Group 1: Green Transition and Economic Development - The core viewpoint emphasizes that promoting green and low-carbon development is crucial for achieving high-quality economic growth, as outlined in the "14th Five-Year Plan" and the Central Economic Work Conference [1][2] - The implementation of carbon peak actions will be carried out in a planned and step-by-step manner, focusing on energy efficiency and carbon reduction in key industries, alongside the establishment of a new energy system [2][3] Group 2: Industry-Specific Initiatives - An example of a key industry making strides in energy efficiency is the Ansteel Group's Benxi Steel, which has achieved over 30% carbon reduction through low-carbon metallurgy processes [3] - The steel industry is undergoing significant transformation, with a goal to complete ultra-low emission modifications for 950 million tons of crude steel capacity by 2025 [3] Group 3: Renewable Energy Development - Inner Mongolia has made significant progress in green energy transition, with total installed capacity of renewable energy exceeding 170 million kilowatts, contributing over 80% of global photovoltaic components and 70% of wind power equipment [6][7] Group 4: Carbon Market and Emission Control - China has established the world's largest carbon market, covering over 60% of national CO2 emissions from key industries such as power generation, steel, cement, and aluminum [7] - The carbon market aims to convert emission reduction pressures into internal motivation, encouraging participation in the green transition [7] Group 5: Pollution Prevention and Ecosystem Optimization - The Central Economic Work Conference has called for a comprehensive approach to pollution prevention, focusing on air, water, and soil protection, and enhancing ecosystem quality [9][10] - Significant improvements in water quality have been reported, with the proportion of good surface water bodies increasing from 64.1% to 90.4% [10] Group 6: Green Production and Lifestyle - The promotion of green production and lifestyle is a priority, with initiatives to integrate green development concepts into all aspects of economic and social development [12][13] - By the end of 2025, China aims to cultivate 6,430 green factories and 491 green industrial parks, promoting over 40,000 types of green products [13]

Industry Overview - The electric power equipment and new energy sector rose by 5.02% this week, ranking 13th in terms of performance, outperforming the Shanghai Composite Index [48][59] - The nuclear power index saw the highest increase at 7.47%, while the lithium battery index had the smallest rise at 1.14% [50][59] New Energy Vehicles - In the period from January to November 2025, global power battery installation reached 1046 GWh, marking a year-on-year growth of 32.60% [2][8] - CATL led the market with 400 GWh, followed by BYD with 175.2 GWh and LG Energy with 96.9 GWh [2][9] - Hive Energy showed significant growth with an installation volume of 27.5 GWh, up 85.60% year-on-year [2][9] New Energy Generation - The Ministry of Finance announced the cancellation of the VAT export rebate for photovoltaic products starting April 1, 2026, with a reduction in the rebate rate for battery products from 9% to 6% until the end of 2026 [3][15] - The cancellation of export rebates is expected to increase direct costs for companies and reduce price competitiveness [3][15] Electric Power Equipment and Automation - The National Development and Reform Commission and the National Energy Administration plan to enhance grid construction, aiming to establish a new type of grid platform by 2030 [4][61] - The new grid platform will significantly improve resource allocation capabilities, with a target of over 420 million kW for the "West-to-East Power Transmission" project [4][61] Commercial Aerospace - China submitted an application for an additional 203,000 satellites to the International Telecommunication Union, which includes 14 satellite constellations [4][32] - This increase in satellite applications is expected to stimulate demand for rockets and satellites, positively impacting the industry chain [4][32] Key Companies to Watch - Companies of interest this week include CATL, Keda, Dajin Heavy Industry, Haili Wind Power, Deye Shares, Liangxin Shares, Shenghong Shares, Xiamen Tungsten New Energy, XJ Electric, and Mingyang Electric [5][62]

Group 1: Government Policies - The State Council has announced the establishment of a special guarantee plan for private investment, aiming to lower financing thresholds and costs for enterprises [1][9] - Measures include interest subsidies for loans to small and micro enterprises and a risk-sharing mechanism for corporate bonds, which are intended to enhance consumer capacity and expand quality service supply [1][9] Group 2: Corporate Developments - Liu Peng, the chairman of paper giant Zhongshun Jierou, has resigned, raising concerns about potential changes in corporate governance strategies [1][10] - The company, which saw revenue approach 10 billion, has faced pressure in recent years, and the effectiveness of its diversification strategy remains uncertain [1][10] Group 3: Energy Pricing - New energy pricing results have been released across over 20 provinces, showing significant regional disparities, with Shanghai's photovoltaic electricity price at 0.4155 yuan per kWh, approximately 85% higher than Shandong [1][11] - The differences in electricity prices are attributed to resource endowments, consumption capacity, and policy objectives, leading companies to adjust investment strategies towards refined management and load center project development [1][11] Group 4: Market Performance - The "Everyday Brand 100 Index" rose by 1.26% in the first trading week of 2026, with significant market capitalization growth observed in companies like China Life, Zijin Mining, and Kweichow Moutai, each increasing by over 50 billion yuan [2][12] - Zijin Mining's stock price reached a new high, with its market value briefly surpassing 1 trillion yuan, driven by performance expectations and resource expansion [2][12] Group 5: Economic Trends - Vietnam's GDP growth is projected to reach 8.02% in 2025, potentially surpassing Thailand to become the third-largest economy in Southeast Asia by 2026 [4][14] - The commercial aerospace industry in China is expected to exceed 7.8 trillion yuan, with over 20 provinces implementing supportive policies, indicating a significant shift towards large-scale deployment [4][14] Group 6: Financial Sector Changes - By 2025, the brokerage settlement model is expected to become the mainstream for newly issued funds, surpassing 50% market share, driven by regulatory changes [5][15] - Small and medium-sized fund companies are adopting multi-brokerage strategies to expand sales, while smaller brokerages focus on niche markets to enhance their business scale and industry influence [5][15] Group 7: Inflation and Price Movements - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, marking the highest level since March 2023, with core CPI remaining above 1% for four consecutive months [6][16] - The Producer Price Index (PPI) decreased by 1.9% year-on-year, but the decline has narrowed, indicating some recovery in certain sectors [6][16] Group 8: Precious Metals Market - Gold and silver prices have experienced significant volatility due to geopolitical risks and debt issues in developed economies, driving demand for safe-haven assets [7][17] - Analysts suggest that while gold prices may have room to rise, silver is expected to exhibit greater volatility due to a lack of central bank reserves [7][17]

电力设备 2026 年 01 月 11 日 行 业 研 究 行 业 电力设备 产业周跟踪：光伏锂电取消出口退税利好短期抢 装和长期发展，继续重视商业航天太空光伏赛道 投资要点： 锂电板块核心观点：四部门召开座谈会规范锂电池竞争秩序，拟取消 锂电池出口退税。1）四部门召开座谈会，进一步规范动力和储能电池产业 竞争秩序；2）中国拟取消或降低电池相关产品出口退税。 定 期 报 告 光伏板块核心观点：光伏出口退税正式取消，加速落后产能出清与全 球化布局。1 月 9 日，财政部、税务总局发布公告，宣布自 2026 年 4 月 1 日起取消光伏等产品增值税出口退税。这一政策标志着光伏行业"退税红 利"时代终结。我们认为，虽然短期内会对企业出口成本造成直接冲击， 但在政策生效前的"窗口期"内有望迎来抢装潮与订单激增；长期看，此 举将有效抑制低价内卷，加速落后产能出清，倒逼企业向技术创新与品牌 建设转型，并推动中国光伏企业加速全球化产能布局，利好具备高品牌溢 价与技术优势的龙头企业。 风电板块核心观点：江苏多个海风项目获得核准，国内深远海海上风 电项目持续向前推进。1）广东 1GW 海风项目中标候选人公示，江苏 0.8GW ...

Core Viewpoint - The introduction of the mechanism electricity price system for renewable energy projects in China, effective from June 1, 2025, is leading to significant changes in investment strategies and project profitability in the solar and wind energy sectors. The disparity in electricity prices across different regions is causing companies to reassess their investment plans and focus on more profitable projects [1][3][4]. Group 1: Mechanism Electricity Price Implementation - The "136 Document" mandates that all new renewable energy projects must participate in market trading, replacing the previous guaranteed purchase system, which has extended the payback period for existing solar projects from 6.5 years to 8 years [1][3]. - The mechanism electricity prices for renewable energy projects vary significantly across regions, with prices for wind and solar projects showing a disparity of over 100% between the highest and lowest [2][5]. - The mechanism electricity prices for existing projects range from 0.26 to 0.45 yuan/kWh, while new projects must enter market trading with prices determined through competitive bidding [3][4]. Group 2: Regional Price Disparities - In economically developed provinces like Shanghai and Beijing, mechanism electricity prices are close to coal benchmark prices, with Shanghai at 0.4155 yuan/kWh and Beijing at 0.3598 yuan/kWh [4][5]. - In contrast, regions with abundant renewable resources, such as Gansu and Xinjiang, have significantly lower mechanism electricity prices, with Gansu's wind and solar prices as low as 0.1954 yuan/kWh and 0.1500 yuan/kWh, respectively [4][5]. - The differences in mechanism electricity prices are attributed to local resource endowments, consumption capacity, and specific policy preferences [7][8]. Group 3: Impact on Investment Strategies - The extended payback periods and reduced profitability are causing many companies to adopt a cautious approach towards new investments in renewable energy projects, particularly in the solar sector [13][14]. - Companies are now prioritizing projects that ensure stable consumption, such as those close to load centers, rather than focusing solely on the area of rooftops for solar installations [19]. - The shift in focus is also influenced by the need to secure mechanism electricity volume, leading companies to adopt low pricing strategies to ensure qualification for bidding [15][19]. Group 4: Market Dynamics and Future Outlook - The competitive bidding process for mechanism electricity prices is expected to reflect the true costs of renewable energy generation, potentially leading to lower prices in the long term [12][17]. - The transition to a market-driven pricing mechanism may initially exacerbate issues like negative electricity prices, but it is anticipated to promote more rational market behavior over time [22][23]. - The overall trend indicates that while the mechanism electricity price system poses challenges, it also opens avenues for companies to enhance their operational efficiency and adapt to market demands [20][21].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company's controlled nuclear power generation capacity is expected to achieve a total output of 200.8 billion kWh in 2025, representing a year-on-year increase of 9.66%. However, factors such as declining market transaction prices in some provinces and increased taxes for certain nuclear companies may limit the growth of the nuclear power sector's performance [5][12] - The continuous expansion of renewable energy installations is projected to drive a 31.29% year-on-year increase in renewable energy generation to 43.6 billion kWh by 2025. However, this expansion also leads to significant increases in depreciation and other costs, and the weak pricing of renewable energy, along with a reduced stake in China Nuclear Huineng after capital increase, is expected to continue to pressure the performance contribution from the renewable energy sector [12][12] - Overall, while both nuclear and renewable energy sectors show good performance in terms of generation, the company's annual performance outlook remains stable due to the impacts of electricity prices and taxes [12] Summary by Relevant Sections Event Description - As of December 31, 2025, the company's cumulative operational generation for the year is 244.43 billion kWh, a year-on-year increase of 12.98%. The target for 2026 is set at 259.2 billion kWh, with nuclear power planned at 210 billion kWh and renewable energy at 49.2 billion kWh [5] Event Commentary - In the fourth quarter, the controlled nuclear power generation reached 49.799 billion kWh, a year-on-year increase of 4.88%. The growth rate slowed due to maintenance schedules. Excluding the contribution from the newly commissioned Zhangzhou Unit 1, the fourth-quarter nuclear generation saw a slight decline of 0.41% year-on-year. The overall nuclear generation for 2025 is 200.807 billion kWh, achieving a 9.66% increase and meeting the annual generation plan [12] - The company has a strong reserve of nuclear projects, with 18 units under construction or approved, totaling 20.647 million kW, ensuring substantial growth potential in the long term [12] - The earnings forecast for the company has been adjusted, with expected EPS for 2025-2027 at 0.44 yuan, 0.42 yuan, and 0.48 yuan, corresponding to PE ratios of 20.42x, 21.31x, and 18.75x respectively, maintaining a "Buy" rating [12]

Core Insights - The successful grid connection of the Dayaohuaneng Wind Farm marks a significant milestone for offshore wind energy in Shandong Province, enhancing the power supply capacity and optimizing the energy structure in the eastern coastal region [1][3] Group 1: Project Overview - The Dayaohuaneng Wind Farm has a total installed capacity of 504,000 kilowatts, making it the deepest offshore wind project in China and the farthest from shore in Shandong Province, with the current grid connection capacity being 192,000 kilowatts [3] - Once fully operational, the wind farm is expected to generate an annual electricity output of 1.63775 billion kilowatt-hours, which can save approximately 492,000 tons of standard coal annually compared to conventional coal-fired power plants [3] Group 2: Environmental Impact - The project is projected to reduce emissions significantly, including 1,359 tons of sulfur dioxide, 2,178 tons of nitrogen dioxide, and 1.35 million tons of carbon dioxide each year, along with reductions in wastewater and thermal discharge [3] Group 3: Future Developments - Yantai's renewable energy sector is anticipated to experience rapid growth, with an additional installed capacity of 1,574,000 kilowatts expected by 2025, representing a year-on-year increase of 10.7% [4] - The annual electricity consumption from renewable sources is projected to reach 23.1 billion kilowatt-hours by 2025, reflecting a 15.5% increase compared to previous years [4] - The State Grid Yantai Power Supply Company plans to enhance its grid management and service quality to support the ongoing transition to green energy [4]

Core Viewpoint - The company reported a total electricity generation of 195.07 billion kilowatt-hours (kWh) in Q4 2025, marking a year-on-year increase of 0.92% [1][2] Group 1: Quarterly Performance - In Q4 2025, wind power generation reached 132.38 billion kWh, up 2.33% year-on-year, with onshore wind contributing 83.79 billion kWh (up 5.09%) and offshore wind at 48.59 billion kWh (down 2.12%) [1] - Solar power generation in Q4 2025 was 60.92 billion kWh, reflecting a year-on-year increase of 1.70% [1] - Independent energy storage generated 1.77 billion kWh in Q4 2025, a decrease of 13.24% compared to the previous year [1] Group 2: Annual Performance - The total electricity generation for the year 2025 was 762.61 billion kWh, representing a year-on-year growth of 5.99% [2] - Wind power generation for the year totaled 479.21 billion kWh, an increase of 6.08%, with onshore wind at 324.17 billion kWh (up 10.28%) and offshore wind at 155.04 billion kWh (down 1.74%) [2] - Solar power generation for 2025 reached 276.54 billion kWh, up 8.87% year-on-year [2] - Independent energy storage for the year was 6.86 billion kWh, showing a significant increase of 22.94% compared to the previous year [2] - The company did not generate any hydropower in 2025, as it no longer holds controlling interests in hydropower projects since January 2025 [2]

Group 1 - The company believes that investment and development in renewable energy power stations is a long-term strategy worth pursuing [2] - The company will adopt a rolling development strategy to continue advancing its renewable energy power station business, aiming for sustainable development [2] - The company plans to steadily advance the construction progress of its own renewable energy power station projects and continuously optimize its operational management system to achieve stable returns [2]

Core Viewpoint - The implementation of the new mechanism electricity pricing system has led to significant regional disparities in electricity prices for renewable energy projects, particularly in solar and wind energy, affecting investment decisions and project profitability across various provinces in China [1][2][4]. Group 1: Mechanism Pricing Changes - The "136 Document" issued by the National Development and Reform Commission and the National Energy Administration mandates that all new renewable energy projects must participate in market trading, replacing the previous guaranteed purchase system [1][4]. - The mechanism electricity prices for new projects vary significantly across regions, with the highest prices exceeding 0.40 yuan/kWh in places like Shanghai and the lowest dropping to 0.15 yuan/kWh in Xinjiang [2][7]. - The pricing for existing projects ranges from 0.26 yuan/kWh to 0.45 yuan/kWh, with higher prices generally found in economically developed provinces [4][5]. Group 2: Regional Price Disparities - The price differences for solar and wind energy are pronounced, with solar prices in Shanghai at 0.4155 yuan/kWh, significantly higher than 0.225 yuan/kWh in Shandong, representing an 84% difference [2][6]. - Factors contributing to these disparities include local resource endowments, consumption capacity, and specific policy preferences of different provinces [9][10]. - The competition among renewable energy companies in regions with abundant resources, such as Gansu, has led to lower mechanism prices due to oversupply in the market [10][12]. Group 3: Impact on Investment Strategies - The extended payback periods for solar projects, now averaging 12 to 13 years instead of the previous 8 to 9 years, have prompted many companies to pause new investments and shift focus to EPC (Engineering, Procurement, and Construction) services [1][21]. - Companies are adopting a "minimize losses" approach, often bidding low to secure participation in the mechanism pricing system, which further drives down prices [24][30]. - The upcoming changes in 2027, where non-natural person distributed solar projects will exit the mechanism pricing system, are expected to further impact investment strategies in the sector [25][26]. Group 4: Changes in Electricity Costs - The implementation of the mechanism pricing system is expected to increase system operation costs for companies, but the overall electricity prices may decrease due to intensified market competition and technological advancements [32][33]. - The transition to a fully market-based pricing system may exacerbate the occurrence of negative electricity prices, particularly during periods of oversupply, although the new pricing mechanism provides some revenue stability for renewable energy producers [34][35].