在风光项目收益率同时受到收入端市场化交易、成本端反内卷涨价的夹击而导致收益率承压的背景 下，"集中发放历史拖欠补贴"是能够立竿见影地刺激开发商投资积极性的潜在政策手段（22年集中发放 补贴后23年国内光伏/风电装机同增148%/102%）。 随补贴加速发放，运营商投资新能源发电项目的资金弹药得到大幅填充，对风电、储能、光伏项目的投 资能力和动力都将得到有效提升，从而达到 驱动风电装机量保持增长、积极配置高品质储能应对市场 化交易、光伏装机形成支撑 的积极效果。 风电：补贴下发进一步强化26年装机增长预期，叠加近期8月风电招标强势回暖、中标均价进一步上 涨，行业量价表现持续超预期，依次看好 整机、两海、零部件 三条主线。涉及产业链相关港股：金风 科技（02208）等； 智通财经APP获悉，据太阳能、金开新能公告，近期多家新能源发电运营商集中收到可再生能源补贴资 金，太阳能下属光伏项目公司1-8月收到补贴资金同增232%，达24年全年金额的170%；金开新能1-8月 收到补贴资金同增342%、达24年全年金额的190%。 据机构了解、8月底运营商密集收到一批补贴发放通知、可再生能源发电补贴下发明确加速。 储能：市 ...

Core Viewpoint - The "14th Five-Year Plan" has achieved significant progress and transformative changes, establishing China as a stable and reliable force in global development [1] Economic Strength - During the "14th Five-Year Plan," China's GDP has consistently crossed milestones of 110 trillion, 120 trillion, and 130 trillion yuan, with an expected reach of around 140 trillion yuan this year, contributing over 30% to global economic growth [2] - The average economic growth rate over the first four years of the "14th Five-Year Plan" was 5.5%, showcasing resilience amid various challenges [2] - China remains the world's largest manufacturing power, goods trading nation, and foreign exchange reserve holder, with the largest middle-income group and social security system [2] Domestic Demand - Domestic demand has been the main driver of economic growth, contributing an average of 86.4% to economic growth during the first four years of the "14th Five-Year Plan" [3] - Final consumption contributed an average of 56.2% to economic growth, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" [3] - Investment has played a crucial role in optimizing supply structure, with high-tech industry investment growth outpacing overall investment growth [3] Security Foundations - The security foundations in food, energy, industry, and national defense have been strengthened, with food production achieving a record of 1.4 trillion jin [4] - China has built the world's largest power infrastructure system, with a power generation capacity accounting for one-third of the global total [4] - The energy self-sufficiency rate remains above 80%, ensuring energy supply for over 1.4 billion people [4] Green Development - China's forest coverage rate has increased to over 25%, contributing to a quarter of the world's new greening area [5] - Air quality has improved, with the proportion of days with good air quality stabilizing at around 87% [5] - The scale of renewable energy generation has surpassed that of coal, establishing the largest clean power generation system globally [5] Innovation and Technology - R&D expenditure is expected to grow by nearly 50% by 2024 compared to the end of the "13th Five-Year Plan," reaching an increase of 1.2 trillion yuan [7] - China has the largest R&D workforce globally and leads in the number of high-tech enterprises, with over 460,000 [7] - The production of integrated circuits is projected to increase by 72.6%, adding approximately 190 billion units [9] Institutional Advantages - The welfare of the population has improved, with stable participation rates in education, healthcare, and social security systems [10] - The business environment has improved, with significant reductions in restrictions on foreign investment and an increase in the number of private enterprises [11] - China's commitment to global green development and cooperation has expanded, with a reduction of 11.6% in energy consumption per unit of GDP over four years [12]