国家发展改革委 国家能源局关于印发《电力辅助服务市场基本规则》的通知 发改能源规〔2025〕411号 各省、自治区、直辖市、新疆生产建设兵团发展改革委、能源局、经信委（工信委、工信厅），国家能 源局各派出机构，国家电网有限公司、中国南方电网有限责任公司、中国华能集团有限公司、中国大唐 集团有限公司、中国华电集团有限公司、国家能源投资集团有限公司、国家电力投资集团公司、中国节 能环保集团有限公司、中国长江三峡集团有限公司、国家开发投资集团有限公司、中国核工业集团有限 公司、中国广核集团有限公司、华润（集团）有限公司、内蒙古电力（集团）有限责任公司，北京、广 州电力交易中心，有关发电企业： 为贯彻落实加快建设全国统一电力市场要求，指导全国电力辅助服务市场建设，适应电力改革发展需 要，根据《电力市场运行基本规则》（中华人民共和国国家发展和改革委员会2024年第20号令）、《国 家发展改革委、国家能源局关于加快建设全国统一电力市场体系的指导意见》（发改体改〔2022〕118 号）、《国家发展改革委、国家能源局关于建立健全电力辅助服务市场价格机制的通知》（发改价格 〔2024〕196号）等有关规定，我们组织起草了《电力 ...

文 | 国家发展改革委 4月29日，国家发展改革委办公厅、国家能 源局综合司发布《关于全面加快电力现货市场建设工作的通知》 ，通知指出，全 面加快电力现货市场建设，2025年底前基本实现电力现货市场全覆盖，全面开展连续结算运行，充分发挥现货市场发现价 格、调节供需的关键作用。 通知要求，湖北电力现货市场要在2025年6月底前、浙江电力现货市场要在2025年底前转入正式运行，安徽、陕西力争在 2026年6月底前转入正式运行。2025年底前，福建、四川、辽宁、重庆、湖南、宁夏、江苏、河北南网、江西、河南、上 海、吉林、黑龙江、新疆、蒙东、青海要启动现货市场连续结算试运行。 2025年底前，南方区域电力现货市场要启动连续结算试运行，京津冀电力市场要创造条件启动模拟试运行，省间现货市场要 实现发电企业参与省间现货购电，并加紧研究售电公司、电力用户直接参与省间现货交易的机制。 各省、自治区、直辖市、新疆生产建设兵团发展改革委、能源局，天津市工业和信息化局、内蒙古自治区工业和信息化厅、 辽宁省工业和信息化厅、广西壮族自治区工业和信息化厅、重庆市经济和信息化委员会、四川省经济和信息化厅、甘肃省工 业和信息化厅，北京市城市管 ...

文 | 国家发展改革委 4月29日，国家发展改革委、国家能源局正式发布《电力辅助服务市场基本规则》，规则规定了储能企业、虚拟电厂、智能微电网、车网互动等 新型经营主体可参与电力辅助服务市场，电力辅助服务市场品种主要包括调峰服务、调频服务、备用服务、爬坡服务等。 电力辅助服务市场是指经营主体通过市场化机制提供辅助服务，并基于市场规则获取相应收益的市场运行机制。 市场成员： 经营主体、电网企业和市场运营机构等。 经营主体： 发电企业、售电企业、电力用户和新型经营主体（含储能企业、虚拟电厂、智能微电网、车网互动运营企业等）。 费用产生机制 调峰服务费用 根据出清价格、中标调峰出力和实际调峰出力计算，或者出清价格和启停次数计算。 调频服务费用 根据调频里程、性能系数、出 清价格等要素计算。 备用服务费用 根据中标容量、中标时间、出清价格等要素计算。 爬坡服务费用 根据中标容量、中标时间、出清价格等要 素计算。经营主体提供辅助服务过程中产生的 电能量费用 按照电能量市场规则结算。 费用传导机制 按照"谁受益、谁承担"原则，结合电力现货市场建设情况，建立电力辅助服务费用传导机制。 电力现货市场未连续运行的地区 ，原则上不 ...

Group 1 - The celebration of the 100th anniversary of the All-China Federation of Trade Unions took place on April 28, highlighting the recognition of labor models and advanced workers across various sectors in Guangxi [1] - A total of 58 individuals from Guangxi were honored, including 39 national labor models and 19 advanced workers, showcasing a diverse representation from government, enterprises, and various professional fields [1] - The selection process for the awards emphasized transparency, fairness, and public participation, reflecting the importance of recognizing contributions to economic and social development in Guangxi over the past five years [1] Group 2 - The list of national labor models includes professionals from different industries, such as engineering, healthcare, and agriculture, indicating a broad spectrum of expertise and contributions [2][3][4] - Notable awardees include managers and engineers from prominent companies like Guangxi Nannan Aluminum Processing Co., Ltd. and SAIC-GM Wuling Automobile Co., Ltd., highlighting the role of industry leaders in driving innovation and productivity [2][3] - The recognition of advanced workers also features individuals from various sectors, including education, law enforcement, and healthcare, emphasizing the critical roles these professionals play in their communities [4][5]

Core Viewpoint - The company reported a stable growth in its business operations for the first quarter of 2025, with a revenue of 692.92 million yuan, representing a year-on-year increase of 20.35%, and a net profit attributable to shareholders of 91.34 million yuan, up by 1.65% [3][6]. Financial Performance - The company's revenue growth was driven by stable performance in its industrial energy-saving and building energy-saving sectors, with industrial energy-saving revenue reaching approximately 370.88 million yuan, a year-on-year increase of about 26.49%, and building energy-saving revenue at approximately 199.21 million yuan, up by about 13.73% [3][6]. - The net profit growth was lower than revenue growth due to differences in investment income and impairment losses compared to the same period last year [3][6]. Business Strategy and Developments - The company is accelerating its business transformation by establishing a digital services company focused on comprehensive energy digital operation and maintenance services, transitioning from a single "investment holding" model to a dual focus on "investment holding + high-end services" [3][6]. - The company has successfully turned the Tencounty Xinlongyuan biomass project profitable in the first quarter [3]. Shareholder Actions - The controlling shareholder, China Southern Power Grid Co., Ltd., plans to increase its stake in the company through its wholly-owned subsidiary, South Grid Capital Holdings Co., Ltd., with a planned investment of no less than 150 million yuan and no more than 300 million yuan within six months [6][7]. - As of April 28, 2025, South Grid Capital has acquired 9.7953 million shares, representing 0.26% of the total share capital, with a total investment of approximately 41.64 million yuan [7]. Asset Impairment - The company has decided to recognize an asset impairment provision totaling 14.77 million yuan for the first quarter of 2025, which will reduce the profit for the period by the same amount [25][26]. - The impairment provision includes receivables and contract assets, with specific amounts detailed for each category [26][28].

Investment Rating - The report maintains a stable outlook for the power and electrical equipment manufacturing industry, projecting continued growth and investment in the sector through 2025 [2][18][23]. Core Insights - The power and electrical equipment manufacturing industry is experiencing steady growth, driven by increased electricity consumption and significant investments in power generation and grid infrastructure [4][18]. - The industry is closely linked to national economic performance and electricity investment demand, with a projected 6.8% year-on-year increase in total electricity consumption in 2024 [4][18]. - The construction of new energy systems and the development of high-voltage transmission lines are expected to create substantial opportunities for the industry [2][18][19]. Industry Overview - The power and electrical equipment manufacturing industry is a crucial part of the national economy, with a favorable external environment and significant investment growth in 2024 [4][8]. - In 2024, total electricity investment is expected to reach 1.78 trillion yuan, a 13.2% increase year-on-year, with major investments in power generation and grid projects [8][10]. - The industry is characterized by a competitive landscape with many small and medium-sized enterprises, and the competition is intensifying due to centralized bidding practices by major state-owned enterprises [11][12]. Policy Support - Recent policies aim to eliminate local protectionism and optimize resource allocation for the renewable energy industry, fostering a more competitive market environment [15][17]. - The government has outlined a series of initiatives to enhance energy infrastructure and promote the development of a new power system, emphasizing the importance of renewable energy integration [16][17]. Future Outlook - The implementation of the "dual carbon" strategy and the anticipated growth in energy demand will support the development of the power equipment manufacturing industry [18][19]. - The construction of ultra-high voltage transmission lines and smart grids is expected to drive significant investment and innovation in the sector [19][21]. - The industry is poised for stability and growth, with substantial investments planned by major grid companies during the 14th Five-Year Plan period [18][23].

文 | 交通运输部 鼓励交通基础设施发展路域范围内新能源就近消纳， 优化配置新型储能 、柔性制氢等灵活调节资源，加快新能源柔性汇集接入、智能 微电网、多源转化与多能互补、车网互动、虚拟电厂等技术装备和新模式示范应用，提高交通基础设施沿线配电网综合承载能力。 提升交通运输能源系统应急能力。探索建立基于构网型技术的绿色交通应急电力系统，在自然灾害多发地区交通基础设施沿线， 推 广 移动储能充电车、应急移动储能设施 ，做好节假日等集中充电高峰时段交通运输能源供应保障。 积极推广柔性输配电、智慧调控、 构 网型储能 、浅层地热利用等新技术，支持公路沿线规划建设源网荷储充一体化项目。在公路沿 线、城市周边区域、分拨中心等建设充（换）电站、加气站、加氢站。 鼓励交通枢纽场站供冷供热使用地热能、空气能等可再生能源， 合理配置新型储能、柔性制氢资源。 4月2 5日，交通运输部等十部门印发的《关于推动交通运输与能源融合发展的指导意见》指出，到2027年，基本形成多部门协同的交通 运输与能源融合发展机制。交通运输行业电能占行业终端用能的比例达到10%。交通基础设施沿线非化石能源发电装机容量不低于500 万千瓦，就近就地消纳比例稳 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55, 0.68, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 [2] Revenue Breakdown - The company achieved a revenue of 3.295 billion yuan from power cables in 2024, a year-on-year increase of 22.16%, with power cables, electrical equipment cables, and bare wires accounting for 91.93%, 7.65%, and 0.41% of total revenue respectively [3] - Sales revenue in the East China region reached 2.695 billion yuan, accounting for 75.18% of total revenue, with a year-on-year growth of 36.32% [3] - Major clients include State Grid Corporation and China Southern Power Grid, contributing 51.57% and 11.03% of sales revenue respectively, with the top five clients accounting for 74.32% of total sales [3] Market Expansion - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in this area [4] - The company is also increasing its efforts in foreign trade, establishing an independent foreign trade team to expand its overseas cable market business [4] - A procurement framework contract has been signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 4.077 billion yuan, 4.696 billion yuan, and 5.279 billion yuan respectively, with year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The net profit attributable to shareholders is projected to grow to 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027, with corresponding year-on-year growth rates of 11.1%, 24.4%, and 14.0% [6] - The company’s gross margin is expected to be 12.2%, 12.2%, and 11.8% for the years 2025, 2026, and 2027 respectively [9]

Investment Rating - The investment rating for Qiu Guan Cable is maintained at "Outperform" [2] Core Views - Qiu Guan Cable reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.68 yuan, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 respectively [2] Revenue and Market Performance - In 2024, the revenue from power cables reached 3.295 billion yuan, a year-on-year increase of 22.16%, with the East China region contributing 2.695 billion yuan, accounting for 75.18% of total revenue and growing by 36.32% year-on-year [3] - The top five customers, including State Grid Corporation and China Southern Power Grid, contributed 74.32% of total sales revenue [3] - Qiu Guan Cable is actively developing high-end products such as 500kV cables through collaboration with research institutions to enhance product technology and market competitiveness [3] Market Expansion and Contracts - The company has made progress in expanding its market among large state-owned enterprises and is also increasing efforts in foreign trade, including establishing an independent foreign trade team [4] - A procurement framework contract was signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Projections - The financial summary indicates a projected revenue increase to 4.077 billion yuan in 2025, 4.696 billion yuan in 2026, and 5.279 billion yuan in 2027, with respective year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The gross profit margin is expected to be 12.2% in 2025, with net profit margins of 3.6% for 2025 and 4.0% for 2027 [9]

文 | 广州电力交易中心 近日，中国南方电网电力调度控制中心、广州电力交易中心发布《关于征求南方电网新能源参与电力现货市场工作方案(2025 年版)(征求意见稿) 意见的函》，贯彻落实136号文精神，加快推动南方五省(区)新能源参与南方区域电力现货市场，合理利用市场化手段促进新能源优化调度。 方案指出： 推动集中式、分布式新能源上网电量全面参与现货市场 。 其中， 集中式新能源，"报量报价"或"报量不报价"参与市场； 分布式新能 源，由聚合商聚合，或作为价格接受者参与市场。聚合参与时， 原则上聚合单元不超出同一220千伏变电站供电区域。 中国南方电网电力调度控制中心 电 力 交 总调水新函(2025)8号 关于征求南方电网新能源参与电力现货市场工 作方案(2025年版)(征求意见稿)意见的函 国家能源局云南、贵州监管办公室,广东省能源局、广西壮族自 治区能源局、云南省能源局、贵州省能源局、海南省发展和改革 委员会,新能源发电集团(企业),广东、广西、云南、贵州、 海南电网公司,广东、广西、昆明、贵州、海南电力交易中心, 各相关市场成员: 为贯彻落实《国家发展改革委 国家能源局关于深化新能源 上网电价市场化改革 ...