多晶硅：震荡偏强 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 2025 年 11 月 26 日 商 品 研 究 工业硅：关注盘面下方支撑 【基本面跟踪】 工业硅、多晶硅基本面数据 | 指标名称 | | | | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | Si2601收盘价（元/吨） | | | | 8,960 | 20 | -20 | 40 | | Si2601成交量（手） | | | | 248,188 | 34,176 | -56,440 | 60,924 | | Si2601持仓量（手） | | | | 263,919 | 1,243 | 15,900 | 77,580 | | PS2601收盘价（元/吨） | 工业硅、多晶硅期货市场 | | | 54,730 | 1,415 | 2,520 | - | | PS2601成交量（手） | | | | 235,600 | 47,724 | 61,896 | - | | PS2601持仓量（手） | | | | ...

Core Insights - The national electricity market transaction volume in China increased by 7.9% year-on-year from January to October 2025 [1] - In October 2025, the total electricity market transaction volume reached 563.8 billion kilowatt-hours, marking a 15.6% year-on-year growth [1] Transaction Volume Analysis - The provincial transaction volume was 437.7 billion kilowatt-hours, up 15.4% year-on-year, while the inter-provincial and inter-regional transaction volume was 126.1 billion kilowatt-hours, increasing by 16.2% [1] - For transaction types, the medium to long-term transaction volume was 523.1 billion kilowatt-hours, and the spot transaction volume was 40.7 billion kilowatt-hours [1] - Green electricity transaction volume reached 28.3 billion kilowatt-hours, showing a significant increase of 28.4% year-on-year [1] Cumulative Transaction Data - From January to October 2025, the cumulative electricity market transaction volume totaled 5,492 billion kilowatt-hours, accounting for 63.7% of the total electricity consumption, which is an increase of 1.5 percentage points year-on-year [1] - The provincial transaction volume during this period was 416.59 billion kilowatt-hours, reflecting a 6.6% year-on-year growth, while the inter-provincial and inter-regional transaction volume was 132.61 billion kilowatt-hours, up 12.5% [1] - The medium to long-term transaction volume for the same period was 526.81 billion kilowatt-hours, and the spot transaction volume was 223.9 billion kilowatt-hours [1] - Green electricity transaction volume for January to October was 262.7 billion kilowatt-hours, with a year-on-year increase of 39.4% [1]

(责任编辑：谭梦桐) 2025年1-10月，全国累计完成电力市场交易电量54920亿千瓦时，同比增长7.9%，占全社会用电量比重 63.7%，同比提高1.5个百分点。从交易范围看，省内交易电量41659亿千瓦时，同比增长6.6%；跨省跨 区交易电量13261亿千瓦时，同比增长12.5%。从交易品种看，中长期交易电量52681亿千瓦时；现货交 易电量2239亿千瓦时。绿电交易电量2627亿千瓦时，同比增长39.4%。 据国家能源局11月25日消息，2025年10月，全国完成电力市场交易电量5638亿千瓦时，同比增长 15.6%。从交易范围看，省内交易电量4377亿千瓦时，同比增长15.4%；跨省跨区交易电量1261亿千瓦 时，同比增长16.2%。从交易品种看，中长期交易电量5231亿千瓦时；现货交易电量407亿千瓦时。绿 电交易电量283亿千瓦时，同比增长28.4%。 ...

转自：新华财经 11月21日，伴随着"华电易 点亮'冀'"标识的亮起，中国华电河北公司首届售电服务伙伴大会会场中响起了热烈的掌声。中国华电系统内外共计30家企业到场 参会。 作为中国华电驻冀能源央企，中国华电河北公司立足"奉献清洁能源 创造美好生活"品牌定位，以"赶考"精神，为满足人民美好生活用能需求，提供更加优 质的服务、更加温暖的守护。所属石热公司是国家"一五"时期"156"项工程之一，自1954年开工建设至今的70年间，持续为城市发展提供源源不断的电力和 热力。河北水电公司岗南电站，是新中国第一座混合式抽水蓄能电站，开创了我国抽水蓄能技术的先河。冀北新能源是国内唯一一家连续4年8次参与北京 2022年冬奥会所有场馆绿电交易的供应商，"绿电送冬奥"的故事跟随"魅力河北"系列活动走进联合国，得到普遍关注。 中国华电河北公司始终将"客户需求"为工作重心，年代理电量9年增长14倍，累计达376亿千瓦时。将"客户为中心、共赢为追求、满意为标准"嵌入工作全过 程，整合购电全流程，可提供绿电认证、碳资产管理等综合能源服务，助力客户开拓新的价值增长极。 中国华电河北公司总经理、党委副书记柏春光在致辞中表示，愿以能源为媒 ...

Core Insights - Jiangsu Province's green electricity trading volume exceeded 21 billion kilowatt-hours this year, reaching 21.07 billion kilowatt-hours, a year-on-year increase of 75%, marking a historical high [1] - Since the launch of national green electricity trading in 2021, Jiangsu's trading scale has surged from 1.369 billion kilowatt-hours to 20.34 billion kilowatt-hours, with an average annual growth rate of 96% [1] - The green electricity trading has significantly reduced coal consumption by 6.244 million tons and cut carbon dioxide emissions by 15.564 million tons [1] Market Development - Jiangsu's green electricity trading is driven by policies such as the "Implementation Plan for Promoting Green Consumption," focusing on a "provincial-first, inter-provincial-second" principle [1] - The province has achieved comprehensive coverage of trading cycles, including annual, monthly, and intra-monthly transactions [1] - Innovative initiatives in distributed renewable energy aggregation have led to full coverage of green electricity certificate service stations at the city level, with 10.88 billion kilowatt-hours transacted so far [1] Inter-Provincial Trading - Jiangsu has actively sought external green electricity resources through high-voltage channels, successfully importing green electricity from eight provinces, including Qinghai and Xinjiang, totaling 9.46 billion kilowatt-hours, surpassing last year's total of 8.5 billion kilowatt-hours [1] Market Maturity - The expansion of green electricity trading is supported by a mature electricity trading market, with over 160,000 market-oriented users in Jiangsu and a total electricity volume exceeding 500 billion kilowatt-hours [2] - Including cross-regional and cross-provincial trading, the total electricity volume has surpassed 660 billion kilowatt-hours, with market-oriented trading accounting for over 80% of total electricity consumption [2]

中新网成都11月11日电(单鹏)由四川省贸促会、中国美国商会共同举办的四川省服务外资企业政企对话 会(美国专场)11日下午在成都举行。 据了解，作为四川省重要的贸易投资促进机构，四川省贸促会、四川省国际商会是联通政企、融通内外 的桥梁纽带，自2022年设立四川省服务外资企业工作专班以来，动态收集诉求716项，有效回应和解决 诉求636项，先后举办美国、英国、日本、新加坡等专场政企对话会11场。(完) （文章来源：中国新闻网） 参加此次座谈会的美国企业主要活跃于能源、医疗健康、高端制造与专业服务领域。其中，雪佛龙、雅 保化工等在川布局清洁能源与锂电材料；GE医疗、波士顿科学在成都设立了区域总部或生产基地，深 耕医疗器械，展现出美资企业在四川市场多元化、高价值的投资格局。 这场近2个小时的交流对话，内容广泛而深入。美方企业重点关注四川在绿电交易、油气勘探、氢能产 业领域的合作机会与开放政策，探讨了引入国际赛事、开发文旅IP产品等合作，还交流了社会办医支持 政策、康复医疗支付方式及外籍人员子女学校的校舍续租等具体营商问题。四川省能源局、经信厅、体 育局、文旅厅、卫健委等相关部门负责人对企业关切作出了积极回应。 美国 ...

Core Insights - In the first three quarters of this year, Tibet's total electricity consumption reached 12.453 billion kilowatt-hours, marking a year-on-year increase of 13.44%, the highest growth rate in the country [1] - The electricity consumption by different sectors from January to September was 168 million kilowatt-hours for the primary industry, 6.27 billion kilowatt-hours for the secondary industry, and 4.191 billion kilowatt-hours for the tertiary industry, with respective year-on-year growth rates of 20.05%, 18.36%, and 12.84% [1] - Daily average electricity supply and consumption reached 44.605 million kilowatt-hours, reflecting an 11.46% year-on-year increase [1] Group 1: Electricity Supply and Infrastructure - The rapid growth in electricity consumption is supported by robust supply capabilities and stable guarantees [1] - Key infrastructure projects such as the expansion of the Qinghai-Tibet DC II and the Lhaze-Yulong 220 kV substation have been successfully completed, strengthening the electricity grid [1] - A total of 15 major maintenance operations on the main grid and over 590 non-power outage operations have been conducted to ensure uninterrupted power supply [1] Group 2: Green Energy Initiatives - Tibet has organized 10 transactions for cross-regional and cross-provincial green electricity sales, delivering 1.307 billion kilowatt-hours of clean energy [1] - These initiatives have contributed to a reduction in standard coal usage by approximately 400,000 tons and a decrease in carbon dioxide emissions by about 1 million tons [1] Group 3: Customer Service and Support - The promotion of the "three zeros and three reductions" electricity service model has saved customers 30.036 million yuan, benefiting 13,332 households and small enterprises [2] - Since the beginning of the year, significant efforts have been made in disaster relief and power supply support in response to events such as the earthquake and heavy snowfall in Shigatse [2]

Group 1 - The China International Import Expo has achieved a fully green electricity exhibition for the third consecutive year, highlighting the commitment to sustainable energy [1] - The Jinshan offshore wind farm, with a capacity of 306 megawatts, has reached full capacity grid connection, providing approximately 1 billion kilowatt-hours of clean energy annually [1] - Shanghai's total installed capacity of wind and solar energy has reached 7.086 million kilowatts, accounting for 21.4% of the city's total installed capacity [1] - Shanghai has engaged in green electricity cooperation with 15 provinces, completing over 300 green electricity transactions with a total transaction volume of 9 billion kilowatt-hours, setting historical records [1] Group 2 - A virtual power plant in Shanghai has been established to manage electricity load intelligently, with a resource pool size of 2.28 million kilowatts, doubling from the previous year [1] - The Shanghai Power Supply Company has migrated old transformers and utilized electric vehicles to provide power to residents, demonstrating a cost-effective and green approach to energy supply [2] - The company is enhancing its coordination and management of renewable energy integration to ensure the safety and greenness of electricity from the source [2]

Core Insights - The scale of green electricity trading in the State Grid's operating area has exceeded 200 billion kilowatt-hours in the first ten months of this year, marking a historical high with a year-on-year growth of 62% [1][3]. Group 1: Green Electricity Trading - The total green electricity trading volume reached 202.6 billion kilowatt-hours from January to October, reflecting a significant increase compared to the previous year [1]. - The growth in trading volume is attributed to the continuous expansion of new energy installations and the improvement of market mechanisms [3]. Group 2: New Energy Installations - The installed capacity of wind and solar energy in the State Grid's operating area has reached 136.4 million kilowatts, representing a year-on-year increase of 33% [3]. - The establishment of inter-provincial electricity trading models has optimized the allocation of electricity resources across provinces [3]. Group 3: Market Mechanisms - The introduction of long-term green electricity agreements has resulted in over 30 billion kilowatt-hours of agreements, providing stable revenue for new energy companies and reliable green electricity sources for users [5]. - The current market systems are facilitating the optimization of green electricity distribution, ensuring large-scale grid connection and high proportion consumption of new energy [7].

Core Viewpoint - The company reported a significant decline in net profit for Q3 due to asset impairment and lower-than-expected power generation, despite a slight increase in revenue year-over-year [1][2]. Financial Performance - Q3 revenue reached 286 million yuan, representing a year-over-year increase of 3.2% and a quarter-over-quarter increase of 2.1% [1]. - Net profit attributable to shareholders was 13.55 million yuan, down 80% year-over-year and down 79% quarter-over-quarter, falling short of Huatai's forecast [1]. - For the first three quarters of 2025, revenue totaled 1.08 billion yuan, a decrease of 1.4% year-over-year, with net profit down 20% to 328 million yuan [1]. Asset Impairment and Power Generation - The company recorded an asset impairment of 63.44 million yuan in Q3, which accounted for 60% of the quarterly gross profit, leading to a substantial decline in net profit [2]. - Q3 power generation was 516 million kWh, showing a year-over-year increase of 7.6%, with wind power in Fujian being a key contributor [2]. - However, power generation from Heilongjiang wind and Xinjiang solar dropped by 23% and 32% year-over-year, respectively, due to regional resource impacts [2]. Project Pipeline and Asset Injection - The company has a robust pipeline of projects, including offshore wind farms and solar power stations, which are expected to enhance future performance [3]. - Progress is being made on asset injections, with plans to incorporate pumped storage assets, although some projects are pending final subsidy verification [3]. - The establishment of a power market trading team aims to improve market analysis and trading strategies in response to the marketization of renewable energy pricing [3]. Profit Forecast and Target Price Adjustment - The company has revised its profit forecasts for 2025-2027, reducing net profit estimates by 12.3%, 11.8%, and 10.4% to 582 million, 626 million, and 740 million yuan, respectively [4]. - The adjustments are primarily due to changes in wind power VAT policies and reduced other income [4]. - The target price has been lowered to 6.27 yuan, reflecting a 19x PE for 2026, considering the strong profitability of offshore wind and potential performance boosts from asset injections [4].