Group 1 - The core point of the article is the joint development of a 920,000 kW photovoltaic project and a 280,000 kW wind power project by Ningxia Guoyun New Energy Co., Ltd. and its subsidiary, along with Ningxia Electric Power Investment Salt Lake New Energy Co., Ltd., in the same region, which will connect to the Changguan 330kV substation that commenced operation on June 27, 2025 [1] Group 2 - According to the requirements from the State Grid Ningxia Electric Power Co., Ltd., the two projects must configure three distributed phase-shifting machines of 50 MVar each at the 35kV side of the Changguan 330kV substation, with the photovoltaic project using two machines and the wind project using one [2] - The company has decided to implement the investment in phases, planning to first invest in one 50 MVar distributed phase-shifting machine in 2026, with a static investment total of 57 million yuan and a dynamic investment total of 58.5 million yuan [2] - The total investment for the phase-shifting machine will be shared between Ningguoyun Salt Lake and Electric Power Investment Salt Lake based on the capacity ratio of the projects (92:28), with Ningguoyun Salt Lake covering 76.67% of the total investment amounting to 44.852 million yuan, while Electric Power Investment Salt Lake will cover 23.33% amounting to 13.648 million yuan [2]

天原股份公告，下属子公司云南天力煤化有限公司与镇雄县伊莱科新能源开发有限公司签订了《瓦斯发 电项目合同》，主要开展天力煤化下属的昌能煤矿瓦斯的资源化利用。 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) has established a new subsidiary, PetroChina New Oil (Turpan) New Energy Co., Ltd., focusing on renewable energy services including power generation and transmission [1] Group 1: Company Overview - The newly established company has a registered capital of 3 million yuan [1] - The business scope includes power generation, transmission, distribution, solar power technology services, wind power technology services, and energy storage technology services [1] - The subsidiary is wholly owned by PetroChina Taihu (Beijing) Investment Co., Ltd., a subsidiary of CNPC [1]

格隆汇12月30日丨三峡能源(600905.SH)在投资者互动平台表示，公司的主营业务为风能、太阳能的开发、投资和运营，暂未开展风电设备制造。 （原标题：三峡能源(600905.SH)：暂未开展风电设备制造） ...

Core Viewpoint - CGN New Energy (01811.HK) has announced a storage service agreement between its wholly-owned subsidiary, CGN Shenzhen, and its non-wholly-owned subsidiary, CGN Wind Power, to provide energy storage services by December 30, 2025 [1] Group 1 - The storage service agreement involves CGN Wind Power (or its subsidiaries) agreeing to provide energy storage services to CGN Shenzhen (or its subsidiaries) [1] - The energy storage services will be provided for several wind and photovoltaic power plants located in Shandong and Hunan provinces, as well as other provinces to be determined by the contracting parties [1]

Core Viewpoint - The article discusses the evolution and diversification of renewable energy REITs, highlighting the recent expansion of the Zhonghang Jingneng photovoltaic REITs and the implications of market changes on asset performance [2][4]. Group 1: Expansion of Renewable Energy REITs - The Zhonghang Jingneng photovoltaic REITs completed its first expansion, raising 2.92215 billion yuan with a share price of 9.712 yuan, adding hydropower assets to its portfolio [2]. - The internal rate of return (IRR) for the fund is expected to increase from 1.29% to 3.94% due to the stable income from hydropower assets, representing a 2.65 percentage point increase [2]. - The diversification into hydropower is aimed at mitigating climate risks associated with relying solely on solar and wind energy [2]. Group 2: Market and Policy Impacts - The renewable energy sector is sensitive to policy changes, particularly regarding subsidies and electricity pricing, which can significantly affect asset yield and valuation [4]. - A recent policy change by the National Development and Reform Commission and the National Energy Administration has shifted renewable energy pricing to a market-based system, eliminating guaranteed pricing [4][5]. - This policy shift has led to a decline in revenues for some renewable energy stations, with projections indicating a potential 60% drop in revenue for projects after 2034 due to subsidy reductions [5]. Group 3: Operational Considerations - The performance of renewable energy assets is influenced by grid capacity and natural conditions, with specific projects facing challenges due to reduced solar radiation and increased competition from new installations [5][6]. - The inclusion of hydropower assets is seen as a strategy to stabilize revenue fluctuations, with specific measures in place to manage water resources effectively [6]. - The management of these assets requires a strong operational team and strategic planning to ensure high efficiency and adaptability to grid demands [7]. Group 4: Investment Landscape - The recent expansion of Zhonghang Jingneng photovoltaic REITs attracted eight strategic investors, including trust funds, insurance companies, and asset management firms [9]. - Institutional investors are the primary participants in renewable asset securitization, seeking low-risk products with stable returns, which aligns with the characteristics of renewable REITs [10]. - Prior to the emergence of renewable REITs, state-owned enterprises were the main buyers of renewable energy assets, with significant acquisitions occurring to meet national energy goals [11]. Group 5: Challenges in Asset Securitization - Developers of renewable energy projects face challenges such as lengthy approval processes and high compliance requirements, complicating the asset securitization landscape [12]. - To improve the efficiency of the approval process, companies are advised to focus on clear asset ownership, stable cash flows, and strong compliance [13].

证券代码：600795 证券简称：国电电力 公告编号：临2025-44 国电电力发展股份有限公司关于北京国电电力非公开协议受让江苏 新能源35%股权暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 国电电力发展股份有限公司（以下简称"公司"）控股子公司北京国电电力有限公司（以下简称"北京 国电电力"）将非公开协议受让国家能源集团新能源有限责任公司（以下简称"国能新能源"）持有的国 能江苏新能源科技开发有限公司（以下简称"江苏新能源"）35%股权。受让完成后，江苏新能源成为北 京国电电力全资子公司。以2024年12月31日为评估基准日，江苏新能源35%股权对应评估值为人民币 28,231.35万元，拟为本次股权交易对价，最终以依规备案的评估值为基础确定。 ● 公司控股股东国家能源投资集团有限责任公司（以下简称"国家能源集团"）持有国能新能源99%股 权，根据《上海证券交易所股票上市规则》有关规定，国能新能源为公司关联法人，本次交易构成关联 交易。 ● 本次交易不构成公司重大资产重组。 ● 20 ...

新能源REITs底层资产正从单一的"风光场站"走向多元化。12月26日，全国首单光伏发电类REITs（不动产投资信托基金）——中航京能光伏封闭式基础设施 证券投资基金（下称"中航京能光伏REITs"）完成首次扩募。 本次扩募募集资金29.2215亿元，募集单价9.712元，扩募资产为苏家河口、松山河口两座水电站。扩容前，中航京能光伏REITs的底层资产为300MW（兆 瓦）榆林光伏项目和100MW晶泰光伏项目。 根据中航基金对上交所反馈意见的回复，扩募前基金内部收益率（IRR）为1.29%，扩募后IRR预计提升至3.94%，增加2.65个百分点，主要因水电资产带来 稳定收益。 中航基金不动产投资部总经理助理朱小东向经济观察报表示，扩募完成后，中航京能光伏REITs底层资产为"光伏+水电"，可以有效分散单一能源带来的气候 风险。 为何要扩容？ 新能源REITs通常以底层资产的电量收益作为未来现金流。在新能源发电全额保障时代，只需要计算发电量即可算出收益，但在新能源全面入市后，上网电 价、上网电量均有不确定性。 朱小东称，新能源电站政策敏感性高，受补贴、用地、电价政策影响显著，其中电价政策的调整，会直接影响资产收 ...

Core Insights - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system as a primary strategic task, marking a shift from isolated technological breakthroughs to systematic industrial upgrades [4][10] - The new energy industry is transitioning from focusing on installed capacity to establishing a "source-network-load-storage" collaborative system, emphasizing dynamic balance between production and consumption [4][18] - The aerospace sector is developing a dual-driven model of national engineering and commercial spaceflight, with large aircraft industrialization and commercial spaceflight jointly promoting the scale and capability of the industrial chain [4][35] - Future industries such as 6G and quantum technology place China in the global leading tier of R&D, aiming to seize the high ground in technology standards and industrial ecosystems through forward-looking layouts [4][61] - The transformation of traditional industries emphasizes not only greening and intelligentization but also explicitly promotes "service-oriented manufacturing," guiding the manufacturing sector to extend services throughout the product lifecycle [4][93] Emerging Pillar Industries - The cultivation of emerging pillar industries is positioned as a core strategy for high-quality development, with a focus on sectors like aerospace and low-altitude economy that have industrialization foundations [14][35] - The new energy sector is expected to maintain a leading global position, with installed capacity projected to reach 1.41 billion kilowatts by the end of 2024, accounting for 83% of new installations [18][20] - The new materials industry is rapidly growing, with a total output value expected to exceed 8 trillion yuan by 2024, although about 30% of key high-end materials still rely on imports [29][30] Future Industries - Future industries represent cutting-edge directions, with a focus on quantum technology, biomanufacturing, hydrogen energy, brain-computer interfaces, and embodied intelligence [61][62] - The quantum technology sector is expected to grow significantly, with the global market projected to reach nearly 1 trillion USD by 2035, driven by advancements in quantum communication and measurement [64][66] - The biomanufacturing industry is anticipated to maintain rapid growth, with a total scale of approximately 1.1 trillion yuan, although it faces challenges in high-end industrial strains and precision technology [69][70] Traditional Industries - The modernization of traditional industries is crucial for maintaining competitiveness in global industrial division, with a focus on enhancing the self-controllability of industrial chains [93][94] - The transformation of traditional industries includes promoting digitalization and green initiatives, as well as extending manufacturing into service-oriented solutions [93][94] - The integration of emerging technologies into traditional industries is expected to create a resilient modern industrial system, laying a decisive foundation for achieving the goal of becoming a manufacturing powerhouse by 2035 [96]

Economic Indicators - December economic conditions show a high likelihood of continued month-on-month weakening in macroeconomic performance[1] - The operating rate for asphalt enterprises increased to 31.3%, up by 3.7 percentage points month-on-month, with a year-on-year growth of 9.8%[8] - The capacity utilization rate for steel mills decreased to 85.52%, down by 0.21 percentage points month-on-month, with a year-on-year decline of 0.9%[43] Production and Supply - The average daily crude steel production in mid-December was 1.845 million tons, a decrease of 24,000 tons from early December, with a year-on-year decline of 6.7%[71] - The production of cement was 9.454 million tons, down by 394,000 tons month-on-month, but up by 22.0% year-on-year[93] - The production of photovoltaic glass remained stable at 519,200 tons, with a year-on-year increase of 52.2%[98] Price Trends - The average price of cement in East China was 435 RMB/ton, down by 3 RMB/ton month-on-month, while the price in Southwest China remained unchanged at 512 RMB/ton[104] - The price index for rebar increased by 15 RMB/ton to 3326.2 RMB/ton[112] - The price of lithium carbonate rose to 113,600 RMB/ton, an increase of 12,800 RMB/ton month-on-month, with a year-on-year growth of 51.1%[136] Market Outlook - The real estate sales area in 30 cities reached 2.9 million square meters, the highest level in Q4, indicating a better performance compared to November[7] - The overall industrial sector did not show signs of aggressive production, and the export situation remained relatively stable, suggesting a need for macroeconomic policy support to stabilize the economic fundamentals in the first half of next year[1]