Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The implementation plan for Document No. 136 of the Inner Mongolia Electric Power Grid has been officially released, promoting the development of green electricity direct connection [5] - The National Development and Reform Commission and the National Energy Administration are orderly advancing the development of green electricity direct connection [5] - The average purchasing price of electricity from the grid in May 2025 decreased by 3% year-on-year, while it increased by 0.4% month-on-month [42] - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, showing a year-on-year decrease of 28.6% [47] Summary by Sections 1. Industry Overview - The report highlights the official release of the implementation plan for the Inner Mongolia Electric Power Grid, which includes market-oriented reforms for renewable energy pricing [5] - The report notes that the proportion of renewable energy in the Inner Mongolia market reached 91% in 2024 [5] 2. Electricity Consumption - Total electricity consumption from January to April 2025 was 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [14] - The growth rate of electricity consumption in the primary, secondary, and tertiary industries was 10.0%, 2.3%, and 6.0% respectively [14] 3. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a year-on-year increase of 0.1% [25] - The growth rates for different power sources were as follows: thermal power -4.1%, hydropower +2.2%, nuclear power +12.7%, wind power +10.9%, and solar power +19.5% [25] 4. Electricity Prices - The average purchasing price of electricity from the grid in May 2025 was 394 RMB/MWh, down 3% year-on-year [42] 5. Coal Prices - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, with no change week-on-week [47] 6. Hydropower - As of May 31, 2025, the water level at the Three Gorges Reservoir was 154.81 meters, which is normal compared to previous years [55] - The inflow and outflow rates at the Three Gorges Reservoir decreased by 14.1% and 33.1% year-on-year respectively [55] 7. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season [5] - Key recommendations include companies such as China Nuclear Power and Longjiang Power for nuclear and hydropower investments respectively [5]

21世纪经济报道记者费心懿 上海报道 为出口外向型企业期盼已久的"绿电直连"事项获两部门推出。为中国企业提升出口绿色竞争力、抢占全 球绿色贸易新赛道的战略布局提供基石。 日前，国家发展改革委、国家能源局发布《关于有序推动绿电直连发展有关事项的通知》（下称《通 知》），从国家层面首次明确了绿电直连的定义内涵。 《通知》指出，绿电直连是指风电、太阳能发电、生物质发电等新能源不直接接入公共电网，通过直连 线路向单一电力用户供给绿电，可实现供给电量清晰物理溯源的模式。 填补空白 国家能源局有关负责人在答记者问中表示，出台关于绿电直连的文件是出于三方面的考虑，一是满足新 能源就近消纳需要；二是满足用户绿电消费需求；三是为用户降低用电成本提供更多选择。 值得一提的是，《通知》还特别提到了，绿电直连项目经营投资主体将不含电网企业。 《通知》强调，绿电直连项目的发展目标是满足企业绿色用能需求、提升新能源就近就地消纳水平，将 按照安全优先、绿色友好、权责对等、源荷匹配原则建设运行，公平合理承担安全责任、经济责任与社 会责任。 电力规划设计总院能源政策与市场研究院院长凡鹏飞则指出，自欧盟发布《欧盟电池和废电池法案》及 配套文件《 ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 蒙东电网 136 号文实施方案正式出台，国家 有序推进绿电直连发展 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 06 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 公用事业 沪深300 相关研究 《需求偏弱国内气价回落，储库推进 欧洲气价回落》 2025-06-03 《库存大幅增长美国气价回落，需求 偏弱国内气价回落，库存偏低欧洲气 价微增》 2025-05-26 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）蒙东电网 136 号文实施方案正式出台 ...

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Viewpoints - The national green electricity direct connection policy opens up cooperation space for waste incineration power generation and IDC [9][12] - The solid waste sector is expected to increase dividends and improve ROE through heat supply and IDC expansion [1][14] - The industry is entering a mature phase, leading to reduced capital expenditures and improved free cash flow, which enhances dividend payouts [14][17] Summary by Sections Industry Trends - The environmental protection sector is experiencing a decline in capital expenditures, leading to a significant improvement in free cash flow and increased dividends [14] - The waste incineration sector is seeing a trend towards cost reduction and efficiency improvements, which enhances ROE [14][15] Key Recommendations - Strongly recommended companies include: Huanlan Environment, Green Power, Yongxing Co., China Everbright Environment, Junxin Co., Yuehai Investment, and others [1] - Companies to watch include: Lian Tai Environmental Protection, Wangneng Environment, and Beikong Water Group [1] Policy Tracking - The green electricity direct connection policy requires new projects to have over 80% green electricity usage, which is expected to drive the integration of waste incineration power generation with data centers [12][13] - The policy aims to facilitate the supply of green electricity to high-energy-consuming industries, enhancing economic efficiency and stability [10][12] Financial Performance - The water service sector is projected to see stable growth and high dividends, with water price reforms expected to reshape growth and valuation [17][19] - The report highlights specific dividend payouts for companies like Junxin Co. (5.07 billion CNY), Green Power (4.18 billion CNY), and Huanlan Environment (6.52 billion CNY) for 2024 [14][17] Market Performance - The environmental protection and public utilities index rose by 3.53%, outperforming the broader market indices [50] - Notable stock performances include Yuhua Tian (up 55.7%) and Boschke (up 42.56%) [51]

地瓜机器人完成 1 亿美元 A 轮融资： 2025 年 5 月 28 日，地平线机 器人-W（9660.HK）旗下地瓜机器人宣布完成 1 亿美元 A 轮融资。本轮融 资获得海内外众多投资机构青睐，由高瓴创投、五源资本、线性资本、和暄 资本、九合创投、Vertex Growth 等投资机构共同参投，为地瓜机器人加速构 建具身智能生态版图注入强劲动力。为加速具身智能机器人落地进程，地瓜 机器人将在 6 月正式发售面向具身智能机器人的 RDK S100 机器人开发套 件。该平台具备百 TOPS 级算力，拥有强大的异构架构设计，是行业首款单 SoC 算控一体计算平台，可实现机器人感知与运控协同计算。 电力设备及新能源 行业周报（202526-20250601） 同步大市-A(维持) 上海成立具身智能数据联盟，硅料价格下行 2025 年 6 月 3 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | ...

Group 1: Electric Vehicle Sales - Major automakers reported May sales for new energy vehicles, with BYD selling 382,500 units, a year-on-year increase of 15.28% [1][3] - Zeekr sold 46,500 units, up 15.2% year-on-year, while Leap Motor's sales reached 46,100 units, showing a significant increase of over 148% [1][3] - Xpeng sold 33,500 units, marking a 230% year-on-year growth, and Li Auto sold 40,900 units, up 16.7% year-on-year [1][3] - NIO's sales were 23,200 units, reflecting a 13.1% increase, and Xiaomi's automotive sales exceeded 28,000 units [1][3] Group 2: Solar and Wind Energy - China's photovoltaic installed capacity saw rapid growth in Q1, with optimistic demand forecasts for the U.S. and emerging economies [2] - The central economic work conference emphasized the need for supply-side reforms in the photovoltaic sector, focusing on cost reduction and efficiency improvements [2] - Wind energy projects are expected to progress steadily, with demand anticipated to improve by 2025, benefiting both domestic and overseas markets [2] Group 3: Hydrogen Energy and Industry Developments - The hydrogen energy sector is being driven by policies promoting industrialization, with applications in green hydrogen and chemical sectors expected to expand [2] - China Petroleum & Chemical Corporation announced its initiative to invest in the hydrogen energy industry chain [3][4] - A new fund has been established with an initial scale of 5 billion yuan, targeting the entire hydrogen energy value chain [4] Group 4: Company Updates - Maiwei Co. plans to issue convertible bonds to raise 1.966 billion yuan for the industrialization of perovskite solar cell equipment [4] - JA Solar's application for H-share listing has been accepted by the China Securities Regulatory Commission [4] - Longi Green Energy's CEO has stepped down from his position to focus on R&D and technology management [4]

华源证券近日发布大能源行业2025年第22周周报（20250602）：绿电直供业务已明确直 供线路由非电网企业建设，近期国家以及各地相关政策频出，更大概念上的源网荷储一体化 项目进展有望加快，从而使得用户侧商业模式更加丰富，电力交易、虚拟电厂、微电网等方 向值得关注。此外，类似业务模式主要还是为了提高绿电底层需求，有利于新能源设备行业 长期稳定发展，海上风电作为沿海重要的新能源资源发展有望提速。 以下为研究报告摘要： 投资要点： 事件：国家发改委、能源局发布《关于有序推动绿电直连发展有关事项的通知》（以下 简称《通知》）。 绿电直连有助于绿电经济性和环境价值体现。本次政策针对对单一用户的绿电供给模 式，带来2个明显的好处：（1）可以有效降低企业的用电成本；（2）对于企业碳排放认定 有很大帮助（特别是出口型企业）。我国东南沿海出口型企业密集，绿电是该地区重要的新 能源资源，随着直供模式推广有望带动海上风电产业快速发展。 明确绿电直供在现货连续运行区域可反送电网，提高绿电直供模式经济性。以往源网荷 储一体化项目为了降低公共电网调峰压力，通常对自用电比例都有较高要求且不允许反送电 网。《通知》在要求自用电比例不低于 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The report highlights strong sales in the new energy vehicle sector, with significant growth in sales figures for major manufacturers [2][24]. - It emphasizes the optimistic growth in photovoltaic demand, particularly in emerging economies, and anticipates supply-side reforms in the photovoltaic sector [1]. - The report suggests prioritizing investments in sectors with improving profitability, such as wind power machinery and components, as well as battery and material sectors benefiting from rising demand [1]. - It notes the ongoing push for hydrogen energy development, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections New Energy Vehicles - In May 2025, BYD sold 382,500 new energy vehicles, a year-on-year increase of 15.28% [2][24]. - Other manufacturers like Xiaopeng and Li Auto also reported significant sales growth, with increases of 230% and 16.70% respectively [24]. Photovoltaic and Wind Power - The report indicates that the first quarter of 2025 saw rapid growth in photovoltaic installations in China, with optimistic demand forecasts for both domestic and international markets [1]. - It mentions that the National Development and Reform Commission and the National Energy Administration are promoting green electricity connections to enhance local consumption of renewable energy [24]. Hydrogen Energy - China Petroleum and Chemical Corporation announced the establishment of a hydrogen energy investment fund with an initial scale of 5 billion yuan, targeting the entire hydrogen energy supply chain [24]. Electric Equipment - The report anticipates continued high demand for electric grid equipment due to ongoing reforms in the domestic power system and strong overseas demand for grid upgrades [1]. - It suggests focusing on companies benefiting from high demand for ultra-high voltage and distribution network equipment [1]. Price Observations - The report provides insights into the pricing trends of lithium battery materials, photovoltaic materials, and auxiliary materials, indicating fluctuations and market dynamics [14][15][21][22].

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [8]. Core Insights - The introduction of the "Green Electricity Direct Connection" model is expected to enhance demand certainty and consumption levels compared to traditional projects, particularly benefiting distributed commercial solar, offshore wind, and integrated projects in certain western regions [2][12]. - The green electricity pricing mechanism has transitioned to a competitive bidding phase, marking a shift from a supply-driven growth phase to a mature market regulated by demand [12]. - The report emphasizes that the "carbon neutrality" initiative and electricity market reforms will reshape the intrinsic value of power operators throughout the 14th Five-Year Plan period [12]. Summary by Sections Green Electricity Direct Connection - The National Development and Reform Commission and the National Energy Administration have established a framework for the "Green Electricity Direct Connection" model, allowing renewable energy sources to supply electricity directly to single users [12]. - Projects must have at least 60% of their generated electricity consumed on-site and a minimum of 30% of total electricity consumption from self-generated sources, with a gradual increase in self-consumption expected by 2030 [12]. - The model is anticipated to reduce price risks through long-term power purchase agreements (PPAs), enhancing project profitability [12]. Pricing Mechanism Transition - Starting June 1, new green electricity projects will no longer follow a benchmark pricing mechanism but will adopt a market-driven pricing model, with a competitive bidding process determining the final price [12]. - The report suggests that this transition may lead to a slowdown in new installations, which is viewed positively as it could alleviate pricing pressures and improve long-term growth prospects [12]. Investment Recommendations - The report recommends focusing on quality power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower companies like Yangtze Power and Guotou Power [12][16][17]. - For the renewable energy sector, it highlights companies like Longyuan Power and China Nuclear Power as key investment opportunities due to their strong market positions and growth potential [12][18].

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental sector index increased by 3.42%, outperforming other sectors, while the public utility sector index decreased by 0.18% [6][18] - The report highlights a significant drop in coal prices, with Qinhuangdao 5500 kcal thermal coal at 620 CNY/ton, a 61.2% decrease from its peak in October 2022 [6][28] - The report recommends companies such as Huadian International and Sheneng Co., while suggesting attention to Zhongmin Energy and Funeng Co. [6] - The report emphasizes the investment value in nuclear and hydropower, recommending Chuan Investment Energy, State Power Investment, Yangtze Power, and China National Nuclear Power [6] Summary by Sections Key Event Interpretations - The National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection projects, requiring that the self-consumed electricity from renewable sources should not be less than 60% of total available generation by 2030 [10][15] - The Central Committee of the Communist Party and the State Council released opinions on improving the market-oriented allocation of resource and environmental factors, aiming for a complete carbon emission rights and water rights trading system by 2027 [15][16] Market Performance Review - The environmental sector has shown a cumulative increase of 6.79% in 2025, while the power sector has seen a slight decrease of 0.05% [6][18] - The report details the performance of various sub-sectors, with solid waste management up by 4.83% and comprehensive environmental management up by 8.66% [22] Key Data Tracking - As of May 30, 2025, the price of Qinhuangdao 5500 kcal thermal coal remains at 620 CNY/ton, with significant reductions from previous highs [28] - The Three Gorges Reservoir's water level increased by 3.9% year-on-year, with a current level of 154.63 meters [30] - The price of LNG at the port is reported at 12.03 USD/MMBtu (4501 CNY/ton), a 70.20% decrease from its peak in December 2022 [46] Industry Key Events - The report notes significant developments in the power market, including the issuance of green certificates for renewable energy projects and the establishment of trading rules for green electricity [58] - It also highlights initiatives in the environmental market aimed at enhancing data integration and promoting green development [59]