Core Insights - The National Energy Administration has issued a notice aimed at promoting the development of the private economy in the energy sector, focusing on financing channels and supporting private enterprises in various aspects such as public offerings, refinancing, mergers and acquisitions, and bond financing [1][3]. Group 1: Support for Private Enterprises - The notice encourages private enterprises to invest in nuclear power projects, hydropower, oil and gas storage facilities, and liquefied natural gas receiving stations [1][2]. - It supports private enterprises in participating in major infrastructure projects, including oil and gas pipeline networks and renewable energy projects like solar thermal power and biomass energy [1][2]. Group 2: Development of New Energy Models - The notice emphasizes the development of new energy business models, including virtual power plants and smart microgrids, and encourages investment in new technologies such as energy storage and charging infrastructure [2][3]. - It promotes innovation in the private sector, urging traditional energy companies to accelerate digital transformation and adopt advanced technologies for energy equipment recycling [2]. Group 3: Market Participation and Fair Competition - The notice aims to improve market access for private enterprises by enhancing the separation of oil and gas pipeline operations and optimizing licensing conditions for construction companies [2][3]. - It seeks to lower electricity connection costs for small private enterprises and improve the overall market environment for fair competition [2][3]. Group 4: Enhancing Government Services - The notice proposes streamlined administrative processes, including online approvals and one-stop services for wind power projects, to improve government services for private enterprises [3]. - It emphasizes the need for better communication between government and enterprises, as well as the protection of private enterprise rights [3][4].

文 | 国家能源局 4月28日，国家能源局发布《关于促进能源领域民营经济发展若干举措的通知》，通知指出， 支 持民营企业参与"沙戈荒"大基地投资建设， 加快发展虚拟电厂，有序推动发展绿电直连模式，研 究出台支持智能微电网健康发展的意见，制定推动大功率充电、提升充电基础设施运营服务质量 等政策，支持民营企业积极投资新型储能、虚拟电厂、充电基础设施、智能微电网等能源新技术 新业态新模式。 支持民营能源企业转型升级。 鼓励传统民营能源企业加快数字化改造和智能化升级，支持民营企 业在煤矿、电厂等智能化改造中发挥更大作用。鼓励民营企业推进风电场、光伏电站构网型技术 改造，创新"人工智能+"应用场景，提高出力预测精度、运行效率和管理水平。鼓励民营企业积 极培育风电、光伏设备循环利用先进技术和商业模式，提高资源利用效率。 鼓励民营企业高质量参与"一带一路"建设，稳妥开展风电、光伏、氢能、储能等绿色能源项目合 作，提高企业国际竞争力。 国家能源局关于促进能源领域民营经济发展若干举措的通知 国能发法改〔2025〕40号 各省（自治区、直辖市）能源局，有关省（自治区、直辖市）及新疆生产建设兵团发展改革委， 各派出机构，各有关能源 ...

文 | 国家能源局 4月28日，国家能源局举行新闻发布会，发布一季度能源形势、一季度可再生能源并网运行情 况，解读《国家能源局关于促进能源领域民营经济发展若干举措的通知》《中国氢能发展报告 （2025）》，并回答记者提问。 出席发布会的有法制和体制改革司副司长徐欣女士、发展规划司副司长邢翼腾先生、能源节约和 科技装备司副司长徐继林先生、新能源和可再生能源司副司长潘慧敏女士、综合司副司长、新闻 发言人张星。 一季度全国能源形势，新型储能等投资快速增长 今年以来，能源行业深入贯彻落实中央经济工作会议精神和党中央、国务院决策部署，推动我国 能源供给体系不断完善，供应保障能力持续增强，绿色低碳转型取得新进展，能源高质量发展不 断走深走实。总的来看，一季度全国能源供应充足，消费保持增长，供需总体宽松，价格稳中有 降，能源生产和用电增速呈现积极信号，主要有以下四个特点： 一是能源生产稳步增长，3月份煤、油、气、电生产增速加快。一季度规上工业原煤产量12亿 吨，同比增长8.1%；3月份规上工业原煤产量同比增长9.6%，日均产量超过1400万吨。一季度规 上工业原油产量5409万吨，同比增长1.1%，3月份规上工业原油产量同 ...

文 | 合肥市人民政府办公室 4月25日， 合肥市人民政府办公室印发《合肥市新能源资源开发利用工作方案》 ，方案指出， 力争到2025年底，全市新能源装机规模大幅提升，达750万千瓦以上，集中式光伏、风电装机 规模达330万千瓦以上，新能源发电量占全社会用电量比重达到15%。 展望到2027年底，全市 新能源装机规 模达到1000万千瓦以上、力争达到1200万千瓦。 开展新型储能规模化应用行动。大力推动电源侧、电网侧、用户侧新型储能规模化应用， 重点 发展百兆瓦级电网侧独立储能 ，支持符合条件的电源侧储能电站转为电网侧储能电站，支持各 类企业通过合同能源管理、共享共建等方式建设用户侧储能电站，探索构网型新型储能技术研 发与工程示范， 开展分布式光伏配储研究及试点应用。 力争到2025年底，全市建成兆瓦级新 型储能电站60座、装机总规模超100万千瓦，其中建成百兆瓦级电网侧独立储能电站5座。 开展"光伏+"综合应用示范行动。聚合全市新能源场景资源，制定分布式光伏高质量发展行动 计划，大力推广光伏建筑一体化系统、"光伏+智慧农业" "光伏+储能""光储充检换 "一体化充 电桩等"光伏+"综合应用场景，持续拓展新型 ...

截至2024年底，我国可再生能源发电装机达18.89亿千瓦，同比增长24.6%，装机占比连续两年超过一 半。同时，一批重大水电项目核准建设，核电在运在建规模升至世界第一，新型电力系统加快构建，转 型变革继续保持全球领先。 中央经济工作会议提出，协同推进降碳减污扩绿增长，加紧经济社会发展全面绿色转型。今年的《政府 工作报告》提出，积极稳妥推进碳达峰碳中和。 能源是经济社会发展的重要物质基础和动力源泉，也是推进碳达峰碳中和的主战场。 "2025年和'十五五'时期是加快构建新型能源体系、推动能源高质量发展、高水平安全的关键时期。"王 宏志说，能源工作将坚持以科技创新为引领、体制改革为动力、安全充裕为前提、经济可行为基础，推 动贯彻落实能源安全新战略取得更大成果。 《 人民日报 》（ 2025年04月23日 01 版） 国家能源局局长王宏志介绍，坚持绿色低碳转型，持续推动能源结构优化调整，2025年将重点做好以下 工作： 大力推进风电光伏开发利用。积极推进第二批、第三批"沙戈荒"大型风电光伏基地项目建设。加快发展 海上风电。积极发展分布式光伏、分散式风电，推动光热发电规模化发展。抓好风电和光伏发电资源普 查试点，统筹 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric power equipment and new energy sectors, including CATL, Keda, Zhongke Electric, Hunan YN, Dongfang Cable, and Mingyang Electric [5][6]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, including Li Auto, Leap Motor, NIO, and BYD, indicating a competitive landscape [2][11]. - The Hi-MO 9 solar module from LONGi has secured a major project in Europe, showcasing its high efficiency and potential to enhance energy generation while reducing land use [3][35]. - Southern Power Grid is investing over 100 billion yuan in Guangdong to develop a new energy system, significantly increasing power transmission capacity in the region [4]. Summary by Sections New Energy Vehicles - In March 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 36,674 units, Leap Motor 37,095 units, and BYD leading with 377,420 units [2][11][21]. - The overall trend in the new energy vehicle market is positive, with significant year-on-year growth across various brands [2][11]. Photovoltaics - The Hi-MO 9 solar module, based on advanced HPBC 2.0 technology, has been selected for a major project in Europe, with a power output of up to 660W and a conversion efficiency of 24.43% [3][35]. - This project is expected to generate approximately 360 GWh of green electricity annually, significantly contributing to carbon emission reductions [38]. Electric Power Equipment and Automation - Southern Power Grid's investment strategy aims to enhance the new energy system in Guangdong, with projects like offshore wind power and pumped storage hydropower being accelerated [4]. - The investment will increase the power transmission capacity from 15.5 million kW to 32.66 million kW in the eastern and western regions of Guangdong [4]. Market Performance - The electric power equipment and new energy sector experienced an 8.09% decline in the week of April 7-11, 2025, underperforming compared to the Shanghai Composite Index [1]. - Among the sub-sectors, the wind power index saw the smallest decline at 3.53%, while the solar energy index faced the largest drop at 9.28% [1]. Investment Recommendations - The report suggests focusing on three main investment lines: battery segment leaders like CATL, companies benefiting from the 4680 technology iteration, and firms developing solid-state batteries [25][43].

成都市温江区探索构建新型能源体系 建设高质量一流电网 封面新闻记者 杨澜 3月24日，成都市温江区与国网成都供电公司签署合作协议，双方将围绕新型电力系统建设、能源绿色转型等领域深化合作，为区域产业升级、乡村振兴 和民生改善提供更加坚实的能源保障。 此次合作建立在双方长期良好合作基础之上。近年来双方通过政企协同，建成500千伏变电站等重点电力设施，形成"1524"电网站点布局。目前温江区220 千伏变电站容量达108万千伏安，110千伏变电站容量达110.1万千伏安，2024年全区总售电量达36.75亿千瓦时，为区域经济社会发展提供了有力支撑。 国网成都供电公司总经理姚建东表示，温江区与国网成都供电公司签署合作协议标志着电网发展共谋、共建、共治、共享开启新篇章，双方将探索构建具 有温江特色的新型能源体系，加快建设温江区域虚拟电厂、积极打造10万千瓦级新型储能应用，服务能源绿色低碳转型，助力温江经济社会发展。 据了解，当前温江区正以"拼经济、搞建设、抓发展"为主线，系统重塑"四大战区"经济地理，聚力"七个一批"推进"立园满园"，着力构建"3+6"现代化产 业体系。温江区相关负责人现场表示，将持续擦亮"温江效率"" ...

Core Viewpoint - The article highlights the acceptance of China Resources New Energy Holdings Co., Ltd.'s IPO application by the Shenzhen Stock Exchange, marking it as the first mainboard IPO of the year in A-shares, reflecting the capital market's support for green development and low-carbon transformation [1][4]. Company Overview - China Resources New Energy is a wholly-owned subsidiary of China Resources Power, focusing on the full-cycle operation of wind and solar power plants. The company has been actively expanding its renewable energy business in line with the national "dual carbon" strategy [2][3]. Business Performance - As of September 2024, the company has a total installed capacity of 28.21 million kilowatts, with wind power accounting for 21.57 million kilowatts and solar power for 6.64 million kilowatts. The company ranks among the top in the industry for both installed capacity and generation volume [3]. - The company has shown steady revenue growth, with reported revenues of 17.13 billion yuan, 18.20 billion yuan, 20.51 billion yuan, and 17.15 billion yuan for the years 2021, 2022, 2023, and the first nine months of 2024, respectively. Net profits for the same periods were 6.58 billion yuan, 6.46 billion yuan, 8.46 billion yuan, and 6.35 billion yuan, indicating a consistent improvement in performance [4]. Industry Context - The article notes that China's renewable energy installed capacity has surpassed 1.45 billion kilowatts, exceeding that of thermal power for the first time. The industry is expected to see an addition of over 30 million kilowatts in 2025, indicating significant growth potential [3].

Group 1: Gas Turbine Business Overview - Hangzhou Steam Turbine Power Group began collaboration with Siemens in 2015, entering the gas turbine market with SGT series technology, covering power ratings from 5 to 200 MW [1] - The company has provided over 50 sets of SGT series gas turbines to major clients including GCL-Poly Energy, State Power Investment Corporation, and China Resources Power [1] - The growth of the gas turbine business is driven by China's "3060" dual carbon policy and the need for a new energy system, with expectations for natural gas power generation to play a crucial role in achieving these goals [1][2] Group 2: Independent Gas Turbine Development - The company started developing its own gas turbines in 2014, completing key component designs and testing, with the first prototype expected to be launched in July 2024 [4] - The self-developed gas turbine has achieved over 85% self-manufacturing rate for core components [5] - Future plans include transitioning from industrial steam turbines to gas turbines, focusing on multi-fuel applications and enhancing supply chain localization [6] Group 3: Major Asset Restructuring - The company announced a major asset restructuring plan on November 11, 2024, with ongoing due diligence and financial audits [7] - The restructuring aims to enhance the development and application of independent gas turbines, addressing historical financing challenges and expanding funding channels [8]

Core Viewpoint - The western region plays a crucial role in China's overall reform, development, and stability, emphasizing the need for a systematic, efficient, and intelligent new energy system to establish a new energy resource hub in the west [1] Layout Optimization - The company suggests promoting the transfer of energy-intensive industries to regions rich in new energy in the west, expanding the local self-use scale of the "Shagohuang" new energy base, and facilitating the systematic coupling of various energy forms such as electricity, heat, and hydrogen [1] - It advocates for the implementation of green energy and raw material substitution actions in key energy-consuming sectors, promoting new scenarios for green energy supply and use, such as low (zero) carbon parks and energy integration [1] Technological Innovation - The company emphasizes the need to increase investment in energy technology innovation and establish high-level platforms for new energy catalytic conversion technology [1] - It calls for breakthroughs in key core technologies such as compressed air energy storage and encourages the development of pilot demonstration projects for diversified new energy conversion and utilization to drive the industrialization and large-scale application of technological innovations [1] Application Development - The company highlights the importance of promoting the development of "artificial intelligence + energy" [1] - It suggests focusing on the changing energy demands of emerging industries and seizing opportunities for low-carbon transformation, while coordinating computing power with energy infrastructure [1] - The proposal includes the construction of "wind-solar-storage-computing integration" bases in regions rich in renewable energy in the west to reduce carbon emissions intensity from computing centers [1]