Core Viewpoint - This summer, China's electricity load has reached a new high, with the total electricity consumption exceeding 1 trillion kilowatt-hours for the first time in July, reaching 10,226 billion kilowatt-hours. Despite the immense pressure on the power grid, there were no power cuts or load shedding this summer. The improvement in power supply, significant increase in installed generation capacity, widespread use of virtual power plants, and stable coal market operations have all strengthened the foundation for electricity supply this summer. However, the energy and electricity security work in China remains a significant challenge, with a focus on transitioning from "using electricity" to "using electricity efficiently" being the next goal for relevant departments and the energy industry [1]. Group 1 - The total electricity consumption in July reached 10,226 billion kilowatt-hours, marking a historic high for a single month [1] - There were no instances of power cuts or load shedding during this summer despite high demand [1] - Factors contributing to the stable electricity supply include improvements in power supply, increased installed generation capacity, the use of virtual power plants, and a stable coal market [1] Group 2 - The energy and electricity security work in China is still a significant challenge [1] - The next goal for relevant departments and the energy industry is to shift focus from merely using electricity to using it more efficiently [1]

Core Viewpoint - Lianyungang Energy Group has successfully completed the city's first carbon trading transaction in the national voluntary greenhouse gas emission reduction trading system (CCER), marking a significant step in its integrated "wind, solar, hydrogen, storage, and carbon trading" industry layout [1] Group 1: Carbon Trading and Green Energy Initiatives - The carbon trading transaction reflects the company's commitment to the philosophy of "lucid waters and lush mountains are invaluable assets" and the voluntary emission reduction policy [1] - The carbon trading business will synergize with wind energy, solar energy, hydrogen energy, and energy storage sectors, contributing to the establishment of a complete green energy industry chain in Lianyungang [1] Group 2: Virtual Power Plant Development - The company has successfully passed the qualification review for virtual power plant operations by the Jiangsu Electric Load Management Center and Jiangsu Electric Trading Center, becoming the first registered virtual power plant in Lianyungang [1] - The company aims to leverage this qualification to explore innovative business models, tapping into the province's energy potential by aggregating distributed energy sources, user-side energy storage, charging and swapping facilities, and adjustable loads from commercial and industrial sectors [1] - By participating in the provincial electricity trading market as a virtual power plant, the company seeks to enhance its energy services, market operations, and intelligent management capabilities [1]

Group 1 - The article discusses the implementation of "virtual power plants" in Chongqing and Hubei to effectively integrate distributed energy resources, energy storage, and electric vehicles to manage rising electricity demand [1][3] - In Chongqing's Bishan District, a smart "zero-carbon" power plant has been established, combining photovoltaic energy and energy storage systems, which can provide a peak capacity of 69,000 kilowatts, accounting for one-sixth of the industrial load in the Bishan power grid [3] - In Wuhan, a vehicle-grid interaction project has been developed, allowing electric vehicle owners to charge during off-peak hours and sell electricity back to the grid during peak times, effectively turning electric vehicles into "energy banks" [5][7] Group 2 - The project in Wuhan enables electric vehicle owners to potentially cover their daily charging costs through participation in discharge activities, achieving a "zero-cost" green travel solution [5] - Currently, 11 charging and swapping stations in Wuhan have been equipped with reverse power transmission devices, enhancing the city's power supply resilience [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.64 CNY based on a projected P/E ratio of 54 for 2025 [4][8]. Core Insights - The company's revenue for the first half of 2025 reached 321 million CNY, representing a year-on-year increase of 43.2%, with a net profit attributable to the parent company of 45.97 million CNY, up 53.5% [1]. - The rapid growth in the company's power forecasting business is expected to continue, driven by a surge in new energy installations, with a 55.1% increase in revenue from this segment in the first half of 2025 [7]. - The overall gross margin for the first half of 2025 was 61.4%, down 5.8 percentage points from the previous year, but is anticipated to rebound in the second half as service revenues from new clients begin to contribute [7]. Financial Summary - The company’s projected financials indicate a revenue increase from 456 million CNY in 2023 to 1.333 billion CNY by 2027, with a compound annual growth rate (CAGR) of 22.9% [3]. - Net profit is expected to grow from 84 million CNY in 2023 to 318 million CNY in 2027, reflecting a CAGR of 29.7% [3]. - The earnings per share (EPS) is projected to rise from 0.64 CNY in 2023 to 2.40 CNY in 2027 [3]. Business Performance - The company experienced a significant increase in its power forecasting business, with a revenue of 205 million CNY in the first half of 2025, marking a 55.1% increase year-on-year [7]. - The company’s operating profit is expected to grow from 83 million CNY in 2023 to 343 million CNY in 2027, with a notable increase of 69.9% in 2025 [3]. - The gross margin for the power forecasting business specifically decreased to 61.6% in the first half of 2025, but is expected to recover as service revenues increase [7].

Core Viewpoint - The article discusses the emergence and significance of virtual power plants (VPPs) in China, highlighting their ability to manage distributed energy resources and address peak electricity demand without the need for traditional power generation infrastructure [1][3][4]. Group 1: Virtual Power Plant Overview - A virtual power plant is a smart energy management system that aggregates distributed energy resources such as solar, storage, and controllable loads to create a unified electricity regulation pool [1]. - As of now, China's operational virtual power plants have a total regulation capacity exceeding 35 million kilowatts, equivalent to the installed capacity of 1.5 Three Gorges power stations, with a target to surpass 50 million kilowatts in the next five years [2]. Group 2: Economic and Environmental Benefits - The rise of virtual power plants addresses the increasing demand for electricity in China, which has surged significantly, with energy consumption growth during the 14th Five-Year Plan period reaching 1.5 times that of the previous five years [3]. - Traditional power plants are slow to respond and costly, while virtual power plants can quickly adjust resources to ensure stable electricity supply during peak demand, thus serving as a "savior" for electricity shortages [3][4]. - Building a large coal or gas power plant requires an investment of tens to hundreds of billions, while virtual power plants can meet peak electricity needs with an investment of only 50 to 60 billion yuan, significantly reducing costs and meeting environmental standards [4]. Group 3: Policy Support and Investment Potential - The demand for flexible and adjustable resources in the new power system has been bolstered by supportive policies, including guidelines from the National Energy Administration encouraging the aggregation of distributed resources [5][6]. - By 2025, the investment market for virtual power plants in China is expected to exceed 30 billion yuan, with annual investments ranging from 10.5 billion to 20 billion yuan [7]. Group 4: Current Developments and Challenges - Despite the late start of virtual power plants in China compared to countries like the U.S. and Germany, various provinces are launching demonstration projects to establish commercial models [8]. - Shanghai has seen significant advancements, with its virtual power plant management center connecting 49 operators and achieving a substantial increase in adjustable capacity [8]. - The establishment of the Virtual Power Plant Professional Committee aims to promote collaboration across the industry and enhance standardization and scalability [9].

（原标题："看不见的电厂"顶住夏季用电高峰丨年中能源观察） 年中能源观察之二 21世纪经济报道记者费心懿 实习生余名伟 想象一座"电厂"，没有厂房、没有机器，却可以解决用电尖峰时段的用电荒、电价贵问题。 这种"看不见的电厂"叫虚拟电厂，是一种通过数字化技术聚合分布式能源资源（如光伏、储能、可控负 荷等）的智慧能源管理系统。 虚拟电厂本身并不发电，但"看不见的电厂"却能够将分散的可调控用电设备、储能装置以及分布式新能 源等多种资源，整合为统一调度的"城市电力调节池"。 炎炎夏日空调狂开时，虚拟电厂运营方能引导用户降低用电，或让电动车向电网反向放电。 如今，我国已经建成投运的"虚拟电厂"总调节能力超过3500万千瓦，相当于1.5个三峡电站的装机容 量。而在未来五年，这个数字要突破5000万千瓦。 虚拟电厂环保又省钱 近年来，中国用电量飙升。"十四五"前四年我国能源消费增量达"十三五"五年增量1.5倍。 尤其是今年在高温天气的影响下，全国多地用电负荷屡创新高。今年7月，全社会月度用电量数据历史 性突破万亿千瓦时大关——是十年前的近两倍，相当于东盟国家一年的用电量。 在此背景下，传统电厂"反应慢""成本高"的短板暴露 ...

8月20日，在湖北电力虚拟电厂管控云平台上，各类分布式电源数据实时跳动，工作人员通过系统动态 调整聚合资源出力，精准响应电网供需变化，在高温保电关键时期，以灵活调控保障民生用电稳定可 靠。 近年来，在政策和机制的助推下，虚拟电厂发展步入快车道。国网湖北省电力有限公司（以下简称"湖 北电力"）落实国家电网有限公司部署，大力推进虚拟电厂建设，建成华中地区首个省级虚拟电厂平 台，并在控制技术、市场机制等方面开展探索，推动新型电力系统建设。 虚拟电厂整合多类可调节资源 8月6日，湖北电力调度控制中心虚拟电厂管控云平台的工作显示屏上，数家虚拟电厂量价曲线实时更 新。据值班员介绍，当日虚拟电厂执行偏差率约为3%，后续将形成较好的市场收益。 虚拟电厂并非实体电厂，而是通过先进信息技术聚合分散的分布式能源资源形成的"云端电厂"。具体来 说，它是聚合分布式发电、储能系统、商业楼宇、5G铁塔基站、新能源汽车等各类分散资源的新型电 力运行组织模式。 湖北电网是三峡水电外送的起点、"西电东送"的通道、"南北互供"的枢纽。湖北电力调控中心虚拟电厂 工作室主管汪红波介绍，面对近年来尖峰负荷增长、大规模新能源电量消纳给电网调峰带来的挑战， ...

文 | 中关村储能产业技术联盟 近日，中电装储能所属山东电工时代中标2个储能项目。 根据中关村储能产业技术联盟（CNESA）数据，2 0 2 5上半年， 中电装储能国内、全球储 能系统出货量双双跻身行业前五 ，储能业务表现亮眼。 今年以来，中电装储能锚定五大六小集团、能建电建等央企，成功中标入围华电集团、华 能集团、中核汇能及新华发电、中能建、中电建等高规格央企集采项目， 框架总规模超 3 6GWh。 8月2 5日，中标南自新能源科技新疆华电乌鲁木齐光伏基地1 0 0万千瓦/ 400万千瓦时 独立新型储能示范项目储能电池舱招标项目，中标容量 1 0 0MW/ 4 0 0MWh 。 8月2 6日，中标内蒙古能源赤峰市巴林左旗4 0万千瓦/ 160万千瓦时独立储能项目，中 标容量 4 0 0MW/ 1 6 0 0MWh 。 截至目前 ，公司累计储能系统出货量超40GWh， 助力建成世界容量最大的海西州虚拟 同步技术示范工程，全球首个百兆瓦时智能组串式构网型储能项目，国内首座集高效、绿 色、智能的现代化储能基地等超500个储能项目，户用储能出海南非、德国、意大利等多 国。 ESIE 2026 储能产业发展的风向标 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company has shown significant improvement in profitability due to effective cost control, with a notable increase in net profit by 24.83% year-on-year for the first half of 2025 [1][3]. - Revenue for the first half of 2025 reached 539 million yuan, reflecting a year-on-year growth of 1.54% [1]. - The company is focusing on expanding in both domestic and overseas markets, particularly in sectors like new energy and virtual power plants [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 295 million yuan, a year-on-year increase of 2.34% and a quarter-on-quarter increase of 21.46% [1]. - The net profit for Q2 2025 was 73 million yuan, marking a year-on-year growth of 32.58% and a quarter-on-quarter growth of 40.66% [1]. Revenue Breakdown - Revenue from power monitoring and substation comprehensive monitoring products grew by 0.01% to 226 million yuan, with a gross margin increase of 1.03 percentage points to 48.34% [2]. - Revenue from energy efficiency management products decreased by 0.12% to 175 million yuan, but the gross margin increased by 0.73 percentage points to 48.39% [2]. - Revenue from electric sensors increased by 6.47% to 63 million yuan, with a gross margin increase of 0.06 percentage points to 45.34% [2]. - Revenue from fire and electrical safety products decreased by 0.85% to 41 million yuan, while the gross margin increased by 0.69 percentage points to 47.98% [2]. - Revenue from enterprise microgrid and other products grew by 20.14% to 32 million yuan, with a gross margin increase of 0.83 percentage points to 45.93% [2]. Cost Management - The company has effectively controlled costs, with a decrease in sales expense ratio by 0.94 percentage points to 11.89%, management expense ratio by 0.14 percentage points to 5.68%, and R&D expense ratio by 1.58 percentage points to 9.67% [3]. - The overall gross margin improved by 0.75 percentage points to 47.82%, and the net profit margin increased by 4.36 percentage points to 23.30% [3]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 238 million yuan, 284 million yuan, and 335 million yuan for 2025, 2026, and 2027 respectively [4][5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.95 yuan, 1.13 yuan, and 1.34 yuan [4][5].

Core Viewpoint - The stock of Teriade has shown a positive trend with a year-to-date increase of 13.48%, reflecting strong market interest and performance in the electric equipment sector [1] Group 1: Stock Performance - As of August 27, Teriade's stock price reached 24.74 CNY per share, with a market capitalization of 26.114 billion CNY [1] - The stock experienced a net inflow of 12.2588 million CNY from major funds, indicating strong buying interest [1] - Over the past five trading days, the stock has increased by 4.48%, and over the last 20 days, it has risen by 7.38% [1] Group 2: Company Overview - Teriade Electric Co., Ltd. was established on March 16, 2004, and went public on October 30, 2009 [1] - The company specializes in outdoor box-type electrical equipment and indoor switchgear, focusing on the research, design, and manufacturing of power distribution products rated at 220kV and below [1] - The revenue composition includes 31.80% from electric vehicle charging networks, 28.54% from box-type equipment, 25.50% from system integration, and 14.15% from complete switchgear [1] Group 3: Financial Performance - For the first quarter of 2025, Teriade reported a revenue of 2.102 billion CNY, a year-on-year decrease of 18.17%, while the net profit attributable to shareholders was 64.7773 million CNY, reflecting a growth of 5.17% [2] - Since its A-share listing, Teriade has distributed a total of 684 million CNY in dividends, with 314 million CNY distributed in the last three years [3] Group 4: Shareholder Structure - As of March 31, 2025, the number of Teriade's shareholders decreased by 11.34% to 51,800 [2] - The top shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to the previous period [3]