21世纪经济报道记者雷椰 北京报道 全方位深层次扩大绿电应用。坚持强制消费和自愿消费相结合，结合实际向更多重点用能行业提出绿色电力消费目标并稳步提高比例要求，强 化监测与考核。优化设置2026年可再生能源电力消纳责任权重目标，以权重保障机制电量和年度装机稳定增长，研究中长期权重引导机制。持 续培育扩大绿证市场，开展绿证价格监测，适时发布绿证价格指数，开展绿色电力消费认证，进一步推动绿证国际互认。 加快修订《中华人民共和国可再生能源法》。配合全国人大环资委修改完善可再生能源法修改草案文本，研究市场化新阶段下可再生能源可持 续发展长效机制，并以修法进一步凝聚共识，坚定不移推动可再生能源优先发展、大力发展。 编制实施《可再生能源发展"十五五"规划》。全力抓好规划编制和衔接，深入谋划"十五五"可再生能源重大战略任务、重大改革举措、重大工 程项目，进一步加强规划"上下左右"衔接，推动《可再生能源发展"十五五"规划》尽快印发，明确中长期发展目标和布局，以规划引领发展。 加强政策供给和落实。抓好《关于促进新能源集成融合发展的指导意见》落实，组织开展政策宣介活动和典型案例征集，推动非电试点起步。 印发《可再生能源消费最低比重 ...

推动"十五五"可再生能源 扩量提质、可靠替代 国家能源局新能源和可再生能源司司长李创军 党的二十届四中全会作出建设能源强国的战略擘画，提出初步建成新型能源体系的目标任务，为"十五 五"时期可再生能源发展提供了根本遵循。2026年全国能源工作会议强调，要紧紧围绕能源发展工作主 线，努力实现"十五五"良好开局，为中国式现代化建设提供坚强能源支撑。国家能源局新能源司认真贯 彻落实党的二十届四中全会和全国能源工作会议部署，推动"十五五"可再生能源扩量提质、可靠替代发 展，并以扎实有效的工作推动实现良好开局。 "十四五"我国可再生能源实现高质量跃升发展 "十四五"以来，我国构建了全球最大、发展最快的可再生能源体系，建成了全球最大、最完整的新能源 产业链，可再生能源开发规模持续跃升，重大工程稳步推进，绿电应用场景不断拓宽，政策机制日益完 善，产业竞争力领跑全球，实现了高质量跃升发展。 一是开发规模持续跃升。"十四五"以来，我国风电、光伏发展速度和力度前所未有，新增装机屡上新台 阶，年均新增2.6亿千瓦，截至2025年底总装机达到18.4亿千瓦，占全部电源装机比重达到47%，已历史 性超过火电，跃居系统第一大电源；可再生能 ...

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the need to lead with "dual carbon" goals and promote a comprehensive green transition, particularly highlighting the expansion of green electricity applications [1][8]. Group 1: Green Electricity Market Development - The scale and activity of green electricity trading have significantly increased, with a total trading volume of 328.5 billion kilowatt-hours in 2025, representing a year-on-year growth of 38.3%. The trading volume of green certificates reached 930 million, up 120% year-on-year [1][9]. - The consumption of green electricity is expanding into multiple sectors beyond industry, including transportation, construction, and residential life. The rapid growth of new energy vehicles has notably increased the demand for green electricity in the charging sector [2][9]. - A robust policy framework supporting green electricity consumption is being established, with plans to create a well-regulated green certificate market by 2027, combining mandatory and voluntary consumption mechanisms [2][9]. Group 2: Challenges in Green Electricity Application - There is a lack of a unified and authoritative certification standard for green electricity consumption, making it difficult to recognize and quantify the environmental value of green electricity [3][10]. - The connection between policy and market mechanisms needs improvement, as existing regulations do not effectively integrate green electricity trading results into regional energy consumption assessments and carbon emission reporting systems [3][10]. - The market trading rules and institutional framework require enhancement, as the coexistence of direct trading and certificate trading models leads to inconsistencies in market rules and pricing mechanisms [3][10]. Group 3: Strategies for Promoting Green Electricity - A systematic approach is needed to improve the green electricity trading market mechanism, enhance supply capacity, and stimulate consumption potential [4][11]. - The construction of large-scale wind and solar power bases in desert and arid regions should be accelerated, along with the integration of renewable energy sources and energy storage technologies [6][12]. - Incentives for green electricity consumption should be refined, including financial support policies and tax incentives for both enterprises and residents, to lower the cost of using green electricity [7][13].

Core Viewpoint - The construction of a new power system is a major strategy personally planned and deployed by General Secretary Xi Jinping, emphasizing the need for systematic planning and efficient development of renewable energy resources [1] Group 1: Systematic Planning of Renewable Energy - The company suggests systematic planning for the efficient development of renewable energy, including the coordinated development of nearshore and deep-sea resources, and the establishment of offshore transmission corridors [1] - It recommends optimizing distributed photovoltaic development plans and exploring full-grid connection models for industrial parks and rural areas [1] - The promotion of the fifth ultra-high voltage direct current project for transferring electricity from Inner Mongolia to Jiangsu is also highlighted [1] Group 2: Scientific Configuration of System Regulation Resources - The company emphasizes the need for forward-looking planning of optimal technical and economic configurations for power system regulation resources [1] - It suggests formulating plans for deep adjustment of coal power and the development of pumped storage resources both within and outside the province [1] - Increased support for key technologies in medium to long-term energy storage and the establishment of energy storage capacity pricing are recommended [1] Group 3: Expanding Green Electricity Applications - The focus is on the urgent demand for green electricity from new entities such as zero-carbon parks, promoting efficient coupling of renewable energy development with zero-carbon park construction [1] - The company advocates for the promotion of distributed photovoltaic development in "whole villages" and "whole parks," as well as expanding pilot projects for direct green electricity connections [1] Group 4: Market Orientation and Policy Support - The company aims to promote coordination between inter-provincial and intra-provincial markets to reduce the cost of purchasing electricity from outside the province [1] - It suggests constructing a joint operation model for long-term and spot electricity markets, optimizing rules for the entry of new energy into the market [1] - Strengthening the connection between time-of-use electricity pricing policies and the spot market is also recommended, along with the development of auxiliary service market varieties [1]

Group 1 - The market is shifting towards growth styles and thematic investment opportunities as it approaches 2026, with public utility sector attention declining due to weak fundamentals [1] - Long-term funds still have a high demand for dividend yields, and there are trading opportunities in regional stocks despite the overall market trend [1] Group 2 - The garbage power generation industry is successfully transforming its operations, focusing on improving existing assets and enhancing cash flow, which boosts dividend capabilities [2] - Nuclear power assets in South China are expected to stabilize in profitability, with a significant production phase expected during the "14th Five-Year Plan" [2] - There is a continued high demand for dividend yields, particularly in thermal power and Hong Kong utilities, as long-term funds seek high-dividend investment opportunities [2] Group 3 - The new energy system is evolving, with a focus on green electricity consumption and application, accelerating grid construction, which promotes high-quality industry development [3] - The green electricity sector is expected to recover from its low point, with improved cash flow opportunities for leading companies in wind power and operational capabilities [3] - Supportive policies for regulatory power sources are being implemented, marking a critical development period for pumped storage and electrochemical energy storage [3]

Group 1 - The core viewpoint of the article highlights that Tongniu Information (300895) is facing operational pressure due to high electricity costs in the Beijing area [1] - The company is actively engaging in discussions with power energy enterprises to explore cost reduction opportunities in the electricity cooperation sector [1] - Tongniu Information is promoting the application of green electricity as part of its strategy to mitigate operational costs [1]

Core Viewpoint - The company, Qingda Environmental Protection, is actively aligning its core business operations with carbon emission control and energy transition policies, focusing on opportunities in green energy and low-carbon development [1] Group 1: Business Operations - The company’s full-load denitrification system, flue gas energy-saving and environmental treatment system, and clean energy consumption system are closely related to carbon emission dual control and energy green transition policies [1] - The company is also investing in the research and manufacturing of hydrogen energy equipment, which aligns with policy directions [1] Group 2: Market Opportunities - The company is strategically positioned to seize market opportunities in green electricity applications and low-carbon development [1]

Core Viewpoint - The article emphasizes the urgency of expanding green electricity (green power) applications in China to achieve carbon neutrality goals and enhance global competitiveness in manufacturing [1][2]. Group 1: Importance of Green Electricity - China has established the world's largest renewable energy system, but the challenge lies in effectively utilizing green electricity [1]. - The European Union's carbon border adjustment mechanism, effective from January 1, 2026, will require Chinese companies to provide clear proof of green production for products like steel and cement to avoid high tariffs [1]. - The reliance on green electricity is becoming a new standard in international trade, impacting China's manufacturing competitiveness [1]. Group 2: Challenges in Green Electricity Application - The intermittent nature of wind and solar energy creates significant challenges for the power grid, leading to wasted green electricity due to insufficient grid capacity [2]. - Despite the reduction in costs for solar panels and wind turbines, the overall system costs for green electricity remain high, necessitating substantial investments in storage facilities and flexible coal power modifications [2]. - The current market mechanisms for green electricity are underdeveloped, with complexities in certification and trading, leading to difficulties for companies in purchasing and verifying green electricity [2]. Group 3: Solutions for Expanding Green Electricity Use - To expand green electricity applications, there is a need for technological innovation and improved market mechanisms, including the development of energy storage technologies and smart grids [3]. - Establishing a unified national electricity market and simplifying green electricity trading processes are essential for making green electricity more accessible [3]. - Implementing policies that incentivize the use of green electricity for companies can create a win-win situation, benefiting both consumers and producers [3].

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The central economic work conference emphasizes a comprehensive green transition, suggesting a focus on upstream raw material opportunities in the wind power sector. The wind power industry is expected to maintain a high prosperity pattern, with annual new installed capacity projected to be no less than 120 million kilowatts during the 14th Five-Year Plan period, reaching a cumulative installed capacity of 1.3 billion kilowatts by 2030 and 5 billion kilowatts by 2060 [5][4]. Market Performance - The new materials sector saw an increase of 0.66%, underperforming compared to the ChiNext Index, which rose by 2.08%. Over the past five trading days, the synthetic biology index fell by 1.58%, while semiconductor materials increased by 6.21%, electronic chemicals by 7.05%, industrial gases by 4.48%, and battery chemicals decreased by 1.88% [2][18][13]. Price Tracking - Amino acids: Valine at 13,050 CNY/ton (up 3.57%), Arginine at 20,950 CNY/ton (down 1.87%), Tryptophan at 30,500 CNY/ton (unchanged), Methionine at 17,950 CNY/ton (down 2.45%) [3]. - Industrial gases: UPSSS grade hydrofluoric acid at 11,000 CNY/ton (unchanged), EL grade hydrofluoric acid at 6,160 CNY/ton (up 0.98%) [3]. - Degradable plastics: PLA (FY201 injection grade) at 17,800 CNY/ton (unchanged), PLA (REVODE 201 blow film grade) at 16,800 CNY/ton (down 1.18%) [3]. Investment Recommendations - The report suggests focusing on wind blade manufacturers such as "Shidai New Materials" and "Maijia Xincai" due to the anticipated growth in the wind power upstream materials market [5].

Macro Economic Group - The U.S. non-farm payrolls increased by 64,000 in November, exceeding the expected increase of 50,000, while October saw a decrease of 105,000 [4] - The unemployment rate in November was 4.6%, higher than the expected 4.4%, marking a four-year high [4] - Average hourly wages in November rose by 3.5% year-on-year, slightly below the expected 3.6% [4] Industry Comprehensive Group - Apple plans to significantly expand its smartphone product line, potentially releasing at least seven new flagship models by fall 2027, including the first foldable iPhone expected in fall 2026 [9] - The investment in new energy sources is expected to maintain strong levels next year, with a focus on building smart grids and microgrids [9] - The investment opportunities in the power grid equipment industry are anticipated to grow due to increased investment in energy infrastructure [9] Advanced Manufacturing Group - The largest grid-type lithium-sodium hybrid energy storage station in China has been officially put into operation, with a total installed capacity of 400,000 kW and a green electricity ratio of 98% [12] - This energy storage system can respond to grid load fluctuations and changes in renewable energy output, marking a shift from optional to essential infrastructure for grid resilience [12] - The industry is expected to see improved profitability as the focus shifts from price competition to system service fees [12] Consumer Group - The light manufacturing sector is experiencing structural opportunities, with companies that have established overseas production capacity expected to perform well in 2025 [14] - The U.S. housing market is at a historical low, and the anticipated interest rate cuts are expected to boost housing demand, positively impacting home-related consumption [14] - The outdoor sports category is expected to benefit from the recovery of the real estate chain and consumer upgrade trends, providing growth support for related companies [14]