Weekly Energy Highlights | A-shares' "Three Oil Giants" hit the daily limit for two consecutive days; Government Work Report mentions future energy for the first time

This week (March 2–6), the A-share oil and gas sector experienced a historic rally, with the “Three Big Oil Companies” hitting the daily limit for two consecutive trading days; the Ministry of Industry and Information Technology and five other departments jointly issued a document to promote efficient refining of high-value components in photovoltaic modules.

1. Policy News

Future Energy First Included in Government Work Report

In 2026, the government work report will for the first time list “Future Energy” among future industry cultivation projects, placing it at the top. It proposes “cultivating and developing future industries such as future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G.”

China Builds the World’s Largest Renewable Energy System, Nearly 4 Out of Every 10 Kilowatt-Hours Are Green Power

Data from the National Energy Administration shows that by the end of 2025, China’s total installed capacity of renewable energy will reach 2.34 billion kilowatts. During the 14th Five-Year Plan period, China will build the world’s largest and fastest-developing renewable energy system, increasing the share of renewable energy capacity from 40% to about 60%. Large-scale wind and solar bases like the “Shage Desert” project have become new hubs, with over 130 million kilowatts of new capacity added. Coupled with ultra-high-voltage transmission projects, green power is being transported from distant locations. Currently, nearly 40% of the total electricity consumption in society is from green power, meaning nearly 4 out of every 10 kilowatt-hours used are green.

Ministry of Industry and Information Technology and Six Departments: By 2030, the Level of Photovoltaic Module Recycling Technology and Equipment Will Be Further Improved

On March 3, the Ministry of Industry and Information Technology and five other departments issued the “Guiding Opinions on Promoting the Comprehensive Utilization of Photovoltaic Modules.” The guidance requires that by 2027, the green production level of photovoltaic modules will be further enhanced, the use of recycled materials will be effectively increased, and standards for module disposal evaluation and testing methods will be improved. Breakthroughs will be made in key technologies such as surface structure disassembly, efficient separation of lamination layers, and component extraction. The application scale of recycled products in key fields like metal smelting, equipment manufacturing, and building materials will expand further. A batch of technical standards for green design and comprehensive utilization of photovoltaic modules will be developed, and leading enterprises in the recycling of old photovoltaic modules will be cultivated. The total recycled capacity of photovoltaic modules will reach 250,000 tons.

The guiding opinions clarify that by 2030, the technological level of photovoltaic module recycling will be further improved, industry innovation and development capabilities will be significantly enhanced, application scenarios and methods will continue to expand, and a tightly coordinated industrial chain with reasonable capacity layout capable of handling large-scale decommissioning will be formed.

Ministry of Industry and Information Technology Establishes Green and Low-Carbon Standardization Technical Committee

According to the official website of the Ministry of Industry and Information Technology, the ministry has decided to establish the Green and Low-Carbon Standardization Technical Committee, mainly responsible for drafting and revising industry standards related to green and low-carbon fields. The first session of this committee consists of 71 members, with the Secretariat provided by the China Electronics Standardization Institute.

2. Company Developments

Historic First! A-share “Three Big Oil Companies” Hit Limit Up for Two Consecutive Days

From March 2 to 3, the A-share oil and gas sector experienced a historic surge, with the “Three Big Oil Companies” hitting the daily limit for two days in a row. PetroChina reached an 11-year high, CNOOC hit a new high since its listing in 2022, and Sinopec reached its highest since October 2024. On the evening of March 3, the three companies issued announcements about abnormal stock trading fluctuations, warning that “short-term oil price fluctuations involve significant uncertainty” and advising investors to be cautious.

On the news front, international oil prices surged sharply on March 2. According to Wind data, Brent crude oil prices rose by up to 13%, breaking through $82 per barrel; WTI crude oil rose over 12%, surpassing $75 per barrel. Subsequently, the gains narrowed.

Tianhua New Energy Plans to Issue H Shares and List on the Main Board of HKEX

On March 2, Tianhua New Energy announced that to accelerate its internationalization strategy and leverage the advantages of the international capital markets, it plans to issue overseas-listed shares (H shares) and list on the Main Board of the Hong Kong Stock Exchange. The company will consider the interests of existing shareholders and the conditions of domestic and foreign capital markets, choosing an appropriate time and window for the issuance and listing within the validity period of the shareholder resolution. Public information shows that Tianhua New Energy was listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in 2014. It is a diversified industrial group with layouts in static electricity and micro-pollution control, healthcare, and new energy. Its 2024 annual report indicates that revenue from the lithium battery materials industry accounts for 87.07% of the company’s total revenue.

Yongtai Technology: Plans to Invest 500 Million Yuan in a 200,000 Ton/Year Lithium Battery Electrolyte Project

On March 2, Yongtai Technology announced that in August 2022, its board approved the “Proposal for Subordinate Company to Invest in a 200,000 Ton/Year Electrolyte and Related Materials Recycling Project,” approving Shaowu Yongtai High-tech Materials Co., Ltd. to invest 950 million yuan in related projects. To optimize resource allocation and improve production layout, the company has now decided to cancel this project. Instead, it plans to sign an investment agreement with the Coastal Industrial Park Management Committee of Binhai Economic Development Zone in Jiangsu, with a total investment of 500 million yuan for the same project.

Shanshan Shares’ Actual Controller May Change to Anhui State-owned Assets Supervision and Administration Commission; Restructuring Still Uncertain

On March 3, Shanshan Shares announced progress in its restructuring involving its controlling shareholder Shanshan Group and its wholly owned subsidiary Pengze Trading: the administrator submitted a restructuring plan (draft) to the creditors’ meeting on February 28. According to the “Restructuring Investment Agreement,” the restructuring investor will control 21.88% of Shanshan Shares through direct stock acquisition and coordinated action arrangements. If successful, control of the company will transfer to Anhui Wanye Group Co., Ltd., and the actual controller will change to Anhui State-owned Assets Supervision and Administration Commission.

Since the “Restructuring Plan (Draft)” still requires approval by creditors’ meetings, investor meetings, court approval, and completion of merger filings, there remains uncertainty about the success of the restructuring. The future control change depends on these approvals.

Xinbo Shares, a Leading Aluminum Frame Supplier for Photovoltaics, Terminates 600,000 Ton Recycled Aluminum Project

On March 2, Xinbo Shares announced a major adjustment to its 2023 fundraising projects. The company decided to terminate the “Annual Production of 600,000 Tons of Recycled Aluminum Project” and will permanently supplement liquidity with the remaining 124 million yuan of raised funds. It will also extend the construction period of the “Digital Construction Project” by two years to December 2027. The announcement shows that Xinbo Shares raised 869 million yuan net in 2023, originally planned to invest in the recycled aluminum project, digitalization, and liquidity supplementation.

Yanzhou Energy: International Supply of Chemicals Like Methanol May Experience Changes

On March 3, Yanzhou Energy announced that its A-share stock price has deviated by more than 20% over three consecutive trading days, indicating abnormal trading fluctuations. The company states that its operations are normal and internal production is orderly. Due to ongoing geopolitical conflicts and fluctuations in international energy prices, the international supply situation for chemicals like methanol may change. The company faces typical industry risks such as market competition, macroeconomic fluctuations, and future performance may be affected by policy adjustments, market demand, and raw material prices. Investors are advised to pay attention to operational risks.

Xawu New Energy: Expects Revenue of 2.7 to 3.55 Billion Yuan in the First Two Months, Up 60% to 110% Year-over-Year

On March 4, Xawu New Energy announced that it expects to achieve operating revenue of 2.702 billion to 3.546 billion yuan in January–February 2026, a year-over-year increase of 60% to 110%. This growth is mainly due to rising raw material prices and increased sales volume of products. Its main business is the research, production, and sales of new energy battery materials, including lithium cobalt oxide, ternary materials, lithium iron phosphate, and hydrogen energy materials.

3. Industry Trends

Polycrystalline Silicon Prices Have Recently Fallen Significantly

On March 4, according to Shanghai Nonferrous Metals Network, the quotation for N-type polycrystalline silicon re-investment material is 46–53 yuan/kg, with the price index at 49.17 yuan/kg. Polycrystalline silicon prices have recently dropped sharply, mainly due to downward pressure from silicon wafer prices and related meetings. Since wafer prices have not yet stabilized, market sentiment remains weak, and further declines are possible. This week, polycrystalline silicon inventory continued to rise, and the market remains chaotic. Although trading activity has somewhat recovered after the Spring Festival, it remains subdued, with inventory slightly increasing.