行 业 研 究 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 2024-05 2024-09 2025-01 电力 沪深300 相关研究报告 《电力供需转向宽松，重视盈利稳定 品种—电力行业 2025 中期投资策略》 -2025.5.7 《电力供需转向宽松，重视盈利稳定 品种—行业投资策略》-2025.5.6 《政策助力预期企稳，静待绿电触底 回升—行业投资策略》-2025.2.19 高耗能行业绿电消纳要求有望提振绿电环境价值 ——行业投资策略 周磊（分析师） zhoulei1@kysec.cn 证书编号：S0790524090002 发改委首次全面提出高耗能行业绿电消费比例要求，有望激发绿证市场活力 2025 年 3 月，发改委发布《关于促进可再生能源绿色电力证书市场高质量发展 的意见》，首次全面提出行业绿电消费比例要求，加快提升钢铁、有色、建材、 石化、化工等行业企业和数据中心，以及其他重点用能单位和行业的绿色电力消 费比例，到 2030 年原则上不低于全国可再生能源电力总量消纳责任权重平均水 平；国家枢纽节点新建数据中心绿 ...

行 业 研 究 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 2024-05 2024-09 2025-01 电力 沪深300 相关研究报告 《电力供需转向宽松，重视盈利稳定 品种—电力行业 2025 中期投资策略》 -2025.5.7 《电力供需转向宽松，重视盈利稳定 品种—行业投资策略》-2025.5.6 《政策助力预期企稳，静待绿电触底 回升—行业投资策略》-2025.2.19 高耗能行业绿电消纳要求有望提振绿电环境价值 ——行业投资策略 周磊（分析师） zhoulei1@kysec.cn 证书编号：S0790524090002 发改委首次全面提出高耗能行业绿电消费比例要求，有望激发绿证市场活力 2025 年 3 月，发改委发布《关于促进可再生能源绿色电力证书市场高质量发展 的意见》，首次全面提出行业绿电消费比例要求，加快提升钢铁、有色、建材、 石化、化工等行业企业和数据中心，以及其他重点用能单位和行业的绿色电力消 费比例，到 2030 年原则上不低于全国可再生能源电力总量消纳责任权重平均水 平；国家枢纽节点新建数据中心绿 ...

Core Insights - The conference titled "Green Electricity to Green Hydrogen: Hydrogen Energy Benefits People's Livelihood" focuses on the high-quality development of the hydrogen energy industry in Inner Mongolia, aiming to explore new paths for industrial transformation and upgrading through collaboration among government, enterprises, and research institutions [3][6]. Group 1: Policy and Government Support - The Inner Mongolia Autonomous Region government is actively supporting the hydrogen energy industry by implementing a series of policy documents to help enterprises identify opportunities for economic development through hydrogen energy [3]. - The Inner Mongolia Hydrogen Energy Industry Association is working to integrate resources and collaborate with research institutions and enterprises to enhance the efficiency of green hydrogen production and reduce costs [7]. Group 2: Industry Development and Achievements - A total of 150 billion yuan worth of projects were signed between various local governments and Junrui Green Hydrogen Energy Group during the conference, indicating strong investment interest in the hydrogen sector [5]. - Inner Mongolia has established seven integrated wind-solar hydrogen production projects in the first quarter of 2025, with an annual hydrogen production capacity of 60,000 tons, positioning it as a leader in the national hydrogen energy industry [6]. Group 3: Future Directions and Goals - The conference featured discussions on 11 key areas related to hydrogen energy, including strategic positioning, high-quality development, and infrastructure construction, showcasing the collaborative efforts to advance the industry [6]. - The "Green Electricity to Green Hydrogen" approach is seen as essential for achieving sustainable development in the hydrogen energy sector, aiming to utilize renewable energy effectively while reducing carbon emissions [7].

证 券 研 究 报 告 电力行业 2024 年报及 2025 年一季报综述 25Q2 把握火电盈利修复与绿电政策催化两 推荐（维持） 条主线 行业研究 电力及公用事业 2025 年 05 月 16 日 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 225 | 0.03 | | 总市值(亿元) | 40,253.09 | 4.0 ...

新能源的消纳水平与电力用户的参与密切相关。山东省发展和改革委员会二级巡视员李东方介绍说，山 东省近年来持续优化峰谷分时电价机制、大力发展虚拟电厂，以市场化手段为核心，结合技术创新和政 策引导，推动电力用户深度参与电网调峰和新能源消纳，形成"用户侧资源灵活调用、新能源高效消 纳"的良性循环。(完) 围绕山东推进新能源发展过程中促进消纳的重点工作，山东省能源局副局长孟凡志介绍说，该省科学设 定新能源发展目标，科学评估新能源入市对光伏行业的影响，发挥风光互补特性，促进新能源消纳利 用。"下一步，山东将加快推进源网荷储一体化、绿电产业园、可再生能源制氢、车网互动等新模式建 设，年内谋划10个左右绿电产业园。" 山东省能源局副局长岳建如表示，煤电是促进新能源消纳的重要调节性电源，山东作为传统能源大省， 煤电装机规模较大。"在推动新能源规模化利用过程中，山东统筹大型煤电机组建设和存量煤电机组升 级改造，预计今年完成煤电机组节能降碳改造、供热改造、灵活性改造'三改联动'2000万千瓦左右。" 中新网济南5月15日电(王采怡)记者15日在山东省人民政府新闻办公室召开的新闻发布会上获悉，近 日，山东印发《山东省2025年新能源 ...

嘉化能源 20250515 摘要 氯碱业务的发展前景如何？ 氯碱从中长期来看供需向好，目前公司年监控产能约 29.7 万吨，相较新疆及 内蒙地区竞争对手具有地理位置优势，处于长三角核心消费区域且周围需求旺 盛。同时，公司拥有自发电优势降低生产成本，并推进危废处理技改进一步扩 展产能。在这种情况下，公司整体盈利能力较为突出。 • 嘉化能源核心业务包括蒸汽供应、氯碱产能和脂肪醇生产，其中蒸汽业务 受益于嘉兴港区唯一蒸汽供应站的地位，通过煤热联动定价确保稳定毛利， 2025 年预计蒸汽销售量将达到 923 万吨，同比增长约 12%。 • 氯碱业务方面，公司拥有自发电优势，降低了烧碱生产成本，且地理位置 优越，位于长三角核心消费区域，需求旺盛。目前年监控产能约 29.7 万 吨，毛利率显著高于同行 10-15 个百分点。 • 脂肪醇业务年实际产量可达 30 万吨，紧邻下游龙头企业赞宇科技，通过 管道直接供货减少运输成本。2025 年三季度计划扩展 15 万吨新产能，总 投资额不超过 6 亿元，未来发展空间充足且盈利能力稳健。 • 公司重视股东回报，股息率稳定在 50%左右，并积极开展股票回购， 2025 年 4 月发 ...

Core Viewpoint - The Shandong Provincial Government is implementing the "Eight Major Actions" to enhance the high-level consumption of renewable energy, aiming for significant improvements by 2025 [5][8]. Group 1: Actions and Goals - The "Eight Major Actions" include optimizing the structure of renewable energy, enhancing coal power peak regulation, promoting new energy storage, strengthening grid support, encouraging green electricity consumption, innovating consumption models, deepening market reforms, and improving user response capabilities [5][6][7]. - By the end of this year, the ratio of solar to wind power installed capacity in Shandong is targeted to improve from 3.2:1 to 2.6:1 [5]. - The plan includes the modification of 20 million kilowatts of existing coal power units and the establishment of 2.68 million kilowatts of large coal power units by the end of the year [5][6]. Group 2: Characteristics of the Action Plan - The action plan emphasizes a systematic approach, coordinating all aspects of generation, regulation, storage, and consumption to enhance renewable energy consumption capabilities [7]. - It is targeted and responsive to the new conditions and requirements for renewable energy consumption by focusing on policy and measures to ensure effective outcomes [7]. - The plan is operationally detailed, with specific goals and responsibilities outlined to ensure rapid implementation and effectiveness [7][8].

截至2025年5月15日 10:59，国证绿色电力指数上涨0.01%，成分股京运通上涨7.58%，华能国际上涨1.21%，湖南发展上涨1.09%，明星电力上涨1.05%，国电 电力上涨0.88%。绿色电力ETF(159625)冲击3连涨。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅18.81倍，处于近3年15.99%的分位，即估值低于近3年84.01%以上的时 间，处于历史低位。 数据显示，截至2025年4月30日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、华 能水电、国电电力、申能股份，前十大权重股合计占比58.04%。 消息面方面，在近日举办的"中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动上，全球绿色电力消费倡议（RE100）宣布全面认可中国绿证， 意味着我国和倡议伙伴都可以放心采用绿证，更便捷地核证其采购的可再生能源电力，我国可再生能源转型取得重要进展。 中邮证券表示，绿电和储能的价值有望先后得到重估，新能源作为绿色的波动性电源，其内在价值量应减去"波动"的负外部性，并加上"绿色"的正外部性 ...

Group 1 - The State Administration for Market Regulation has interviewed major food delivery platforms including JD, Meituan, and Ele.me regarding competition issues in the industry [2] - The platforms are required to comply with various laws such as the E-commerce Law, Anti-Unfair Competition Law, and Food Safety Law, and to enhance internal management and fair competition [2] - The aim is to create a healthy market environment that protects the rights of consumers, platform operators, and delivery riders [2] Group 2 - iQIYI responded to a report indicating that it and 64 other apps were found to be in violation of personal information collection regulations [3] - The version in question was developed by a partner and iQIYI is currently working with them to rectify the issues [3] Group 3 - Honor has confirmed the implementation of a "Eagle Plan" for internal competition for key positions, affecting 38 management roles in China, with 45% of these positions seeing changes [4] - The new AI division has been established, with AI-related R&D designated as a primary department [4] Group 4 - JD Group reported a net revenue of 301.08 billion RMB for Q1 2025, marking a 16% year-on-year increase, with a net profit of 12.8 billion RMB [5] - JD's CEO mentioned that the daily orders for JD's food delivery service are expected to exceed 20 million soon, marking a significant milestone for the business [5] Group 5 - CATL's IPO in Hong Kong has attracted 21 times oversubscription, raising at least 31.01 billion HKD, making it the largest IPO globally in 2025 [5] - The public offering portion received subscriptions totaling 51.7 billion HKD, approximately 48.07 billion RMB [5] Group 6 - Zeekr announced that it has not yet made a decision regarding Geely's proposal to acquire all outstanding shares of Zeekr, which Geely currently holds about 65.7% [5] Group 7 - A new security vulnerability affecting Intel's modern CPUs has been disclosed, impacting all processors from the ninth generation onward, allowing potential data theft from privileged memory areas [5] - Intel has stated that there are currently no known real-world exploits of this vulnerability [5] Group 8 - Mercedes-Benz is reportedly planning to reduce its number of dealerships in China by over 100, with most reductions expected to be completed by 2025 [6] - The decision is driven by the need to address price competition among dealers due to an oversupply of stores [6] Group 9 - The Ministry of Education has issued guidelines prohibiting students from copying AI-generated content for assignments or exams, aiming to regulate AI usage in education [8] Group 10 - The first batch of green electric vehicle owners in China has been established through a pilot program in Shenzhen, promoting the use of green electricity for charging [9]

为扩大区域内绿电交易规模，长三角电力市场一方面将常态化开展跨省绿电交易，积极推动绿电需求旺 盛、绿电资源不足的省市跨省购买绿电。另一方面适应新能源预测难度大、出力波动大的特点，兼顾送 受两端实际情况，探索开展区域内跨省可中断绿电交易。力争2025年区域内绿电交易实现规模化增长， 提升至12亿千瓦时。 在完善富余发电资源互济交易机制方面，长三角电力市场一方面在原有富余火电跨省交易的基础上进一 步推动新能源和核电等富余市场化电力直接参加跨省中长期交易，提高交易频次，细化交易时段划分， 允许交易主体不断修正中长期合约曲线，灵活调整交易合同。另一方面"皖电东送"机组在按分电比例签 订年度合同的基础上，运行阶段通过市场化方式调整交易合同，提高资源优化配置灵活性。另外，还将 有序推动用户参与跨省电力交易，研究推动建立适应长三角一体化的可再生能源消纳责任考核和控煤指 标考核制度。 《方案》明确，2025年长三角电力市场建设将推进区域内新能源跨省交易、完善富余发电资源互济交易 机制、扩大区域内绿电交易规模、组建长三角电力市场管理委员会，完善市场治理模式以及建立长三角 电力市场常态化评估工作机制，扎实推进评估发现问题整改。 4 ...