▼点击阅读原文，查看《电力市场计量结算基本规则》详情 国家发展改革委 国家能源局关于印发《电力市场计量结算基本规则》的通知 发改能源规〔2025〕976号 各省、自治区、直辖市及新疆生产建设兵团发展改革委、能源局，北京市城市管理委员会，天津市、辽宁省、甘肃省工业和信 息化局（厅）、重庆市经济和信息化委员会，国家能源局各派出机构，中国核工业集团有限公司、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、中国长江三峡集团有限公司、国家开发投资集团有限公司、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： 按照加快建设全国统一电力市场要求，为加强电力市场计量结算管理，我们组织制定了《电力市场计量结算基本规则》。现印 发给你们，请遵照执行。 国家发展改革委 国 家 能 源 局 2025年7月18日 （来源： 国家发展改革委 ） ...

Core Viewpoint - The central enterprises in the power and energy sector are focusing on new energy development, innovative storage solutions, improving electricity market mechanisms, and expanding overseas business in the second half of 2025, driven by the "dual carbon" goals [2]. Group 1: National Grid Corporation - The National Grid aims to strengthen safety production, ensure reliable electricity supply during peak summer demand, and enhance strategic research for its "14th Five-Year Plan" [3]. - The company plans to increase investment in the grid, improve supply capacity, and support the integration of renewable energy [3]. - Emphasis will be placed on market competition and technological innovation to foster new growth points [3]. Group 2: Southern Power Grid - The Southern Power Grid is prioritizing the construction of a new energy system and enhancing the integration of renewable energy [5][6]. - The company will focus on digital transformation to improve operational efficiency and smart grid capabilities [5]. - Continuous reform of the electricity market and strengthening regional market connections are also key objectives [7]. Group 3: Huaneng Group - Huaneng Group is committed to high-quality development of renewable energy, with a current installed capacity of 110 million kilowatts and over 54% from clean energy [8]. - The company plans to accelerate the development of large-scale renewable energy bases [8]. Group 4: Huadian Group - Huadian Group aims to expand effective investment and accelerate the production of key projects, including an 8 million kilowatt project in Xinjiang [9]. - The focus will be on increasing clean energy development and enhancing production capabilities [9]. Group 5: State Energy Group - The State Energy Group is enhancing its technology innovation system, focusing on clean coal utilization and renewable energy technologies [10]. - The company is also promoting the construction of digital intelligence systems and expanding its renewable energy capacity [10]. Group 6: Datang Group - Datang Group emphasizes safety production and energy supply for the capital, while accelerating green and low-carbon transformation [11]. - The company aims to integrate technological innovation with industrial development [11]. Group 7: State Power Investment Corporation - The State Power Investment Corporation is focused on expanding effective investments in renewable resources and major projects [12]. - The company aims to achieve breakthroughs in national technology projects and promote the integration of industry and innovation [12]. Group 8: China General Nuclear Power Group - China General Nuclear Power Group is prioritizing the high-quality completion of its "14th Five-Year Plan" [15]. Group 9: China Energy Engineering Group - China Energy Engineering Group is focusing on high-quality completion of its "14th Five-Year Plan" evaluation and planning for the "15th Five-Year Plan" [16]. Group 10: China Power Construction Group - China Power Construction Group is committed to completing annual targets and enhancing management levels while expanding market share [17].

Core Viewpoint - Yang Siliang, a well-known fund manager at Baoying Fund, has resigned from the management of four funds, significantly reducing his management authority within the company [2][3]. Fund Management Changes - Yang Siliang has relinquished management of four funds with a total management scale of 6.338 billion yuan, leaving him with only three smaller funds totaling 709 million yuan [2][3]. - The funds managed by Yang Siliang include: - Baoying Consumer Theme: 3.18 billion yuan, 144.29% return since inception, 14.07% annualized return [3]. - Yuan Dynasty Monitoring: 2.25 billion yuan, 13.62% return since inception, 3.54% annualized return [3]. - Baoying Value Growth A: 1.66 billion yuan, 8.71% return since inception, 7.40% annualized return [3]. - Baoying New Value A: 10.54 billion yuan, 89.47% return since inception, 12.77% annualized return [3]. - Yuying Quality Selection A: 26.60 billion yuan, 32.28% return since inception, 8.09% annualized return [3]. - Baoying Advantage Industry A: 7.59 billion yuan, 7.74% return since inception, 3.16% annualized return [3]. - Main Enhanced Income AB: 18.65 billion yuan, 10.17% return since inception, 4.30% annualized return [3]. - Baoying Leading Selection A: 2.99 billion yuan, -11.19% return since inception, -5.43% annualized return [3]. - Baoying Modern Service Industry A: 2.95 billion yuan, -5.38% return since inception, -4.81% annualized return [3]. - Baoying Rui Feng Innovation AB: 0.86 billion yuan, 118.25% return since inception, 31.17% annualized return [3]. Performance Overview - Yang Siliang's annualized return over his six-year tenure as a fund manager is 12.8%, with the Baoying Consumer Theme fund achieving a 14.07% annualized return [4]. - The largest fund under his management, Baoying Quality Selection A, has an annualized return of 8.09% [4]. - Year-to-date performance for Baoying Quality Selection A shows a loss of 2.47%, significantly underperforming its benchmark by over 10% [5]. Portfolio Composition - As of June 30, 2025, Yang Siliang's top holdings include: - Kweichow Moutai: 7.79% of net value, -6.48% recent performance [6]. - Guangzhou-Shenzhen Railway: 6.36% of net value, +1.02% recent performance [6]. - Shanxi Fenjiu: 5.75% of net value, -10.86% recent performance [6]. - State Power Investment: 4.53% of net value, +3.05% recent performance [6]. - Other notable holdings include Meituan-W and Wuliangye [6]. - The overall portfolio has seen a significant reduction in scale, dropping from 10.864 billion yuan at the end of Q1 to 7.047 billion yuan at the end of Q2, a decrease of 3 billion yuan [7].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has implemented regulatory measures against several IPO and refinancing projects due to issues related to information disclosure and the quality of intermediary services [1][3]. Regulatory Overview - From May to June 2025, the SSE took regulatory actions five times against one IPO project and two refinancing projects, involving one issuer and two responsible individuals, three sponsoring institutions, and eight related responsible persons, as well as three signing accountants [1]. Regulatory Cases - Case 1 involved an issuer (Company A) that failed to accurately disclose related party fund borrowing and had inadequate internal controls regarding waste sales. Despite completing internal control rectifications, Company A still engaged in undisclosed fund borrowing with related parties [3]. - Case 2 highlighted a sponsoring institution that issued a verification opinion inconsistent with actual circumstances, failing to report disciplinary actions from other exchanges that affected their eligibility for refinancing classification review [3]. Specific Institutions Involved - The SSE issued regulatory warnings to CITIC Securities and Guotou Securities for failing to report their disciplinary actions from other exchanges, which disqualified them from applying the refinancing classification review mechanism [4][5]. - The responsible representatives from these institutions were also held accountable for not adequately addressing issues that could impact the review process [4].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4]. Core Insights - The report highlights a turning point in the growth of new energy installations, with a significant increase in installed capacity in the first half of 2025, totaling 293 million kilowatts, a year-on-year increase of 140.5 million kilowatts. Wind and solar power installations saw year-on-year growth of 98.9% and 107.1%, respectively, accounting for 64.4% and 76.6% of the total new installations in 2024 [1][9][10]. - The development of energy storage is becoming clearer, with 2025 identified as a year of value reconstruction for the storage industry, driven by both policy and market changes. The introduction of differentiated capacity pricing mechanisms in Gansu and Guangdong emphasizes the value of regulatory power sources [2][17][18]. Summary by Sections New Energy Installation Growth - The report notes that the new energy installation growth is at a critical juncture, with policies transitioning from reliance on government support to market-driven mechanisms. The "430" and "531" policies are pivotal in this shift, promoting a more mature electricity market and enhancing the capacity for energy consumption [1][13][14]. Energy Storage Development - The energy storage sector is projected to see a significant increase in installed capacity, reaching 73.76 million kilowatts by the end of 2024, a 130% increase from 2023. By mid-2025, this is expected to rise to 94.91 million kilowatts. The average utilization hours for energy storage are also expected to improve significantly, indicating a shift towards market competitiveness [2][20][24]. Regulatory Changes and Market Dynamics - The introduction of capacity pricing mechanisms in Gansu and Guangdong is a key development, allowing coal and gas power plants to have a more significant role in the energy market. This change is expected to enhance the operational flexibility of traditional power sources and support the integration of renewable energy [17][19][18]. - The report emphasizes that the energy sector is moving towards a collaborative model where new energy and regulatory power sources work together to meet the increasing demand for system flexibility as renewable energy penetration rises [25][27].

Core Viewpoint - The successful installation of the CB20 module at the Haiyang Nuclear Power Plant Unit 3 marks the completion of all large module installations, transitioning the project into the equipment installation and debugging phase [1] Group 1: Project Details - The Haiyang Nuclear Power Units 3 and 4 are key projects under China's 14th Five-Year Plan, with a planned full operation by 2027 [1]

Core Viewpoint - The article discusses the newly issued "Basic Rules for Metering and Settlement in the Electricity Market," which aims to enhance the management of metering and settlement in the national unified electricity market, ensuring fair and accurate transactions among market participants [3][8]. Summary by Sections General Principles - The rules are established to implement the central government's directives for deepening electricity system reform and building a unified national market [8]. - Metering is defined as the measurement and recording of electricity data to meet settlement needs [9]. - The rules apply to all types of electricity markets and emphasize the importance of accurate and timely settlement [9][10]. Overall Requirements - Electricity market settlement includes energy trading, ancillary services trading, and capacity trading, with settlements generally conducted on a natural month basis [11][12]. - In continuous operation of the electricity spot market, a "daily clearing and monthly settlement" model is adopted [12]. - The rules require that all market participants adhere to the established metering and settlement processes [9][10]. Rights and Obligations - Market participants must participate in the electricity market according to the rules and provide necessary data for settlement [15]. - The electricity trading institution is responsible for compiling settlement data and ensuring its accuracy [17]. - The grid enterprises must issue electricity bills based on the settlement basis provided by the trading institution [18]. Metering Management - Market participants must install metering devices that meet national standards and undergo regular calibration [20]. - The grid enterprises are responsible for ensuring that metering devices are installed and maintained properly [20][21]. Settlement Management - Settlement preparation involves collecting and summarizing the necessary data within specified timeframes [27]. - The electricity trading institution compiles settlement bases based on market rules and foundational data [33]. - Electricity bills must be issued by grid enterprises within specified deadlines, ensuring timely payment to generation companies [42][43]. Supervision and Management - Disputes regarding metering and settlement can be resolved through mediation or legal channels [41]. - Regulatory bodies will address any non-compliance with the metering and settlement rules [41]. Implementation - The rules will take effect on October 1, 2025, and will be valid for five years [43][44].

山东核电有限公司海阳核电工程现场总指挥南小飞：未来6台机组全部建成，年发电量够7000万居民用 一年，减碳效果相当于种13.4万公顷阔叶林，供热能力也能满足25个县级市的清洁取暖需求。 （文章来源：央视新闻） 记者今天从国家电投集团获悉，海阳核电3号机组大型模块全部吊装完成，全面进入安装、调试阶段。 海阳核电3、4号机组是国家"十四五"规划重点项目。本次吊装的模块整体呈圆柱形，位于核岛厂房顶 部，吊装总重量约419吨。与3号机组同步建设的4号机组均采用自主设计的国产化技术，2027年全面投 运后，4台机组年发电可达400亿度，能满足山东省一半居民生活用电需求。紧邻的5、6号机组已于今年 4月获得核准，全部建成后，海阳核电不仅减碳效益显著，还能提供强大的供热能力。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Investment Rating - The report maintains a "Positive" investment rating for the green electricity industry [8] Core Insights - The price of green certificates has shown a significant recovery, with the trading price for 2025 electricity corresponding to green certificates reaching 6.48 yuan per certificate, a month-on-month increase of 31.99% [2][11] - The issuance of green certificates remains high, with 278 million certificates issued in June, a month-on-month increase of 29.33%, indicating a strong supply [6] - The demand for green electricity is expected to increase due to mandatory assessments for high-energy-consuming industries, which will further support the price recovery of green certificates [2][11] Summary by Sections Green Certificate Issuance and Trading - In June, 278 million green certificates were issued, with 196 million being tradable, accounting for 70.64% of the total [6] - The total number of tradable green certificates issued from January to June 2025 reached 958 million [6] - The average trading price of green certificates in June was 3.40 yuan per certificate, reflecting a month-on-month increase of 24.77% [11] Market Dynamics - The report highlights a potential imbalance in supply and demand for green certificates, with expectations of a decrease in supply due to policy changes [2][11] - The green electricity industry is under long-term pressure from market pricing, but the recovery in green certificate prices is seen as a key catalyst for restoring the narrative of public utilities and growth [2][11] Investment Recommendations - The report suggests focusing on quality transformation power operators such as Huaneng International, Huadian International, and China Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11][15][17] - It also recommends investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from policy changes and market dynamics [11][17][18]