According to the Financial and Economic News App, on October 30, the National Development and Reform Commission and other departments issued the 'Guidance on Vigorously Implementing the Action of Renewable Energy Substitution,' proposing to comprehensively enhance the supply capacity of renewable energy. Accelerate the construction of large-scale wind and photovoltaic bases focusing on deserts, Gobi, and desert areas, and promote the development of offshore wind power clusters.

The above 'Opinions' require that positive progress be made in key areas of renewable energy substitution during the 14th Five-Year Plan period, with the national consumption of renewable energy reaching more than 1.1 billion tons of standard coal by 2025. In various fields during the 15th Five-Year Plan period, the basic form of production and living using renewable energy as a priority will be established, with the national consumption of renewable energy expected to exceed 1.5 billion tons of standard coal by 2030, providing strong support for achieving the carbon peak goal in 2030.

Lin Weibin, Director of the Energy Policy Research Office of the China Energy Research Society, stated that China's power structure needs deep adjustment. On the one hand, there is a need to vigorously develop new energy sources such as wind and solar. It is estimated that by 2060, the proportion of wind power and photovoltaic power generation in the total power generation will exceed 60%. There is a need to actively and orderly develop other non-fossil energy sources, with hydro, nuclear, and biomass power generation capacity expected to be around 1 billion kilowatts by 2060. On the other hand, while ensuring the secure and reliable supply of electricity, coal-fired power generation should orderly relinquish its main power supply role. It is estimated that by 2060, coal-fired power generation capacity will be around 0.4 billion kilowatts, and its share of total power generation will reduce to about 5%.

It is reported that since the beginning of this year, the country has continuously supported policies to promote the consumption of renewable energy.

On October 8, at the State Council Information Office press conference, the National Development and Reform Commission stated that during the review of energy-saving and consumption targets in fixed asset investment projects, strict deductions should be made for raw material energy use and non-fossil energy consumption. This is to guide localities to focus on controlling fossil energy consumption, encourage the increase of renewable energy consumption through the purchase of green electricity and green certificates, thus creating additional energy consumption space for economic and social development.

On August 11, the Communist Party of China Central Committee and the State Council issued the 'Opinions on Accelerating the Comprehensive Green Transformation of Economic and Social Development,' marking the first systematic deployment at the central level for accelerating the comprehensive green transformation of economic and social development. It explicitly states that by 2030, the scale of the energy-saving and environmentally friendly industry will reach around 15 trillion yuan, and the proportion of non-fossil energy consumption will increase to about 25%.

On August 2, the NDRC and NEA issued the 'Notice on the Renewable Energy Power Consumption Responsibility Weight and Related Matters in 2024', which increased the renewable energy consumption responsibility weight for most provinces in 2024, and for the first time set a green power consumption ratio target for the aluminum electrolysis industry.

In October this year, the International Renewable Energy Agency released the '2023 Renewable Energy Generation Cost Report', which showed that in 2023, China once again became the largest market for new onshore wind power, with its share of global new wind power capacity rising from 50% in 2022 to 66% in 2023. The global weighted average total installation cost of newly commissioned onshore wind power projects dropped by 13% year-on-year, from $1322 per kilowatt to $1154 per kilowatt. Meanwhile, in 2023, the global offshore wind market saw a new installed capacity of 11 gigawatts, the second highest since 2021. China accounted for 65% of the newly installed capacity. Driven by the share of new installed capacity in China and the commissioning of new market projects, the global weighted average total installation cost of offshore wind power dropped from $3478 per kilowatt in 2022 to $2800 per kilowatt in 2023.

Everbright Securities stated that wind power enterprises faced general performance pressure in the first half of the year due to industry demand and price competition; as we enter the second half of the year, with the improvement in domestic onshore and offshore wind power demand and the decline in bulk material prices, companies are expected to see a significant quarter-on-quarter performance improvement. As the gradual launch of offshore wind power projects in 2025 approaches, the inflection point of the offshore wind power industry chain orders may arrive, bringing more development opportunities for companies. It is recommended to focus on wind power companies poised for a turnaround in difficulties, as well as wind power leading enterprises with a high proportion of offshore wind power business and a leading presence in overseas markets.

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