广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...

广东 136 号文衔接政策落地，4 月我国进口天然气量同比下降 6.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 17 日 15666646523.tcy ● 本周市场表现：截至5月16日收盘，本周公用事业板块上涨0.1%，表现 劣于大盘。其中，电力板块上涨0.06%，燃气板块上涨0.23%。 ● 电力行业数据跟踪： ➢ 动力煤价格:秦港动力煤价格周环比下跌。截至5月16日，秦皇岛港动 力煤(Q5500)山西产市场价618元/吨，周环比下跌17元/吨。截至5月16 日，广州港印尼煤(Q5500)库提价702.12元/吨，周环比下跌7.23元/吨； 广州港澳洲煤(Q5500)库提价721.93元/吨，周环比下跌11.88元/吨。 ➢ 动力煤库存及电厂日耗：秦港动力煤库存周环比增加，沿海电厂日耗 周环比上升。截至5月16日，秦皇岛港煤炭库存760万吨，周环比增加7 万吨。截至5月15日，内陆17省煤炭库存8080.1万吨，较上周增加33.7 万吨，周环比上升0.42%；内陆17省电厂日耗为310.3万吨，较上周下降 1.2万吨 ...

证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 广东 136 号文衔接政策落地，4 月我国进口天然气 量同比下降 6.1% 2025 年 5 ...

21世纪经济报道记者费心懿 上海报道 王光星谈到，充电行业近两年正在发生革命性的变化，涌现出充电+光伏、充电+储能、充电+电力市场 化交易等新模式，而这种分布式的能源运营模式将更加考验企业的数智化运营能力。 截至2025年4月，全国充电基础设施累计数量为1406.4万台，但行业普遍面临利用率低、盈利模式单一 的困境。行业表现分野在2024年呈现加速态势。 目前，充电行业呈现两大发展动向。2024年12月，国家市场监管总局发布《关于对电动汽车供电设备实 施强制性产品认证管理的公告》，明确将充电桩纳入3C认证目录。同时，行业迎来新参与者，中石化 依托3万余座加油站启动"油电置换"计划，年内拟新建5000座充换电站；多地国资通过特许经营模式， 将充电设施纳入城市基础设施统一规划。 朗新集团旗下新电途平台以聚合充电模式探索发展路径，正在通过数（智）化能力打通绿电交易与用户 运营闭环，为行业探索出可持续的盈利路径。 充电基础设施的竞争已非单纯以充电桩数量衡量。市场化运营商必须转向三个核心能力建设：负荷预测 精度、绿电交易能力和用户运营效率。 王光星介绍，朗新在两年前成立AI研究院，聚焦能源领域AI大模型训练。不同于Ch ...

齐鲁晚报·齐鲁壹点 李牧青 5月15日上午，山东省政府新闻办举行新闻发布会，邀请省能源局主要负责同志等介绍山东深入实施"八大行动"，推动新能源高水平消纳情况。 一是充分发挥各类调节资源作用。在公平统一的原则下，利用现货市场价格信号充分反映系统供需，以低电价有效激励火电机组加大灵活性改造，达到低价 时段少发电目的。目前，已挖掘火电机组深度调峰能力700万千瓦以上，年可增加新能源消纳电量约35亿千瓦时。持续完善市场运行和交易机制，支持独立 储能、抽水蓄能等调节性资源，通过"低充高放"利用市场价差获取调节收益，为系统持续提升消纳能力拓展新空间。 二是精准高效引导用户侧响应。鼓励通过市场竞争形成价格信号，建立基于现货价格的分时电价机制、零售套餐分时约束机制，激励用户主动调节用电行 为，发挥最有效"指挥棒"作用。通过引导用户"避峰就谷"用电，2024年午间新能源大发时段增加用电负荷最高达583.87万千瓦，促消纳效果突出。 三是积极拓展省外消纳空间。在推动新能源省内最大化消纳的同时，打通省内新能源外卖交易渠道，实现在更大范围内配置。自今年1月份开始，通过电网 调度、交易机构等常态化组织开展省内富余新能源参与省间现货交易 ...

Core Insights - The energy storage industry is adapting to market pressures and is increasingly focusing on overseas markets to improve revenue despite low profitability [1][2] - Many companies are optimistic about their energy storage business, with significant sales growth reported in recent financial results [1][2] Industry Overview - The domestic energy storage market is highly competitive, with low profit margins; net profit growth is largely dependent on overseas markets [2] - In Q1, the newly installed capacity for energy storage in China was 5.03 GW/11.79 GWh, marking a year-on-year decline of 1.5%/5.5%, the first negative growth since 2022 [2][3] - The decline in installed capacity is attributed to project construction cycles and policy adjustments, with a slowdown in project development due to unclear revenue expectations in the electricity market [3] Company Performance - Companies like Aters have reported over 500% year-on-year growth in energy storage sales, positioning themselves as leading system integrators in major overseas markets [1] - Sunshine Power's Q1 revenue reached 19.036 billion yuan, a 50.92% increase, with energy storage systems contributing significantly to profitability [5] - In contrast, Haibo Si Chuang, which has a lower overseas revenue share, reported a decline in profit margins, with energy storage product margins dropping from 37% in 2020 to 18% in 2024 [4] Market Dynamics - Recent tariff reductions on Chinese energy storage products exported to the U.S. are expected to stabilize performance expectations and enhance competitiveness [7][8] - The global energy storage market is projected to see a 37% increase in new installations this year, with significant growth potential anticipated through 2035 [9]

Investment Rating - The report maintains an "Overweight" rating for the energy and power equipment sectors [7] Core Viewpoints - The acceleration of the national unified electricity market is driving the construction of ultra-high voltage (UHV) projects, which are essential for achieving interconnection within the national grid [2][19] - The construction of UHV is not only to meet renewable energy consumption but also to address long-term energy imbalances, with significant demand for long-distance transmission solutions [14][41] - The report anticipates a peak in approvals for UHV projects, with expectations of 5-6 direct current (DC) and 3-4 alternating current (AC) projects approved in 2025, a significant increase from 2024 [3][45] Summary by Sections UHV Project Acceleration - The report predicts that the pace of UHV project approvals will accelerate, with an expected average of 6-7 UHV projects starting annually during the 14th Five-Year Plan period [1][3] - The expected annual order volume for UHV projects is projected to reach approximately 46 billion yuan, a 182% increase compared to the average winning bid amount from 2020 to 2024 [3][14] Market Dynamics - The UHV equipment market is characterized by high barriers to entry and concentrated profits, with major equipment components accounting for 80% of the market share [5][15] - Key suppliers such as State Grid NARI, Pinggao Electric, China XD Electric, and XJ Electric are expected to benefit significantly from the upward cycle of the sector [6][15] Back-to-Back Projects - Back-to-back DC transmission projects are crucial for addressing the power interconnection needs of adjacent provinces with asynchronous grids, with 5-6 projects expected to be approved within the year [4][16] - The report highlights that suppliers of converter transformers and converter valves are likely to see significant benefits from these projects [4][16] Financial Projections for Key Companies - State Grid NARI is projected to generate net profits of 1.15-1.64 billion yuan from each conventional/flexible DC UHV project, with an estimated profit elasticity of 1.1-1.6% [6][18] - Pinggao Electric is expected to earn 0.84/1.05 billion yuan from each DC/AC UHV project, with a profit elasticity of 4.2%/5.3% [6][18] - China XD Electric is projected to earn 2.4/1.2 billion yuan from each DC/AC UHV project, with a profit elasticity of 10.1%/5.0% [6][18] - XJ Electric is expected to generate net profits of 0.66-0.99 billion yuan from each conventional/flexible DC UHV project, with a profit elasticity of 3.1-4.7% [6][18]

截至2024年底，全国电力装机容量首次突破30亿千瓦大关，风电与光伏装机超过14亿千瓦。河北、吉 林、江西等11个省份的新能源超过常规电源成为当地第一大电源。（韩萌） （来源：央广网客户端） 目前，我国电力辅助服务市场基本实现全国覆盖，形成以调峰、调频、备用等交易品种为核心的区域、 省级辅助服务市场体系。部分地区积极引导独立储能、虚拟电厂等新型主体参与辅助服务市场。 中国电力企业联合会电力发展研究院能源研究部主任韩超： 《电力辅助服务市场基本规则》是咱们国 家第一次出台国家层面的电力辅助服务的市场基本规则，它能够促进加快形成市场化的电力系统灵活性 资源配置的新局面，来匹配我们未来高比例的新能源供给消纳的一些新的对系统调节的要求。 据中央广播电视总台中国之声《新闻和报纸摘要》报道，国家发展改革委、国家能源局近日联合发布 《电力辅助服务市场基本规则》，标志着我国电力中长期市场、现货市场和辅助服务市场三大电力市场 核心基本规则全面建成。 ...

Investment Rating - The industry investment rating is "Maintain Buy" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The Shandong 136 document was released on May 7, detailing the market-oriented reform implementation plan for new energy pricing [13] - The coal price has dropped to 643 CNY/ton [14] - The inflow and outflow of the Three Gorges reservoir have decreased by 17.39% and 47.66% year-on-year, respectively [36] - Silicon material prices have decreased to 39 CNY/kg, and mainstream silicon wafer prices have dropped to 1.18 CNY/unit [50] - The national carbon market trading price has decreased by 2.24% this week [60] Market Performance - The Shanghai Composite Index closed at 3342.00 points, up 1.92%, while the CSI 300 Index closed at 3846.16 points, up 2.00% [65] - The CITIC Power and Utilities Index closed at 2904.26 points, up 2.04%, outperforming the CSI 300 Index by 0.04 percentage points [65] Key Stocks - Recommended stocks include: - Zhejiang Energy Power (600023.SH) - Buy - Anhui Energy Power (000543.SZ) - Buy - Guodian Power (600795.SH) - Buy - Huaneng International (600011.SH) - Buy - New Energy (688501.SH) - Buy - New Tian Green Energy (600956.SH) - Buy [8]

Investment Rating - The report maintains a "Recommended" rating for companies such as China Nuclear Power, Funiu Co., and Huaneng Hydropower, while giving a "Cautious Recommendation" to companies like China General Nuclear Power and Longyuan Power [23][3]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector rising by 2.22% and the electricity sub-sector by 2.21%, both exceeding the Shanghai and Shenzhen 300 index [1][7]. - Shandong Province has established a mechanism electricity price that aligns with the benchmark price for coal-fired power, which is expected to stabilize investment returns for renewable energy projects [2][24]. - The report highlights the significant drop in coal prices, which has led to steady growth in thermal power performance in Q1, with expectations for continued improvement as the peak electricity consumption season approaches [3][20]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2,377.21 points, up 51.64 points, while the electricity sub-sector closed at 3,171.91 points, up 68.52 points [1][7]. - The sub-sectors showed varied performance, with solar power up 4.01%, thermal power up 4.00%, and wind power up 1.78% [12][19]. Special Topic - Shandong's new pricing mechanism for renewable energy projects is set at 0.3949 yuan per kWh, matching the coal-fired benchmark price, which is expected to mitigate revenue volatility for existing projects [2][24]. - The competitive bidding for new renewable projects starting from June 1, 2025, will determine the mechanism price, enhancing investment predictability [2][24]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the thermal and hydropower sectors, particularly Funiu Co., Gansu Energy, and Huaneng International [3][20]. - It also emphasizes the stability of large hydropower companies in a declining interest rate environment, recommending companies like Yangtze Power and Chuanwei Energy [3][20]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for several companies, with China Nuclear Power expected to have an EPS of 0.46 yuan in 2024, while Funiu Co. is projected at 1.07 yuan [23][3].