电改“136号文”半年考，新能源资产后服务赛道马太效应放大

Core Viewpoint - The implementation of the "136 Document" marks a significant shift in China's renewable energy sector from a policy-driven model to a market-driven one, leading to a substantial increase in renewable energy installations and a transformation in the post-service market for renewable assets [1][3]. Industry Overview - In the first half of the year, China's renewable energy installed capacity increased by 268 million kilowatts, a year-on-year growth of 99.3%, accounting for 91.5% of the new installed capacity [1]. - The post-service market for renewable energy is evolving from an internal production function to an independent operational service sector, requiring comprehensive asset operation capabilities that cover maintenance, trading, and digitalization [1][4]. Company Insights - Beijing Xiehe Operation and Maintenance Wind Power Technology Co., Ltd. (Xiehe Operation and Maintenance) has transitioned from being an internal service department to a leading provider of professional operational services in the renewable energy post-service industry, managing over 40 GW of renewable assets and over 8 GW of trading assets [2][4]. - The company has recently received a new round of equity investment from Xinjing Holdings, highlighting the growing investment interest in the renewable energy post-service market [3]. Market Dynamics - The post-service market for renewable energy is projected to exceed 100 billion yuan, with the wind and solar operation and maintenance service market expected to surpass 70 billion yuan by 2024 [4]. - The demand for asset management services is increasing as the investor base diversifies beyond major state-owned enterprises to include local state-owned assets, city investment companies, equipment manufacturers, and individual investors [4][5]. Competitive Landscape - The competitive landscape is characterized by a "Matthew Effect," where leading companies can leverage scale advantages to build barriers, while medium-sized companies face challenges in developing market service capabilities [6]. - Smaller companies tend to focus on basic services such as parts replacement and cleaning, relying heavily on local resources and customer relationships for survival [6]. Value Reassessment - The value logic of renewable assets has fundamentally changed, with a focus on comprehensive operational capabilities being essential for long-term stability in the market [7]. - The integration of AI technology and digital tools is enhancing operational efficiency and profitability for renewable assets, with companies like Xiehe Operation and Maintenance developing systems to analyze operational data and optimize performance [7][8]. Future Directions - The future of the renewable energy post-service market will see increased automation and the application of AI in operational processes, although human expertise will remain crucial for complex maintenance tasks [8]. - The ongoing expansion of renewable installations and the deepening of market reforms will continue to shape the asset operation capabilities as a core determinant of project profitability [9].