Core Insights - The rapid growth of renewable energy installations in China is facing challenges in grid integration and utilization, leading to significant waste of green energy [1][3][4] - The State Grid Corporation of China plans to significantly increase its investment in grid infrastructure to enhance the capacity for renewable energy integration, with a projected investment exceeding 650 billion yuan in 2025 [2][5] - The utilization rates for solar and wind energy have declined recently, indicating a mismatch between generation capacity and grid absorption capabilities [3][4] Investment Trends - Both major grid companies, State Grid and China Southern Power Grid, are set to invest record amounts in 2025, with State Grid's investment surpassing 650 billion yuan and Southern Grid's fixed asset investment reaching 175 billion yuan [2] - In 2024, State Grid's investment exceeded 600 billion yuan, resulting in the successful operation of several high-capacity transmission lines, enhancing cross-regional transmission capabilities [5] Renewable Energy Utilization - The utilization rates for solar and wind energy have decreased from 98.0% and 97.3% in 2023 to 93.9% and 93.2% in the first four months of 2025, respectively [3][4] - The need for improved grid infrastructure is critical to ensure that renewable energy can be effectively transmitted and utilized [4] Technological Innovations - The development of a new type of distribution system is underway to accommodate large-scale distributed solar and wind energy integration, with a focus on enhancing system flexibility and intelligence [6][9] - The integration of advanced technologies, such as 5G and quantum computing, is being explored to optimize grid operations and enhance energy quality [10][11] Industry Opportunities - The ongoing investment in grid infrastructure is expected to benefit various sectors within the energy supply chain, including equipment manufacturing and smart technology applications [2][7][8] - Chinese companies are increasingly looking to expand into international markets, capitalizing on the global shift towards renewable energy and smart grid solutions [11]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights the steady advancement of the "Electricity AI Agent" and the activation of new pilot projects for the new power system, focusing on innovative technologies and models to drive breakthroughs in construction [9] - The dual deep coupling of AI and electricity is expected to enhance resource allocation efficiency and foster a collaborative development environment for the "energy-computing" ecosystem [9] Summary by Sections Industry Overview - The report discusses the establishment of pilot projects for the new power system, emphasizing the exploration of new technologies and models in typical cities [9] - Key focus areas include grid-type technology, system-friendly renewable energy stations, intelligent microgrids, and virtual power plants [9] Investment Recommendations and Targets - Suggested companies to focus on include: - "Electricity AI Agent" application segment: Dongfang Electronics (000682, Not Rated), Guoneng Rixin (301162, Accumulate), Zhiyang Innovation (688191, Not Rated), State Grid Xintong (600131, Not Rated), Teradyne (300001, Buy), and Anke Rui (300286, Buy) [9] - AI server power supply segment: Magmi (002851, Not Rated), Zhongheng Electric (002364, Not Rated), Hewei Electric (603063, Not Rated), Oulu Tong (300870, Not Rated), Kehua Data (002335, Not Rated), and Keda (002518, Not Rated) [9] - AIDC power supply segment: Jinpan Technology (688676, Buy), Mingyang Electric (301291, Not Rated), Weiteng Electric (688226, Not Rated), Liangxin Co. (002706, Not Rated), Chint Electric (601877, Not Rated), and Samsung Medical (601567, Not Rated) [9]

Group 1 - The A-share market showed a collective rise on June 5, with the Shanghai Composite Index up 0.23% to 3,384.10 points, the Shenzhen Component Index up 0.50% to 10,203.50 points, and the ChiNext Index up 1.17% to 2,048.62 points, indicating a structural market where capital is actively competing [1] - The technology sector, particularly in computing power hardware, emerged as a core driver of the market, with stocks like Qingyun Technology hitting the daily limit and others like Shengyi Electronics and Dekeli seeing gains over 15% [2] - The military and industrial sectors experienced a surge, driven by the restructuring concept of the "Zhongbing System," with multiple stocks hitting the daily limit, highlighting these sectors as key areas for short-term capital allocation [2] Group 2 - Policy incentives are a primary catalyst for market momentum, with the Ministry of Industry and Information Technology releasing the "Computing Power Interconnection Action Plan" on May 30, aiming to accelerate the integration of public computing resources [4] - Continuous breakthroughs in the industry are boosting market confidence, exemplified by Nvidia's Q1 earnings report, which reaffirmed the high demand for computing power, and significant advancements in domestic technology, such as Huawei's large-scale model training and Xiaomi's launch of a 3nm chip [4] - The focus of capital allocation is shifting towards technology, with margin financing exceeding 1.8 trillion yuan, indicating strong investor interest in tech stocks, while new funds are being introduced to the market [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For soda ash, although the overall profit on the supply - side has declined, natural soda ash projects maintain high profits. Traditional backward - capacity maintenance has intensified, and the expansion of natural soda ash project capacity has led to an increase in production and capacity utilization, resulting in significant supply pressure. On the demand side, while futures and spot traders are active and restocking is sufficient, the decline in soda ash spot prices is expected to lead to a slowdown in demand and a decrease in the de - stocking speed. The main downstream industries of soda ash, such as float glass and photovoltaic glass, are not optimistic. Therefore, it is recommended to go short on the soda ash main contract after a rebound [2]. - For glass, on the supply side, the resumption of production lines in some areas has increased the weekly output, but the overall industry profit is poor, and the willingness of enterprises to support prices is limited, so the subsequent resumption of production may decline. On the demand side, the current real - estate situation is not optimistic, and demand will weaken further in the traditional off - season. Downstream deep - processing orders are unstable, and purchases are mainly for rigid needs. The increase in the inventory of automobile glass factories cannot offset the weak demand related to real estate, and photovoltaic glass also faces inventory pressure. It is expected that there is still upward momentum in the short term, and it is recommended to go short after a short - term rebound [2]. 3. Summary by Relevant Catalogs Futures Market - **Price and Spread**: The closing price of the soda ash main contract is 240 yuan/ton, with a decrease of 22 yuan; the closing price of the glass main contract is 963 yuan/ton, with a decrease of 25 yuan. The soda ash - glass price difference is 1203 yuan/ton. The 9 - 1 contract spread of soda ash is 7 yuan, with a decrease of 2 yuan; the 9 - 1 contract spread of glass is - 55 yuan, with a decrease of 3 yuan. The basis of soda ash is 5 yuan, with a decrease of 45 yuan; the basis of glass is 68 yuan, with a decrease of 46 yuan [2]. - **Position and Warehouse Receipt**: The position of the soda ash main contract is 1443208 lots, with a decrease of 65754 lots; the position of the glass main contract is 1552205 lots, with an increase of 107933 lots. The net position of the top 20 in soda ash is - 227449 lots, with a decrease of 52982 lots; the net position of the top 20 in glass is - 220121 lots, with a decrease of 45869 lots. The soda ash exchange warehouse receipt is 3340 tons, with an increase of 1278 tons; the glass exchange warehouse receipt is 0 tons, with no change [2]. 现货市场 - **Soda Ash**: The price of North China heavy soda ash is 1230 yuan/ton, with a decrease of 5 yuan; the price of Central China heavy soda ash is 1350 yuan/ton, with no change. The price of East China light soda ash is 1340 yuan/ton, with no change; the price of Central China light soda ash is 1285 yuan/ton, with no change [2]. - **Glass**: The price of Shahe glass sheets is 1056 yuan/ton, with a decrease of 12 yuan; the price of Central China glass sheets is 1070 yuan/ton, with no change [2]. Industry Situation - **Operating Rate**: The operating rate of soda ash plants is 78.57%, with a decrease of 0.06 percentage points; the operating rate of float glass enterprises is 75.68%, with an increase of 0.34 percentage points [2]. - **Production Capacity and Inventory**: The in - production capacity of glass is 15.63 million tons/year, with no change; the number of in - production glass production lines is 225, with an increase of 2. The inventory of soda ash enterprises is 162.43 million tons, with an increase of 2.2 million tons; the inventory of glass enterprises is 6766.2 million heavy - boxes, with a decrease of 10.7 million heavy - boxes [2]. 下游情况 - **Real - Estate**: The cumulative new construction area of real estate is 17835.84 million square meters, with an increase of 4839.38 million square meters; the cumulative completed area of real estate is 15647.85 million square meters, with an increase of 2587.58 million square meters [2]. 行业消息 - Multiple industry news is reported, including the organization of the first - batch pilot work of new - type power system construction by the National Energy Administration, the research and deployment of promoting the development of the artificial - intelligence industry by the Ministry of Industry and Information Technology, the preliminary estimate of 124 million new - energy passenger - vehicle wholesale sales in May by the Passenger Car Association with a year - on - year increase of 38%, etc. [2] 宏观情况 - The Caixin China Manufacturing PMI in May is 48.3, a decrease of 2.1 percentage points from April, and it has fallen below the critical point for the first time since last October [2].

Core Insights - The ChiNext ETF (159915) has shown a 0.30% increase as of June 5, 2025, marking its third consecutive rise with a half-day trading volume of 750 million yuan [1] - Over the past year, the ChiNext ETF has experienced a significant growth in scale, increasing by 27.829 billion yuan, and in the last two weeks, its shares have grown by 12.1 million [1] - The fund has attracted a total of 10.2 million yuan in capital inflow over the last nine trading days [2] Market Context - The National Energy Administration has initiated pilot projects for the construction of a new power system, focusing on regions with favorable energy resources such as Qinghai, Xinjiang, and Heilongjiang [2] - The projects aim to enhance the green electricity supply for data centers by integrating energy resources and optimizing the layout of computing and power projects [2] - According to Shenwan Hongyuan Securities, the current market is less sensitive to macroeconomic changes, with limited space for policy easing and a focus on capital market development [2] Related Products - ChiNext ETF: 159915 - Link A: 110026 - Link C: 004744 - Link Y: 022907 [3]

Group 1: New Energy Vehicle (NEV) Sector - The China Securities New Energy Vehicle Industry Index (930997) decreased by 0.25% as of June 5, 2025, with mixed performance among constituent stocks [1] - The NEV ETF (515700) fell by 0.31%, with the latest price at 1.61 yuan, while it saw a cumulative increase of 0.56% over the past week [1] - The NEV ETF's latest scale reached 2.217 billion yuan, ranking it in the top half among comparable funds [2] - The NEV ETF experienced a significant increase in shares, growing by 5 million shares over the past two weeks, also placing it in the top half among comparable funds [3] - The latest financing buy-in amount for the NEV ETF was 2.1541 million yuan, with a financing balance of 51 million yuan [3] Group 2: Electric Power Sector - The National Energy Administration has initiated pilot projects for the new power system, focusing on integrating resources and planning for renewable energy projects [3] - The electric power sector is expected to see profit improvements and value reassessment due to ongoing power supply and demand tensions [4] - The continuous advancement of electricity market reforms is anticipated to lead to a slight increase in electricity prices, with mechanisms for electricity spot markets and ancillary services being promoted [4] Group 3: Photovoltaic Sector - The China Securities Photovoltaic Industry Index (931151) rose by 0.16% as of June 5, 2025, with significant gains in constituent stocks such as South Network Energy (9.92%) and Quartz Shares (6.21%) [6] - The Photovoltaic ETF (516180) showed mixed trading, with a recent price of 0.53 yuan and a cumulative increase of 0.38% over the past week [6] - The top ten weighted stocks in the Photovoltaic Industry Index account for 56.2% of the index [14] Group 4: Automotive Parts Sector - The China Securities Automotive Parts Theme Index (931230) increased by 0.14% as of June 5, 2025, with notable gains from stocks like Ruikeda (13.09%) and Xusheng Group (5.32%) [6] - The Automotive Parts ETF (159306) rose by 0.09%, with a latest price of 1.11 yuan and a cumulative increase of 4.03% over the past six months [6] - The Automotive Parts ETF's trading volume was 238,600 yuan, with an average daily trading volume of 2.5569 million yuan over the past year, ranking first among comparable funds [7] Group 5: New Materials Sector - The China Securities New Materials Theme Index (H30597) fell by 0.32% as of June 5, 2025, with mixed performance among constituent stocks [11] - The New Materials ETF Index Fund (516890) decreased by 0.41%, with a latest price of 0.49 yuan and a cumulative increase of 0.82% over the past week [11] - The top ten weighted stocks in the New Materials Theme Index account for 52.54% of the index [13]

Industry Investment Rating - Not provided in the report Core Viewpoints - In the production industry, attention should be paid to the progress of green infrastructure pilot projects, such as the first - batch pilot work of new power system construction organized by the National Energy Administration [1] - In the service industry, attention should be paid to the promotion of pension service - related programs, like the release of an international standard on the digital economy from an aging perspective led by China [1] - The credit spreads of the entire industry fluctuate slightly [3] Summary by Directory 1. Mid - level Event Overview Production Industry - The National Energy Administration is carrying out the first - batch pilot work on new power system construction, focusing on national hub nodes and non - hub nodes with good energy resources. It aims to increase the proportion of green electricity in data centers through the "green power aggregated supply" model [1] Service Industry - The International Organization for Standardization has released an international standard on the digital economy from an aging perspective led by China, which provides specific suggestions for elderly people's high - frequency digital economic scenarios [1] 2. Industry Overview Upstream - Coal inventories are at a three - year high recently [2] Mid - stream - The PX开工率 is continuously rising, and the urea开工率 is stable and at a three - year high; the asphalt开工率 is rising; the开工 rate of pig product processing is increasing [2] Downstream - The sales of commercial housing in first - and second - tier cities have a seasonal rebound but are still at a near - three - year low; the number of domestic flights has decreased [2] 3. Market Pricing - The credit spreads of the entire industry fluctuate slightly [3] 4. Industry Credit Spread Tracking | Industry | Last Year's Same Period | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 69.83 | 80.55 | 75.09 | 78.86 | 63.16 | 1.10 | | Mining | 36.41 | 46.76 | 44.37 | 49.14 | 42.27 | 11.50 | | Chemical Industry | 67.53 | 68.59 | 62.96 | 64.22 | 57.43 | 0.00 | | Steel | 43.64 | 57.03 | 52.34 | 57.01 | 49.92 | 11.40 | | Non - ferrous Metals | 47.06 | 56.23 | 53.30 | 60.33 | 53.49 | 14.60 | | Electronics | 55.98 | 78.46 | 65.50 | 79.10 | 67.58 | 24.80 | | Automobile | 64.33 | 76.43 | 45.92 | 52.66 | 44.05 | 0.00 | | Household Appliances | 44.70 | 53.93 | 44.90 | 53.92 | 47.29 | 12.30 | | Food and Beverage | 42.71 | 43.83 | 43.40 | 46.81 | 39.58 | 4.10 | | Textile and Apparel | 50.19 | 57.43 | 50.48 | 56.71 | 50.28 | 4.90 | | Light Industry Manufacturing | 56.31 | 198.86 | 167.29 | 166.01 | 156.61 | 8.30 | | Pharmaceutical and Biological | 57.67 | 65.83 | 67.40 | 74.32 | 66.68 | 17.60 | | Public Utilities | 26.96 | 32.22 | 30.73 | 34.60 | 29.06 | 13.70 | | Transportation | 33.79 | 36.99 | 34.76 | 39.07 | 33.24 | 7.30 | | Real Estate | 403.85 | 187.61 | 146.74 | 126.56 | 113.61 | 6.50 | | Commercial Trade | 48.40 | 52.24 | 48.09 | 52.23 | 45.37 | 5.30 | | Leisure Services | 75.14 | 106.06 | 107.84 | 128.21 | 120.84 | 98.00 | | Banking | 24.57 | 26.56 | 19.97 | 19.61 | 17.94 | 4.10 | | Non - banking Finance | 30.74 | 34.45 | 32.24 | 36.24 | 30.34 | 7.10 | | Comprehensive | 68.97 | 51.39 | 46.45 | 52.02 | 46.01 | 2.50 | | Building Materials | 34.78 | 46.19 | 43.78 | 48.38 | 40.81 | 9.60 | | Building Decoration | 46.17 | 56.39 | 52.42 | 58.00 | 52.43 | 12.20 | | Electrical Equipment | 54.28 | 84.01 | 78.85 | 84.52 | 78.64 | 39.40 | | Mechanical Equipment | 37.35 | 43.94 | 41.86 | 49.79 | 44.51 | 25.20 | | Computer | 69.00 | 74.00 | 62.09 | 64.12 | 53.12 | 0.00 | | Media | 228.94 | 44.27 | 43.19 | 47.55 | 40.77 | 0.10 | | Communication | 243.53 | 36.87 | 28.67 | 29.93 | 23.64 | 0.00 | [45] 5. Key Industry Price Index Tracking | Industry | Index Name | Frequency | Update Time | Price | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | 5/15 | 2304.3 | 0.81% | | | | Spot price of eggs | Daily | 5/15 | 0.8 | 4.65% | | | | Spot price of palm oil | Daily | 5/15 | 8588.0 | 0.59% | | | | Spot price of cotton | Daily | 5/15 | 14512.3 | 2.56% | | | | Average wholesale price of pork | Daily | 5/15 | 20.9 | - 0.10% | | | Non - ferrous Metals | Spot price of copper | Daily | 5/15 | 78938.3 | | | | | Spot price of zinc | Daily | 5/15 | 22880.0 | 0.61% | | | | Spot price of aluminum | Daily | 5/15 | 20366.7 | 3.75% | | | | Spot price of nickel | Daily | 5/15 | 126525.0 | 1.42% | | | | Spot price of aluminum | Daily | 5/15 | 16906.3 | 1.12% | | | Steel | Spot price of rebar | Daily | 5/15 | 3189.9 | 0.86% | | | | Spot price of iron ore | Daily | 5/15 | 793.3 | 2.20% | | | | Spot price of wire rod | Daily | 5/12 | 3377.5 | 0.30% | | | Building Materials | Spot price of glass | Daily | 5/15 | 14.8 | - 2.50% | | | Chemical Industry | Spot price of natural rubber | Daily | 5/15 | 14838.3 | 2.63% | | | | China Plastic City Price Index | Daily | 5/15 | 840.4 | 1.06% | | | Energy | Spot price of WTI crude oil | Daily | 5/15 | 63.2 | 8.75% | | | | Spot price of Brent crude oil | Daily | 5/15 | | 8.13% | | | | Spot price of liquefied natural gas | Daily | 5/12 | 4278.0 | - 0.37% | | | | Coal price | Daily | 5/15 | 777.0 | - 1.40% | | | Chemical Industry | Spot price of PTA | Daily | 5/15 | 4991.7 | 6.47% | | | | Spot price of polyethylene | Daily | 5/15 | 7508.3 | 0.58% | | | | Spot price of urea | Daily | 5/15 | 1946.7 | 1.83% | | | | Spot price of soda ash | Daily | 5/15 | 1462.5 | 0.00% | | | Real Estate | Cement price index: National | Daily | 5/15 | 143.5 | - 0.93% | | | | Building materials composite index | Daily | 5/15 | 116.5 | 0.52% | | | | Concrete price index: National index | Daily | 5/15 | 99.8 | - 0.53% | | [46]

【环球网财经综合报道】近日，国家能源局发布《关于组织开展新型电力系统建设第一批试点工作的通知》（简称通知），标志着新型电力系统建设迈出关 键一步。《通知》提出，将围绕构网型技术、系统友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规模高比例新能源外送、新一代煤电等 七个方向开展试点工作。 在虚拟电厂领域，通知明确要围绕聚合分散电力资源、增强灵活调节能力等场景，因地制宜新建或改造不同类型的虚拟电厂。通过聚合分布式电源、可控负 荷、储能等资源并协同优化控制，充分发挥灵活调节能力。同时，持续丰富虚拟电厂商业模式，参与电力市场、需求响应，提供综合能源服务获取收益。 近年来，虚拟电厂相关政策陆续发布。2025年4月，国家发展改革委、国家能源局发布《关于加快推进虚拟电厂发展的指导意见》，提出到2027年全国虚拟 电厂调节能力达到2000万千瓦以上。今年以来，山东、湖南、陕西、贵州等地也纷纷发布相关政策推动行业发展。长江证券研报认为，随着政策频出和电力 交易市场化提速，未来虚拟电厂模式或逐步向市场型进阶。 在资本市场，虚拟电厂概念股备受关注。据统计，A股中虚拟电厂股共有66只，5月以来普遍上涨，平均涨幅达3.43 ...

Group 1 - The core message emphasizes the encouragement of innovation and the adoption of new technologies and models in the construction of a new power system, supported by pilot projects and reforms in institutional mechanisms [1][3] - The National Energy Administration has announced the first batch of pilot projects for the construction of a new power system, focusing on seven key areas including grid technology and intelligent microgrids [3] - The electric equipment sector has seen significant stock price increases, with notable gains in companies such as Pano Technology and Ankao Intelligent Electric, driven by positive news regarding the new power system initiatives [1][2] Group 2 - The rapid development of new energy and the construction of a new power system are being supported by the coordinated advancement of ultra-high voltage transmission channels and smart distribution networks, enhancing the capacity for cross-regional renewable energy consumption [4] - China, as a major power equipment manufacturing country, has experienced a significant increase in exports, with power transformers (over 16kVA) exports exceeding 13 billion yuan in the first four months of 2025, reflecting a year-on-year growth of approximately 50% [4] - The overall trend in the export of electric meters is upward, supported by the global push for smart grid technology [4]

Group 1 - The core concept of the new power system is to upgrade the grid to accommodate large-scale integration of renewable energy sources, moving away from a coal-dominated system to a more intelligent and flexible one [3] - The first batch of pilot projects focuses on seven key areas, including grid-structure technology, system-friendly renewable power plants, smart microgrids, and virtual power plants, with virtual power plants being particularly noteworthy [3] - The A-share market has seen an average increase of 3.43% in virtual power plant-related stocks since May, with notable performers like Weide Information rising by 56% [3][4] Group 2 - 26 virtual power plant stocks have seen increased leverage funding, with Shanghai Electric, Guodian Nari, and Zhongheng Electric each receiving over 100 million in net financing since May [4] - Institutions are actively monitoring these stocks, with 24 institutions rating Xucheng Electric and 22 for Guoneng Rixin, indicating strong institutional interest [4] - Companies like Longxin Group and Ruijun Power are expected to potentially double their net profits by 2025, reflecting optimistic forecasts from institutions [4] Group 3 - The core logic of the pilot projects includes stabilizing renewable energy generation through grid-structure technology, which could benefit equipment manufacturers [4] - Virtual power plants rely on software and algorithms for resource scheduling, making companies involved in power information technology and energy management, such as Longxin Group and Ruijun Power, worthy of attention [4] - The concept of synergy between computing power and electricity involves using big data and AI for optimizing power dispatch, which may attract funding for companies that integrate both power and computing capabilities [4] Group 4 - Companies like Guodian Nari and Xucheng Electric are well-positioned due to their strong fundamentals and alignment with policy catalysts, making them suitable for long-term investment [5] - The new power system is seen as a necessary step towards achieving carbon neutrality goals, with significant investments expected in this sector, potentially exceeding one trillion by 2030 [5] - The pilot projects aim to address bottlenecks in integrating renewable energy into the grid, highlighting the importance of understanding each company's position within the industry chain [5]