"十五五"开局之际，多个中央企业牵头建设的重要清洁能源项目密集投产，展现了我国强 化"双碳"引领、推动能源转型的积极进展。与此同时，多家中央企业近期积极与地方政府等 开展会谈交流，"沙戈荒"新能源基地、绿色转型等成为高频关键词。 重大清洁能源项目密集投产 除了海上风电向深远海迈进，陆上新能源基地建设同样加速。华能集团在内蒙古的两个大型风电 项目于1月初实现全容量投产或全面并网。其中，华能赤峰市200万千瓦自建调峰能力风光储多能 互补一体化+荒漠治理基地巴林右旗30万千瓦风电项目是国家第三批"沙戈荒"大型新能源基地项 目，于1月3日全容量投产；位于内蒙古自治区呼伦贝尔市阿荣旗的华能蒙东伊穆直流外送岭东二 期100万千瓦基地项目于1月2日全面并网发电。 核电领域也取得标志性进展。1月1日，中核集团漳州核电2号机组投入商业运行，标志着采用我 国自主三代核电技术"华龙一号"的漳州核电一期工程全面建成投产。这是"十五五"开局之年我国 首台建成投产的核电机组。这些项目对优化区域能源结构、改善生态环境具有重要意义。 "清洁能源项目投产后形成的供应能力，能够优化能源供给结构，保障能源安全稳定，为实体经 济发展提供可靠的能源支 ...

当时光的指针即将划过20 2 5，我们驻足回望，看到的是一部以绿色为卷轴、以创新为笔锋的壮阔画卷。这一年，见证变革，也见 证发展，更是中国能源结构深刻转型、低碳征程全面提速的关键节点。纵使外部环境风云变幻，绿色低碳已然成为中国高质量发展 最鲜明的底色、最坚定的宣言。 结构之变，重塑能源版图 数字无言，却掷地有声。 20 25年，我国清洁能源消费占比稳步攀升至28 .6%，煤炭消费比重持续降至53.2%。这"一升一降"之间，是一个大国能源结构的重 大蜕变——建成全球最大的碳市场并稳健运行，覆盖并引导经济社会最大规模的碳排放流向；"风光"领跑的可再生能源体系，不仅 提前锁定2030年目标，更持续为世界注入绿色动能。能源的脉搏，正以愈发蓬勃的"绿意"强劲跳动。 投资之涌，持续向绿向新 20 25年，我国能源投资高达3 . 54万亿元，同比增长11%，勾勒出一条昂扬向上的增长曲线。投资，是远见，更是行动。核电基业 长青，陆上风电织网，分布式光伏深入城乡，智能电网纵横贯通……更令人振奋的是，新型储能、氢能、充换电网络等未来产业投 资快速增长，共同奏响市场信心与社会资本共鸣的"绿色协奏曲"。绿色能源的未来，在"真金白银" ...

本报讯 （记者丁蓉）12月26日，深圳市广聚能源股份有限公司（以下简称"广聚能源"）发布公告，该 公司与中广核（广东）新能源投资有限公司（以下简称"中广核广东公司"）于2025年12月24日签署了 《战略合作协议》，双方拟开展在新能源项目投资、售电、虚拟电厂等领域的合作，共同提升核心竞争 力，实现经济效益与社会效益协同增长，双方建立长期稳定合作关系。 广聚能源方面表示，这一协议的签署旨在建立战略合作关系，整合双方资源与优势，为公司在新能源领 域的业务布局提供协同发展路径，将有助于公司优化产业结构，增强在综合能源领域的市场竞争力，符 合公司打造大湾区一流综合能源运营商功能定位及发展战略。 （编辑 郭之宸） 根据公告，双方合作主要内容包括三方面。一是双方共同探索在海上风电、陆上风电等新能源项目开展 战略合作，联合参与广东沿海地区海上风电、陆上风电项目的投资、建设，共同打造区域性清洁能源示 范工程。二是双方共同发挥各自优势，在新能源装备、信创服务器、智能终端及绿色能源系统集成等领 域建立长期稳定的供应链协作机制。三是双方共同努力促进绿色能源消费，并择机开展虚拟电厂合作， 降低企业用电成本。乙方按照市场化原则，在同等 ...

央视网消息："十四五"规划纲要提出，到2025年年底，非化石能源占能源消费总量比重提高到20%左右。记者15日从全国能源工作会议上 了解到，如今这一目标将超额完成。 国家能源局局长王宏志称："能源绿色低碳转型步伐加快，非化石能源消费比重将超额完成20%的目标任务。" 今年，我国能源投资增势强劲、向"绿"向"新"。全年能源重点项目预计完成投资3.54万亿元，同比增长11%。其中，核电、陆上风电、分 布式光伏等投资强劲，新型储能、充换电基础设施、氢能等投资快速增长。 "十五五"末新能源发电装机占比将超50% 此外，记者了解到，到"十五五"末，也就是到2030年，我国新能源发电装机比重将超过50%，新能源发电装机成为电力装机主体。 国家能源局主要负责人介绍，到2030年，非化石能源消费比重将达到25%，新能源发电装机比重超过50%，新型能源体系将初步建成。 国家能源局局长王宏志称："实现这些目标，能源行业将经历若干从量变到质变的历史性转变，能源活动实现碳达峰；煤炭消费达峰后进 入平台期，石油消费达到峰值；能源和电力需求增量主要由非化石能源满足。" "十五五"期间，我国将加力建设新型能源基础设施，优化能源资源基地布局 ...

Core Viewpoint - The Shanghai Municipal Development and Reform Commission has announced the mechanism electricity price for the 2025 new energy incremental projects at 0.4155 yuan per kilowatt-hour, reaching the bidding cap set at 0.42 yuan per kilowatt-hour, aligning with previous pricing for existing projects and local coal benchmark prices [1][6]. Bidding Results - A total of 2,039 projects were selected in the bidding for the 2025 new energy incremental projects, with a total mechanism electricity volume of approximately 540 million kilowatt-hours [2][3]. Project Composition - The majority of selected projects are distributed photovoltaic projects, with only 10 centralized photovoltaic and 2 onshore wind projects included, reflecting Shanghai's unique characteristics as a densely populated city with limited land resources [3][11]. Price Benchmark - The announced price of 0.4155 yuan per kilowatt-hour is the highest among provinces that have released results, marking a new high for national mechanism electricity prices. This price is significantly higher than those in other regions, with a difference of 0.2201 yuan per kilowatt-hour compared to Gansu [6][7]. Policy Background - This bidding process is part of the national reform for market-oriented pricing of new energy electricity, aimed at promoting high-quality development in the sector. Shanghai has established a "sustainable development price settlement mechanism" for new energy projects [8][12]. Regional Differentiation - Shanghai's high electricity price is attributed to its unique market conditions, including a relatively loose supply of mechanism electricity and a limited number of qualifying projects, leading to less competition [9][10]. Industry Impact - The price of 0.4155 yuan per kilowatt-hour provides a clear and attractive return benchmark for new energy projects, particularly distributed photovoltaic projects, encouraging further investment in Shanghai's new energy sector [11][12].

Group 1 - The company Tianjin Zhonglv Electric Investment Co., Ltd. appointed Mr. Zhuang Yunbing as the Vice General Manager, effective until the end of the current managerial term [1] - Zhuang Yunbing is 37 years old, a member of the Communist Party, holds a master's degree, and is a senior engineer [1] - The company held its 22nd meeting of the 11th Board of Directors on December 1, where the appointment was approved [1] Group 2 - Zhonglv Electric was established in March 1986 and was listed on the Shenzhen Stock Exchange on December 10, 1993 [6] - The company is indirectly controlled by China Green Development Investment Group Co., Ltd. and serves as a platform for investment, development, construction, and operation in the green energy sector [6] - Zhonglv Electric is one of the earliest companies engaged in renewable energy development in China, with business areas including onshore wind power, offshore wind power, photovoltaic power, solar thermal power, and energy storage [6]

Core Insights - The article discusses the electricity pricing mechanisms and allocation of renewable energy projects across different regions in China, highlighting the disparities in pricing and policies based on local resources and economic conditions [3][4]. Pricing Mechanisms - High electricity price regions include Southern China (Guangdong at 453), Central China (Hunan at 450), and Eastern China (Shanghai at 415.5, Zhejiang at 415.3), driven by high demand and limited local energy resources [3][4]. - Low electricity price regions are found in Northwestern China (Xinjiang with subsidy projects at 250, Qinghai at 227.7) and Inner Mongolia (282.9), where abundant renewable resources lead to lower costs [3][4]. - Mid-range pricing is observed in North and Southwest China, with prices generally between 330 and 390, reflecting a balance of supply and demand [3][4]. Project Allocation and Support - Supportive projects, such as poverty alleviation solar and distributed generation, often receive 100% of the allocated electricity, ensuring stable returns for these initiatives [4][5]. - Distributed projects tend to have higher allocation ratios compared to centralized projects, with examples like Jiangxi providing 95% for distributed and 85% for centralized [4][5]. - Market-driven projects face more restrictions, with allocation ratios influenced by production time and trading conditions, as seen in Hainan where newer projects receive progressively lower allocations [4][5]. Regional Policy Variations - Eastern China has higher electricity prices with a mix of guaranteed and restricted allocations, while Southern China features a wide price range and detailed allocation rules based on voltage levels and production timelines [5]. - Northwestern and Northeastern regions have lower prices, with allocation policies tailored to local resource availability, such as Xinjiang's differentiation between subsidy and market-based projects [5].

Core Viewpoint - The article highlights five categories of stocks that are at high risk of decline in the current market environment, driven by stricter delisting regulations, policy rollbacks, and valuation bubbles. Group 1: High Delisting Risk Stocks - The 2025 delisting rules are the strictest ever, with companies facing mandatory delisting if their market value falls below 500 million yuan for 20 consecutive trading days on the main board, or 300 million yuan on the ChiNext [2] - As of April 2025, 132 companies have issued delisting risk warnings, an increase of 45% from the previous year [2] - Companies like *ST Dongfang and *ST Xinhai have faced delisting due to financial fraud and continuous low stock prices, leading to significant losses for investors [2] Group 2: Stocks in Policy-Dependent Industries - The cancellation of subsidies for onshore wind power and the reduction of tax exemptions for electric vehicles will directly pressure the profits of related companies [4] - The onshore wind power sector will see a 0.5 percentage point decrease in capital IRR due to subsidy cuts, impacting already thin profit margins for small firms [4] - The automotive industry is facing overcapacity and reduced subsidies, with some second-tier car manufacturers reporting a 40% decline in net profits year-on-year [4] Group 3: Stocks with Severe Valuation Bubbles - Many popular sectors have inflated valuations, with the ChiNext 50 index at a P/E ratio of 159.31 and the semiconductor index at 126.46, indicating severe overvaluation [5] - The computer sector, driven by AI hype, has a P/E ratio of 91.55, while the average net profit growth in the industry is only 8% [5] - High valuation stocks have seen significant declines, with the ChiNext 50 index down 12% and the computer sector down 15% since October [5] Group 4: High Pledge and Debt Issues - Companies with high equity pledges (over 60%) and high debt ratios (over 80%) face significant risks, including potential stock price collapses [6] - As of April 2025, 89 companies have a pledge rate exceeding 60%, with 32 of them also having debt ratios above 80% [6] - Companies like Nanwei and ST Tiantian are struggling with financing difficulties due to high pledge rates and ongoing investigations [6] Group 5: Stocks with Outdated Production Capacity - The national industrial capacity utilization rate is only 74%, indicating significant overcapacity in traditional manufacturing sectors [7] - The steel industry continues to struggle with low-efficiency production, while the photovoltaic sector is eliminating 20% of low-efficiency capacity [7] - Traditional industries like chemicals and machinery are facing a 32% year-on-year decline in net profits, as they lack policy support and face shrinking market demand [7]

Core Viewpoint - The wind power industry, particularly offshore wind power, is expected to experience explosive growth in installed capacity by 2025, driven by cost reductions from larger turbines and the goals set in the "14th Five-Year Plan" [1][4]. Group 1: Importance of Wind Power - Wind power, especially offshore wind, is gaining attention from professional investors due to its advantages in energy transition, despite solar power being more widely recognized [5]. - Wind power demonstrates higher efficiency in power generation compared to solar, with projected wind generation reaching 991.6 billion kWh in 2024, surpassing solar's 834.1 billion kWh, despite lower installed capacity [5]. - Wind power aligns better with electricity load curves, particularly benefiting from increased output during nighttime, which matches peak evening demand [5]. Group 2: Offshore Wind Power Advantages - Offshore wind power has a significantly higher average utilization hours (3,500-4,500 hours) compared to onshore (2,000-2,500 hours), translating to a 75%-80% increase in efficiency [8]. - Offshore wind power benefits from lower wind resistance and more stable wind speeds, leading to higher energy conversion efficiency [7][9]. - The growth of offshore wind power is supported by its proximity to major electricity consumption centers, reducing transmission losses [9]. Group 3: Market Trends and Projections - The domestic market is expected to see a 98.9% year-on-year increase in new wind power installations in the first half of 2025, with offshore and onshore wind contributing 2.5 GW and 48.9 GW, respectively [9]. - Projections indicate that new offshore wind installations could reach 11.3 GW and 16.4 GW in 2025 and 2026, respectively [12]. - The industry is entering a recovery phase, with increased bidding activities and a rebound in installation data and prices [17]. Group 4: International Market Opportunities - European offshore wind installations are projected to account for 34% of global new capacity in 2024, driven by favorable wind resources and emission reduction targets [23]. - The overseas market offers higher profit margins for Chinese wind power companies with core technologies and cost advantages [26]. - The performance of Chinese companies in the European market is exemplified by Daikin Heavy Industries, which achieved a 99.2% year-on-year revenue increase in the first three quarters of 2025 [27][28]. Group 5: Investment Opportunities - The only actively managed fund with a long-term focus on the wind power sector is Qianhai United Yonglong Mixed Fund, which has shown a 56.1% return this year [31][32]. - Other actively managed funds, such as Southern Potential New Blue Chip, have also reported significant returns, with a year-to-date performance of 54.5% [36]. - The focus on wind power stocks, including Daikin Heavy Industries and Dongfang Cable, is evident in the stable holdings of these funds [34].

Core Viewpoint - The withdrawal of tax incentives is not indicative of a downturn in the wind power industry, but rather a sign of its maturation and transition to a more sustainable model [1][4]. Policy Adjustment Timing - The adjustment of tax policies is timely, reflecting the industry's growth and the reduced need for government support [2][4]. Industry Development - The wind power sector in China has made significant progress, achieving commercialization and scalability, particularly in onshore wind energy, which can now compete with traditional energy sources [4][9]. Differentiated Policy Approach - The new policy demonstrates precision by removing support for onshore wind while continuing to support offshore wind, addressing both carbon neutrality goals and energy security [9][11]. Offshore Wind Power - Offshore wind energy is crucial for clean energy development, facing higher costs and technical challenges, thus requiring ongoing policy support to ensure its growth [9][11]. Short-term Pain vs Long-term Gain - In the short term, the policy change may lead to financial strain for some companies, as the VAT refund constitutes about 10% of net profits for representative firms [15]. However, it will accelerate industry consolidation, favoring companies with technological advantages [15]. Future Tax Policy Outlook - The recent tax policy adjustment is just the beginning, with future regulations expected to become more standardized and equitable, ultimately phasing out offshore wind tax incentives as well [18]. This reflects an improvement in national governance capabilities and signals a new starting point for high-quality industry development [18].