Core Viewpoint - The recent announcement by the National Development and Reform Commission and the National Energy Administration to promote market-oriented pricing for renewable energy marks a significant shift from government-set prices to a market-driven approach, presenting both challenges and opportunities for renewable energy companies [1][2]. Group 1: Market Changes - Renewable energy companies will transition from a stable government pricing model to a market-driven income structure, leading to potential revenue volatility [1]. - The expansion of renewable energy capacity will increase market supply, intensifying competition among companies, which may pressure profitability if they lack flexible and competitive trading strategies [1]. Group 2: Opportunities for Improvement - The market-oriented pricing will compel companies to enhance their competitiveness through technological innovation, cost control, and management optimization, shifting the industry focus from subsidy dependence to technology-driven growth [2]. - Companies must abandon the mindset of relying on government pricing and instead adopt a strong market awareness to navigate the new environment effectively [2]. Group 3: Strategic Responses - Companies should increase research and development investments to improve efficiency and reduce costs, utilizing smart technologies to better predict market price trends and optimize power generation plans [2]. - Enhanced operational management and internal systems are essential for companies to meet the higher efficiency demands of the market, including active participation in electricity trading and strategic decision-making [2]. Group 4: Risk Management - The introduction of market trading increases price uncertainty, necessitating the establishment of risk warning mechanisms and market monitoring to mitigate risks [3]. - Companies are encouraged to secure long-term power purchase agreements to lock in prices and reduce market risks, while also collaborating with financial institutions to enhance their risk resilience [3].

Financial Performance - In 2024, the company achieved a revenue of 75.45 billion CNY, with a net profit of 6.47 billion CNY, reflecting a year-on-year growth of 37.69% [1] - The core business segments showed strong growth, with the automation business generating 8.56 billion CNY, a 37.5% increase year-on-year [1] - In Q1 2025, the company reported a revenue of 14.05 billion CNY, up 10.04% year-on-year, and a net profit of 1.2 billion CNY, increasing by 19.22% [2] Business Segments - The intelligent distribution and utilization business generated 43.24 billion CNY, marking a 17.06% growth [2] - The comprehensive energy and virtual power plant business achieved a revenue of 2.19 billion CNY, up 12.43% [2] - The overseas business generated 4.13 billion CNY, reflecting a 10.62% increase [2] Strategic Initiatives - The company is focusing on the automation business, particularly in areas like centralized control stations and intelligent monitoring, which have driven significant growth [2] - The company is actively expanding its virtual power plant capabilities, leveraging over 40 years of expertise in the energy sector [5] - The overseas market strategy includes products primarily in distribution networks, with successful entries into markets like Saudi Arabia and Uzbekistan [4] Future Outlook - The company plans to enhance its microgrid business, with ongoing projects in Yantai Airport and Maldives [6] - The demand for electric meters is expected to remain stable in 2025, with growth anticipated in high-end measurement segments [7] - The company is preparing for significant bidding opportunities in 2025, particularly in distribution network equipment [7] Dividend Policy - The company has approved a profit distribution plan for 2024, balancing investor returns with future growth needs [8] - A mid-term dividend plan for 2025 is under consideration, aiming for stable and sustainable shareholder value [8]

上市坎坷， 分布式光伏错过时机？ 遭遇行业寒冬之时，资金比任何时候都重要。 文 | 《能见派》栏目 刘丽丽 4 月末，多家光伏企业上市计划仍处于"烂尾"状态。 东立集团就是其中之一。跨界进入光伏的东立集团下属东立光伏目前上市处于停滞状态，启 动 IPO 辅导逾一年半仍未有实质性进展。同时，另一家企业正泰安能的 IPO 审核状态也变 更为"中止"，这是其第三次因财务资料过期而审核"中止"。 还有企业在另谋出路。例如创业板闯关失败的中润光能如今已转战港股。内部人士称，目前 已经递交了招股书，正在被要求补充材料，涉及历次增资、转让等。同时被要求补充材料的 还有华为离职高管创办的思格新能源，该企业被要求说明股权代持情况以及是否违反竞业禁 止规定。 虽然港股上市备案难度也在增大，但业内人士表示，港股较 A 股上市要相对容易，虽然融 资能力不强，但也属于上市公司，"一方面是能融资，另一方面资本也有了退出机制"。 户用光伏龙头企业正泰安能的上市之路已经走了 1 年多。目前，因财务资料过期，正泰安 能的 IPO 审核状态已经显示为"中止"。正泰安能由正泰电器控股，是正泰电器的户用光伏 开发的运营主体，此次上市属于分拆上市，即 ...

Core Viewpoint - The article emphasizes the importance of energy storage in the context of the new energy market, highlighting the innovative solutions provided by Zhiguang Energy Storage to meet the urgent demand for energy storage as renewable energy sources become more prevalent [1][3]. Group 1: Market Opportunities - The implementation of the National Development and Reform Commission's notice on market-oriented pricing for renewable energy in 2025 will enhance the value of energy storage as a key resource for balancing the volatility of renewable energy and improving grid flexibility [6]. - The policy shift requires renewable energy to bear system adjustment costs, promoting a multi-energy complementarity model, making new energy storage essential for power supply-demand balance and grid security [6]. Group 2: Technological Innovations - The Grid-forming Energy Storage System showcased by Zhiguang Energy Storage has three core advantages: - It actively supports grid stability by simulating the "inertia response" of traditional synchronous generators, providing rapid power support during sudden drops in renewable output or grid faults [8]. - The AI-driven intelligent trading system optimizes charging and discharging strategies based on real-time market price fluctuations and load demands, maximizing station revenue [8]. - It offers multi-scenario compatibility, catering to high-energy consumption scenarios such as industrial parks and zero-carbon microgrids, supporting integrated solar-storage charging and virtual power plant aggregation [8]. Group 3: Strategic Layout - Prior to the exhibition, Zhiguang Energy Storage established a two-year strategic cooperation with Haichen Energy Storage for the procurement of 15 GWh battery cells, ensuring supply chain stability for future product delivery [10]. - The company is adopting a "storage + AI + scenario-based" strategy to optimize lifecycle costs through digital technology [10]. - The value of energy storage is shifting from "policy-mandated storage" to "market-oriented revenue generation," with Zhiguang's grid-forming system achieving value closure through auxiliary service revenue, peak-valley arbitrage optimization, and system synergy enhancement [11][12][13]. Group 4: Future Outlook - As the national electricity spot market unification accelerates, energy storage companies must leverage technological innovation to address price volatility risks [14]. - Zhiguang Energy Storage's "intelligent grid formation + scenario integration" model serves as a benchmark for breaking through "involutionary competition" in the industry, facilitating the transition from a single equipment supplier to an energy system service provider [14]. - The successful implementation of the grid-forming cascade high-voltage energy storage demonstration project underscores the irreplaceable role of energy storage in the new power system dominated by renewable energy, acting as both a "stabilizer" for the grid and an "accelerator" for the energy revolution [16].

中国电建"史上最大光伏组件集采"，宣布终止！ 原创 张英英 吴可仲 本报记者 张英英 吴可仲 北京报道 落地仅两个多月的新能源电价改革新政，正在影响每个市场参与主体。 4月9日，中国电建设备物资集中采购平台公布的关于"中国电建集团（股份）公司2025年度光伏组件框架入围集中采购项目终止公告"显示，鉴于近期新能源电价政策调整等因素，导致招标人[ 上述中国电建集团（股份）公司涉及中国电力建设集团有限公司和中国电力建设股份有限公司（两家公司统称"中国电建"）。中国电力建设集团有限公司作为一家跨国经营的综合性特大型中央企 中国电力建设集团有限公司旗下A股上市公司——中国电力建设股份有限公司（601669.SH）是全球清洁能源建设龙头，电力投资和运营是其重要业务。 《中国经营报》记者注意到，本次终止的光伏组件框架入围集中采购项目于2024年11月13日公布招标公告。根据招标公告，此次集中采购招标的光伏组件预计装机总量（包括自主投资建设项目 | | | | 包件号 | 标的物 | 预计采购 | 各注 | | --- | --- | --- | --- | | | | 总量 | | | 包件一 | 投资建设项目所需 N 型 ...

以下文章来源于钛媒体 ，作者胡珈萌 钛媒体 . 新鲜犀利的财经见闻，放眼国际的前沿技术，还有罕见披露的内幕消息。钛媒体（www.tmtpost.com），引领未来商业与生活新知，一个投资者与创新者酷 爱聚集的地方。还可下载钛媒体App，24小时不间断更新和互动。 将投中网设为"星标⭐"，第一时间收获最新推送 涨价或许是惊喜，但也带来恐惧。 作者丨 胡珈萌 编辑丨 刘洋雪 来源丨 钛媒体 究竟目前的行情能持续多久？对于行业意味着什么？还要先从3月份至今产业链各环节的表现说起： 今年2月9日，划时代的"136号文"出台（即国家发展改革委、国家能源局联合发布的《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通 知》），新能源全面入市大踏步前进。 自那之后，新能源领域的大部分讨论，就比如这篇文章，几乎都言必称"136号文"，下游发电企业涌起"抢装潮"，抢着在政策6月1日新老划段时间节点 前上马一批项目，以拿到结算差价， 但对于6月1日后的项目，即使是国央企，也只能在徘徊中观望 ，一边焦急等待着地方细则的动向，一边加班加点更 新投资收益率测算模型。 上游制造商，在经历了两年左右的价格大熊市后，受下游抢装刺激， ...

Core Viewpoint - The recent policy changes by the National Development and Reform Commission and the National Energy Administration regarding the market-oriented reform of renewable energy grid prices will significantly impact the profitability of energy storage projects, leading to a decline in rental income and affecting new installations in the second half of the year [1]. Group 1: Project Bidding Analysis - In February, there were 43 energy storage bidding segments, with a total of 3.3GW/40.52GWh of energy storage projects awarded in China. This includes 22 energy storage system projects totaling 1.25GW/34.48GWh and 21 EPC projects totaling 2.054GW/6.05GWh [2]. - The largest awarded energy storage system project is the centralized procurement project by China Nuclear Huineng and Xinhua Power Generation for 2025-2026, with a total awarded capacity of 10GWh. The largest EPC project awarded is the first batch of energy storage projects by Xinjiang Lide New Energy Co., Ltd., with a total awarded capacity of 2000MWh [4]. Group 2: Pricing Analysis - In February, the price range for 2-hour energy storage systems was between 0.479-0.696 yuan/Wh, with an average winning bid price of 0.597 yuan/Wh. For 4-hour energy storage systems, the price range was 0.426-0.579 yuan/Wh, with an average winning bid price of 0.479 yuan/Wh [5]. - The price range for 2-hour EPC projects was between 0.665-1.37 yuan/Wh, with an average winning bid price of 1.092 yuan/Wh. For 4-hour EPC projects, the price range was 0.642-1.899 yuan/Wh, with an average winning bid price of 1.107 yuan/Wh [5]. Group 3: Market Trends - Currently, the prices of energy storage cells are stabilizing, and although there is a downward trend in energy storage system prices, the fluctuations are relatively small [7].

Investment Rating - The report maintains a positive investment outlook for the renewable energy sector, particularly in solar and wind energy, highlighting strong demand and growth potential in both domestic and international markets [4][9][39]. Core Insights - The domestic solar installation in January-February 2025 reached 39.5GW, with an expected annual increase of 28% in total installations for 2024 [4][5][9]. - Global solar installation is projected to reach between 531GW and 583GW in 2025, with optimistic growth estimates of over 10% [28][39]. - The supply chain is showing signs of recovery, with prices stabilizing and a slight rebound in production across various segments, including polysilicon and solar modules [41][49]. Summary by Sections Domestic Market - In the first two months of 2025, China added 39.5GW of solar capacity, maintaining stable growth, with a total expected installation of 215-255GW for the year [4][6][9]. - The National Development and Reform Commission and the National Energy Administration have initiated reforms to enhance market-driven pricing for renewable energy [10][15]. International Market - The global demand for solar energy is steadily increasing, with significant installation plans emerging in regions like Latin America and the Middle East [18][28]. - In January 2025, India reported a substantial increase in solar installations, with a total capacity exceeding 100GW [31][34]. Supply Chain Dynamics - The polysilicon production in February 2025 was approximately 9.23 million tons, showing a slight decrease but expected to recover in March [49]. - Solar module prices have seen a minor increase due to rising demand from distributed energy projects, with significant players adjusting their production strategies accordingly [43][44]. Investment Recommendations - The report suggests focusing on high-growth areas such as inverter and racking systems, as well as leading solar manufacturers with cost advantages and strong distribution channels [4][39]. - Key companies to watch include LONGi Green Energy, Trina Solar, and various emerging technology leaders in the solar sector [4][39].

Investment Rating - The report maintains a positive investment outlook for the renewable energy sector, particularly in solar and wind energy, highlighting strong demand and growth potential in both domestic and international markets [4][9][39]. Core Insights - The domestic solar installation in January-February 2025 reached 39.5GW, with an expected annual increase of 28% in total installations for 2024 [4][5][9]. - Global solar installation is projected to reach between 531GW and 583GW in 2025, with optimistic growth estimates of over 10% [28][39]. - The supply chain is showing signs of recovery, with prices stabilizing and a slight rebound in production across various segments, including polysilicon and solar modules [41][49]. Summary by Sections Domestic Market - In the first two months of 2025, China added 39.5GW of solar capacity, maintaining stable growth, with a total expected installation of 215-255GW for the year [4][6][9]. - The National Development and Reform Commission and the National Energy Administration have initiated reforms to enhance market-driven pricing for renewable energy [10][15]. International Market - The global demand for solar energy is steadily increasing, with significant installation plans underway in emerging markets such as Latin America and the Middle East [18][28]. - In January 2025, India added 2.47GW of solar capacity, marking a year-on-year increase of 149.49% [31][34]. Supply Chain Dynamics - The polysilicon production in February 2025 was approximately 9.23 million tons, with prices remaining stable as manufacturers adopt a cautious approach [49]. - The solar module market is experiencing a surge in demand due to distributed generation projects, leading to a price increase of 5.8% month-on-month for certain module types [4][41]. Investment Recommendations - The report suggests focusing on high-growth areas such as inverter and racking systems, as well as leading solar manufacturers with cost advantages and strong distribution channels [4][39]. - Key players in the wind energy sector are also highlighted, particularly those involved in offshore wind projects and related supply chains [4][39].

政策利好引发光伏"抢装潮" 多晶硅市场短期回暖 近期，在政策刺激与行业自律减产的双重作用下，多晶硅市场需求边际回暖，期货价格小幅回升。 市场分析人士指出，由于本轮光伏项目抢装的时间周期较短，会透支下半年部分需求。此外，叠加 未来多晶硅供应增量和需求增速放缓预期，难改供需过剩格局。 需求端边际改善 价格或将继续承压 尽管期货盘面小幅上涨，但多晶硅现货实际成交未明显放量，上游传导的不流畅和去库不及预期限 制了多晶硅价格的上行空间。 据长江有色金属网，截至25日，多晶硅现货价32000-34000元／吨，均价33000元／吨，连续多个交 易日持平。 一德期货分析，近期部分企业处于签单前的议价磋商阶段。虽然下游环节部分规格组件紧俏，价格 稳中有涨，但目前往上传导并不流畅，到多晶硅环节有一定难度。 Mysteel预计，2025年3月份多晶硅排产在9.7万吨左右，环比上涨8.26%。银河期货在研报中推测， 3-5月硅片平均月度排产量将超过50GW，多晶硅月度平均需求为11.2万吨左右，预计多晶硅小幅去库。 1月，国家能源局发布《分布式光伏发电开发建设管理办法》（以下简称《管理办法》），旨在促 进分布式光伏发电高质量发展， ...