智通财经APP获悉，9月19日，国家能源局发布2025年8月全国可再生能源绿色电力证书核发及交易数据。8月，国家能 源局核发绿证2.71亿个，涉及可再生能源发电项目30.65万个，其中可交易绿证1.52亿个，占比55.99%。本期核发2025年 7月可再生能源电量对应绿证2.25亿个，占比83.01%。2025年1—8月，国家能源局共计核发绿证18.78亿个，其中可交易 绿证12.77亿个。 原文如下： 国家能源局发布2025年8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8月，国家能源局核发绿证2.71亿个，涉及可再生能源发电项目30.65万个，其中可交易绿证1.52亿个，占比 55.99%。本期核发2025年7月可再生能源电量对应绿证2.25亿个，占比83.01%。2025年1—8月，国家能源局共计核发绿 证18.78亿个，其中可交易绿证12.77亿个。 | 可再生能源发电类型 | 8月核发绿证数量 | 1-8月核发绿证数量 | | --- | --- | --- | | 风电 | 6494 | 71897 | | 太阳能发电 | 7327 | 42794 | | 常规水电 | ...

一、绿证核发情况 2025 年 8 月，国家能源局核发绿证 2.71 亿个，涉及可再生能源发电项目 30.65 万个 ， 其中可交易绿证 1.52 亿个， 占比 55.99 % 。 本期核发 2025 年 7 月可再生能源电量对应绿证 2.25 亿个，占比 8 3.01 % 。 2025 年 1— 8 月， 国家能源局共计核发绿证 18.78 亿个，其中可交易绿证 12.77 亿个。 | | | 年以: 月十 | | --- | --- | --- | | 可再生能源发电类型 | 8月核发绿证数量 | 1-8月核发绿证数量 | | 风电 | 6494 | 71897 | | 太阳能发电 | 7327 | 42794 | | 常规水电 | 11767 | 60623 | | 生物质发电 | 1328 | 11419 | | 其他可再生能源发电 | 228 | 1087 | | 总计 | 27144 | 187819 | | 可再生能源发电类型 | 8月交易绿证数量 | 1-8月交易绿证数量 | | --- | --- | --- | | 风电 | 2098 | 23343 | | 大阳能发电 | 2328 | ...

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].

Group 1: Green Certificate Issuance - In April 2025, the National Energy Administration issued 216 million green certificates, a month-on-month increase of 23.94%, covering 104,300 renewable energy generation projects [1] - Among the issued certificates, 165 million were tradable, accounting for 76.36%; the certificates corresponding to renewable energy generation in March 2025 were 191 million, representing 88.17% [1] - From January to April 2025, a total of 878 million green certificates were issued, with 621 million being tradable [1] Group 2: Green Certificate Trading - In April 2025, a total of 59.4 million green certificates were traded nationwide, with 27.39 million being green electricity trading certificates [3] - From January to April 2025, a total of 259 million green certificates were traded, including 87.83 million green electricity trading certificates [3] - The trading volume of green certificates in April 2025 included 33.15 million from wind power, 24.16 million from solar power, 1.90 million from biomass power, and 0.20 million from other renewable energy sources [5] - The average trading price of green certificates in April 2025 was 2.31 yuan per certificate, reflecting a month-on-month increase of 63.24% [5]

Core Insights - Global ESG policies and investments are advancing, presenting both challenges and opportunities. Japan has released its first report guidelines aligned with international sustainability standards, while France's National Climate Adaptation Plan proposes 52 measures to address climate change. The U.S. EPA has rescinded several environmental regulations to ease corporate burdens, and Germany's financial plan along with Tokyo's carbon credit trading highlights the role of green finance in sustainable development. Additionally, the U.S. rejection of the UN Sustainable Development Goals reflects differing national paths in sustainability [2][6][7]. - In China, as of March 2025, efforts are being made to systematically construct an ESG development framework through regional collaboration and top-level design. Shenzhen is leading the green transition with its ESG standard system, while Shanghai promotes low-carbon development through its carbon emission management measures. The National Energy Administration has issued guidelines to promote the high-quality development of renewable energy green power certificate markets [2][7]. - The total scale of ESG funds in China increased by 28.404 billion yuan in Q1 2025 compared to the end of 2024, indicating a recovery in market sentiment. Most domestic ESG funds achieved positive returns in March 2025, with average and median returns of 0.59% and 0.51%, respectively, particularly strong in equity mixed funds [2][25][22]. ESG Important Events - Japan has published its first sustainable development disclosure standards based on ISSB guidelines, marking a significant step for Japanese companies in sustainability reporting [6][7]. - France's National Climate Adaptation Plan outlines 52 measures to enhance climate resilience, focusing on infrastructure upgrades and energy structure optimization [6][7]. - The U.S. EPA announced the repeal of 31 environmental regulations, representing a significant deregulation effort in environmental oversight [6][7]. - Germany's financial plan includes a 500 billion euro proposal to support climate protection and energy transition, with 100 billion euros allocated to existing climate and transition funds [6][7]. Domestic ESG Fund Performance Review - As of March 2025, the total number of existing ESG funds in China is 660, with a total scale of 821.9 billion yuan, reflecting a 28.404 billion yuan increase from the end of 2024. The pure ESG fund scale is 49.858 billion yuan, accounting for 6.07% of the total [22][19]. - In March 2025, domestic ESG funds generally reported positive returns, with the average return at 0.59% and the median at 0.51%. The performance of equity mixed funds was particularly notable [25][24]. ESG Academic Frontiers - Research indicates that artificial intelligence (AI) can significantly mitigate the adverse effects of climate change across various sectors, including energy and transportation. AI applications can reduce manufacturing energy consumption by 30-50% and optimize traffic routes to cut carbon emissions by up to 60% [2][37].