华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 在"双碳"目标进入攻坚期的关键节点，绿电行业正迎来一场由政策驱动的深度洗牌。 2025年开年以来，国家发改委、国家能源局等部门密集出台重磅政策，从电价机制、消纳保障、金融支 持等多维度破除行业堵点。政策红利催化下，一场以央国企为主导的绿电资产重组大潮已汹涌而至。 《华夏时报》记者梳理发现，今年以来，华电国际、上海电力、国家电投等多家央国企已率先入局，通 过重组并购优化资源配置，提升行业集中度与竞争优势。 多家央国企入局绿电行业 近期，随着国家对绿色能源发展的高度重视，多家央国企纷纷入局绿电行业，展现出强劲的发展势头。 5月16日，华电国际发布公告称，其重大资产重组方案已收到中国证监会同意注册的批复。公司将通过 发行股份及支付现金方式，从控股股东中国华电集团等关联方收购江苏、上海、广东、广西等地的8家 火电企业控股权。与此同时，华电国际也在加快光伏业务布局，通过设立多家子公司积极拓展清洁能 源，推动"火电兜底+新能源发展"双轮驱动模式，实现传统能源与新能源的协同发展。 5月13日，上海电力公告拟将持有的上海明华电力科技有限公司 ...

Group 1 - The National Development and Reform Commission and the National Energy Administration have issued a notice to promote the development of green electricity direct connection, providing strong momentum for the integration of renewable energy production and consumption [1] - The green electricity direct connection policy allows renewable energy sources like wind, solar, and biomass to supply electricity directly to single users, creating a new model for physical traceability of electricity [2] - The policy opens up collaboration opportunities between waste-to-energy projects and data centers, with a requirement for new data centers to source over 80% of their electricity from green energy [2] Group 2 - The direct connection policy is expected to shift the waste-to-energy business model from ToG (government) to ToB (business), potentially leading to a revaluation of companies in this sector [3] - Accounts receivable issues have historically impacted cash flow for waste-to-energy companies, but supplying power to data centers could improve profitability and cash flow, reducing impairment risks [3] Group 3 - Wangneng Environment, a leading company in the solid waste industry, is transforming into a green technology service provider, leveraging its waste-to-energy capacity to support the "Zero Carbon Intelligent Computing Center" project [4] - The South Taihu project, set to process 2,150 tons of waste per day and generate over 3.036 billion kWh of clean electricity annually, will significantly reduce coal consumption [4] - The project employs innovative technology to enhance thermal efficiency, doubling the power generation per ton of waste compared to industry averages [4] Group 4 - The solid waste and environmental protection industry is projected to reach a scale of 15 trillion yuan by 2030, indicating a broad market outlook for companies like Wangneng Environment [5] - Wangneng Environment is developing a differentiated path by integrating solid waste management, computing power, and smart factories, positioning itself as a comprehensive solution provider for low-carbon and intelligent transformation in traditional manufacturing [5]

Core Viewpoint - The article emphasizes the upcoming development boom in the hydrogen energy sector, driven by new policies and pilot projects outlined by the National Energy Administration, focusing on green power and green chemicals as core areas for hydrogen development [2][3][4]. Policy Interpretation - **Support Policy 1**: Project pilots will promote advanced hydrogen technologies and key equipment, ensuring clear commercial models and significant carbon reduction effects. Central government funding for smart grid projects is approximately 960 million yuan, which can include hydrogen power projects [6]. - **Support Policy 2**: Encourages renewable energy consumption and hydrogen production during low electricity demand periods, aiming to reduce hydrogen production costs and improve energy efficiency [7]. - **Support Policy 3**: Local energy departments will enhance support for pilot projects, addressing cost management and safety, and promoting the replication of successful models [8]. - **Support Policy 4**: Eligible projects will receive priority for long-term loans and support for major technological equipment, facilitating the establishment of industry standards [9]. - **Support Policy 5**: The National Energy Administration will coordinate major issues faced by pilot projects, ensuring they are included in significant engineering project databases [10]. Pilot Directions - **Hydrogen Production**: Focus on large-scale hydrogen production using renewable energy sources, with specific requirements for electrolyzer capacity and operational flexibility [12][13][15]. - **Hydrogen Storage and Transportation**: Emphasizes the need for efficient long-distance hydrogen transport through pipelines and liquid hydrogen, with specific capacity requirements for transport vehicles and storage projects [16][18]. - **Hydrogen Applications**: Highlights the role of hydrogen in green chemical processes and energy supply, with specific targets for renewable hydrogen production and integration into existing energy systems [20][21][23][24]. Common Support - **Hydrogen Verification Platforms**: Establishes platforms for testing hydrogen equipment and quality management, supporting the development of industry standards [26][27]. - **Low-Carbon Transition Trials**: Focuses on integrating renewable hydrogen production and storage in various industrial applications, aiming for over 80% clean energy consumption in targeted areas [28].

Group 1 - The core viewpoint of the news is that Kaifeng Investment has conducted research on Changqing Group, highlighting its operational highlights and development goals for 2024, including non-subsidy revenue growth and reduced fuel costs [1] - Changqing Group's first-quarter performance growth is attributed to decreased fuel costs and increased VAT refunds, with biomass fuel procurement prices declining due to reduced market competition and sufficient supply [1] - The company is optimistic about the future development of biomass heating, supported by national policies promoting environmental requirements that encourage enterprises to shift towards centralized heating [1] Group 2 - Changqing Group is focusing on the "green electricity direct connection" model, potentially using projects with expired subsidies as pilot cases [1] - The company is collaborating with Zhongke Xinkong to advance digital transformation, while the share transfer agreement with the controlling shareholder to Zhongke Hongyuan is still under review [1]

Group 1: Company Overview - The company is positioned as a full industry chain platform for the utilization of agricultural and forestry biomass resources in the A-share market [3] - Development strategy focuses on high-efficiency, low-emission thermal power projects primarily based on non-subsidy income, while also transitioning towards energy and material utilization [3] - In 2024, the company achieved its second-highest revenue since listing, with operating cash flow reaching a five-year high, and a 15% year-on-year increase in non-subsidy income [3] Group 2: Financial Performance - Significant growth in Q1 2025 was driven by a decrease in fuel costs and an increase in VAT refunds, alongside improved operational efficiency of thermal power projects [4] - The company aims for non-electricity business to achieve double-digit annual growth in scale and revenue by 2025 [3] Group 3: Market and Industry Insights - The company sees growth potential in biomass heat and power generation, supported by national policies promoting orderly development and transition to combined heat and power [6] - Currently, 11 projects have achieved combined heat and power generation, with expectations for more projects to follow in the current year [6] Group 4: Strategic Initiatives - The company is exploring the "green electricity direct connection" model, prioritizing biomass projects nearing the end of their subsidy periods as potential pilots [7] - A strategic partnership with Zhongke Xinkong is underway to enhance digital transformation and smart upgrades, aiming to reduce costs and improve efficiency [8] Group 5: Shareholder Updates - The transfer of shares from the controlling shareholder to Zhongke Hongyuan is currently under compliance review by the exchange, with a commitment to a 12-month lock-up period post-transfer [9] Group 6: Investor Relations - The investor relations activity on June 5, 2025, included participation from 85 investors, with the company emphasizing that the completeness and accuracy of participant names cannot be guaranteed [2]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the recent development of green electricity direct connection policies, which are expected to break down trade barriers in the EU and enhance the operational capabilities of green electricity operators [4][7] - The introduction of green electricity direct connection is seen as a necessary response to the stringent carbon barriers imposed by the EU, which will require detailed carbon footprint disclosures for various battery types starting in 2024 [7] - The demand for green electricity direct connection from companies operating in the EU is expected to be rigid, potentially leading to long-term Power Purchase Agreements (PPAs) and stabilizing expectations for renewable energy investments [8] Summary by Sections Industry Basic Information - The closing index is at 3165.47, with a 52-week high of 3359.79 and a low of 2868.51 [1] Recent Policy Developments - On May 21, 2025, the National Development and Reform Commission and the National Energy Administration issued a notice to promote the development of green electricity direct connection [4] - The policy defines green electricity direct connection and addresses issues related to the ownership of direct connection lines [6] Investment Recommendations - The report suggests focusing on companies like JinkoSolar and GCL-Poly Energy, which are expected to benefit from the green electricity direct connection policies [8]

绿电直连试点政策三大亮点值得关注 华能集团能源研究院副院长 陈大宇 在全球气候治理格局深度重构的背景下，"绿电直连"作为破解能源转型与碳关税壁垒双重挑战的制度创 新，逐渐进入人们的视野。国家发展改革委、国家能源局印发《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》）开展绿电直连试点项目，旨在提升清洁能源利用效率、提升绿电的物理属 性，这种创新模式将绿电消费在时间精度和发用电位置上的颗粒度进一步提升，为全国新能源产业的发 展提供了有益的探索和借鉴。 从国际视角来看，根据欧盟去年4月公布的《新电池法案》下的碳足迹计算规则草案及各国对于电力直 连的概念，"连接独立发电站点与独立用户之间的电力线路，或连接发电企业与电力供应商直接为其自 有场所、子公司及客户供电的电力线路"，"绿电直连"应是通过"拉专线"的方式连接新能源电站与用 户。有意思的是，在欧盟各国实践中并未切断与大电网的联系，根据美国国际开发署（USAID）统 计，在欧盟已经展开绿电直连实践的国家中，拉脱维亚直连线路的用户有权保持与系统的永久连接作为 备用，或者在用户没有安装永久连接的情况下，要求系统运营商安装备用连接。波兰政府认为，将"直 连线 ...

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights the release of the green electricity direct connection policy, which supports the collaboration between waste incineration power generation and data centers (IDC) [2][11] - The environmental sector has shown a slight increase of 0.46% as of June 6, 2025, underperforming compared to the broader market, with specific segments like water treatment and environmental equipment showing positive trends [4][6] - The report emphasizes the importance of the green electricity direct connection policy in optimizing grid allocation and enhancing the efficiency of renewable energy consumption [15][16] Market Performance - As of June 6, 2025, the environmental sector index increased by 0.46%, lagging behind the Shanghai Composite Index, which rose by 1.13% [4] - The water treatment sector increased by 1.38%, while the waste incineration sector saw a slight decline of 0.31% [6] Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in air quality and water quality across key river basins [18] - A joint announcement from several ministries outlined plans for a unified ecological compensation mechanism for major rivers by 2027, aiming for comprehensive coverage by 2035 [19] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on quality operational assets benefiting from market reforms [25] - Key recommendations include companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention on Wangneng Environment and Junxin Co., Ltd. [25][26]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights the release of the green electricity direct connection policy, which supports the collaboration between waste incineration power generation and data centers (IDC) [2][11] - The environmental sector has shown a slight increase of 0.46% as of June 6, 2025, underperforming compared to the broader market, with specific segments like water treatment and environmental equipment showing positive trends [4][6] - The report emphasizes the importance of the green electricity direct connection policy in optimizing grid allocation and enhancing the efficiency of renewable energy consumption, particularly benefiting waste incineration power generation [15][16] Market Performance - As of June 6, 2025, the environmental sector index increased by 0.46%, lagging behind the Shanghai Composite Index, which rose by 1.13% [4] - The water treatment sector saw a rise of 1.38%, while the waste incineration sector experienced a decline of 0.31% [6] Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in air quality and water quality across key river basins [18] - A joint announcement from several government departments outlined plans for a unified ecological compensation mechanism for major rivers by 2027, aiming for comprehensive coverage by 2035 [19] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on resource recycling [25] - Key recommendations include companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention on Wangneng Environment and Junxin Co., Ltd. [25][26]