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China's new energy industry has undergone gorgeous transformation in the past decade, from quantitative change to qualitative change

Time : 03/01/2022 Author : u5fwd2 Click : + -
        [ten years of magnificent transformation of China's new energy industry] since the 18th National Congress of the Communist Party of China, China's renewable energy represented by hydropower, wind power and photovoltaic power generation has achieved leapfrog development. In the past ten years, the new energy industry has made remarkable achievements from cutting through thorns to riding the wind and waves. New energy enterprises have undergone several changes and innovations in technology, from relying on subsidies to striving for technology, and constantly innovating products. Ten years ago, the proportion of new energy power generation in China was only 2.7%, but by the end of 2021, the figure had reached 18.5%. In addition, according to the data of the National Bureau of statistics, in the first five months of 2022, the total installed capacity of renewable energy power generation in China exceeded 1.1 billion kilowatts, and the installed capacity of hydropower, wind power, photovoltaic power generation and biomass power generation ranked first in the world.
        China's new energy industry has achieved magnificent transformation in ten years. From the vast desert Gobi to the vast and magnificent marine grassland, China's new energy industry has made a step-by-step progress to promote energy transformation. Over the past decade, the installed scale and power generation capacity of new energy have been continuously expanded. By the end of 2021, the total installed capacity of wind power and photovoltaic grid connected was 670 million kilowatts, nearly 90 times that of 2012. The country's total power generation is about 8.4 trillion kwh, of which new energy power generation is 1.55 trillion kwh, accounting for 18.5%. On August 2, Wang Dapeng, deputy director of the new and renewable energy department of the national energy administration, said that the development of renewable energy continued to improve and the installed scale of renewable energy expanded steadily.
        In the first half of 2022, China's new installed capacity of renewable energy power generation was 54.75 million kilowatts, accounting for 80% of the country's new installed capacity. Among them, the newly installed capacity of photovoltaic power generation in China is 30.88 million kilowatts, including 11.23 million kilowatts of photovoltaic power stations and 19.65 million kilowatts of distributed photovoltaic power. By the end of June, the total installed capacity of photovoltaic power generation was 336 million kilowatts. Peng Suping, an academician of the Chinese Academy of engineering and a professor of China University of mining and technology, told the reporter of Securities Daily that ten years ago, the photovoltaic industry experienced pain. At that time, photovoltaic enterprises only made raw materials. Later, with the support of national policies, with the upgrading of technology, relevant enterprises continued to develop products and services, which developed rapidly in the past decade.
        "For the Baihetan Hydropower Station put into operation in 2021, 16 million kilowatt mixed flow hydropower units are all domestically produced." Relevant personnel of PowerChina introduced to the reporter of Securities Daily that with the unremitting efforts of project builders and scientific research workers, it has completed the overall design of water turbine generator units, runner model development, electromagnetic pole winding, high-efficiency cooling, thrust bearing, high-voltage insulation, high-strength materials, key component manufacturing and other technical research and development, and achieved a series of innovative achievements, A million kilowatt mechanism design, manufacturing, installation and measurement and control technical standard with fully independent intellectual property rights has been formed. The operation of one million units in Baihetan marks another historic leap in the manufacturing capacity of hydropower units in China.
        Since the 18th National Congress of the Communist Party of China, China's large-scale mixed flow, tubular, axial flow and reversible hydropower units have achieved independent design and manufacture, reaching the international leading level. As one of the important directions of clean energy development, offshore wind power has shown a rapid development momentum along with the energy revolution and the promotion of marine strategy in China. In the late period of the 13th five year plan, China's offshore wind power industry has entered the stage of large-scale accelerated development. According to the data, by the end of 2021, the cumulative installed capacity of offshore wind power in China was 26.38 GW, accounting for 48% of the global installed capacity of offshore wind, ranking first in the world. In fact, the construction process of offshore wind power is not smooth sailing, but also quite tortuous.
        The above three gorges energy source told the Securities Daily reporter that, "The development of offshore wind power in China has been from scratch. At that time, when the Three Gorges group decided to develop offshore wind power, the industry did not fully understand the necessity of the development prospects of offshore wind power, and most of them were not optimistic, and the macro policies were insufficient. In addition, the domestic development started late, and its development, equipment, technology, management, etc. had no mature experience to learn from, so the development of offshore wind power became more difficult and risky." 。 Since 2014, the Three Gorges group has actively developed new energy businesses such as wind power and solar energy, and built the new energy business as the second main business of the group.
        In 2015, the Three Gorges group proposed that the Three Gorges energy should become the "leader of offshore wind power" and form a rolling development pattern of "one batch of production, one batch of construction, one batch of approval and one batch of reserve". Relevant people of Three Gorges energy told the Securities Daily that the company started from Xiangshui, Jiangsu Province, and advanced step by step from the tidal flat to the intertidal zone, offshore and offshore, and constantly increased the concentrated and continuous large-scale development of wind power on the sea. By the end of 2021, the installed capacity of offshore wind power had reached 4.57 million kilowatts, ranking the first in China. The "Three Gorges offshore" wind power corridor was gradually formed. In the past decade, the new energy industry represented by hydropower, photovoltaic power generation and wind power has achieved fruitful results.
        Over the past decade, China has formed a relatively complete renewable energy technology industrial system. The photovoltaic power generation technology has been rapidly iterated, and the world record of battery conversion efficiency has been set for many times; In the field of hydropower, it has the world's largest independent design and manufacturing capacity of one million kilowatt water turbine units; Low wind speed, typhoon resistance, ultra-high tower and ultra-high altitude wind power technology rank among the world's leading, and 10 MW offshore wind turbines have started mass production. "Since the 18th National Congress of the Communist Party of China, China has continuously increased its support for the new energy industry, which has achieved its present high light moment. In the past decade, China's new energy industry has developed rapidly at a compound growth rate of more than 30%." Qi Haiyu, President of Beijing Teyi sunshine new energy, told the Securities Daily that the trend of new energy power generation and coal-fired thermal power generation is diverging. Coal fired thermal power generation shows a trend of "stable guarantee and stable yield", while new energy power generation is a gradual process of "steady progress".
        In the past decade, the new energy industry has also entered the fast lane of development in the capital market. Not only the performance of relevant enterprises, but also the market value of the company have reached new highs. For a time, the upstream and downstream enterprises of the new energy industry chain attracted various capitals to chase each other, and capital actions such as cross-border, M & A and production expansion were frequent. "More than ten years ago, the company believed that thermal power generation was the main business of the power industry. At that time, new energy power generation was not comparable to thermal power generation in terms of technology content and power generation scale." Zhao Li, investment director of Beijing Energy International Holding Co., Ltd. (hereinafter referred to as "Beijing Energy International"), told the reporter of Securities Daily that the biggest feeling in the past decade is that the new energy industry has changed from a subsidiary industry to a main industry.
        According to the statistics of Oriental Fortune choice, as of August 3, 2022, there were 835 new energy related listed enterprises in the A-share market, with a total market value of 21.66 trillion yuan, including 45 companies with a total market value of 100 billion yuan or more and 346 companies with a total market value of 10 billion yuan or more. In this regard, Qi Hailing said that since the 18th National Congress of the Communist Party of China, the installed scale of new energy power generation in China has repeatedly reached new highs. This is due to the continuous and in-depth promotion of relevant national policies and the efforts and innovation of new energy enterprises themselves, which makes the new energy industry flourish. The market value of new energy enterprises has also made leaps and bounds in the past decade. Companies with market value of 10 billion yuan and 100 billion yuan have been emerging. China has also become the world's largest new energy installation market and the largest new energy industry manufacturing center.
        Qi Hailing said that before 2012, China's photovoltaic industry had "two ends outside", that is, the market was outside and the raw materials were outside. The photovoltaic industry, like cement, steel and other industries, was labeled with high energy consumption. The financing of related enterprises was difficult, and the financing road of listing was extremely difficult. According to the data, from 2012 to 2022, a total of 19 photovoltaic equipment enterprises landed in the capital market. Up to now, there have been 35 listed photovoltaic equipment companies, including Daquan energy, Trina Solar Energy and Longji green energy, whose market value has exceeded 100 billion yuan. In addition, nearly 70% of the companies have a market value of more than $10 billion. From the perspective of operating profits of related companies, from 2012 to 2021, the profits of many companies increased significantly, and the net profits attributable to the parent of Tongwei shares, Daquan energy and other companies increased dozens of times.
        Since 2021, many photovoltaic enterprises have issued fixed increase announcements. According to the data of Oriental Fortune choice, in the past two years, 12 photovoltaic enterprises have raised more than 40 billion yuan for production and expansion. It is worth noting that other types of new energy listed companies have also been intensively raising funds to increase production in the past two years. According to the data of Oriental Fortune choice, from 2021 to now (as of August 3), 139 new energy related listed companies have issued fund-raising announcements, raising 284.536 billion yuan. "New energy enterprises can get the favor of many capitals, no matter whether it is the demand for additional issuance, debt issuance or rights issue.
        At the same time, the policy departments also gave strong support. For this reason, many new energy enterprises choose to return to the A-share market for financing. " Qi Hailing further mentioned. According to public information, since 2019, photovoltaic enterprises including Jingao technology, Trina Solar, Daquan energy and Jingke energy have returned to A-share in a high profile. At the same time, benefiting from the development opportunities of the "double carbon" goal, the new energy industry has been accelerated. Many listed companies have crossed the border one after another and bet heavily on the new energy sub circuit, such as polysilicon, photovoltaic modules, hydrogen storage, lithium batteries and other key links of the industrial chain. Since 2022, more than 100 companies in the A-share energy conservation and environmental protection sector have carried out industrial integration and extended the industrial chain through mergers and acquisitions. The "cross-border" layout of new energy industrial chain by leading enterprises has become a new trend in this round of mergers and acquisitions, involving new energy materials, wind power generation, energy storage and other subdivisions.
        Yang Delong, chief economist of Qianhai open source fund, told the Securities Daily that the "double carbon" goal has brought opportunities for the development of new energy enterprises, while Qianhai new energy fund has always been firmly optimistic about the development prospects of new energy. The clean energy fund under its management focuses on the layout of new energy vehicles and their industrial chain, and photovoltaic wind power and new energy industry leading stocks. "In the past ten years, with the support of national policies and the support of various capitals, various new energy and green development funds have been set up quickly and with great efforts. Some have even directly participated in the establishment of new energy companies or joint ventures. All these are a feast of the new energy era." Qi Hailing further emphasized that strong capital promotion will make the era of "fossil energy consumption" to "new energy electric energy consumption" more rapid and efficient.
        In September 2020, China officially put forward the "double carbon" target, and China's carbon emissions will reach the peak by 2030 and achieve carbon neutrality by 2060. In March 2021, China proposed to deepen the reform of the power system, build a new power system with new energy as the main body, and wind power, photovoltaic and other new energy occupy a dominant position in the power supply structure. In this regard, the new energy industry, which is mainly based on scenery, has ushered in a turning point in its development. Energy storage, hydrogen energy and other tracks are also competing with each other, and the new energy industry really occupies an important position. On June 1, 2022, the 14th five year plan for renewable energy development clearly stated that by 2025, the annual power generation of renewable energy will reach about 3.3 trillion kwh.
        During the "14th five year plan" period, China's renewable energy generation will account for more than 50% of the total electricity consumption, and the wind power and solar power generation will double. Zhao Li said that the landing of the "double carbon" target and the determination of building a new power system with new energy as the main body marked that the new energy industry would usher in a real explosion period. As a state-owned enterprise in the capital, Beijing Energy International should play the card of "green power entering Beijing". Talking about how to seize the market opportunities, Zhao Li said that based on the advantages of the capital, the company will develop large-scale clean energy base projects in the surrounding areas, and at the same time lay out the equity investment business of the upstream and downstream core technologies of clean energy.
        "The development opportunities and potential of new energy and low-carbon economy have just been released, and the future development trend is much greater than that of other traditional industries." Qi Hailing said that building a new power system with new energy as the main body is to significantly increase the proportion of new energy generation such as photovoltaic and wind power and improve the energy efficiency of green power under the background of carbon neutrality. It can be seen that the development of low-carbon economy will become the target direction of China's social and economic upgrading and transformation and high-quality development in the future. Since the 18th National Congress of the Communist Party of China, a series of heavy plans and policies in the energy field have been intensively introduced, forming a strategic planning system to promote the energy revolution, and constantly promoting the optimization of China's energy structure and the high-quality development of renewable energy.
        "Coal is still the ballast stone of energy security, but at the same time, green and low-carbon development needs to be accelerated. The implementation of renewable energy substitution will be the mainstream of change." Zhu Gongshan told reporters that China is running into a low-carbon era and moving towards a zero carbon future. In Zhao Li's view, technological innovation or business model innovation is still a subversive factor for future industry development. Although the current new energy industry is no longer a blue ocean, especially in the middle and upper reaches, many industrial oligarchs have become prominent, and the strong are always strong. However, the technology iteration of photovoltaic cells, the localization of core technologies in the upstream and downstream of the hydrogen energy industry chain, and the power trading service based on the blockchain technology at the user side are important areas of future market competition.
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