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 | | ...

作为毛里塔尼亚首个大型混合能源发电项目，该电站充分利用该国在太阳能和风能方面的比较优势，为 今后可再生能源项目复制推广提供了示范样本，也为实现能源主权和可持续发展奠定了重要基础。 该项目装机总容量为220兆瓦，采用"光伏+风电+储能"一体化设计，是毛里塔尼亚首个多能互补电站。 其中，太阳能光伏装机容量160兆瓦，风电装机容量60兆瓦，并配套建设370兆瓦时电池储能系统。储能 系统可在用电高峰时段输出电力，有效提升供电连续性和电网运行稳定性。项目总投资约120亿乌吉 亚，全部由私营部门承担，开创了毛里塔尼亚发电领域大规模引入社会资本的先例。项目通过独立发电 商(IPP)和公私伙伴关系(PPP)模式实施，项目由多家国际和本国金融机构联合融资。其中，项目开发公 司IWA Energy出资20%，国际金融公司(IFC)、非洲开发银行(AfDB)和毛里塔尼亚人民银行(BPM)共同提 供其余80%的融资支持。 电站建成后将通过一座225/33千伏变电站接入国家电网，向毛国家电力公司(SOMELEC)供电。项目采 用为期15年的特许经营合同，运营期满后，电站资产将整体无偿移交SOMELEC，实现国家对核心能源 资产的最终掌 ...

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。 2025年11月，电量生产年为2024年的绿证交易平均价格4.28元/个，电量生产年为2025年的绿证交易平均 价格5.16元/个。 12月26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，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2025年10月可再生能源电量对应绿证2.25亿个，占比87.17%。2025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17.43亿个。 ...

智通财经APP获悉，国家能源局发布全国可再生能源绿色电力证书核发及交易数据。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2025年10月可再生能源电量对应绿证2.25亿个，占比87.17%。2025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17.43亿个。 | 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 | | 大阳能发电 | 6897 | 33160 | | 生物质发电 | 314 | 3099 | | 其他可再生能源发电 | 527 | 1826 | | 总计 | 13212 | 72819 | 2025年11月，电量生产年为2024年的绿证交易平均价格4.28元/个，电量生产年为2025年的绿证交易平均 价格5.16元/个。 全国绿证交易价格一览表 全国绿证核发情况一览表 | 可再生能源发电类型 | 11 月核发绿证数量 | 1-11 月核发绿证数量 | | -- ...

Group 1 - The core point of the news is the agreement for the sale of 100% equity of Jinzhai Xinyi Wind Power from Xinyi Glass (Wuhu) and Anhui Xinyi Power to Xinyi Energy (Fanchang) for a total consideration of RMB 62 million, which is subject to adjustment [1] - Jinzhai Xinyi Wind Power is located in Jinzhai City, Anhui Province, with an approved generation capacity of 64 megawatts, and its operations are governed by a management agreement [1] - As of the announcement date, the equity of Jinzhai Xinyi Wind Power is held by Xinyi Glass (Wuhu) and Anhui Xinyi Power at 82.0% and 18.0%, respectively [1] Group 2 - The proposed arrangement will reduce the need for independent operational teams for managing the wind farm, thereby effectively lowering costs and expenses related to non-core businesses for both Xinyi Glass Group and Xinyi Storage Group [2] - The acquisition of Jinzhai Xinyi Wind Power will enhance Xinyi Energy's renewable energy generation projects in China, expanding its business in the wind energy sector [2]

[Table_Title] 研究报告 Research Report 19 Dec 2025 雷诺瓦 RENOVA (9519 JP) 股价将受益于强劲的可再生能源增长前景 Catherine Li catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (本说明为英文原稿的中文译本，英文原稿于 2025 年 12 月 19 日发布) 事件 我们近期与 RENOVA 管理层就其 2026 财年第二季度业绩及中期展望举行的交流会议中，管理层详细介绍了业务发展 前景。公司项目开发进展顺利，我们认为其已从过往经验中汲取教训，尤其在生物质项目方面已积累重要经验—— 公司预计将逐步实现 30%中段的 EBITDA 收益率。尽管公司股价自 9 月初以来已跑输大盘 30%，但基于交流内容，我 们认为考虑到公司在可再生能源项目上的增长潜力，当前市场表现并未充分反映其实际价值。 评价 RENOVA 公司背景: RENOVA, 9519 JP, 是一家日本独立可再生能源公司。RENOVA 凭借其在日本乃至全亚洲范围内的可 再生能源 ...

Core Viewpoint - The European stock market has shown a remarkable turnaround in 2025, with countries like Hungary and Slovenia achieving over 60% gains in USD terms, marking a significant shift in global capital allocation [1][3][4]. Group 1: Market Performance - European markets dominate the top-performing global stock markets, with Hungary, Slovenia, and the Czech Republic all exceeding 60% gains [3][4]. - The Stoxx 600 index is poised to outperform the S&P 500 index by the largest margin since 2006, indicating a shift in investor confidence towards Europe [3][4]. - Major European economies, including Germany, have also seen substantial stock price increases, with the German index rising 34% in USD terms [4]. Group 2: Contributing Factors - A strong Euro, which has appreciated by 12% against the USD, is a key driver of the European market's performance [5]. - Improved economic outlook, controlled inflation, and anticipated fiscal stimulus in Germany are contributing to the positive sentiment [5][6]. - The defense sector is experiencing significant growth due to increased military spending, with companies like Rheinmetall AG and Leonardo SpA benefiting [7]. Group 3: Sector Performance - The banking sector leads the rebound with a 67% increase, driven by stable earnings and merger activities [7]. - Defense stocks are rising due to expectations of increased military expenditure, while renewable energy stocks benefit from strong demand for AI infrastructure [7]. - The luxury goods sector is showing signs of recovery, with LVMH indicating a rebound in consumer demand [7]. Group 4: Future Outlook - Analysts predict an 11% profit growth for Stoxx 600 constituents in the coming year, narrowing the gap with the S&P 500's expected 13% growth [8]. - Despite the recent gains, European stocks remain relatively undervalued, with a 35% discount compared to the S&P 500 based on expected price-to-earnings ratios [8]. Group 5: Market Risks and Divergence - Some market participants express caution, suggesting that the optimistic sentiment may be overstated, with potential risks to earnings forecasts [9]. - Political uncertainty in France and the actual impact of Germany's fiscal measures pose challenges to the market outlook [9].

Core Insights - The National Energy Administration issued 370 million green power certificates in October 2025, involving 374,100 renewable energy projects, with 158 million being tradable, accounting for 42.61% of the total [1] Group 1: Market Dynamics - The subsidy repayment issue has suppressed the valuation of the green electricity sector for years, but since July 2025, there has been an acceleration in subsidy disbursement by "two networks" companies, with some companies exceeding their total disbursement from the previous year in July and August [1] - The issuance of Document No. 136 has intensified competition among incremental projects, leading to some photovoltaic projects' returns falling below the investment return requirements of central enterprises, suggesting that future capital expenditures by green electricity operators may become more rational, improving free cash flow [1] Group 2: Supply and Demand - According to Open Source Securities, the gap between supply and demand for green certificates is narrowing, with inventory expected to be cleared soon, and the coverage of green electricity environmental value is likely to increase [1] - The green certificate price is expected to rise, enhancing the environmental value of green electricity. By 2026, the supply shock of green certificates will end, and four major energy-consuming sectors will face assessments on green electricity consumption ratios, which is likely to further stimulate market activity [1]

新华财经北京11月25日电国家能源局发布2025年10月全国可再生能源绿色电力证书核发及交易数据。 一、绿证核发情况 2025年10月，国家能源局核发绿证3.70亿个，涉及可再生能源发电项目37.41万个，其中可交易绿证1.58 亿个，占比42.61%。本期核发2025年9月可再生能源电量对应绿证2.43亿个，占比65.80%。2025年1-10 月，国家能源局共计核发绿证24.78亿个，其中可交易绿证15.92亿个。 全国绿证核发情况一览表 全国绿证交易数量一览表 | 可再生能源发电类型 | 10月交易绿证数量 | 1-10 月交易绿证数量 | | --- | --- | --- | | 风电 | 3023 | 29226 | | 太阳能发电 | 3403 | 26263 | | 生物质发电 | 137 | 2785 | | 其他可再生能源发电 | 108 | 1332 | | 总计 | 6670 | 59607 | 2025年10月，电量生产年为2024年的绿证单独交易平均价格2.56元／个，电量生产年为2025年的绿证单 独交易平均价格5.22元／个。 全国绿证交易价格一览表 （文章来源：新华财经） 注 ...

Group 1 - In October 2025, the National Energy Administration issued 370 million green certificates, involving 374,100 renewable energy generation projects, with 158 million being tradable green certificates, accounting for 42.61% [2] - For the period from January to October 2025, a total of 2.478 billion green certificates were issued, of which 1.592 billion were tradable [2] - The issuance of green certificates in October 2025 corresponds to 243 million renewable energy electricity, representing 65.80% [2] Group 2 - In October 2025, a total of 66.7 million green certificates were traded nationwide, with 22.99 million being green electricity trading certificates [5] - From January to October 2025, a total of 596 million green certificates were traded, with 202 million being green electricity trading certificates [5] - The average trading price for green certificates produced in 2024 was 2.56 yuan per certificate, while for those produced in 2025, it was 5.22 yuan per certificate [7] Group 3 - The trading volume of green certificates in October 2025 included 3.023 million from wind power and 3.403 million from solar power [7] - The average price for green certificates produced in 2025 saw a month-on-month decrease of 19.14% [9] - The total trading volume for renewable energy types in October 2025 included 137 from biomass power and 108 from other renewable energy sources [7]