new power installations since the beginning of the 14th Five-Year Plan, with wind and solar power generation's share increasing at an annual rate of 2.2 percentage points [1] Transition to Multi-Energy Utilization - There is a need to shift from single electricity consumption of renewable energy to comprehensive multi-energy utilization [1] - This transition addresses the limited local consumption capacity in resource-rich areas and the increasing constraints on large-scale long-distance transmission [1] High-Quality Development Drivers - The focus is on driving high-quality development through technological innovation to reduce costs and improve efficiency [1] - There is an emphasis on upgrading old power plants to enhance operational efficiency and reliability of renewable energy output [1] Industry Competition and Upgrading - The article calls for resolving the supply-demand imbalance in the renewable energy industry chain and addressing "involution" competition within the photovoltaic sector [1] - It advocates for quality upgrades in the photovoltaic industry and orderly competition to promote healthy development of renewable energy generation and related industries [1]

Macro News - Financial regulatory authorities announced a series of measures to support the stability of the capital market, which have shown effectiveness over the past year [1] - In August, the total market value of A-shares exceeded 100 trillion yuan, indicating the success of capital market reforms [1] - The capital market is expected to transition from being policy-driven to being driven by internal dynamics, better serving high-quality economic development [1] Industry News - The State Administration for Market Regulation has drafted a consultation document focusing on regulating platform fees and merchant entry in the food delivery sector, aiming to enhance service quality and reduce merchant burdens [4] - The draft prohibits platforms from forcing merchants to share promotional costs and mandates fair compensation for delivery personnel, including limits on working hours and fatigue alerts [4] - The National Energy Administration is addressing "involution" competition in the photovoltaic industry to promote quality upgrades and enhance the competitiveness of renewable energy sources [5] - The price of live pigs has reached a yearly low due to oversupply, with prices dropping to 12.59 yuan per kilogram, a 10.4% decrease from earlier in the month and a 24.4% drop from the year's peak [7][6] Sector Opportunities - A report from China International Capital Corporation indicates that the upgrade to 800V HVDC in AI power supply architecture may position SST as the optimal technology route, with certain companies already applying SST products in mixed microgrid projects [8] - CITIC Securities highlights that a significant reduction in breeding cows since 2024 has led to a shortage in supply, driving up live cattle prices, with expectations for continued price increases due to supply pressures anticipated by 2026 [8]

国家能源局局长王宏志在学习时报发表文章《以更大力度推动我国新能源高质量发展》，其中指出，以 高效发展为驱动，稳固增强高质量发展内生动力。以技术创新持续驱动降本增效，有序推动老旧电站改 造升级，提升运营效率。主动增强新能源可靠出力水平和系统适配性，提升新能源电站参与电力市场竞 争的能力。此外，加快破解产业链上下游阶段性供需失衡矛盾，专项整治光伏产业"内卷式"竞争，推动 光伏等产业提质升级，促进新能源发电及相关产业有序竞争和良性健康发展。 ...

Core Viewpoint - The article emphasizes the need for stronger efforts to promote high-quality development in China's renewable energy sector through efficient development and technological innovation [1] Group 1: Development Strategies - The focus is on driving high-quality development by enhancing internal motivation and operational efficiency [1] - Technological innovation is highlighted as a key driver for cost reduction and efficiency improvement [1] - There is a call for the orderly upgrade and transformation of old power plants to improve operational efficiency [1] Group 2: Market Competitiveness - The article stresses the importance of enhancing the reliability and adaptability of renewable energy sources to improve their competitiveness in the electricity market [1] - It advocates for addressing the supply-demand imbalance in the industry chain and promoting healthy competition among renewable energy sectors [1] Group 3: Industry Upgrades - The need for special measures to address "involution" competition within the photovoltaic industry is mentioned [1] - The article encourages the upgrading of photovoltaic and other related industries to foster orderly competition and healthy development in renewable energy generation [1]