Core Viewpoint - The article discusses the implementation of the "Implementation Plan for Deepening the Market-oriented Reform of New Energy Grid Connection Prices (Trial)" in Xinjiang, which aims to establish a sustainable pricing mechanism for new energy and ensure a smooth transition from old to new policies [1][9]. Summary by Sections Background of the Plan - The plan is a response to the 20th National Congress of the Communist Party of China, which emphasizes market-driven pricing mechanisms and the establishment of a unified national electricity market [9]. - It follows the "136 Document" issued by the National Development and Reform Commission and the National Energy Administration, which calls for market-driven pricing for new energy by the end of 2025 [9]. Main Content of the Plan - The plan includes basic principles, main tasks, and safeguard measures. The main tasks focus on market-driven pricing, establishing a sustainable pricing mechanism, determining the scale and price level of mechanism electricity, and clarifying settlement methods and exit rules [10]. Mechanism Electricity Price and Volume - For existing projects before June 1, 2025, the mechanism electricity price is set at 0.25 CNY/kWh for subsidized projects (30% of grid-connected electricity) and 0.262 CNY/kWh for parity projects (50% of grid-connected electricity) [12]. - For new projects after June 1, 2025, the mechanism electricity price will be determined through competitive bidding, with a temporary mechanism electricity volume ratio of 50% [13]. Competitive Bidding for Incremental Projects - The bidding for incremental projects will adopt a marginal clearing method, with a bidding range set between 0.150 CNY/kWh and 0.262 CNY/kWh. Bidding will be organized annually, allowing voluntary participation from projects that have not previously been included in the mechanism [14]. Price Difference Settlement Mechanism - The State Grid Xinjiang Electric Power Company will conduct monthly price difference settlements for the included mechanism electricity, incorporating the difference between the market trading average and the mechanism electricity price into the system operation costs [15]. Positive Impact on High-Quality Development of New Energy - The plan is seen as a significant step in implementing the spirit of the 20th National Congress and furthering electricity market reforms. It aims to stabilize revenue expectations for new energy companies, boost development confidence, and contribute to the sustainable and healthy development of new energy in the region [16].

文 | 中关村储能产业技术联盟 5月份以来，各地陆续下发136号文的省级承接文件。目前，蒙东的文件正式下发（详见《 蒙东136号 文配套细则正式方案：存量项目机制电价为煤电基准价，新增项目暂不安排机制电量 》），山东、广东 出台征求意见稿（详见《 山东：136号文后首个省级配套细则出台，531前投产项目机制电价0.3949 元/度！ 》、《 广东136号文配套细则：机制电量≤90%，机制电价最长执行14年 》） 近日，湖南省发改委关于印发《湖南省深化新能源上网电价市场化改革实施细则（暂行）》的通知文件 流出（详细内容参考附件）。该文件为相关部门内部讨论稿，仅供参考。 2025年6月1日前全容量并网的存量项目： 电量规模： 光伏扶贫项目扶贫容量对应的上网电量 全部纳入 机制电量规模；扶贫容量以外的其他分 布式光伏项目、接入电压等级35千伏及以下风电和集中式光伏项目纳入机制电量的规模 按照其上网电 量的80%确定 。 机制电价： 纳入机制电量的机制电价为 0.45元/千瓦时 。 执行期限： 按2025年5月底项目剩余全生命周期合理利用小时数对应年份与投产满 20年 对应年份较 早者确定。 2025年6月1日后全容 ...

Core Viewpoint - The "Notice on Deepening the Market-oriented Reform of New Energy Grid Connection Prices" (referred to as "Document No. 136") significantly impacts the new energy market, influencing trends such as the rush for photovoltaic installations and the cancellation of mandatory energy storage requirements [1][2]. Group 1: Market Dynamics - The implementation of Document No. 136 introduces a price difference settlement mechanism for new energy, with existing projects before June 1, 2025, aligning with local coal power benchmark prices, while new projects post this date will have their pricing determined through market competition [2]. - The announcement of Document No. 136 has led to a surge in photovoltaic installations as companies rush to capitalize on the existing pricing structure before changes take effect [2]. Group 2: Industry Perspectives - Industry experts emphasize the need for new energy to integrate into comprehensive energy services, utilizing models such as energy storage, virtual power plants, and integrated source-grid-load-storage systems to enhance competitiveness and maximize value [1]. - The chairman of Zhengtai Aneng views the document as a recognition of clean energy's primary power source status, advocating for a strategic shift towards becoming a global leader in comprehensive energy services [2]. Group 3: Energy Storage Insights - The Secretary-General of the Energy Storage Leaders Alliance highlights the increasing autonomy of market participants, suggesting that as the market matures, the value of energy storage products will become more certain [3]. - Initially perceived as a negative for the energy storage sector, the cancellation of mandatory energy storage is now seen as a potential benefit as the value of storage becomes more recognized [3]. - Experts predict that as renewable energy penetration increases, the reliance on traditional power sources will diminish, necessitating a higher frequency of new energy storage dispatches to maintain system stability [3][4].

Core Insights - The 18th International Solar Photovoltaic and Smart Energy Conference (SNEC PV+) was held in Shanghai from June 10-12, where Ant Group's Ant Financial Technology launched the "Energy Service Intelligent Agent" based on the EnergyTS time-series model, which significantly enhances investment decision-making efficiency by over 60 times compared to manual processes [1][2] - The recently implemented "Document No. 136" mandates that starting June 1, 2025, new renewable energy projects will participate in market trading for electricity pricing, which will be determined by market supply and demand rather than fixed benchmarks, raising the bar for renewable energy companies in terms of forecasting and decision-making accuracy [1] - The Energy Service Intelligent Agent covers three main scenarios: pre-investment decision-making, smart operations, and asset finance, enabling automated task planning and multi-agent collaboration through simple text commands [1][2] Pre-Investment Decision-Making - The intelligent agent can automatically generate project proposals, conduct economic assessments, perform sensitivity analyses, and optimize plans, reducing the investment calculation cycle from 2-3 days to just over ten minutes [2] - It produces detailed investment decision reports, enhancing the efficiency of the pre-investment phase [2] Smart Operations - In the smart operations scenario, the agent can automatically create comprehensive operational strategies, risk management strategies, and trading strategies, improving management efficiency and mitigating electricity price volatility risks [2] Asset Finance - The intelligent agent provides asset profiling analysis and evaluations for investors, offering asset yield enhancement measures and financing suggestions for energy companies [2] - It is set to be applied across various fields, including commercial photovoltaic, residential photovoltaic, energy storage, and integrated energy, with a recent partnership established with JA Solar for pre-investment decision-making applications [2] Technology and Model Performance - In March, Ant Group released the EnergyTS time-series model, which integrates industry-specific knowledge and multimodal data, enhancing the accuracy and effectiveness of task planning and tool invocation [2] - The model has demonstrated superior electricity generation forecasting accuracy compared to mainstream general time-series models from Google and Amazon in industry evaluations [2]

Group 1: Investor Relations Activities - The investor relations activity involved a specific audience survey with participation from various investment institutions, including Tianfeng Securities and China Acquisition Group [1] - The event took place on June 10, 2025, in Shenzhen [1] Group 2: Strategic Investment and Financial Goals - Shenzhen Energy's environmental subsidiary successfully attracted five leading domestic investment institutions as strategic investors, raising RMB 5 billion by March 2025 [2] - The raised funds will focus on enhancing technological innovation and expanding light asset businesses, aiming to establish a strong brand presence both domestically and internationally [2] Group 3: Current and Future Projects - The company has an ongoing coal power project in Baoding with a capacity of 660,000 kW and has approved but not yet constructed projects, including the Ma Wan 2×66 MW coal upgrade project [2] - As of Q1 2025, all operational gas power plants, except for two specific plants, have achieved profitability [2] Group 4: Policy Response and Market Adaptation - The company is closely monitoring the implementation details of the 136 Document issued on January 27, 2025, which promotes market-oriented pricing for renewable energy [2] - The company is enhancing its capabilities in investment decision-making and market forecasting to adapt to the new policy environment [2]

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Insights - The report highlights the implementation of the "136" document mechanism in multiple regions, leading to a surge in renewable energy installations. The specific measures vary across regions, impacting the development of new energy projects significantly [3][8] - The report anticipates that the domestic electricity sector may experience profit improvement and value reassessment following several rounds of supply-demand tensions. Despite a gradual easing of supply-demand conflicts, some economically developed areas still face regional supply shortages [4][10] Summary by Sections Monthly Special Topic - The "136" document has been implemented in Shandong, Guangdong, and Inner Mongolia, with varying measures affecting the protection of existing projects and the execution of new projects [9][10] Monthly Sector and Key Listed Company Performance - In May, the electricity and public utilities sector rose by 2.3%, outperforming the broader market, while the Shanghai and Shenzhen 300 index increased by 1.8% [11][14] Monthly Electricity Demand Analysis - In April 2025, total electricity consumption reached 772.1 billion kWh, with a year-on-year growth of 4.7%. The growth rates for different sectors were 13.8% for primary industry, 3.0% for secondary industry, and 9.0% for tertiary industry [16][19] Monthly Electricity Production Analysis - In April 2025, total electricity generation was 711.1 billion kWh, with a year-on-year increase of 0.9%. Notably, wind and solar power generation saw significant growth of 12.7% and 16.7%, respectively [38][39] Monthly Electricity Market Data Analysis - The average purchase price of electricity in June was 385.80 yuan/MWh, showing a decrease of 1.02% month-on-month and 2.78% year-on-year [4] Investment Strategy and Valuation of Major Listed Companies - The report suggests that coal-electricity integrated companies and national coal-electricity leaders are likely to benefit from the current market conditions. Specific companies mentioned include Xinji Energy, Shaanxi Energy, and Huaneng International [4][10]

Core Viewpoint - The large-scale cancellation of renewable energy projects is primarily attributed to tightened policies and regulatory measures in the industry [1][6][9]. Summary by Sections Project Cancellations - Multiple provinces in China, including Shanxi, Ningxia, Shaanxi, and Fujian, have announced the cancellation of numerous renewable energy projects due to non-compliance with new regulatory requirements [1][2][4][5]. - For instance, Shanxi's recent announcement included the cancellation of 14 projects totaling over 590,000 kilowatts [1]. - In Fujian, 10 solar projects were canceled, amounting to a total capacity of 114.3 megawatts, involving major energy companies [5]. Policy Changes - The National Development and Reform Commission and the National Energy Administration have implemented stricter policies regarding project approvals and timelines, requiring projects to be completed by specific deadlines or face cancellation [2][6]. - The "136 Document" introduced a market-driven pricing mechanism for renewable energy, shifting from guaranteed pricing to market-based pricing, which has altered investment dynamics in the sector [6][7]. Economic Viability - The decline in expected returns due to changing electricity pricing has made many projects economically unfeasible, leading companies to halt or cancel projects [7][8]. - Major companies like China Power Construction and State Power Investment Corporation have announced project terminations due to these economic pressures [7]. Industry Challenges - The rapid expansion of the renewable energy sector has led to issues such as blind expansion and project "occupying" without actual development, resulting in resource wastage [9][10]. - The industry faces significant pressure from the integration of large-scale renewable energy into the grid, necessitating a restructuring and optimization of project management [11].

Core Viewpoint - The company, Yinxing Energy, is focusing on expanding its distributed photovoltaic projects and enhancing operational efficiency through smart management systems, while aligning with the carbon neutrality goals of its parent company, Chalco Group [1][3][4]. Company Performance - As of May 30, 2025, Yinxing Energy's stock closed at 5.49 yuan, a 1.29% increase from the previous week, with a total market capitalization of 5.04 billion yuan [1]. - The company has completed nine out of eighteen approved distributed photovoltaic projects, achieving an investment return rate of approximately 10% for its Helan Mountain project [1][4]. Strategic Initiatives - The company is accelerating the construction of distributed photovoltaic projects to meet the green energy demands of Chalco Group, with a focus on carbon reduction and cost efficiency [1][3]. - A smart operation and maintenance center has been established to enhance the management of wind farms, aiming for a new operational model that reduces costs and improves efficiency [1][5][11]. Market and Policy Environment - The company is closely monitoring changes in electricity trading policies to adapt its project production plans and marketing strategies, thereby enhancing investment returns [2][5]. - Recent policies from the National Development and Reform Commission and the National Energy Administration are expected to promote sustainable development in the renewable energy sector [4][5]. Future Outlook - The company plans to continue its efforts in upgrading old wind turbines and expanding distributed photovoltaic projects, leveraging the green transformation strategies of Chalco Group [3][8]. - There are no current plans for overseas market expansion, but the company remains committed to developing its renewable energy business [10].

隆基绿能（601012）科技股份有限公司(以下简称"隆基绿能")在构建差异化竞争优势上再度加码。5月 29日下午，隆基绿能发布使用BC技术的Hi-MOX10轻质双防组件。该组件每平方米仅重7.2千克，比常 规组件重量减少30%以上。 "这是公司持续打造差异化，针对不同应用场景的又一组件产品，该组件专为老旧厂房、轻量化彩钢 瓦、网架结构等低载荷屋顶而研发。"隆基绿能分布式业务中国区总裁牛燕燕向《证券日报》记者表 示，在光伏普及的当下，仍有超过30%的屋顶因荷载限制无法安装光伏电站。这些业主虽期待绿色转 型，却因高昂加固成本望而却步，制约了"双碳"进程。 据悉，该组件可以使一万平方米的屋顶承重降低34吨。据估算，这款组件可以让全球10亿平方米的厂房 屋顶享受绿色能源，共同实现低碳发展。 此外，该组件虽然轻，"但可抵御3.6米积雪或12级大风。同时，还具有'防起火''防遮挡'的功能，而该 组件24.8%转换效率又远高于目前市面上普通轻质组件21%左右的转换效率，使BOS成本降低33%。"牛 燕燕称。 "在光伏行业竞争加剧的情况下，企业发展的核心应当聚焦在技术革新和自身的差异化优势上。"万联证 券股份有限公司投资顾问 ...

文 | 中关村储能产业技术联盟 5月29日，内蒙古自治区发展改革委、内蒙古自治区能源局发布关于印发 《深化蒙东电网新能源 上网电价市场化改革实施方案》 的通知（以下简称《方案》）。 2024年蒙东电力市场交易新能源电量占比已达91%以上，为深化新能源上网电价市场化改革创 造了坚实基础和有利条件。方案指出，推动新能源上网电价全面由市场形成，完善现货交易机制 和中长期交易机制，并 明确了新能源项目上网的电量规模、机制电价、执行期限、结算方式。 中长期交易按工作日连续开展，允许供需双方结合新能源出力特点，合理确定中长期合同的量 价、曲线等内容，并根据实际灵活调整。完善绿色电力交易政策， 申报和成交价格应分别明确 电能量价格和相应绿证价格。 电量规模、机制电价、执行期限 2025年6月1日前投产的新能源存量项目 电量规模： 衔接目前具有保障性质的上网电量规模确定，保持该部分电量收益基本稳定。 一是 分布式光伏、分散式风电、扶贫光伏等项目的实际上网电量； 二是 现货市场连续运行前，带补 贴集中式风电、带补贴集中式光伏、风电供热试点项目、风电特许权项目继续按照 790小时、 635小时、1900小时、1900小时 对应的 ...