Core Viewpoint - The article discusses the implementation details of the sustainable development pricing settlement mechanism for renewable energy in Guangxi Zhuang Autonomous Region, aiming to enhance market-oriented pricing and support the growth of renewable energy projects. Group 1: Applicable Scope - The mechanism applies to renewable energy projects that are fully connected to the grid before June 1, 2025, as well as incremental projects that commence production after this date [2][10]. Group 2: Production Timing - For centralized renewable energy projects, the production time is determined by the later of the grid connection time specified in the power business license or the grid dispatch agreement. For distributed renewable energy projects, the actual grid connection time is used [3][10]. Group 3: Existing Projects - Existing distributed renewable energy projects will have their entire grid-connected electricity included in the mechanism, with a mechanism electricity proportion of 100%. The mechanism electricity scale for existing centralized renewable energy projects will be determined annually by the Development and Reform Commission in conjunction with the Energy Bureau [4][10]. Group 4: Pricing - The mechanism price for existing distributed renewable energy projects is set at 420.7 yuan per megawatt-hour. For centralized renewable energy projects (excluding offshore wind), the mechanism price is 324 yuan per megawatt-hour [5][19]. Group 5: Incremental Projects - For projects commencing production on or after June 1, 2025, the scale of electricity included in the mechanism will be determined based on the non-market proportion of renewable energy in Guangxi for 2024, set at 33% for the year [6][37]. Group 6: Annual Adjustments - The scale of electricity included in the mechanism for subsequent years will be adjusted based on the completion of national renewable energy consumption responsibility weights and user affordability, but cannot exceed the previous year's scale [7][37]. Group 7: Project Participation - Each project can apply for a mechanism electricity proportion of no more than 80%. The actual mechanism electricity executed each month is calculated based on the actual grid-connected electricity and the mechanism electricity proportion [8][18]. Group 8: Competitive Bidding - The region will organize competitive bidding for projects that have been produced and those expected to be produced within the next 12 months, with a bidding upper limit initially set at 0.4207 yuan per kilowatt-hour [8][19]. Group 9: Execution Period - The execution period for the mechanism is set at an average of 12 years, starting from the production time of the project. Projects that have been produced will have their execution period determined based on their entry time [8][21]. Group 10: Price Settlement - The provincial grid enterprises will conduct price settlement for the mechanism electricity based on the difference between the market transaction average price and the mechanism price, with the difference included in the system operation costs [23][38].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has been affected by poor wind conditions, leading to a focus on the construction turning point under comprehensive market entry [5] - The company has transitioned to a pure renewable energy company, with significant potential for future asset injections from its parent group [8] Financial Performance Summary - For Q1 2025, the company achieved revenue of 8.14 billion RMB, a year-on-year increase of 0.92%, while net profit attributable to ordinary shareholders was 1.977 billion RMB, a decrease of 21.82% [8] - The decline in revenue is attributed to the divestment of two thermal power companies, with wind and solar revenue showing a year-on-year change of -1.89% and +43.09%, respectively [8] - The company's installed capacity as of Q1 2025 was 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar capacity at 10.70 million kW (up 65% year-on-year) [8] - The forecasted net profit for 2025-2027 is 6.794 billion, 7.202 billion, and 7.756 billion RMB, respectively, with corresponding P/E ratios of 7.5, 7.1, and 6.6 [7][8]

■上证深一度 "当前，光伏装机快速增长带来'成长的烦恼'。由于新能源渗透率不断提高，新能源价格在供需关系影 响下持续走低，在一些地区开始出现消纳难题。"中国光伏行业协会执行秘书长刘译阳说。 刘译阳表示，随着通知的发布实施，新能源将全面入市并通过市场化机制形成电价，这给光伏行业发展 提出了挑战。文件出台的宗旨是要发挥市场在资源配置中的决定性作用，"这意味着计划电和市场电双 国网沧州供电公司的工人在大白冢220千伏输变电工程建设工地施工。 新华社图 轨制会逐步取消，电站开发'轻运维、轻运营、轻未来长期收益考量，设备选型简单，造价投资一味降 低，重渠道开发'的模式，将一去不复返"。 在水电水利规划设计总院新能源研究院副院长张佳丽看来，新能源大规模发展对新型电力系统提出更高 要求。"各地都在评估政策对地区新能源开发电价的影响，目前价格政策的不确定性较大，新能源收益 的不确定性增加，须重新构建投资模型。"张佳丽坦言，这在一定程度上影响了投资的有效性，主要体 现在电能量市场有一些不确定性、绿色权益市场未充分体现以及辅助服务市场有待完善三个方面。 新能源上网电价市场化改革影响几何 在行业人士、专家看来，新能源项目（风电、太 ...

"广西首个海上风电项目——防城港海上风电A场址于报告期末实现全容量并网发电，累计发电量超6.7 亿千瓦时，实现收入同比增长超1.8亿元。F场址110万千瓦项目正在积极开展前期工作。""陆上风电项 目正在按计划推进，一批分布式光伏已实现全容量并网"5月15日，广西能源（600310.SH）召开2024年 年度暨2025年第一季度业绩说明会，公司管理层对投资者关心的热点问题进行一一回应。 自完成更名以来，广西能源依托"主业聚焦"战略的深入推进和清洁能源布局的持续发力，在2024年取得 了业绩增长，并在2025年第一季度展现出新的亮点。公司正积极把握市场机遇，聚焦核心电力业务，通 过内部提质增效等多项举措，不断巩固增长态势，谱写高质量发展的新篇章。 聚焦主业与清洁能源，驱动未来增长 2024年，广西能源在"聚焦主业"战略指引下，实现了盈利能力的显著提升。年报数据显示，公司全年实 现净利润2.05亿元，同比增长高达635.38%；归属于上市公司股东的净利润也达到6298.80万元，同比增 长3704.04%。 进入2025年，公司新能源板块表现亮眼，特别是随着防城港海上风电A场址实现全容量并网，风电业务 成为重要的业 ...

证券代码：000537 证券简称：中绿电 天津中绿电投资股份有限公司 投资者关系活动记录表 编号：2025-02 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 所有参会的投资者 时间 2025 年 5 月 15 日 15:00-17:00 地点 1.会议直播地点：深圳证券交易所北方市场服务中心 2. 线 上 参 与 方 式 ： 深 圳 证 券 交 易 所 " 互 动 易 " 平 台 （https://irm.cninfo.com.cn/）"云访谈"栏目 上市公司接待人 员姓名 董事长周现坤 董事、总经理强同波 独立董事翟业虎 财务负责人吕艳飞 董事会秘书伊成儒 形式 现场直播与线上文字交流相结合 交流内容及具体 问答记录 一、业绩发布 公司董事、总经理强同波先生对公司2024年及2025年第一季度 经营业绩进行了解读，包括2024年及2025年第一季度主要财务指标 情况、发电量与电力交易情况、新能源项目建设及资源获取情况、 投融资及公司治理情况等方面内容，并对2025年重点工作进行了铺 排。2025年，公司将聚焦主责主业 ...

Group 1: Company Strategy and Business Model - The company is adjusting its strategy to a "3+1" business model, focusing on three core areas: digital technology, new energy, and water resource development, with capital operations as a supporting business [2][3] - This adjustment is part of a broader initiative to optimize asset allocation and enhance core competitiveness following the acquisition of control over the production and talent groups [2][3] Group 2: Funding and Financial Strategy - The company plans to raise a total of 1.195 billion CNY through a private placement of A-shares in 2025, aimed at meeting business development funding needs and optimizing capital structure [4][6] - Funding will be sourced from internal funds and external financing, including bank loans, medium-term notes, and stock issuance, to support the various business segments [4][6] Group 3: Policy Impact and Market Dynamics - The recent policy reform on new energy pricing aims to integrate renewable energy projects into the electricity trading market, presenting both opportunities and challenges for the company [4] - The company recognizes the potential for reduced initial investment pressure but also acknowledges the increased risk of price volatility, necessitating improved operational efficiency and cost control [4] Group 4: Corporate Governance and Stakeholder Confidence - The private placement is designed to align with the interests of all shareholders, including the controlling shareholder, Zhanglong Group, which is participating in the subscription, reflecting confidence in the company [6] - The company asserts that the private placement does not involve any profit transfer or loss of state capital [6]

文 | 广东省电力交易中心 继山东下发机制电价规则（详见： 山东：1 3 6号文后首个省级配套细则出台，5 3 1前投产项目机 制电价0 . 3 9 4 9元/度！ ），5月1 2日，广东省电力交易中心印发《广东新能源增量项目可持续发 展价格结算机制竞价规则（征求意见稿）》以及《广东省新能源发电项目可持续发展价格结算机 制差价结算规则（征求意见稿）》，就广东省新能源竞价细则给出有关要求。 竞价组织时间 每年底组织已投产及次年投产的新能源项目竞价交易，2 0 2 5年中期组织开展首次竞价交易 竞价电量规模 每年新增纳入机制的电量规模由广东省发展改革委、广东省能源局确定，并在竞价前予以公布。 机制电量申报比例上限不高于9 0% 机制电量比例申报上限与存量项目机制电量比例衔接，不高于9 0% 。对于竞价周期内已成交的 中长期交易电量、绿电电量，相应调减竞价申报比例上限。 竞价机制 1 0千伏以下新能源项目由属地电网企业提供，以满足备案证 容量的最后一批项目的并网验收时 间作为投产时间。 不按期并网处罚 投产时未满足"四可" (可观、可测、可调,可控)要求的光伏、风电项目，在满足"四可"要求前机制 电量自动失效、不予 ...

证券代码：000591 证券简称：太阳能 中节能太阳能股份有限公司 投资者关系活动记录表 编号：2025-04 1 投 资 者 关 系 活 动 类 别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参 与 单 位 名 称 及 人 员姓名 2024 年年度业绩说明会参会人员 时间 2025 年 5 月 12 日 (周一) 下午 15：00~17：00 地点 网络互动 https://roadshow.cnstock.com/ 公 司 接 待 人员姓名 公司党委书记、董事长、总经理 张会学 独立董事 安连锁 副总经理、董事会秘书、总法律顾问 郭毅 总会计师 程欣 交 流 内 容 及 具 体 问 答记录 一、太阳能 2024 年年度业绩说明会采用网络远程方式进行， 对 2024 年年度业绩进行说明，并与投资者就其关心的问题进行交 流互动。总结互动内容要点如下： 1、公司对于市值管理有何规划？看公司公告了关于回购的计 划，何时开始实施？ 答： 公司高度重视市值管理工作，通过提升内在价值、优化信息 披露、加强投资者关系管理、坚持稳定的年度分红等多维度举 措，实现公 ...

国泰君安期货 2025-05-09 期 请务必阅读正文之后的免责条款部分 1 所长 早读 | 板块 | 关注指数 | | --- | --- | | PTA | ★★★★ | PTA：国际贸易关系缓解，成本推升估值。多 PTA 空 SC 减仓。多 PTA 空 MEG 持有。供需 层面，PTA 供减需增，延续去库格局。供应端，本周台化 150 万吨，虹港 250 万吨装置按计 习近平同俄罗斯总统普京会谈 观点分享： 请务必阅读正文之后的免责条款部分 2 据新华社报道，当地时间 5 月 8 日上午，俄罗斯总统普京同中国国家主席习近平在莫斯 科克里姆林宫举行会谈。两国元首就中俄关系和重大国际和地区问题深入交换意见，一致同 意坚定不移深化战略协作，推动中俄关系稳定、健康、高水平发展；共同弘扬正确二战史观， 维护联合国权威和地位，维护国际公平正义。习近平指出，中俄双方要坚持合作大方向，排 除外部干扰，让合作"稳"的基础更坚实、"进"的动能更充足。要发挥两国资源禀赋和产 业体系互补优势，拓展经贸、能源、农业、航空航天、人工智能等领域高质量互利合作；以 共建"一带一路"和欧亚经济联盟对接为平台，构建高标准互联互通格局；充分 ...

2025 年 5 月 9 日 商 品 研 究 碳酸锂：库存小幅去化，绝对值偏高制约反弹 | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | | | | liuhongru@gtht.com | | | 【基本面跟踪】 | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | 2507合约（收盘价） | | 64,280 | 120 | -2,680 | -4,720 | -9,380 | -15,020 | | 2507合约（成交量） | | 309,284 | 105,470 | 163,549 | 112,818 | 283,820 | 306,123 | | 2507合约（持仓量） | | 267,396 | -9,504 | 21,199 | 85,9 ...