记者从国家能源局获悉：截至今年8月底，我国抽水蓄能电站总装机容量达到6236.5万千瓦，完成"十四五"规划提出的 6200万千瓦装机目标。 我国抽水蓄能装机容量已连续9年居世界首位。"十四五"以来，抽水蓄能规模和质量持续提升，河北丰宁、广东阳江等一批 世界级标志性工程建成投产，全国抽水蓄能机组综合利用小时数、抽水发电次数保持增长态势，为电力保供和绿色转型发 挥重要支撑作用。 （转自《人民日报》） 水电水利规划设计总院院长李昇介绍，在技术创新方面，我国抽水蓄能在工程建设技术方面不断进步，坝工技术、防渗技 术、输水发电系统建设技术等多点开花；装备制造技术方面，定速抽水蓄能机组制造技术已达国际先进水平，变速抽水蓄 能机组近年来也从无到有、从小到大。 国家能源局表示，下一步，将持续完善新能源消纳和调控政策措施，继续推动抽水蓄能电站合理布局、积极有序开发建 设，更好支撑新型能源体系建设。 （丁怡婷） ...

我国抽水蓄能装机容量已连续9年居世界首位。"十四五"以来，抽水蓄能规模和质量持续提升，河北丰 宁、广东阳江等一批世界级标志性工程建成投产，全国抽水蓄能机组综合利用小时数、抽水发电次数保 持增长态势，为电力保供和绿色转型发挥重要支撑作用。 水电水利规划设计总院院长李昇介绍，在技术创新方面，我国抽水蓄能在工程建设技术方面不断进步， 坝工技术、防渗技术、输水发电系统建设技术等多点开花；装备制造技术方面，定速抽水蓄能机组制造 技术已达国际先进水平，变速抽水蓄能机组近年来也从无到有、从小到大。 国家能源局表示，下一步，将持续完善新能源消纳和调控政策措施，继续推动抽水蓄能电站合理布局、 积极有序开发建设，更好支撑新型能源体系建设。 （文章来源：人民日报） 记者从国家能源局获悉：截至今年8月底，我国抽水蓄能电站总装机容量达到6236.5万千瓦，完成"十四 五"规划提出的6200万千瓦装机目标。 ...

近日，国家能源局发布了《煤炭矿区总体规划编制技术指引》（国能发煤炭〔2025〕75号，以下简称《指引》）。为做好 《指引》的贯彻实施，记者专访了国家能源局煤炭司有关负责同志。 问：请问《指引》出台的背景是什么？ 答： 《指引》自印发之日起施行。国家能源局将加强组织协调和宣贯解读，推动《指引》落实落地，持续强化对煤炭矿区 总体规划编制的窗口指导，提高规划的科学性和规范性。各省级煤炭矿区总体规划管理部门和有关工程咨询单位要充分认 识《指引》发布的重要意义，认真抓好贯彻落实工作，做深做实规划内容，严格履行编制程序，确保规划数据准确、论证 科学、内容全面，进一步提高矿区总体规划编制质量和水平，有力促进煤炭高质量发展，为新型能源体系建设提供可靠支 撑。 国家能源局 答： 《指引》对照29号令关于矿区规划编制的条款要求，细化拓展了框架内容和具体情形，突出规划指导性、科学性和规 范性。全文共分总则、矿区概况、开发必要性、矿区范围及井田划分、开发方案等十五章、四十九条，主要包括： （一）关于强化规划指导性方面。 一是 贯彻落实党中央、国务院决策部署和现行法律法规规定，提出规划编制应程序严肃 规范、数据真实准确、论证科学合理的 ...

Core Insights - China Energy Construction has developed the world's largest artificial cavern gas storage in-situ testing platform, achieving a breakthrough with a maximum pressure level of 18 MPa, setting five world records in cavern scale, pressure, pressure difference, gas loss rate, and stability [1][3] - The platform, located in Wangcheng, Hunan, is the most advanced of its kind globally, featuring two ultra-large test caverns with a maximum depth of 110 meters and a design pressure of 20 MPa, showcasing unique dual cavern synchronous high-pressure testing capabilities [1][3] Technological Advancements - The platform's development involved collaboration with Changjiang Design Group and Wanhua Energy Saving Group, resulting in eight pioneering achievements, including a composite sealing system and theories for surrounding rock load-bearing and temperature field data acquisition, all with 100% independent intellectual property rights [1][3] - This breakthrough enhances China's artificial cavern gas storage technology route, accelerating the scale and industrialization of compressed gas energy storage [3] Industry Implications - The new technology introduces a "four high integration" paradigm for deep underground resource utilization, characterized by high economic efficiency, high reliability, high construction efficiency, and high operational controllability [3] - The technology has potential applications in the storage of strategic materials such as hydrogen, natural gas, ammonia, and oil, supporting the integrated development of energy systems and highlighting China Energy Construction's role in leading energy technology transformation and ensuring national energy security [3]

Core Viewpoint - The company *ST Baoshi (000595) announced that its controlling shareholder, Ning Guoyun, plans to transfer 207 million A-shares (18.17% of the total share capital) to Ningxia Electric Power Investment Group Co., Ltd. for free, aiming to further integrate the energy sector and promote the construction of a new energy system [1] Group 1 - The share transfer is part of a strategy to consolidate the energy sector under Ning Guoyun [1] - If approved, the controlling shareholder will change from Ning Guoyun to Ningxia Electric Power Investment Group [1]

Group 1: Electricity Consumption and Supply - The overall electricity consumption growth rate stabilized and rebounded, with April and May showing growth rates of 4.7% and 4.4% respectively, and June seeing a year-on-year increase of 5.4% [1][3] - The national electricity supply is generally secure, although some provinces in East China, Central China, and Southern regions are experiencing tight supply during peak hours [1][4] - The maximum electricity load reached a historical high of 15.08 million kilowatts, with a year-on-year increase of 0.57 million kilowatts [4] Group 2: Energy Production and Structure - Energy supply is sufficient, with coal production increasing by 5.4% year-on-year, and oil and gas production also showing stable growth [2][3] - The share of non-fossil energy generation capacity surpassed 60% for the first time, with wind and solar power installations doubling compared to the same period last year [2][3] Group 3: Charging Infrastructure for Electric Vehicles - The number of electric vehicle charging facilities reached 16.1 million by June 2025, with public charging facilities accounting for 4.096 million [6][7] - The charging infrastructure coverage in counties reached 97.08%, and in townships, it reached 80.02% [7] - The total charging volume for new energy vehicles in the first half of the year was 54.923 billion kilowatt-hours, expected to be equivalent to the annual output of the Three Gorges Dam [7]

Core Viewpoint - The ecological protection and high-quality development of the Yellow River Basin are crucial for the long-term sustainable development of China, requiring stable financial investment and support from policy banks [1] Financial Support and Investment - Since the beginning of the 14th Five-Year Plan, the Agricultural Development Bank of China has issued loans totaling 605.2 billion yuan for ecological protection in the Yellow River Basin, with a loan balance of 652.3 billion yuan as of May 2025, representing a 324% increase since the start of the plan [1] - The China Development Bank has issued over 200 billion yuan in loans in the first half of this year across nine provinces in the Yellow River Basin, facilitating the implementation of key projects [1] Collaborative Efforts - The Agricultural Development Bank emphasizes deepening cooperation among government, banks, and enterprises to enhance services for Yellow River protection, tailoring financial solutions to local ecological and economic needs [2] - The bank has established a financial service chain from water sources to end-users to address the imbalance in water resource supply and demand [2] Water Resource Management - A project in Kaifeng, supported by the China Development Bank, includes the construction of a sewage treatment plant and a reclaimed water pipeline, aiming for a 70% reuse rate of treated water by 2026 [3] - The bank has also supported various water management projects, including major water conservancy initiatives and urban-rural integrated water supply systems [3] Infrastructure Development - The China Development Bank has provided 270 million yuan in loans to support the construction of six sewage treatment plants and 246 kilometers of sewage collection pipelines along the Fen River, significantly improving wastewater treatment efficiency [4] - The bank's financial support has been crucial in enhancing the sewage treatment capacity of rural areas along the Fen River, contributing to ecological restoration [5] New Energy Initiatives - The bank is focusing on supporting the development of new energy systems, including solar, wind, and biomass energy projects, to promote clean energy growth in the Yellow River Basin [6] - A pumped storage power station project in Ningxia, supported by the bank, is expected to save 530,000 tons of standard coal and reduce carbon dioxide emissions by 1.594 million tons annually [6] Sustainable Development Goals - The bank aims to integrate energy development with ecological protection, exploring replicable models for sustainable practices, such as combining renewable energy projects with desertification control [7] - Future plans include increasing long-term financing support for infrastructure and ecological protection, enhancing differentiated credit policies, and innovating green financial tools [7]

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the Chinese capital market and its macroeconomic environment Core Points and Arguments 1. **Market Sentiment and Performance** The market experienced a slight consolidation after a significant rise, indicating a temporary fatigue but overall positive sentiment remains intact with trading volume around 1.5 trillion yuan, showing a gradual recovery [1] 2. **Inflation Data Impact** The release of June inflation data showed a decline in consumer prices, which alleviated some concerns for consumer sectors, but the drop in sales prices (0.4% month-over-month and 3.6% year-over-year) indicates ongoing pressure on corporate profits [2] 3. **Policy Response to Economic Challenges** There is speculation that the decision-makers are aware of macroeconomic data and may implement policies to address persistent deflation, suggesting a more aggressive approach to supply-side reforms [3][4] 4. **International Trade Relations** Recent positive statements from U.S. President Trump regarding trade agreements with China may provide stability to the capital market, with upcoming negotiations potentially affecting tariffs [5][6] 5. **Domestic Policy Developments** Upcoming economic policy meetings and the formulation of the 14th Five-Year Plan may focus on new energy systems, which could support related sectors such as electricity and renewable energy [7] 6. **Capital Flow Considerations** There are discussions about relaxing restrictions on domestic funds investing in Hong Kong's bond market, which could enhance liquidity and attract more capital to Hong Kong [8] 7. **Outlook on Overcapacity Issues** Until the end of July, sectors related to overcapacity may not see favorable developments, but there are potential benefits for new energy and grid construction sectors based on recent policy directions [9] Other Important but Possibly Overlooked Content - The ongoing discussions about deflation and its implications for corporate profitability highlight the need for strategic adjustments in business operations and pricing strategies [2] - The potential for increased capital flow into Hong Kong could significantly alter market dynamics, emphasizing the importance of monitoring regulatory changes [8]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - The report focuses on industrial silicon and polysilicon, suggesting to pay attention to the upside space of industrial silicon due to production cut news and the market sentiment fermentation of polysilicon [1]. - The National Development and Reform Commission will take measures to improve new - energy consumption capacity, which is crucial for the construction of a new energy system [1][3]. 3. Summaries According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: For industrial silicon, the Si2509 closing price is 8,030 yuan/ton, with a trading volume of 772,679 lots and a position of 351,592 lots. For polysilicon, the PS2508 closing price is 33,315 yuan/ton, with a trading volume of 294,743 lots and a position of 69,062 lots [1]. - **Basis**: Industrial silicon's spot premium or discount varies against different benchmarks, and polysilicon's spot premium against N - type re - feed is +950 yuan/ton [1]. - **Price**: The price of East China oxygen - passing Si5530 is 8300 yuan/ton, Yunnan Si4210 is 9900 yuan/ton, and polysilicon N - type re - feed is 34500 yuan/ton [1]. - **Profit**: Silicon factory profits for Xinjiang and Yunnan new - standard 553 are - 3068 yuan/ton and - 6256 yuan/ton respectively, and polysilicon enterprise profit is - 6.9 yuan/kg [1]. - **Inventory**: Industrial silicon's social inventory (including warehouse receipt inventory) is 54.2 million tons, enterprise inventory is 22.3 million tons, and total industry inventory is 76.5 million tons. Polysilicon's manufacturer inventory is 27.0 million tons [1]. - **Raw Material Cost**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes vary in different regions [1]. 3.2 Macro and Industry News - On June 26, the National Development and Reform Commission held a press conference. To improve new - energy consumption capacity, it will implement three measures: coordinating power transmission and local consumption, grid and regulation capacity construction, and energy supply and demand [1][3]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 1, and that of polysilicon is 0, with the range of trend intensity being integers in the [-2, 2] interval [3].

Group 1 - New energy sources such as wind and solar power are becoming the main sources of new electricity generation, playing an increasingly significant role in ensuring power supply during peak summer demand [1][6] - The National Development and Reform Commission (NDRC) anticipates that the highest electricity load during this summer will increase by approximately 10 million kilowatts compared to last year [2] - The NDRC has implemented measures to enhance electricity supply capacity, including strengthening the energy production, supply, storage, and sales system [2][4] Group 2 - As of the end of May, the total installed capacity of electricity generation in the country reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [4] - The NDRC is focusing on improving the efficiency of electricity transmission and has completed the construction of several ultra-high voltage direct current transmission channels to support electricity demand in densely populated and industrial areas [4][7] - The utilization rate of new energy sources remains above 90%, indicating effective integration into the energy system [7] Group 3 - The installed capacity of wind and solar power reached 570 million and 1.08 billion kilowatts respectively by the end of May, accounting for 45.7% of the total installed capacity, surpassing that of thermal power [6][7] - The NDRC is promoting policies to enhance the consumption of new energy, including direct supply of green electricity to specific users, which supports local consumption and provides new opportunities for high-energy-consuming and export-oriented enterprises [7] - The new energy storage capacity in the country has exceeded 80 million kilowatts, indicating a growing market for energy storage solutions as new energy sources become more prevalent [7]