格隆汇9月19日丨三峡能源(600905.SH)在互动平台表示，公司正在积极研究算力中心供电的商业模式与 技术手段，拟在政策适配区域探索地理协同与就近直供、一站式能源服务供给等应用场景，力争把握新 市场机遇。 ...

Core Viewpoint - The company is actively cooperating with the verification of renewable energy price surcharges and is enhancing communication with industry authorities to monitor the allocation of financial funds and promote the recovery of accounts receivable [1] Group 1 - The company has recovered more renewable energy price surcharges in the first eight months of this year than in the entire previous year [1]

Core Viewpoint - The modern energy sector in China is experiencing significant growth, driven by policy support and technological advancements, with a focus on energy storage and renewable energy solutions [4]. Group 1: Market Performance - As of September 19, 2025, the China Securities National New State-Owned Enterprise Modern Energy Index decreased by 0.03%, with mixed performance among constituent stocks [3]. - China Coal Energy led the gains with an increase of 3.90%, while China Rare Earths saw a decline of 1.82% [3]. - The Central State-Owned Enterprise Modern Energy ETF (561790) rose by 0.18%, closing at 1.15 yuan, and has accumulated a 1.06% increase over the past two weeks [3]. Group 2: Industry Developments - The 2025 World Energy Storage Conference opened in Ningde, Fujian, showcasing significant advancements in the energy storage sector, including the release of the "China Long-term Energy Storage Industry Blue Book" and the signing of 18 project cooperation agreements with a total planned investment of 24.58 billion yuan [3]. - The industry is witnessing a robust development of a comprehensive new energy storage system, with expectations of doubling large-scale storage capacity in the next two and a half years due to favorable policies [4]. Group 3: ETF and Index Insights - The Central State-Owned Enterprise Modern Energy ETF has seen a significant growth in scale, increasing by 2.11 million yuan over the past year, ranking in the top third among comparable funds [4]. - The index tracks 50 listed companies involved in modern energy sectors, with the top ten weighted stocks accounting for 48.28% of the index [4].

Core Insights - The project marks the official launch of a new collaborative operation model of "solar thermal + photovoltaic" energy, enhancing the grid's capacity to accept renewable energy [1][5] Project Overview - The project, located in Hami City, Xinjiang, has a total installed capacity of 1 million kilowatts, consisting of a 100,000-kilowatt solar thermal storage power station and a 900,000-kilowatt photovoltaic power station [3] - The solar thermal component utilizes 260,000 linearly arranged mirrors to concentrate sunlight and heat molten salt for energy storage, achieving up to 8 hours of energy storage [3] Operational Synergy - The solar thermal power station's energy storage and peak regulation capabilities complement the photovoltaic power station, providing a seamless power supply during nighttime or cloudy periods, ensuring 24-hour stable output [5] - After full capacity grid connection, the solar thermal storage power station will serve as a fundamental regulating power source, working in tandem with the photovoltaic station to create a multi-energy complementary clean energy base [7] Environmental Impact - The project is expected to generate approximately 2.067 billion kilowatt-hours of clean electricity annually, leading to a reduction of over 1.63 million tons of carbon dioxide emissions [7]

Core Insights - The largest linear Fresnel solar thermal integrated energy demonstration project in China, the Three Gorges Group's Hami 1 million kilowatt "solar thermal + photovoltaic" project, has achieved full capacity grid connection, marking the official launch of a new collaborative operation model for "solar thermal + photovoltaic" [1] - The project is located in Hami City, Xinjiang, with a total installed capacity of 1 million kilowatts, consisting of a 100,000-kilowatt solar thermal storage power station and a 900,000-kilowatt photovoltaic power station [1] - The solar thermal component utilizes 260,000 linearly arranged mirrors to concentrate sunlight, heating molten salt for energy storage, capable of storing energy for up to 8 hours, thus enabling efficient conversion and stable utilization of solar energy [1] Project Details - The project allows the solar thermal power station to leverage its energy storage peak regulation capabilities in deep complementarity with the 900,000-kilowatt photovoltaic power station [1] - During the day, photovoltaic power generation meets the basic load of the grid; at night or during rainy periods, the thermal storage system seamlessly provides power, achieving 24-hour stable output [1] - After full capacity grid connection, the solar thermal storage power station can fully utilize its role as a basic regulating power source, working in tandem with the photovoltaic station to form a clean energy base with multi-energy complementarity [1] Environmental Impact - The project is expected to produce approximately 2.067 billion kilowatt-hours of clean electricity annually, resulting in a reduction of over 1.63 million tons of carbon dioxide emissions [1]

Core Insights - The largest linear Fresnel solar thermal integrated energy demonstration project in China, the Three Gorges Group's Hami 1 million kilowatt "solar thermal + photovoltaic" project, has achieved full-capacity grid-connected power generation [1] - This project utilizes mirrors and molten salt to convert sunlight into sustainable clean energy, providing stable power supply even after sunset, thus addressing the volatility issues of wind and photovoltaic power generation [1] Group 1 - The project employs a cooking method likened to culinary techniques, using molten salt as a key component to withstand high temperatures, referred to as molten salt linear Fresnel solar thermal power generation [3] - The process involves three main steps: concentrating sunlight ("晒"), heating the molten salt ("烘烤"), and generating steam to produce electricity ("蒸") [3][6][9] Group 2 - Sunlight is concentrated using multiple mirrors to achieve high temperatures, which is essential for effective energy conversion [5] - The heated molten salt is stored in high-temperature tanks, maintaining its heat for efficient energy production, and can provide stable electricity output even without sunlight, enabling continuous power generation for up to 24 hours [9]

Core Viewpoint - The clean energy demand is increasing globally, with wind power becoming a crucial and sustainable energy option, driving the need for intelligent solutions to enhance operational efficiency and safety in the wind power industry [2][3]. Group 1: Industry Trends - The wind power industry is experiencing significant expansion, with a focus on automation and intelligent solutions to address labor efficiency and safety concerns [2][4]. - Ningxia, as a core wind power base, has a unique geographical advantage and is expected to achieve a 96.3% utilization rate of renewable energy by 2024 [2][3]. Group 2: Technological Advancements - The third wind farm project by Three Gorges Energy and Goldwind Technology has achieved full automation, significantly reducing the need for manual labor and enhancing operational efficiency [2][4]. - The implementation of intelligent devices has led to a reduction of over 3,000 hours in overall inspection work and a safety improvement of 3 to 5 times [5]. Group 3: Policy and Strategic Initiatives - The Chinese government is actively promoting the integration of artificial intelligence with the energy sector, aiming for a leading position in AI applications within the energy field by 2030 [7]. - Three Gorges Energy has released a white paper outlining the standardized construction of intelligent substations, focusing on enhancing operational efficiency and reducing costs through digital and intelligent technologies [7][8]. Group 4: Future Outlook - The industry is expected to see a significant reduction in hardware costs as customized equipment for wind power applications is developed, addressing current inefficiencies and redundancies [6]. - The strategy of "step-by-step advancement" is being adopted, prioritizing the automation of standardized scenarios like substations before expanding to more complex wind turbine operations [8].

Core Viewpoint - The successful full-capacity grid connection of the Hami 1 million kilowatt "solar thermal + photovoltaic" project marks the official launch of a new collaborative operation model, enhancing the grid's capacity to accept renewable energy [1][5]. Group 1: Project Overview - The project, located in Hami City, Xinjiang, has a total installed capacity of 1 million kilowatts, consisting of a 100,000-kilowatt solar thermal storage power station and a 900,000-kilowatt photovoltaic power station [3]. - The solar thermal component utilizes 26,000 linearly arranged mirrors to concentrate sunlight, heating molten salt for energy storage, capable of storing energy for up to 8 hours [3]. Group 2: Operational Synergy - The project effectively combines the energy storage and peak regulation capabilities of the solar thermal power station with the photovoltaic power station, providing a seamless power supply during the day and at night or during cloudy periods [3][5]. - The collaboration between the solar thermal and photovoltaic systems creates a clean energy base with multi-energy complementarity, ensuring stable output for 24 hours [5]. Group 3: Environmental Impact - The project is expected to generate approximately 2.067 billion kilowatt-hours of clean electricity annually, leading to a reduction of over 1.63 million tons of carbon dioxide emissions [5].

Group 1 - The wind power industry has achieved preliminary results in countering internal competition, with significant stock price increases among key players such as Tongyu Heavy Industry and Chuanrun Co., Ltd. [1] - The average bidding prices for wind turbine models have rebounded in the first half of this year, alleviating pressure across the industry chain. For instance, the minimum bidding price for 5 MW units rose from 1157 RMB/kW in 2024 to approximately 1700 RMB/kW in the first half of this year [1]. - All turbine models' bidding prices in the first half of this year are now above their minimum cost prices, effectively curbing the trend of vicious low-price competition in the industry [1]. Group 2 - Major wind power stocks have seen substantial gains, with companies like China National Materials and Hangzhou Gear achieving over 100% increase in stock prices this year. China National Materials leads with a 192.84% increase [2]. - Mingyang Smart Energy reported a stabilization and recovery in bidding prices for wind turbines, with external environment improvements and better order structures contributing to a clearer path for industry and company profitability recovery [2]. - Significant net inflows of capital were observed in wind power stocks, with Tongyu Heavy Industry and Zhongtian Technology receiving 566 million RMB and 147 million RMB in net inflows, respectively [2][3].

Group 1 - The core viewpoint indicates that the renewable energy subsidy recovery has accelerated significantly in 2025, with the amount recovered in the first eight months exceeding the total for the entire year of 2024 [1][6] - The report highlights that the renewable energy sector is facing pressure on cash flow due to the transition to a fully market-based electricity pricing system by the end of 2025, which may impact the pricing of renewable energy [2][3] - The subsidy gap has been a growing issue since 2016, as the funds collected from electricity price surcharges have not kept pace with the rapid growth in installed renewable energy capacity, leading to significant subsidy arrears [3][4] Group 2 - As of the end of 2024, major companies like Three Gorges Energy and Huadian New Energy have receivables exceeding 40 billion yuan, indicating a high level of outstanding subsidies in the industry [4] - The recent acceleration in subsidy recovery is expected to improve cash flow for operators, with specific examples showing a 232.23% year-on-year increase in subsidy recovery for solar energy companies in the first eight months of 2025 [5][6] - The report suggests that resolving the subsidy arrears will alleviate pressure on accounts receivable for related companies, thereby enhancing their cash flow and supporting the sustainable development of the renewable energy sector in the long term [6]