Group 1: Concept and Significance of Green Certificates - Green electricity refers to electricity generated from renewable energy sources such as wind and solar power, which is certified by a green certificate (green certificate) issued by the government or third-party organizations [2][17]. - The green certificate serves as the only proof of the environmental attributes of renewable energy electricity in China, facilitating the transition to green energy and supporting the achievement of carbon neutrality goals [2][21]. - Implementing the green certificate system helps guide green electricity consumption, promotes the development and utilization of renewable energy projects, and supports the connection between electricity and carbon markets [2][21]. Group 2: Issuance and Style of Green Certificates - The green certificates in China are issued by the National Energy Administration and are based on a national green certificate issuance and trading system [3][25]. - Each green certificate corresponds to 1,000 kilowatt-hours of electricity, and the certificates are issued monthly with a validity period of two years [3][18]. - The certificate includes essential information such as project name, electricity generation, and has both Chinese and English versions for verification [3][32]. Group 3: Trading Models of Green Certificates - Green certificate trading includes two models: separate trading and green electricity trading, with the former allowing nationwide trading without physical grid constraints [4][41]. - The trading price of green certificates is determined by the market without upper or lower limits, and transactions can be conducted through listing or bilateral negotiation [4][41]. - Foreign entities may purchase Chinese green certificates under certain conditions, and trading can be facilitated through authorized agencies [4][39]. Group 4: Application Scenarios of Green Certificates - Holders of green certificates can declare their consumption and apply for cancellation, with no difference in application between tradable and non-tradable certificates [5][54]. - Green certificates can be integrated into energy consumption control systems, and the traded electricity is counted towards energy-saving assessments [5][61]. - In the international context, Chinese green certificates are similar to the EU's Guarantees of Origin (GO) and are actively seeking international recognition [5][71]. Group 5: Cancellation and System of Green Certificates - The cancellation of green certificates is crucial for ensuring the uniqueness of their environmental attributes, with certificates being canceled after their validity period or upon consumption declaration [6][79]. - A green certificate account is used to manage green certificate assets, with each entity allowed only one account, while provincial accounts are managed by local authorities [6][84]. - The national green certificate issuance and trading system is linked to the registration system, allowing users to access and manage their certificates online [6][93].

逆境前行 世界各地旷日持久的地缘政治冲突愈演愈烈。近期霍尔木兹海峡周边冲突升级，油价因供应冲击风险而 飙升，贸易问题也加剧了对抗。人们不得不接受一个充满波动的能源世界。 在陶菲克看来，虽然我们暂时无法准确衡量所有这些事件的真正影响，但全球能源体系已经承受巨大压 力，确实面临风险。当今世界正处于一个十字路口，虽然能源安全比以往任何时候都更加牢固地占据着 各国议程的首位，但也不能忽视人类面临的决定性挑战——气候变化。 21世纪经济报道记者吴斌 吉隆坡报道 极端热浪、大旱、洪水、森林大火……气候变化带来的不仅是巨大的经济损失，还有那些本不该消逝的 生命。随着气候危机拉响红色警报，能源转型刻不容缓。 2025年6月16日至18日，第二届亚洲能源论坛在吉隆坡举行，主题为"共塑亚洲能源转型新格局"，汇聚 了来自60多个国家、横跨38个行业的政策制定者、行业领袖与能源专业人士，一系列重量级嘉宾展开深 入探讨。 马来西亚总理安瓦尔在开幕式上表示，保护主义和民族主义的兴起预示着世界正向"后全球化"转型。地 缘政治紧张局势、报复性关税以及供应链中断加剧了不确定性，削弱了全球贸易和经济体系曾经提供的 可预测性、可靠性和稳定性。这种 ...

Financial Data and Key Metrics Changes - The company reported a profit before tax of INR 10 billion, representing a 23% increase year-on-year [11] - Adjusted EBITDA for Q4 FY 2025 was INR 22.1 billion, a 32% increase compared to the previous year [21] - The profit after tax for Q4 was INR 3.1 billion, with a full-year profit after tax of INR 4.6 billion [22] Business Line Data and Key Metrics Changes - The total operating megawatts reached 11.2 gigawatts, a 17% increase year-on-year, and 21% when excluding asset sales [6] - The contracted portfolio now stands at 18.5 gigawatts, an 18% increase from the previous year [7] - The manufacturing business contributed approximately INR 4.2 billion to the consolidated EBITDA for FY 2025 [19] Market Data and Key Metrics Changes - The company secured a 14% market share in the bids participated in, winning 4.8 gigawatts plus 800 megawatt hours of BEST [9] - The macro environment in India remains robust, with over 50 gigawatts of auctions available annually [8] Company Strategy and Development Direction - The company aims to expand its renewable energy footprint in India, focusing on project development, EPC, and O&M in-house to reduce costs [12] - Plans to expand the cell facility by an additional 4 gigawatts to align with module manufacturing capacity [9] - The company is actively securing land parcels in high radiation and strong wind regions to support future projects [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the renewable energy sector's growth in India, despite geopolitical and economic challenges [11] - The company anticipates continued growth in energy demand and plans to leverage the supportive regulatory environment [13] Other Important Information - The company achieved a top ESG rating, scoring 84.35 in the LSEG ESG rating [30] - The company has raised $260 million in the past six months through capital recycling [23] Q&A Session Summary Question: What are the assumptions for PLF in fiscal 2026? - Management expects PLF levels to be similar to fiscal year 2025 at the lower end of the guidance range [40] Question: What are the expectations for module sales in fiscal 2026? - The company anticipates a mix of DCR and non-DCR sales, with a significant portion of the 1.4 gigawatt order book expected to be fulfilled throughout the fiscal year [41][50] Question: How will the $330 million CapEx for the Topcon facility be financed? - The financing will follow a 70% debt and 30% equity model, similar to previous expansions [43] Question: Are there plans to sell modules outside of India? - Currently, the contracted sales are primarily for the Indian market, but the company is building plans for international sales [49] Question: How will the company take advantage of declining interest rates? - The company plans to refinance existing debt opportunistically and will benefit from lower rates on new debt [52][53] Question: What are the refinancing plans for bonds due in July 2026? - The company is continuously monitoring the market for attractive refinancing opportunities [56]

Group 1 - The S&P 500 index is considered overvalued based on all valuation metrics tracked by Bank of America, but this is seen as a characteristic of the high-quality, tech-driven index rather than a flaw [1] - The expected price-to-earnings ratio of the S&P 500 is 21 times, approximately 35% higher than its historical average, with all 20 valuation metrics monitored by Bank of America indicating overvaluation [1] - The composition of the S&P 500 has evolved significantly, with nearly 70% of its constituents being capital-intensive manufacturing stocks in 1980, now reduced to less than 20% [1] Group 2 - The valuation premium of about 40% for the U.S. compared to Europe and Asia is justified due to superior balance sheets, higher corporate transparency, and stronger long-term growth potential [2] - U.S. leverage is only half that of other global regions, with lower earnings volatility compared to Europe and higher free cash flow per share than Asia and Europe [2] - Structural advantages such as the dollar's status as a reserve currency, energy independence, and dominance in technology suggest that the valuation gap is unlikely to narrow [2] Group 3 - Bank of America's tactical model suggests investors focus on U.S. sectors such as communication services, utilities, and technology, identifying interactive media and services, metals and mining, and independent power and renewable energy as the most "investable" industries [3] - Outside the U.S., it is recommended to prioritize U.S. utility companies over Asian counterparts, choose Asian communication service companies over European ones, and consider European non-essential consumer goods companies over U.S. companies [3]

Group 1 - The International Energy Agency (IEA) projects global energy investment to reach $3.3 trillion in 2025, a 2% increase year-on-year, with approximately $2.2 trillion directed towards renewable energy, nuclear, grids, and electrification [1] - China has become the largest energy investor globally, increasing its share of global clean energy spending from one-quarter to nearly one-third over the past decade [1] - Investment in renewable energy and low-carbon fuels in the U.S. has nearly doubled in the past decade, but may enter a plateau due to reduced policy support [1] Group 2 - In Africa, energy investment is expected to shrink by one-third compared to 2015, with clean energy investment accounting for only 2% [2] - The report indicates a slowdown in the global energy investment boom under the "green transition," with energy sector venture capital declining while AI investment has surged to $84 billion [2] - Approximately 70% of new energy transition investments in the past five years have come from fossil fuel net-importing countries, driven by significant increases in investment from China, Europe, and India [2] Group 3 - The global energy investment landscape is being reshaped by the "electricity-dominated era," with projected electricity sector investment reaching $1.5 trillion in 2025 [3] - Solar energy investment is expected to reach $450 billion in 2025, with battery storage systems becoming a key driver in emerging economies [3] - Oil upstream investment is projected to decline by 6% in 2025, potentially marking the largest drop since 2016, while global natural gas investment is expected to remain stable [3] Group 4 - Investment in low-carbon fuels is projected to reach nearly $30 billion in 2025, potentially setting a historical high, with carbon capture projects expected to grow tenfold by 2027 if all approved projects proceed as planned [4] - The report emphasizes the critical need for timely investment to ensure energy security, sustainability, and affordability, noting that current global grid investment of $400 billion is insufficient to meet rising electricity demand [4] Group 5 - To achieve the goal set at the 28th UN Climate Change Conference to triple global renewable energy generation capacity by 2030, annual investment in renewable energy must double, alongside increased investment in supporting grids and storage [5] - The report calls for expanded climate financing for developing countries to meet the target of raising at least $1.3 trillion for low-carbon projects by 2035 [5]

2025年6月15日 证券研究报告 | ESG热点周聚焦（6月第3期） SEBI发布可持续债券新框架 策略研究 · 策略专题 证券分析师：王开 证券分析师：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn S0980521030001 S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 海外ESG热点事件：全球ESG领域通过企业合作、绿色金融投资、政府支持规划大力发展清洁能源，政府企业围绕ESG目标完善法规、自觉行动，推动 可持续发展。绿色金融方面，SWEN Capital Partners募集蓝海基金；CDP发行基于区块链的绿色债券，提高ESG报告透明度和可追溯性；RWE发行绿色 混合债券，支持可再生能源投资战略。政策方面，CIF发起工业脱碳计划，支持发展中国家减少工业温室气体排放；EPA提出新的可再生燃料标准，促 进美国生物质柴油生产和能源安全；欧盟可持续金融规则受关注，特许公认会计师公会敦促欧盟委员会简化可持续财 ...

Core Viewpoint - The company, Jiaze New Energy Co., Ltd., is responding to the Shanghai Stock Exchange regarding the issuance of shares to specific targets and addressing issues related to the recognition and impairment of receivables from line subsidies, particularly in light of recent policy changes affecting the renewable energy sector [1][2][20]. Group 1: Line Subsidy Policy and Accounting Treatment - Line subsidies are specifically for renewable energy projects to cover the costs of connecting to the grid, with compensation based on the amount of electricity fed into the grid [2][9]. - The company has confirmed receivables from line subsidies amounting to 39.2069 million yuan, all of which are due from State Grid Ningxia Electric Power Co., Ltd., and has fully provided for bad debts [4][20]. - Since January 1, 2019, the company has adopted a new financial instrument standard, shifting from an incurred loss model to an expected loss model for assessing credit losses on financial assets [4][10]. Group 2: Expected Credit Loss Assessment - The company evaluates expected credit losses based on the aging of receivables, credit risk characteristics, and historical collection data, using a simplified approach for receivables without significant financing components [5][10]. - The expected credit loss calculation incorporates macroeconomic indicators, including GDP forecasts and external market conditions, to adjust historical data for future predictions [10][11]. - The company has established a weighted expected credit loss rate based on three macroeconomic scenarios: optimistic, baseline, and pessimistic, with the baseline scenario typically weighted between 50%-70% [13][20]. Group 3: Reasonableness of Bad Debt Provisioning - The company has determined that the full provision for bad debts on line subsidies at the end of 2024 is reasonable due to significant uncertainties regarding the payment of these subsidies following policy changes [20]. - Comparisons with industry peers indicate that similar companies have also made provisions for bad debts related to receivables from grid companies, supporting the company's approach [18][20]. - The company has provided necessary documentation to the State Grid for the acquisition of grid connection projects, which further justifies the need for timely and accurate provisioning for bad debts [16][20].

Group 1 - The core viewpoint is that the northeastern Brazilian state of Piauí is actively promoting energy transition and green economic development amid climate change, geopolitical competition, and industrial restructuring [1] - The state has conducted 12 international investment promotion activities in the past two years, with two more planned for this year, indicating a growing interest in investing in Brazil despite global trade challenges [1] - Piauí's clean energy accounts for 99.75% of its energy mix, with a focus on attracting industries that rely on green energy and exporting hydrogen and its derivatives [1] Group 2 - The state government has proposed solutions to address issues related to renewable energy generation, including accelerating auction mechanisms and enhancing grid connectivity between northeastern and southeastern regions [2] - A legislative framework for renewable energy certificates has been established, expected to be operational before COP30, providing a basis for low-carbon certification of hydrogen projects [2] - Piauí aims to attract green finance into high-value green manufacturing sectors such as hydrogen, green steel, and data centers, with several cooperation memorandums signed in the special economic zone [2] Group 3 - The state has introduced artificial intelligence as a mandatory subject starting from the ninth grade, covering 120,000 students, and is also providing training for civil servants to promote technology adoption [3] - The governor of Piauí, Rafael Fonteles, is noted for his focus on the integration of education, technology, and green development [3]

创新驱动质变，绿氢赋能未来 2025（第五届）可再生能源制氢产业发展论坛 7月10-11日 江苏 DT新能源 将于 2025年7月10日-11日 在 江苏 举办 "2025（第五届）可再生能源制氢产业发 展论 坛" ，论坛将 围绕核心部材及制氢系统，重点探讨ALK/PEM/AEM制氢技术市场发展现状， 关键部 材及制氢系统技术工艺创新、绿氢项目应用新 趋势 等话题。 本次会议同期还设置PEM技术研讨对接会、AEM制氢青年论坛、实地参观交流、供需对接、科技成果 展示等五大特色活动。 邀请行业内顶级专家和产业链上中下游代表性企业进行广泛交流，探索新形势 下的新挑战，助力可再生能源制氢产业高质量发展。 主办单位 DT新能源 协办单位 上海市氢科学技术研究会 支持单位 博世智能制造解决方案事业部 承办单位 宁波德泰中研信息科技有限公司 特别鸣谢 博世智能制造解决方案事业部 （ 从电解槽测试到用于制氢设备的定制化BoP系统， 致力于为行业提供高效、可靠、智能的氢能解决方案 ） Syensqo（世索科） （ 全球量产最短支链隔膜级全氟磺酸离聚物，已在国内外多家隔膜企业规模化应用。 此外，Syensqo聚砜 占据全球一半以 ...

Core Viewpoint - The U.S. Environmental Protection Agency (EPA) plans to set the conventional ethanol blending volume for 2026 and 2027 at 15 billion gallons, while also proposing to reduce the value of renewable fuel credits generated from imported feedstocks [1] Group 1 - The proposed blending volume of 15 billion gallons for conventional ethanol indicates a stable regulatory environment for the biofuels industry [1] - The reduction in the value of renewable fuel credits for imported feedstocks may impact the competitiveness of imported renewable fuels compared to domestically produced alternatives [1]