0:00 / 1:07 记者昨天从全国能源工作会议上了解到，今年，全国电力供应保持安全稳定，全年全社会用电量预计将超过10万亿千瓦时。 国家能源局最新预测数据显示，2025年，全国发电总装机将超过38亿千瓦，同比增长14%，全社会用电量预计将首超10万亿千瓦时。从纵向比，这是我 国2015年全年全社会用电量的约两倍；从横向看，高于欧盟、俄罗斯、印度、日本全年全社会用电量的总和。 10万亿千瓦时的背后，显示中国经济的澎湃活力。今年以来，高技术及装备制造业用电增速持续领跑，据预测，1到11月新能源车整车制造用电量、风 能原动设备制造用电量同比增速分别超过20%和30%。1到11月，互联网和相关服务业用电量同比增速超30%，充换电服务业用电量同比增速近50%。 "十四五"非化石能源消费占比超额完成目标 0:00 / 0:51 "十四五"规划纲要提出，到2025年年底，非化石能源占能源消费总量比重提高到20%左右。记者昨天从全国能源工作会议上了解到，如今这一目标将超 额完成。 国家能源局局长 王宏志：能源绿色低碳转型步伐加快，非化石能源消费比重将超额完成20%的目标任务。 今年，我国能源投资增势强劲，向绿向新。全年能 ...

Group 1 - The core viewpoint of the report highlights that international gold prices have surpassed the $4000 per ounce mark, impacting various sectors positively, particularly the metals sector [2][4][6] - The Hong Kong stock market showed mixed results with the Hang Seng Index declining by 0.29%, while the Hang Seng Tech Index fell by 0.66%, indicating volatility in the market [2][3] - The report notes significant inflows from northbound funds, with a net inflow of HKD 30.43 billion into Hong Kong stocks, suggesting strong investor interest [2][3] Group 2 - The report provides insights into the software and internet industry, indicating a robust domestic tourism performance during the National Day holiday, with total tourism revenue reaching CNY 809 billion and a year-on-year increase of 15% in revenue per capita [7][8] - The report anticipates a stable growth rate of 10% for the overall tourism market in 2025, with expectations of a rebound in average spending per person in the second half of the year [7][10] - Online travel agencies (OTAs) like Ctrip and Qunar have shown strong performance, with significant increases in outbound travel orders and hotel bookings, reflecting a positive trend in consumer behavior [9][10]

Core Points - China has set ambitious new climate goals, aiming for a 7%-10% reduction in greenhouse gas emissions from peak levels by 2035, alongside significant increases in renewable energy capacity [3][4][5] - The new targets reflect a shift from focusing solely on carbon dioxide to encompassing all greenhouse gases, indicating a broader commitment to climate responsibility [4][6] - The renewable energy sector is expected to experience a "new golden decade" of growth, driven by these ambitious targets, particularly in wind and solar energy [3][10] Group 1: Emission Reduction Goals - By 2035, China aims for a 7%-10% reduction in greenhouse gas emissions compared to peak levels, translating to a reduction of approximately 10.8 to 14.4 million tons of CO2 [5][6] - The peak CO2 emissions are estimated to be around 14.4 billion tons, based on industry predictions [5][6] Group 2: Renewable Energy Capacity - The target for wind and solar power capacity is set to exceed six times the 2020 levels, aiming for a total of 360 million kilowatts by 2035 [3][7] - As of now, China's renewable energy capacity has already surpassed 170 million kilowatts, indicating a strong growth trend that may lead to exceeding the 2035 target [7][8] Group 3: Non-Fossil Energy Consumption - By 2035, non-fossil energy consumption is expected to account for over 30% of total energy consumption, up from 15.9% in 2020 [11][13] - The new target represents a significant acceleration in the transition to non-fossil energy sources, requiring a yearly increase of 1 percentage point post-2030 [11][13] Group 4: Industry Implications - The ambitious targets are seen as a strong signal to the renewable energy sector, providing confidence and clarity for future investments and developments [10][11] - The government is expected to implement more robust policies and reforms to address the challenges faced by the renewable energy industry, ensuring sustainable growth [13]

Market Performance - The Hong Kong stock market continued its adjustment trend during the holiday period, with the Hang Seng Index falling for the fourth consecutive trading day, closing at 26,752.59 points, down 76.87 points, a decline of 0.29% [1] - The Hang Seng Tech Index closed at 6,471.34 points, down 42.85 points, a decrease of 0.66% [2] Sector Highlights - The nuclear power sector showed strong performance, with Shanghai Electric (02727.HK) rising over 17%, China General Nuclear Power New Energy (01811.HK) up over 7%, Dongfang Electric (01072.HK) increasing over 5%, China General Nuclear Power (01816.HK) up over 4%, and China National Nuclear Power International (02302.HK) also gaining [3] - Other notable companies included ZTE Corporation (00763.HK) rising over 12%, Lenovo Group (00992.HK) increasing over 7%, Bilibili-W (09626.HK) up over 6%, and both China Aluminum (02600.HK) and Zijin Mining (02899.HK) rising over 5% [5] - Wind power stocks also saw gains, with Goldwind Technology (02208.HK) increasing over 8%. This was supported by China's announcement at the UN Climate Summit to increase non-fossil energy consumption to over 30% by 2035 and to expand wind and solar power capacity to six times that of 2020, aiming for 360 million kilowatts [6] Market Outlook - According to CMB International, the market is expected to enter a "quiet season" due to the National Day and Mid-Autumn Festival holidays, compounded by uncertainties surrounding the U.S. government's short-term financing plan, which may amplify overseas disturbances. There remains a divergence in market expectations regarding the timing and extent of potential interest rate cuts by the Federal Reserve, which may lead to market volatility in the short term [8]

Core Insights - As of the end of August, China's cumulative installed solar power capacity reached 1.12 billion kilowatts, representing a year-on-year growth of 48.5%, while wind power capacity reached 580 million kilowatts, with a year-on-year increase of 22.1% [1] - The total installed capacity of solar and wind power combined is approximately 1.7 billion kilowatts, equivalent to the total capacity of over 70 Three Gorges power stations [1] - In conjunction with the 10th anniversary of the Paris Agreement, China announced new national contributions, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, and to increase total installed capacity of wind and solar power to over six times that of 2020, targeting 3.6 billion kilowatts [1] - The new targets for 2035 are based on scientific calculations reflecting energy growth trends and structural transformation needs, showcasing China's foresight and ambition in sustainable energy development [1] - China possesses the industrial foundation, technological advantages, and market scale necessary to achieve these new targets, supported by a complete industrial chain, leading technologies, and continuous innovation capabilities [1]

Core Viewpoint - The wind power sector in both Hong Kong and A-shares has shown significant strength, with various stocks experiencing notable gains, driven by positive fundamentals and supportive policies [1][4][5]. Group 1: Market Performance - The wind power equipment sector has seen a remarkable rally, with stocks like Weili Transmission and Jixin Technology hitting the daily limit up [1][2]. - The wind power equipment sector has increased nearly 60% year-to-date since hitting a low on April 9 [2]. - Key stocks in the sector include Weili Transmission (+20%), Jixin Technology (+10.1%), and Mingyang Smart Energy (+9.99%) [2]. Group 2: Industry Fundamentals - The wind power industry has experienced strong fundamentals, with the National Energy Administration reporting a 22.1% year-on-year increase in wind power installed capacity, reaching 58 million kilowatts [4][6]. - From January to August, the newly installed wind power capacity surged by 5,784 megawatts, reflecting a 2424% year-on-year growth [4][6]. - The total installed power generation capacity in China reached 369.379 million kilowatts, with a year-on-year growth of 18% [6]. Group 3: Policy Support - Recent policies have been favorable for the wind power sector, including the promotion of offshore wind power construction and the acceleration of large-scale onshore wind and solar bases [7]. - The Chinese government aims for non-fossil energy consumption to exceed 30% by 2035, with a target of wind and solar power capacity reaching six times that of 2020 [4][7]. Group 4: Market Outlook - International institutions have expressed optimism about the wind power industry, with Morgan Stanley upgrading its rating and predicting a rebound in pricing and profitability by early 2025 [8]. - Wood Mackenzie forecasts that global annual wind power installations will exceed 170 GW over the next five years, with China maintaining a leading position in the market [8]. - Chinese wind power companies are expanding their overseas presence, with significant project orders reported [8]. Group 5: Investment Recommendations - The wind power equipment sector is expected to maintain a competitive advantage in exports, particularly in the context of ongoing trade conflicts [9]. - Companies with strong overseas expansion capabilities, such as Oriental Cable and Daikin Heavy Industries, are recommended for investment [9].

Core Points - The new national contribution target for China aims to reduce greenhouse gas emissions by 7%-10% from peak levels by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [1] - The total installed capacity of wind and solar power is targeted to reach 360 million kilowatts, which is over six times the capacity in 2020 [1] - The forest stock volume is expected to exceed 24 billion cubic meters, and new energy vehicles are to become the mainstream of new vehicle sales [1] Summary by Sections Previous Commitments - The previous commitment aimed for carbon dioxide emissions to peak before 2030 and achieve carbon neutrality before 2060 [1] - By 2030, carbon dioxide emissions per unit of GDP were to be reduced by over 65% compared to 2005 levels, with non-fossil energy accounting for about 25% of primary energy consumption [1] - The forest stock volume was to increase by 6 billion cubic meters compared to 2005, and the total installed capacity of wind and solar power was to exceed 120 million kilowatts [1] Current Achievements - As of the end of 2024, China's installed wind power capacity is approximately 510 million kilowatts, and solar power capacity is about 840 million kilowatts, achieving the 2030 target six years ahead of schedule [2] - The new national contribution targets represent a revolutionary upgrade, covering all greenhouse gases and indicating a shift from carbon emission management to broader sustainable development [2] - The national carbon market has expanded to include major emitting industries such as steel, cement, and aluminum, with plans to extend to petrochemical, chemical, and aviation sectors by 2027 [2] International Implications - The early achievement of the 2030 targets sends a strong signal to the international community about China's commitment to climate action [2] - The announcement of the 2035 targets further reinforces the systematic approach to climate action and showcases China's ambition and determination in addressing climate change [2]

Core Insights - China's non-fossil energy consumption is projected to exceed 30% of total energy consumption by 2035, indicating a significant shift towards renewable energy sources [1] - The total installed capacity of wind and solar power is expected to reach over six times the level of 2020, aiming for a target of 3.6 billion kilowatts [1] Group 1 - The commitment to increase non-fossil energy consumption reflects China's strategic focus on sustainable energy development [1] - The ambitious target for wind and solar power capacity highlights the country's efforts to combat climate change and transition to greener energy sources [1]

Core Viewpoint - China announced new national contributions to reduce greenhouse gas emissions by 7% to 10% from peak levels by 2035, aiming for significant advancements in renewable energy and carbon trading markets [1] Group 1: Emission Reduction Goals - By 2035, China's total greenhouse gas emissions are targeted to decrease by 7% to 10% from peak levels [1] - The goal aligns with the requirements of the Paris Agreement, reflecting China's commitment to climate change mitigation [1] Group 2: Renewable Energy Targets - Non-fossil energy consumption is expected to account for over 30% of total energy consumption [1] - Installed capacity for wind and solar power is projected to exceed six times that of 2020, aiming for 360 million kilowatts [1] Group 3: Forest and Vehicle Initiatives - Forest stock volume is targeted to reach over 24 billion cubic meters [1] - New energy vehicles are expected to become the mainstream of new vehicle sales [1] Group 4: Carbon Trading and Climate Adaptation - The national carbon emissions trading market will cover major high-emission industries [1] - A climate-resilient society is aimed to be fundamentally established [1]