Core Insights - The National Energy Administration issued 229 million green certificates in September 2025, with 68.86% being tradable [2][4] - From January to September 2025, a total of 2.108 billion green certificates were issued, with 1.435 billion being tradable [2] Green Certificate Issuance - In September 2025, 2.29 million green certificates were issued across 306,500 renewable energy projects [2] - The breakdown of green certificates issued in September by renewable energy type includes: - Wind Power: 721,600 - Solar Power: 732,400 - Conventional Hydropower: 687,600 - Biomass Power: 136,000 - Other Renewable Energy: 124,100 - Total green certificates issued from January to September 2025 reached 2.10758 billion [3] Green Certificate Trading - In September 2025, 65.12 million green certificates were traded, with 21.02 million being for green electricity [4] - The total number of green certificates traded from January to September 2025 was 529 million, with 179 million for green electricity [4] - The average trading price for green certificates in September was 4.99 yuan per certificate, reflecting an 11.78% decrease from the previous month [5][7]

Green Certificate Issuance - In September 2025, the National Energy Administration issued 229 million green certificates, covering 306,500 renewable energy generation projects, with 158 million being tradable green certificates, accounting for 68.86% [2] - For the period from January to September 2025, a total of 2.108 billion green certificates were issued, of which 1.435 billion were tradable [2] Green Certificate Issuance by Renewable Energy Type - In September 2025, the issuance of green certificates by renewable energy type was as follows: Wind power: 72,160; Solar power: 73,240; Conventional hydropower: 68,760; Biomass power: 13,000; Other renewable energy: 1,241, totaling 229,390 [4] - From January to September 2025, the total issuance was 2,107,580 green certificates [4] Green Certificate Trading - In September 2025, a total of 65.12 million green certificates were traded nationwide, with 21.02 million being green electricity trading certificates [5] - From January to September 2025, a total of 529 million green certificates were traded, with 179 million being green electricity trading certificates [5] Green Certificate Trading by Renewable Energy Type - In September 2025, the trading of green certificates by renewable energy type was as follows: Wind power: 28,600; Solar power: 32,880; Biomass power: 1,620; Other renewable energy: 2,010, totaling 65,120 [7] - The average trading price for green certificates in September 2025 was 4.99 yuan per certificate, reflecting a month-on-month decrease of 11.78% [7][10]

Summary of Renewable Energy Green Certificate Data Core Insights - The National Energy Administration released data on the issuance and trading of renewable energy green power certificates for August 2025, indicating significant activity in the renewable energy sector [2][3]. Group 1: Green Certificate Issuance - In August 2025, a total of 271 million green certificates were issued, covering 306,500 renewable energy projects, with 152 million being tradable, accounting for 55.99% of the total [3]. - For July 2025, 225 million green certificates were issued, representing 83.01% of the corresponding renewable energy generation [3]. - From January to August 2025, a cumulative total of 1.878 billion green certificates were issued, with 1.277 billion being tradable [3]. Group 2: Green Certificate Trading - In August 2025, 48.38 million green certificates were traded, including 17.63 million for green electricity [6]. - From January to August 2025, a total of 464 million green certificates were traded, with 158 million for green electricity [6]. - The average trading price for the 30.75 million certificates traded in August was 5.66 yuan per certificate, reflecting a month-on-month increase of 22.77% [9]. Group 3: Breakdown by Renewable Energy Type - The issuance of green certificates in August 2025 by renewable energy type included: - Wind Power: 6.494 million [5] - Solar Power: 7.327 million [5] - Conventional Hydropower: 11.767 million [5] - Biomass Power: 1.328 million [5] - Other Renewable Energy: 0.228 million [5] - Cumulatively from January to August 2025, the total issuance by type was: - Wind Power: 71.897 million [5] - Solar Power: 42.794 million [5] - Conventional Hydropower: 60.623 million [5] - Biomass Power: 11.419 million [5] - Other Renewable Energy: 1.087 million [5]. Group 4: Trading Volume by Renewable Energy Type - In August 2025, the trading volume of green certificates by renewable energy type included: - Wind Power: 2.098 million [8] - Solar Power: 2.328 million [8] - Biomass Power: 0.254 million [8] - Other Renewable Energy: 0.001 million [8] - Cumulatively from January to August 2025, the trading volume by type was: - Wind Power: 23.343 million [8] - Solar Power: 19.572 million [8] - Biomass Power: 2.486 million [8] - Other Renewable Energy: 1.024 million [8].

Green Certificate Issuance - In August 2025, the National Energy Administration issued 271 million green certificates, covering 306,500 renewable energy generation projects, with 152 million being tradable green certificates, accounting for 55.99% [2] - For the period from January to August 2025, a total of 1.878 billion green certificates were issued, of which 1.277 billion were tradable [2] - The breakdown of green certificate issuance in August 2025 by renewable energy type includes: Wind Power (6,494), Solar Power (7,327), Conventional Hydropower (11,767), Biomass Power (1,328), and Other Renewable Energy (228) [3] Green Certificate Trading - In August 2025, a total of 48.38 million green certificates were traded nationwide, with 17.63 million being green electricity trading certificates [4] - From January to August 2025, a total of 464 million green certificates were traded, including 158 million green electricity trading certificates [4] - The average trading price for green certificates in August 2025 was 5.66 yuan per certificate, reflecting a month-on-month increase of 22.77% [6] Trading Price Overview - The trading price for green certificates has varied by production year, with 2025 showing an average price of 8.10 yuan per certificate, a month-on-month increase of 17.83% [8] - The average trading price for all certificates in August 2025 was 5.66 yuan, with a significant increase of 22.77% compared to the previous month [8]

Group 1: Green Certificate Issuance - In July 2025, the National Energy Administration issued 236 million green certificates, covering 235,800 renewable energy generation projects, with 166 million tradable green certificates, accounting for 70.63% [1] - For the period from January to July 2025, a total of 1.607 billion green certificates were issued, of which 1.125 billion were tradable [1] - The green certificates issued in June 2025 corresponded to 194 million renewable energy generation, representing 82.36% [1] Group 2: Green Certificate Trading - In July 2025, a total of 68.21 million green certificates were traded nationwide, with 34.72 million being green power trading certificates [4] - From January to July 2025, 416 million green certificates were traded, including 141 million green power trading certificates [4] - The average trading price for green certificates in July 2025 was 4.61 yuan per certificate, with a month-on-month increase of 35.42% [6] Group 3: Breakdown of Green Certificate Issuance and Trading by Renewable Energy Type - In July 2025, the issuance of green certificates by renewable energy type included: wind power (77,73), solar power (75,02), conventional hydropower (68,63), biomass power (1,256), and others (1,828), totaling 23,553 [3] - For the first seven months of 2025, the total issuance by type was: wind power (65,403), solar power (35,467), conventional hydropower (48,856), biomass power (10,091), and others (828), totaling 160,675 [3] - In July 2025, the trading of green certificates by type included: wind power (3,648), solar power (2,822), biomass power (253), and others (97), totaling 6,821 [6]

Group 1 - The construction of green power parks is transitioning from a conceptual idea to a practical reality, driven by government policies aimed at promoting renewable energy consumption and increasing the proportion of green electricity [1] - Green power parks emphasize the use of clean energy sources such as solar, wind, and hydropower, aligning with the "dual carbon" goals to accelerate the establishment of a new energy system and promote green low-carbon development [1] - The development of green power parks presents both opportunities and challenges, facilitating industrial upgrades, energy transitions, and cost control [1] Group 2 - The establishment of green power parks is still a novel concept, requiring tailored approaches that consider local energy and industrial structures to ensure effective supply and demand matching [2] - Successful green power parks depend on strong renewable energy supply capabilities and alignment with key energy-consuming industries, addressing issues like energy wastage and shortages [2] - Some regions are strategically placing renewable energy projects in areas like mining subsidence zones and deserts to lower electricity costs and enhance market competitiveness [2] Group 3 - Accelerating the construction of green power parks necessitates collaboration between government initiatives and market mechanisms, requiring investment and engagement from various stakeholders [3] - Government policies should guide expectations and promote high-quality renewable energy development, while also encouraging social capital investment in market-oriented management of the parks [3] - To address the variability in renewable energy generation, integrated energy solutions and extensive energy storage facilities are essential for enhancing the supply capabilities of green power parks [3]

Core Insights - Yunnan Province is advancing the integration of green electricity and advanced manufacturing, with a focus on building zero-carbon parks and promoting high-quality regional economic development through clean energy transmission [1][2] Group 1: Green Energy Development - Yunnan's total power generation capacity exceeds 160 million kilowatts, with over 90% from clean energy and nearly 40% from renewable sources [1] - The province has a new energy storage capacity exceeding 5 million kilowatts, and industries such as green aluminum, silicon photovoltaic, and new energy batteries are expanding [1] Group 2: Green Certificate System - Yunnan is enhancing its green energy development efforts, with green electricity trading volume reaching 1.6 billion kilowatt-hours last year [1] - The province aims for full coverage of green certificate issuance, with 240 million green certificates issued by the end of July this year [1][2] - The efficiency of data collection for green certificate issuance has improved by 60% due to government-enterprise collaboration [2] Group 3: Policy and Implementation - A joint implementation plan has been released by Yunnan's Development and Reform Commission, Industrial and Information Technology Department, and Energy Bureau to promote local conversion of green electricity resources [2] - The plan outlines six pathways to deepen the integration of green electricity with advanced manufacturing, facilitating the green and low-carbon transformation of industries [2]

Green Certificate Issuance - In June 2025, the National Energy Administration issued 278 million green certificates, a month-on-month increase of 29.33%, covering 198,700 renewable energy generation projects, with 196 million being tradable green certificates, accounting for 70.64% [1] - From January to June 2025, a total of 1.371 billion green certificates were issued, of which 958 million were tradable [1] Renewable Energy Generation Types - In June, the issuance of green certificates by renewable energy generation type included: - Wind power: 11,078 - Solar power: 6,994 - Conventional hydropower: 8,226 - Biomass power: 1,330 - Other renewable energy: 171 - Total green certificates issued in June: 27,799, and from January to June: 1,371,122 [3] Green Certificate Trading - In June 2025, a total of 60.91 million green certificates were traded nationwide, with 10.33 million being green electricity trading certificates. From January to June, 348 million green certificates were traded, including 107 million green electricity trading certificates [4] - In June, the average trading price of green certificates was 3.40 yuan per certificate, with a month-on-month increase of 24.77% [6] Trading by Renewable Energy Generation Types - In June, the trading of green certificates by renewable energy generation type included: - Wind power: 2,927 - Solar power: 2,364 - Biomass power: 678 - Other renewable energy: 122 - Total green certificates traded in June: 6,091, and from January to June: 34,826 [6]

Group 1: Green Certificate Issuance - In May 2025, the National Energy Administration issued 215 million green certificates, a month-on-month decrease of 0.59%, covering 127,100 renewable energy generation projects, with 130 million tradable green certificates, accounting for 60.31% [1] - From January to May 2025, a total of 1.093 billion green certificates were issued, of which 762 million were tradable [1] - The breakdown of green certificate issuance by renewable energy type in May includes: Wind power (82,32), Solar power (40,55), Conventional hydropower (74,48), Biomass power (16,37), and Other renewable energy (123), totaling 21,495 [3] Group 2: Green Certificate Trading - In May 2025, a total of 29.87 million green certificates were traded nationwide, including 10.05 million green electricity trading certificates [4] - From January to May 2025, a total of 287 million green certificates were traded, with 96.23 million being green electricity trading certificates [4] - The trading of green certificates in May included 19.82 million certificates with an average trading price of 2.73 yuan per certificate, reflecting a month-on-month increase of 18.12% [5]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [44]. Core Insights - The public utility index has seen a decline of 1.9% over the past two weeks, underperforming the CSI 300 index by 1.0 percentage points, ranking 27th among 31 industries. Year-to-date, the index has decreased by 1.1%, outperforming the CSI 300 index by 0.4 percentage points, ranking 22nd [9][11]. - Among the sub-sectors, three have increased: heating services by 0.4%, photovoltaic power generation by 0.3%, and gas by 0.1%. Conversely, four sub-sectors have decreased: hydropower by 4.4%, thermal power by 1.9%, comprehensive energy services by 0.6%, and wind power by 0.5% [11][14]. - The report highlights significant industry news, including the issuance of 216 million renewable energy green power certificates in April 2025, a 23.94% increase month-on-month, covering 104,300 renewable energy projects [37][39]. Summary by Sections 1. Market Review - As of June 5, the public utility index has decreased by 1.9% in the last two weeks, ranking 27th among 31 industries. Year-to-date, it has decreased by 1.1%, ranking 22nd [9][11]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times. The photovoltaic sector has a P/E ratio of 740.3 times, while thermal power is at 11.9 times [17][18]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) is 560 yuan/ton, down 1.8% from the previous value. The average price of Qinhuangdao port thermal coal (Q5500) is 612 yuan/ton, down 1.4% [29][32]. 4. Key Industry News - The report discusses the promotion of renewable energy and the establishment of a modern electricity business environment, emphasizing the construction of a new power system [40][41]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Xin'ao Co., Ltd. and Huadian International, given the ongoing developments in the gas and thermal power sectors [39][41]. 6. Important Company Announcements - Notable announcements include Xinjiang Li New Energy's agreement with Xinjiang Energy Group and Nanfang Energy's planned investment exceeding 3 billion yuan in 2025 [38].