Group 1: Green Certificate Issuance - In January 2026, the National Energy Administration issued 196 million green certificates, covering 832,000 renewable energy generation projects, with 151 million being tradable, accounting for 76.79% of the total [2] - The green certificates issued correspond to renewable energy generation for December 2025, totaling 152 million, which represents 77.49% of the issuance [2] - The breakdown of green certificate issuance by renewable energy type includes: Wind Power (85,450), Solar Power (54,900), Conventional Hydropower (41,580), Biomass Power (13,110), and Other Renewable Energy (980) [4] Group 2: Green Certificate Trading - In January 2026, a total of 102 million green certificates were traded nationwide, with 33.69 million being green electricity trading certificates [5] - The trading volume by renewable energy type includes: Wind Power (48,970), Solar Power (42,060), Biomass Power (7,970), and Other Renewable Energy (3,060) [7] - The separate trading of green certificates in January 2026 reached 68.37 million, with 6.5 million certificates for the production year 2024 traded at an average price of 1.25 yuan per certificate, reflecting a 11.64% increase in price; for the production year 2025, 61.88 million certificates were traded at an average price of 5.51 yuan per certificate, showing a 7.04% price increase [7][9]

Group 1 - The company has established a Carbon Management Center to create a systematic carbon management system and overall carbon reduction planning [2] - The company aims to develop an information platform for carbon management, providing a one-stop service model for green certificate application, trading, and carbon footprint tracing [2] - The company has rich experience in carbon trading and green certificate trading, with a substantial reserve of green certificates [2] Group 2 - The company possesses abundant solid waste treatment application scenarios and resources, actively focusing on related resource utilization businesses [2]

国家能源局1月30日举行季度例行新闻发布会，介绍全国能源形势等情况。 国家能源局发展规划司副司长邢翼腾表示，2025年我国能源供应保障能力有效提升，供需总体宽松，行 业健康有序发展，新型能源体系建设基础持续夯实，助力我国经济持续回升向好。 可再生能源年发电量超过欧盟27国用电量之和 "2025年是'十四五'以来能源保供成效最好的一年。"邢冀腾说。 数据显示，全年规上工业原煤产量同比增长1.2%，油、气产量双创历史新高，规上工业原油、天然气 产量分别同比增长1.5%和6.2%。一批特高压直流输电工程投产送电，电力系统互补互济水平持续提 升。 "1月27日，全国统调电厂电煤库存2.2亿吨，可用26天，秦皇岛港5500大卡动力煤长协价格684元/吨，环 渤海港口5500大卡动力煤现货价格694元/吨，迎峰度冬煤炭供应基础坚实可靠，市场运行平稳有 序。"刘明阳介绍。 油气供应总体平稳。进入采暖季以来，国家发展改革委、国家能源局已联合启动天然气保供日报告制度 和周例会会商机制。截至1月27日，全国采暖季天然气累计消费量1195.2亿立方米，同比增长4.6%，国 产气和进口管道气维持高位平稳运行，地下储气库和沿海LNG接 ...

绿证是可再生能源电力消费的凭证。根据国家能源局数据，2025年共计核发绿证29.47亿个，其中可交 易绿证18.93亿个；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。相比2024年全国交易 绿证4.46亿个，2025年的交易数量翻倍。 ● 本报记者郑萃颖 国家能源局最新数据显示，2025年我国可再生能源绿色电力证书交易活跃，交易量较2024年翻倍，不同 核发年份的绿证交易价格呈现分化趋势。随着绿色电力消费机制不断完善，绿证交易一方面为新能源企 业带来收益，另一方面推动高能耗企业加快绿色转型。专家表示，2026年绿证交易市场需求有望保持旺 盛，企业应避免陷入依赖绿证来抵消碳排放的误区。 交易活跃价格分化 国家能源局数据显示，在2025年交易的不同核发年份绿证，其价格呈现差异。其中，核发年份为2025年 的绿证，在4月的平均交易价格为每个4.12元，8月涨至每个8.10元，到12月回落至每个5.15元。而核发 年份为2024年的绿证，其价格在2025年4月后维持在每个2元以上，至12月回落至每个1.12元。 中国节能协会副秘书长兼碳中和委员会秘书长张军涛表示，这种价格分化现象，反映了市场对不同 ...

国家能源局最新数据显示，2025年我国可再生能源绿色电力证书交易活跃，交易量较2024年翻倍，不同 核发年份的绿证交易价格呈现分化趋势。随着绿色电力消费机制不断完善，绿证交易一方面为新能源企 业带来收益，另一方面推动高能耗企业加快绿色转型。专家表示，2026年绿证交易市场需求有望保持旺 盛，企业应避免陷入依赖绿证来抵消碳排放的误区。 ● 本报记者 郑萃颖 国泰君安期货高级分析师唐惠珽预计，2026年，绿证市场将迎来供需双增，存在阶段性供需错配机会。 需求方面，绿色电力消费比例目标覆盖行业将扩围，绿证需求将增长；供应方面，可再生能源发电将继 续保持高速增长，其对应的绿证核发数量也将增加；一、四季度为需求方集中采购时段，价格将走强。 张军涛表示，对于高耗能企业，绿证价格上涨将带来绿证采购成本上升，短期虽带来压力，长期则会倒 逼企业绿色转型，促进绿色投资。企业应避免陷入依赖绿证来抵消碳排放的误区。"绿证不是万能解 药，不是购买了就可实现碳中和。企业应把自身能源结构优化和能效提升放在第一位，在应减则减的基 础上购买绿证。"他说。 张军涛认为，绿证市场持续活跃、交易进一步规范，将为我国可再生能源发展提供稳定的市场需求与 ...

全国绿证交易数量一览表 | 可再生能源发电类型 | 2025年12月交易绿证 | 2025 年 1-12月交易绿证 | | --- | --- | --- | | | 数量 | 数量 | | 风电 | 9415 | 44116 | | 大阳能发电 | 8931 | 42091 | | 生物质发电 | 1421 | 4488 | | 其他可再生能源发电 | 463 | 2354 | | 总计 | 20230 | 93050 | 智通财经APP获悉，1月22日，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%。本期核发2025年11月可再生能源电量对应绿证1.85亿个，占 比87.72%。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。 全国绿证核发情况一览表 | 可再生能源发电类型 | 2025年12月核发绿证 | 2025 年 1-12 月核发绿证 | | --- | --- | --- | | | 数量 | 数 ...

Group 1: Financial Performance and Cost Management - The cost of electricity generation for the company's waste incineration power business is competitive within the industry, with specific cost components including franchise rights amortization, maintenance, and operational costs [2]. - The company’s heat and power project is positioned favorably in terms of cost control and profitability compared to industry peers [2]. Group 2: Strategic Acquisitions and Market Position - The acquisition of Huaxin Color Printing is a strategic move aimed at diversifying revenue streams and finding opportunities for market integration, as the environmental protection industry has shifted from incremental to stock competition [2]. - The company aims to establish a second growth curve by integrating market-oriented and cash flow-positive industries, with Huaxin Color Printing aligning with its strategic needs [2]. Group 3: Industry Trends and Future Opportunities - The company is actively monitoring industry trends and is open to exploring new business growth points in the environmental protection sector, including potential entry into niche markets or emerging industries [2]. - Current operations focus on solid waste treatment in the living sector, with ongoing attention to resource utilization in the renewable energy field, although no related business has been initiated yet [2]. Group 4: Challenges and Risk Management - Some regions face challenges with insufficient waste for incineration power projects, leading to the excavation of landfills to increase waste processing capacity [2]. - To mitigate industry risks, the company maintains good communication with government entities and enhances project operations and profitability through collaborative waste treatment strategies [2]. - The company is also engaged in green certificate trading to promote sustainable development in line with national carbon neutrality policies [2].

Core Insights - In 2025, Inner Mongolia Energy Group's renewable energy sector achieved significant growth in green certificate sales, driven by abundant wind and solar resources and favorable regional policies, marking a benchmark for green certificate operations and enhancing the company's green transformation efforts [1][2] Sales and Revenue - The company issued over 800,000 tradable green certificates in 2025, representing a year-on-year increase of over 330% - Green certificate sales revenue exceeded 16 million yuan, becoming a new growth point for the company's revenue [1] Market Performance - The domestic green certificate market in 2025 exhibited a differentiation between "new certificates at high prices" and "existing certificates at low prices" - The company strategically focused on trading newly produced wind power green certificates to maximize revenue while avoiding risks associated with low prices of existing certificates [1] Trading Strategy and Market Positioning - Leveraging the Inner Mongolia power grid as a platform for green electricity trading, the company established a diversified trading system - The company actively engaged in the Mongolian West electricity multilateral trading market, employing a "bundled electricity and certificates" approach, with 80% of green certificate transactions being long-term agreements, ensuring stable sales [2] Policy and Capacity Support - The rapid growth of the company's green certificate business is supported by policy initiatives and increased capacity - In March 2025, new policies from the National Development and Reform Commission and the comprehensive market entry of Inner Mongolia's renewable energy created rigid market demand - The company accelerated the deployment of new renewable energy capacity, ensuring a solid foundation for green certificate supply [2] Future Outlook - The company plans to continue focusing on wind and solar energy, expanding green electricity capacity, and deepening cooperation with market participants - With the advancement of the "Shagehuang" base and external transmission channels, the green certificate business is expected to break regional boundaries and contribute to national energy structure transformation [3]

Core Viewpoint - The construction of a national unified electricity market is essential for optimizing electricity resource allocation and supporting energy transition, with a three-step plan proposed for its development by 2025, 2029, and 2035 [1] Group 1: Challenges in Electricity Market - The rapid increase in the share of renewable energy generation has led to significant challenges, including intensified pressure on renewable energy consumption, with projected growth rates of 16% for wind and 44% for solar power in 2024 [2] - The electricity trading mechanism needs improvement, as issues such as weak price correlation between medium- and long-term trading and spot markets, insufficient liquidity, and a lack of unified rules hinder market efficiency [2] - The environmental value of renewable energy is not adequately reflected, with the average trading price of green certificates falling below 0.6 cents per kilowatt-hour in 2024, indicating a lack of robust demand support [2] Group 2: Solutions for Market Improvement - To address the challenges, it is crucial to accelerate the construction of a national unified electricity market and develop a market mechanism that aligns with green and low-carbon transitions [3] - Enhancements to the renewable energy consumption responsibility mechanism are necessary, including stricter accountability for electricity consumers and clearer penalties for non-compliance [4] - The electricity trading mechanism should be adapted to better reflect the temporal and spatial value of renewable energy, allowing for more flexible trading arrangements and a broader range of auxiliary services [5] Group 3: Future Prospects - The establishment of a national unified electricity market is vital for breaking down inter-provincial barriers and optimizing resource allocation, which will enhance the electricity system's adaptability to high proportions of renewable energy [7] - This market will serve as a foundational infrastructure for fostering new productive forces in the energy sector and addressing international green trade barriers, thereby strengthening China's position in global climate governance [8] - The successful implementation of this market requires collaboration among government departments, grid companies, power generation groups, and electricity consumers, paving the way for a new energy system focused on non-fossil energy sources [9]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]