According to the CITIC Securities Research Report, on July 23, 2026, the National Development and Reform Commission and others issued the “15th Five-Year Plan for Renewable Energy Development”, which focuses on capacity expansion and quality improvement and reliable replacement to promote the transformation of new energy sources from supplementary power sources to the main power source for power systems. The “Plan” proposes a double 50% growth target for renewable energy consumption and installed capacity during the “15th Five-Year Plan” period, and clearly defines additional scales such as scenery, hydropower, savings, and photothermal power generation; adding reliability assessment indicators such as confidence output and peak power supply for the first time, simultaneously expanding the scale of non-electric applications such as green hydrogen and geothermal heat, and implementing mandatory consumption assessments throughout the industry to form two-way control of supply and demand. At the investment level, wind power, offshore wind power, energy storage, UHV and load regulation resources have long-term allocation value, and non-electricity sectors such as green hydrogen are receiving stronger policy support; at the same time, it is recommended to focus on the reform process in fields such as the power capacity market.

According to the CITIC Securities Research Report, on July 23, 2026, the National Development and Reform Commission and others issued the “15th Five-Year Plan for Renewable Energy Development”, which focuses on capacity expansion and quality improvement and reliable replacement to promote the transformation of new energy sources from supplementary power sources to the main power source for power systems. The “Plan” proposes a double 50% growth target for renewable energy consumption and installed capacity during the “15th Five-Year Plan” period, and clearly defines additional scales such as scenery, hydropower, savings, and photothermal power generation; adding reliability assessment indicators such as confidence output and peak power supply for the first time, simultaneously expanding the scale of non-electric applications such as green hydrogen and geothermal heat, and implementing mandatory consumption assessments throughout the industry to form two-way control of supply and demand. At the investment level, wind power, offshore wind power, energy storage, UHV and load regulation resources have long-term allocation value, and non-electricity sectors such as green hydrogen are receiving stronger policy support; at the same time, it is recommended to focus on the reform process in fields such as the power capacity market.