Core Viewpoint - The press conference highlighted the significant achievements in high-quality energy development during the "14th Five-Year Plan" period, emphasizing the establishment of a national unified electricity market as a key initiative in China's energy sector reform [1][2][3]. Group 1: National Unified Electricity Market Construction - The construction of the national unified electricity market system is accelerating, with a diverse and comprehensive market being established, including intra-provincial and inter-provincial trading, as well as various trading timeframes and types of services [1][2]. - The implementation of normalized cross-grid trading has been achieved, enhancing the integration of electricity supply across regions [1]. Group 2: Market Rules and Framework - The national unified electricity market rules have been largely completed, with a foundational "1+6" rule system established to address previous fragmentation and regional barriers, ensuring transparency and fair competition [2]. - The new framework allows electricity sales companies to operate nationwide with reduced operational costs through a single registration process [2]. Group 3: Market Scale and Participation - The scale of the electricity market has seen significant growth, with transaction volumes increasing from 10.7 trillion kWh during the "13th Five-Year Plan" to 23.8 trillion kWh, representing more than a doubling of market activity [3]. - The proportion of electricity traded through the market has risen from 40% in 2020 to over 60% for four consecutive years, indicating a robust market participation [3]. - A diverse range of market participants has emerged, including various types of power generation and commercial users, contributing to a well-structured market landscape [3].

央视网消息：国务院新闻办公室于8月26日举行"高质量完成'十四五'规划"系列主题新闻发布会， 介绍"十四五"时期能源高质量发展成就。 国家能源局新能源和可再生能源司司长李创军介绍，新一轮电力体制改革走过了十年，在各方的共同努 力下，中国电力市场正在经历一场前所未有的深刻变革。变革的核心任务，就是建设全国统一电力市 场，这是全国统一大市场建设在能源领域的关键落子和生动实践。"十四五"以来，全国统一电力市场建 设取得了实质性跨越和突破性进展，主要体现在以下三个方面： 一是全国统一电力市场体系加快构建。国家能源局逐步有序建立起一个品类多元、功能完善的电力市 场。从空间上来看，有省内交易、也有省间交易；从时间上来看，有年度、月度交易，也有日内、实时 交易；从交易品种来看，除了基本的电能量，还有调峰、调频、备用这些辅助服务品种。特别值得一提 的是，今年还实现了跨电网经营区的常态化交易，真正让"塞北的风点亮湾区的灯"。 李创军表示，下一步，国家能源局将继续用好市场"看不见的手"和政府"看得见的手"，用更优配置、更 高水平的电力供应，促进实体经济和新兴产业发展，努力将全国统一电力市场建设成全国统一大市场的 排头兵，助力我国 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights that from January to July, the new installed capacity for wind and solar energy has accelerated, with the total installed power generation capacity reaching 3.67 billion kilowatts, a year-on-year increase of 18.2% [6] - The report emphasizes the ongoing construction of a unified national electricity market, which is expected to accelerate the revaluation of electricity asset values [8] Summary by Sections Industry Performance - The public utility sector (Shenwan) rose by 1.89% this week, underperforming the market by 2.29 percentage points, ranking 23rd among Shenwan's primary industries [3] - The sub-sectors showed varied performance, with heating services up by 5.46%, photovoltaic power up by 4.84%, and thermal power up by 3.38% [3] Key Data Tracking - The report notes a continued rise in spot coal prices week-on-week, with inventory levels increasing [4][7] - Domestic natural gas prices fell week-on-week, with the national LNG ex-factory price at 4099 RMB/ton, a decrease of 73 RMB/ton [5] Industry Dynamics - The report states that the total installed capacity for solar power reached 1.11 billion kilowatts, a year-on-year increase of 50.8%, while wind power capacity reached 570 million kilowatts, up 22.1% [6] Investment Recommendations - The report recommends focusing on three main lines: hydropower stocks with stable fundamentals benefiting from the unified electricity market, thermal power stocks with improving performance due to cost reductions, and green energy projects with stable profitability [8] - Specific stock recommendations include Changjiang Electric Power, Huaneng Hydropower, Huaneng International, Jingneng Electric Power, and Funiu Co., Ltd. [8]

Group 1: Public Utilities Industry - The public utilities sector experienced a decline of 0.55% this week, underperforming the CSI 300 index by 2.92 percentage points, ranking 27th among Shenwan's primary industries [2] - Sub-sectors showed mixed performance, with gas rising by 0.47%, heating services up by 0.32%, while coal power fell by 2.66% and hydropower decreased by 1.02% [2] - The week saw a slight increase in spot coal prices, with domestic prices rising by 2.51% to 695 RMB/ton, and coal inventory increasing by 3.66% to 5.67 million tons [3][4] Group 2: Energy Production - In July, national electricity production accelerated, with a year-on-year increase of 3.1%, and daily average generation reaching 298.9 billion kWh [6] - The growth in electricity generation was driven by thermal, wind, and solar power, while hydropower saw a decline of 9.8% [6] - The report highlights the ongoing construction of a unified national electricity market, which is expected to enhance the valuation of electricity assets [7] Group 3: Pharmaceutical Industry - The ADC (Antibody-Drug Conjugate) market is experiencing explosive growth, with the global market size projected to increase from 7.9 billion USD in 2022 to 14.1 billion USD in 2024, and expected to exceed 68.5 billion USD by 2030 [10] - The report emphasizes the importance of CDMO (Contract Development and Manufacturing Organization) services in the ADC sector, with the market size in China expected to grow from 0.1 million USD in 2018 to 24.5 million USD by 2030 [11] - The company, Haoyuan Pharmaceutical, is well-positioned to benefit from this growth due to its established ADC platform and increasing project numbers [9][14] Group 4: Robotics Industry - The first World Humanoid Robot Games showcased significant technological advancements and led to the establishment of the World Humanoid Robot Sports Federation [16][18] - The event served as a platform for demonstrating the latest capabilities in humanoid robotics, with various competitions testing their performance in diverse scenarios [17] - Investment in the humanoid robotics sector should focus on technological breakthroughs, application scenarios, and global collaboration, with specific companies like Lide Harmony and Guomao Co. recommended for attention [20] Group 5: Financial Engineering - The report discusses the characteristics of the Hong Kong stock market, noting that it is primarily composed of financial and stable internet companies, which offer higher dividend yields compared to A-shares [23] - Since 2014, southbound capital has shown a net inflow trend, with its market capitalization share in Hong Kong stocks reaching 85.32% by July 2025 [24] - The analysis indicates that southbound capital has a positive impact on industry rotation in Hong Kong stocks, with a recommended focus on the healthcare and financial sectors for August [25][26]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The establishment of the "1+6" rule system for the electricity market is a significant step towards unifying the national electricity market, addressing issues such as high cross-province transaction costs and inefficiencies in data transparency and settlement cycles [3][18] - The third batch of methodologies for voluntary emission reduction projects (CCER) has been initiated, focusing on expanding the coverage of reduction projects, particularly in biomass energy utilization and methane reduction in the oil and gas sector [4][24] Summary by Sections Market Review - From August 11 to August 15, the gas sector rose by 2.49%, the environmental sector by 1.77%, and the water sector by 0.29%, while the electricity sector fell by 1.04%. The Shanghai and Shenzhen 300 index increased by 2.37% [12][13] Industry Perspectives - The "Electricity Market Measurement and Settlement Basic Rules" were issued, marking the completion of the initial construction of the "1+6" rule system for the electricity market, which includes long-term, spot, and ancillary service rules [3][18] - The rules consist of 6 chapters and 56 articles, covering measurement management, settlement management, and supervision management, and aim to unify the national measurement and settlement processes [18][19] Investment Recommendations - The report recommends Jiangsu Guoxin in the thermal power sector, with cautious recommendations for Sheneng Co. and Zhejiang Energy Power. It suggests attention to Funiu Co. and Huadian International [4] - In the nuclear power sector, cautious recommendations are made for China Nuclear Power and China General Nuclear Power [4] - For the green electricity sector, it suggests focusing on Three Gorges Energy and Jiangsu New Energy, with cautious attention to Longyuan Power and Zhejiang New Energy [4] - In the hydropower sector, it recommends Changjiang Power and cautiously recommends Huaneng Hydropower and Qianyuan Power [4] - In the environmental sector, it recommends Yongxing Co. and Xuedilong, with attention to Huaguang Environmental and China Tianying [4]

Core Points - The official issuance of the "Basic Rules for Metering and Settlement in the Electricity Market" marks the completion of the national unified electricity market's "1+6" rule system, transitioning from framework design to efficiency release [1][3] - The electricity market reform initiated in 2015 has evolved from a centralized purchasing and selling model to a multi-competitive market, addressing challenges posed by renewable energy sources and regional market fragmentation [1][2] - The gradual establishment of a unified electricity market framework has been supported by the revision of long-term trading rules and the introduction of spot market rules, facilitating a more competitive trading environment [2][3] Summary by Sections Rule Development - The 2016 and 2020 revisions of the "Basic Rules for Medium and Long-term Electricity Trading" laid the foundation for standardized market operations and expanded market transactions [2] - The 2023 introduction of the "Basic Rules for the Spot Electricity Market (Trial Operation)" aims to standardize practices in regions already operating and reduce trial and error costs in others [2] Key Rules Introduced - The "Basic Rules for Electricity Market Operation" provides a comprehensive framework for national electricity market operations, clarifying the logic behind cross-provincial trading and settlement [2][3] - The "Basic Rules for Electricity Market Information Disclosure" enhances transparency and real-time data sharing among all market participants, breaking down information silos [2][3] - The "Basic Rules for Electricity Market Registration" facilitates nationwide registration and information sharing, combating local protectionism [2][3] Future Outlook - The completion of the basic rules framework is expected to enhance the efficiency and coordination of various market categories, transforming regulatory frameworks into market vitality [3] - The ongoing evolution of the new energy system and unified electricity market construction will provide significant momentum for green energy transition and high-quality development [3]

Core Viewpoint - The acceleration of the national unified electricity market is underway, with the release of the "Basic Rules for Electricity Market Measurement" by the National Energy Administration, aiming to standardize measurement and settlement processes across the country [1][2]. Group 1: Importance of Standardization - Standardizing electricity measurement and settlement is crucial for breaking regional barriers and promoting cross-province electricity trading [2]. - The "Basic Rules" consist of 6 chapters and 56 articles, covering general principles, overall requirements, measurement management, settlement management, supervision, and appendices [2]. - The rules aim to enhance measurement management, standardize settlement processes, strengthen settlement risk management, and unify electricity payment requirements [2][5]. Group 2: Settlement Process and Timeliness - The settlement process involves two main steps: the trading institution forming the settlement basis and the grid company conducting electricity billing [2]. - The rules establish a clear timeline for the settlement process, including deadlines for issuing settlement bases and electricity bills, which helps to reduce cash flow pressures for businesses [4][5]. - The previous lack of standardized settlement timelines led to significant delays, with some regions taking up to one month for settlement [4]. Group 3: Impact on Cash Flow Management - The new rules impose higher requirements on measurement collection, settlement basis, timelines, and payment processes, leading to more precise and timely settlements for power generation companies, industrial users, and electricity sales companies [6]. - Enhanced timeliness in settlements will improve cash flow management and financial planning for these entities, while also raising the standards for their settlement capabilities and financial personnel [6].

Core Viewpoint - The introduction of the "Basic Rules for Electricity Market Measurement and Settlement" is a significant step towards enhancing the operational effectiveness of the national unified electricity market, aligning with the directives from the Party's 20th Central Committee and the State Council [3][4]. Summary by Sections 01 Significance of the Rules - Since the new round of electricity system reform in 2015, various regulatory documents have been issued to establish a solid foundation for the healthy development and standardized operation of the electricity market [4]. - The current practices in electricity market measurement and settlement need to be unified and clarified to meet the evolving demands of market participants [5]. - The establishment of these basic rules is crucial for the implementation of the Party's directives and for adapting to the requirements of a new type of electricity system [5]. 02 Highlights of the Rules - The rules standardize the processes for data collection, transmission, verification, and validation, clarifying the rights and obligations of all market participants [6]. - They establish uniform timelines for settlement processes, including the issuance of settlement bases and electricity bills, aiming to shorten the payment timelines [6]. - The rules define the electricity payment processes among generation companies, electricity users, and grid companies, enhancing the efficiency of payment transactions [6]. - They cover all market participants, including new types of operational entities, ensuring comprehensive applicability [6]. - For the first time, the rules outline procedures for handling disputes and objections regarding settlement bases and electricity bills, improving service for market participants [7]. 03 Conclusion - The formal introduction of these rules marks the establishment of a comprehensive regulatory framework for the national unified electricity market, laying a solid institutional foundation for its preliminary establishment by 2025 [8]. - The Beijing Electric Power Trading Center will leverage the implementation of these rules to promote the standardization and intelligence of the electricity market measurement and settlement system, supporting the high-quality development of the national unified electricity market [8].

《电力市场计量结算基本规则》出台 为全国统一电力市场计量结算工作筑牢根基 广州电力交易中心 陈玮、王鑫根、张舸、陈晓东 近日，国家发展改革委、国家能源局印发《电力市场计量结算基本规则》（以下简称《规则》）。作为 落实党的二十届三中全会关于全国统一电力市场建设决策部署的重要举措，该规则填补了电力市 场"1+6"基础规则体系的最后一块空白，为全国统一电力市场计量结算工作提供了关键制度保障。 01 2020年，"1+6"基础规则体系的首个规则—《电力中长期交易基本规则》正式修订印发，在统一交易品 种、统一交易时序、规范成员权责、统一偏差处理机制等方面，改变了此前各地"碎片化"交易模式，全 国电力交易规模不断增长。五年来，电力已通过市场化方式实现全国范围内高效流通，今年6月全国最 大规模的一次跨电网经营区市场化电力交易顺利组织，超20亿千瓦时来自广东、广西、云南的电能，将 通过闽粤联网工程及相关联络通道，全天候输送至上海、浙江、安徽、福建。今年是新一轮电力体制改 革十周年，《规则》的印发正当其时，为经营主体的收益保障构建了高效完整的闭环体系，将加速形 成"全国交易一盘棋，各地结算一把尺"的市场新格局，为推进全国统一电 ...

截至6月底，全国电力市场经营主体数量97.3万家，同比增长23.8%。今年以来，在各方共同努力下，全国统一电力市场 建设进一步提质增速，取得一系列新进展新成效。 国家能源局微信公众号是国家能源局新闻宣传、信息公开、服务群众的重要平台。 · 公开 政务信息 · 发布 行业动态 ·提供 公众服务 一是跨经营区常态化电力交易机制取得新突破。国家发展改革委、国家能源局建立协同工作机制，指导国家电网、南方电 网组建工作专班，编制形成跨经营区常态化交易机制方案，并于7月1日联合批复，推动跨电网交易常态化开市。 二是区域电力市场建设迈上新台阶。南方区域电力市场于今年6月28日成功转入连续结算试运行，在全国范围内首次实现多 省区电力资源统一优化配置，是全球集中统一出清电量规模最大的电力市场，对于构建全国统一大市场、打破省间壁垒具 有重要意义。长三角电力市场创新探索省市间抽蓄、皖电、绿电交易机制，在6月成立了市场管理委员会，为长三角一体化 发展贡献力量。 三是省级电力现货市场建设实现新加速。国家发展改革委、国家能源局联合印发了《关于全面加快电力现货市场建设工作 的通知》，对全年现货市场建设作出系统安排，各地也形成了阶梯式、加快 ...