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]

主办单位：北极星电力网 北极星电力市场网 学习平台：北极星学社 近年来，新能源参与电力市场的程度不断深化，多个新能源大省陆续吹响入市"集结号"。2025年伊始， 新能源上网电价迎来改革，新能源项目上网电量全部进入电力市场，上网电价通过市场交易形成。 在全面入市的大背景下，新能源企业需要对电力市场框架和规则有全面了解，在参与市场化交易的过程 中，合理申报交易电量、价格和曲线，优化中长期合同签订，积极参与绿电、绿证交易市场，实现环境 价值变现。 培训将针对中长期交易、电力现货交易、绿电/绿证交易的当前市场政策、交易规则、交易策略、实操 演示等各阶段详细流程，为相关企业人士提供入门电力市场的全面讲解。 一、组织单位 四、培训对象 （一）新能源发电侧、售电侧、用户侧等企业的管理及相关工作人员； （二）虚拟电厂、储能、负荷聚合商等企业的管理及相关工作人员； 二、培训内容 | 培训单元 | 课程大纲 | | --- | --- | | 新能源上网电价市场化 | 1.1 新能源上网电价市场化改革解析(政策解读、机制电价) | | 改革 | 1.2 新能源上网电价市场化改革解析(未来新能源收入保障与构成) | | | 2.1 ...

12月2 6日，国家能源局发布2025年11月全国可再生能源绿色电力证书核发及交易数据。 2025年11月，全国交易绿证1. 32亿个，其中绿色电力交易绿证2539万个。2025年1—11月，全国共计交易绿证7.28亿个，其中绿色电 力交易绿证2.28亿个。 | | | 单位:万个 | | --- | --- | --- | | 可再生能源发电类型 | 11 月交易绿证数量 | 1-11 月交易绿证数量 | | 风电 | 5475 | 34701 | | 太阳能发电 | 6897 | 33160 | | 生物质发电 | 314 | 3099 | | 其他可再生能源发电 | 527 | 182d | | 总计 | 13212 | 72819 | 一、绿证核发情况 2025年11月，国家能源局核发绿证2.58亿个，涉及可再生能源发电项目50.97万个，其中可交易绿证1.50亿个，占比58.25%。本期核 发202 5年10月可再生能源电量对应绿证2.25亿个，占比87. 17%。202 5年1—11月， 国家能源局 共计核发绿证27.36亿个，其中可交易 绿证17.4 3亿个。 | | | 早位: 力 个 | | ...

Core Insights - China's renewable energy sector is experiencing a transformative leap, characterized by both quantitative and qualitative advancements, marking a new era of green electricity [1][2][10] Development Milestones - By 2025, China's wind and solar power installations are expected to reach approximately 370 million kilowatts, with a cumulative capacity exceeding 1.7 billion kilowatts, contributing about 22% to the total electricity consumption [3][4] - The average utilization rate of renewable energy in China remains stable at over 94%, indicating a balance between large-scale development and efficient consumption [4] Policy and Strategic Support - The Chinese government has prioritized the development of renewable and clean energy, implementing a series of strategic policies since the 14th Five-Year Plan to support rapid growth in this sector [5][6] Industry Infrastructure - China has established the world's largest and most complete renewable energy industry chain, with renewable energy generation accounting for 60% of total installed capacity [6][10] - The integration of renewable energy with traditional energy sources is being pursued, leading to a multi-energy complementary transformation [9] Systematic Upgrades - The development model of renewable energy is shifting from isolated advancements to a more integrated and collaborative approach, with large-scale wind and solar bases being developed in previously uninhabitable areas [7][8] - New energy storage solutions are being developed to enhance the flexibility of the power system, with a projected installed capacity of over 100 million kilowatts by 2025, accounting for more than 40% of the global total [8] Market Dynamics - The market for green certificates is expanding, with approximately 2.9 billion green certificates issued in 2025, reflecting a significant increase in market participation and value realization of green energy [9] Societal Impact - Renewable energy is becoming a part of daily life in China, with significant growth in electric vehicle charging infrastructure and distributed solar installations, enhancing the accessibility of clean energy [11][12] - The renewable energy sector is also contributing to ecological restoration and job creation, demonstrating a dual benefit for economic growth and environmental protection [12] Global Influence - China's renewable energy products are exported to over 200 countries, significantly contributing to global carbon reduction efforts, with the country accounting for over 70% of the world's solar components and 60% of wind power equipment [12]

Summary of Hydrogen Energy Industry Conference Call Industry Overview - The hydrogen energy policy framework in China is gradually improving, with hydrogen energy being included in government work reports since 2019 and officially recognized in the 2024 Energy Law, enhancing its status alongside oil, natural gas, and coal [5][4][3] - The hydrogen industry is transitioning from laboratory research to commercial application during the 14th Five-Year Plan (2021-2025), currently in a small-scale demonstration phase [5][4] Key Points and Arguments - **Hydrogen Production Technologies**: - **Coal-based Hydrogen**: Lowest cost at approximately 10.2 CNY/kg but has high carbon emissions and is limited by resource availability [6] - **Natural Gas-based Hydrogen**: Widely used globally, costing about 22.3 CNY/kg, but still non-renewable and resource-scarce [6] - **Industrial By-product Hydrogen**: Low cost but limited by production volume, suitable for short-term transitional solutions [6] - **Electrolysis-based Hydrogen**: Encouraged as a low-carbon option, with costs significantly influenced by electricity prices; current costs exceed 50 CNY/kg but can drop below 11.5 CNY/kg with lower electricity rates [6][7] - **Hydrogen Storage and Transportation**: - Gaseous storage is the mainstream method but has low efficiency; liquid storage is denser but costly and requires low temperatures [8] - Over 200 hydrogen refueling stations are expected to be operational by the end of 2024, primarily in regions like Beijing-Tianjin-Hebei and the Yangtze River Delta [8] - **Climate Change Impact**: - Stricter global emission reduction targets are accelerating the transition to clean energy, with supportive policies from various governments enhancing the hydrogen industry's development [9] - **Future Competition in Hydrogen Industry**: - Competition will shift from price to quality, focusing on technology level, energy consumption control, lifespan, and after-sales service [10] Additional Important Insights - **Challenges in Hydrogen Storage and Transportation**: - Current storage methods face challenges such as low density in gaseous storage and high costs in liquid storage; solid-state storage is still in the experimental phase [11] - Transportation primarily uses compressed gas, which is economical for short distances but not suitable for long-distance transport [11] - **Hydrogen Refueling Station Challenges**: - High construction costs and profitability issues hinder the establishment of refueling stations; government subsidies are necessary to support these initiatives [12] - Integrated energy stations combining various fuel types are emerging as a solution to improve economic viability [12] - **Industrial Decarbonization Using Green Ammonia**: - Green ammonia can significantly reduce carbon emissions in industrial applications such as methanol synthesis and steel production [13] - **Fuel Cell Vehicle Development**: - Fuel cell vehicles are primarily used in commercial applications, facing high costs that require policy support for wider adoption; potential for significant economic benefits by 2030 with technological advancements [14] - **Trends in the Hydrogen Industry**: - The industry is expected to grow rapidly during the 14th Five-Year Plan, driven by policy support and technological advancements, moving towards commercial operation [15]

Core Insights - The National Energy Administration of China reported that 2.478 billion green certificates were issued in the first ten months of this year, with 1.592 billion being tradable [1] - In October alone, 370 million green certificates were issued, covering 374,100 renewable energy generation projects [1] - A total of 596 million green certificates were traded nationwide in the first ten months, including 202 million green electricity trading certificates [1] - In October, 66.7 million green certificates were traded, with 22.99 million being green electricity trading certificates [1]

Core Insights - Company has obtained electricity trading qualifications in five provinces of Southern China, with a focus on establishing a stable trading operation in Guangdong by mid-2025 [1] - The company has registered as one of the first virtual power plant operators in Guangzhou, successfully signing 27 user resource agency contracts within a week [1] - The company is actively expanding its green certificate trading channels, achieving a trading volume of 456,000 green certificates by the end of October, generating approximately 1.4 million yuan in sales [1] Group 1 - The company has secured electricity trading qualifications in five provinces, with ongoing trading activities in Guangdong [1] - The company has initiated its electricity trading business with a focus on accurate load forecasting and optimization of electricity purchases [1] - The company has registered as a virtual power plant operator in Guangzhou, aggregating a total capacity of 146MW from 50 customer agents [1] Group 2 - The company has developed a dynamic pricing monitoring and response mechanism for green certificate trading [1] - The company has implemented differentiated sales strategies and a three-tier price review mechanism for green certificates [1] - The company has participated in two virtual power plant responses in Guangzhou, achieving an effective load response of approximately 16MWh [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company's Q3 performance showed a significant narrowing of revenue decline, primarily driven by increased coking coal sales, with Q3 coking coal trade volume reaching 1.54 million tons, a year-on-year increase of 75% and a quarter-on-quarter increase of 32% [1][2]. - The overall gross margin improved, with a Q1-3 gross margin of 14.24%, up 2.5 percentage points year-on-year, and a Q3 gross margin of 16.68%, up 0.44 percentage points year-on-year [2]. - The electricity operation segment is steadily expanding, with significant contributions expected from ongoing projects, including a projected annual net profit of USD 100 million from the Bangladesh thermal power station starting next year [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of CNY 9.9 billion, a year-on-year decline of 30%, and a net profit attributable to shareholders of CNY 480 million, down 36% [1]. - The company’s operating cash flow showed a significant increase, with a net inflow of CNY 900 million for Q1-3, up CNY 1.36 billion year-on-year, indicating improved cash flow management [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to CNY 882 million, CNY 1.187 billion, and CNY 1.382 billion, reflecting a year-on-year decline of 16% in 2025, followed by growth of 35% and 16% in subsequent years [4].

Core Viewpoint - The company, North International (000065), is actively engaging with institutional investors to enhance communication and improve its operational quality, focusing on its role in international engineering and capacity cooperation, particularly in relation to the Belt and Road Initiative [2][3]. Group 1: Company Positioning and Strategy - The company is positioned as a key player in supporting national strategies, particularly in the context of the Belt and Road Initiative, aiming to strengthen its international operations in civilian products [2]. - North International leverages its Norinco brand and overseas investment network to establish a strong presence in key markets, especially along the Belt and Road, focusing on energy, resource, and industrial engineering projects [3]. - The company emphasizes a market-oriented approach to resource integration, maintaining close partnerships with leading global enterprises to enhance its operational capabilities [4]. Group 2: Competitive Advantages - The company has implemented an investment-driven transformation, integrating investment, construction, and operation to enhance its management capabilities and achieve good returns on investment projects [5]. - A high-quality, professional talent pool familiar with international operations supports the company's ability to manage overseas projects effectively [6]. - The company adopts a localized operational strategy, establishing a comprehensive management system to support its international business across various countries [7]. Group 3: Financial Performance - In the first three quarters of 2025, the company reported a main revenue of 9.915 billion, a year-on-year decrease of 29.79%, and a net profit of 485 million, down 36.02% [12]. - The company’s electricity operation segment showed stable performance, with significant growth in generation and revenue, particularly from projects in Croatia and Laos [8][9]. - The company plans to continue expanding its overseas electricity asset portfolio and explore new revenue channels, enhancing the profitability and strategic value of its electricity operations [9]. Group 4: Future Outlook and Shareholder Returns - The company has a long-standing commitment to stable shareholder returns, with a cash dividend ratio of 15% for 2024, an increase of 5 percentage points from the previous year, amounting to 158 million, a 72.55% increase year-on-year [11]. - Future dividend policies will balance operational funding needs with shareholder returns, aiming to gradually enhance dividend levels [11].

Core Insights - The National Energy Administration issued 229 million green certificates in September 2025, with 68.86% being tradable [2][4] - From January to September 2025, a total of 2.108 billion green certificates were issued, with 1.435 billion being tradable [2] Green Certificate Issuance - In September 2025, 2.29 million green certificates were issued across 306,500 renewable energy projects [2] - The breakdown of green certificates issued in September by renewable energy type includes: - Wind Power: 721,600 - Solar Power: 732,400 - Conventional Hydropower: 687,600 - Biomass Power: 136,000 - Other Renewable Energy: 124,100 - Total green certificates issued from January to September 2025 reached 2.10758 billion [3] Green Certificate Trading - In September 2025, 65.12 million green certificates were traded, with 21.02 million being for green electricity [4] - The total number of green certificates traded from January to September 2025 was 529 million, with 179 million for green electricity [4] - The average trading price for green certificates in September was 4.99 yuan per certificate, reflecting an 11.78% decrease from the previous month [5][7]