China Post Securities released a research report stating that on November 7, 2025, the National Energy Administration issued the "Guidance on Promoting the Integrated Development of Coal and New Energy." By the end of the 15th Five-Year Plan, significant progress is expected in the integration of coal and new energy, with mature development models for solar and wind power in coal mining areas, alongside substantial improvements in electrification and new energy penetration rates.
China Post Securities noted that while the photovoltaic (PV) industry faces oversupply and is undergoing "anti-involution" adjustments, the transition period presents considerable demand-side expectation gaps. Policy support is essential to drive new energy development in mining areas, which could elevate industry demand expectations.
The report recommends focusing on the recovery of expectations in the PV supply chain. For silicon materials, companies like GCL TECH (03800), Tongwei Co., Ltd. (600438.SH), and Daqo New Energy (688303.SH) are worth monitoring. For integrated manufacturers, LONGi Green Energy (601012.SH), JinkoSolar (688223.SH), and Trina Solar (688599.SH) are highlighted.
Key points from the guidance include: 1. **Large-Scale Solar Bases**: Encouraging coal-rich regions with contiguous land resources and strong grid connectivity to plan large-scale solar projects. 2. **Land Utilization**: Accelerating PV station construction in subsidence areas, industrial sites, and reclaimed lands. 3. **Innovative Models**: Developing floating solar plants in waterlogged subsidence zones, integrating PV with aquaculture and agriculture. 4. **Wind Power Expansion**: Promoting centralized and distributed wind power in resource-rich mining areas.
To enhance new energy absorption: 1. **Electrification & Clean Energy**: Phasing out inefficient boilers in mining areas. 2. **Renewable Heating/Cooling**: Feasible through localized green power and carbon policy incentives. 3. **Smart Microgrids**: Flexible load management to align with renewable generation curves. 4. **Coal-New Energy Synergy**: Strengthening grid stability and facilitating coal companies' transition to integrated energy providers.
Despite supply-demand imbalances, policy-driven new energy expansion in mining areas could uplift industry expectations, warranting attention to PV supply chain recovery and key players.