光热发电凭借其"熔盐储能+同步发电"的技术优势，兼具调峰电源与长时储能能力，能够同时满足电网对安全、灵活和绿色 的需求，是推动高比例新能源消纳的重要优选方案。在我国西部广阔的戈壁荒漠上，一场以阳光为驱动的能源变革正加速 推进。 近日，国家发展改革委、国家能源局印发《关于促进光热发电规模化发展的若干意见》（以下简称《意见》）。该《意 见》战略意义深远，不仅旨在培育新兴产业，更服务于国家能源安全与新型电力系统构建。《意见》提出到2030年，我国 光热发电发展总装机规模力争达到1500万千瓦左右，度电成本与煤电基本相当，技术实现国际领先并完全自主可控，行业 实现自主市场化、产业化发展，成为新能源领域具有国际竞争优势的新产业。 实现这一目标，需聚焦成本优化与应用拓展。一方面，通过建立合理的市场机制，彰显光热发电调峰与储能价值，并借助 技术创新、规模效应与产业链协同，推动成本持续下降。另一方面，"光热+"模式正不断赋能多元化应用生态，从大型风光 基地配套，延伸至零碳园区、工业供汽及清洁供热等领域。 在政策引领下，光热发电正成为构建新型能源体系的重要力量，为能源结构转型注入优质可靠的绿色动力。 （来源：新华社） 国家能源 ...

Core Viewpoint - The article discusses the revision and implementation of the "Basic Rules for the Medium and Long-term Electricity Market," which aims to enhance the construction of a unified national electricity market system, addressing issues such as market connectivity and coordination [3][4]. Group 1: Objectives and Achievements - The unified electricity market is a key component of deepening electricity system reform and building a new power system, with significant progress made in market construction, supply stability, and price mechanisms [4]. - The market has seen record trading volumes and compliance rates, with market prices becoming more market-driven, and various regions have implemented plans for integrating renewable energy [4]. Group 2: Institutional Innovations - The new rules categorize market participants, including distributed energy sources and virtual power plants, clarifying their rights and obligations throughout the trading process [5]. - A unified technical standard system is established to support data integration and facilitate cross-regional trading [5]. - The rules also standardize trading timelines, enhancing the efficiency of market operations by coordinating long-term and spot market transactions [5]. Group 3: Spatial and Temporal Mechanisms - The rules address the challenges of market segmentation by establishing a trading system that connects inter-provincial and intra-provincial markets, promoting resource sharing and flexible adjustments [6]. - A comprehensive market mechanism is created to accommodate the volatility of renewable energy output, enhancing the stability and liquidity of market operations [7]. Group 4: Collaborative Operations of Trading Varieties - The rules define green electricity trading as a distinct category, emphasizing the traceability of environmental value alongside electricity trading [8]. - There is a focus on integrating the medium and long-term electricity market with the spot market, establishing a price transmission and settlement mechanism to prevent market arbitrage [9]. Group 5: Summary and Future Outlook - The revision of the rules signifies a new phase in the standardized, systematic, and collaborative development of the medium and long-term electricity market [10]. - Future efforts should focus on further integrating market designs and enhancing the operational mechanisms among various market segments to support energy security and the achievement of carbon neutrality goals [10].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 12.89 CNY, while the current stock price is 10.58 CNY [5]. Core Insights - The company, Guodian Nanzi, has experienced rapid growth in net profit for two consecutive years, driven by its focus on power automation products and expansion into new business areas [2][4]. - The company is well-positioned to benefit from the construction of a new power system in China, with significant investments in power grid and power plant automation expected to drive revenue growth [3][9]. - The company has a diverse industrial system, including power grid automation, power plant automation, rail transit automation, information and safety technology, and power electronics [2][24]. Summary by Sections 1. Company Overview - Guodian Nanzi, established in 1940, is a pioneer in power automation and was the first high-tech company listed on the Shanghai Stock Exchange in 1999 [2][14]. - The company is controlled by the State-owned Assets Supervision and Administration Commission through Huadian Group, which holds a 49.2% stake [2][15]. 2. Business Performance - The company's revenue from power grid automation reached 3.826 billion CNY in 2024, accounting for 42.37% of total revenue, while the power plant and industrial automation segment generated 1.516 billion CNY, representing 16.79% of total revenue [2][24]. - The company has achieved a five-year compound annual growth rate (CAGR) of 15.74% in revenue and 49.89% in net profit [2][27]. 3. Market Opportunities - The demand for power automation products is expected to rise due to the ongoing transformation of the power supply and demand landscape in China, with significant investments in power grid and power plant projects [3][35]. - The company is actively developing solutions for virtual power plants and grid-type energy storage, which are anticipated to create new growth opportunities [4][24]. 4. Financial Projections - The report forecasts net profits of 378 million CNY, 437 million CNY, and 513 million CNY for 2025, 2026, and 2027, respectively, with growth rates of 10.90%, 15.60%, and 17.44% [9][10]. - The company is expected to maintain a stable gross margin of around 23% in the coming years, with potential for improvement as new high-margin products are launched [30][28].

Investment Rating - The report rates the electrical equipment industry as "Positive" [4] Core Insights - The report highlights the recovery of industry valuation driven by anti-involution measures and the growth opportunities presented by new technologies such as copper substitution for silver and the industrialization of perovskite materials [7] - The offshore wind power sector is expected to see significant growth, with companies expanding their overseas operations to enhance profitability [7] Summary by Sections Electricity Prices - The report indicates a downward trend in electricity prices for new energy, with spot prices declining due to oversupply, negatively impacting investment demand, particularly in the photovoltaic sector [1][12][21] Photovoltaics - Short-term demand for photovoltaics is weak, with production declining in recent months. The domestic market is constrained by electricity prices, while the European market faces challenges due to insufficient grid infrastructure. The U.S. market is hindered by the rapid phase-out of subsidies under the Inflation Reduction Act [2] - The focus is on the supply side, with anti-involution measures showing positive effects, leading to price recovery in the industry chain. The estimated component price is projected to be between 0.80 and 0.85 yuan/W, assuming a 5% net profit margin across various segments [2][41] - Investment opportunities are identified in the valuation recovery from anti-involution and advancements in new technologies [2] Wind Power - The report emphasizes the growth trend in wind power, particularly in the European market, where onshore and offshore wind power are expected to grow at CAGRs of 14% and 34%, respectively. The first half of 2025 saw a significant increase in offshore wind power FID amounts, which grew by 1.8 times year-on-year [3] - The report notes that the wind turbine bidding prices have been recovering since Q3 2024, indicating improved profitability for wind turbine manufacturers. The trend towards larger wind turbines is expected to ease price pressures [3][69] - The global wind power supply chain is primarily located in the Asia-Pacific region, with China being a core supplier. Many components are sourced from China for the European and American markets, providing opportunities for Chinese wind power companies to expand internationally [3][60][70]

【我在现场】 光明日报记者 高平 王潇 现在，沙漠光伏大规模推广，但大量绿电却因电网无法全额消纳而被浪费。为解决这个难题，这里建起 了目前我国规模最大的储能电站。 这个巨型"充电宝"将白天盈余电能储存，夜间稳定输出。"它如同一个能量'熨斗'，将光伏发电的锯齿状 曲线熨平，转化为稳定、可调度的优质电力。"马泉山解释。 这不仅减少了"弃光弃风"的经济损失，更重要的是，它为接纳更多风电、光伏装机扫清了技术障碍，打 开了"新能源装机天花板"。 《光明日报》（2025年12月30日 01版） [ 责编：孙宗鹤 ] 冬日的内蒙古磴口县乌兰布和沙漠边缘，北风猎猎。 记者面前一排排近3米高的白色电池舱整齐排列着。"这座储能电站，占地350亩，它解决了新能源装机 最棘手的消纳与稳定问题！"磴口蒙能电储新能源储能项目负责人马泉山声音里透着骄傲。 ...

公司将向北方控股公司增资13.92亿元，用于北方控股公司向项目公司增资。项目旨在促进新能源消 纳，占据电力系统关键节点，符合国家政策和公司发展战略。 12月26日，深圳能源(000027.SZ)公告称，公司全资子公司深能北方能源控股有限公司所属全资子公司 深能（西乌珠穆沁旗）能源有限公司拟投资建设深能锡林郭勒西乌珠穆沁旗电网侧压缩空气储能项目， 总投资为68.22亿元，其中自有资金为13.94亿元，其余投资款拟通过融资解决。 ...

Overall Viewpoint - The AIDC power/storage sector is experiencing a positive outlook, with North American AI chain focusing on light modules, liquid cooling, AIDC power, and AI storage. Recent developments in liquid cooling have opened up new opportunities for AIDC power overseas orders, and the 26H2 HVDC technology solution is expected to see increased volume. Collaboration related to SST is also anticipated to yield results. The overseas energy storage market remains robust, with the logic of electricity shortages in the U.S. unchanged, and a temporary easing of U.S.-China relations. The market is currently less sensitive to BBB and 301-related legislation, warranting continued attention to AIDC power and overseas storage sectors [4]. Group 1: AIDC Power/Storage - The North American AI chain is prioritizing light modules, liquid cooling, AIDC power, and AI storage, with liquid cooling trends enhancing the potential for AIDC power overseas orders [4]. - The 26H2 HVDC technology solution is expected to facilitate increased production, while SST-related collaborations are projected to gradually materialize [4]. - The overseas energy storage market remains favorable, with the U.S. electricity shortage logic still intact, and a temporary thaw in U.S.-China relations [4]. Group 2: Lithium Battery - Recent environmental assessments for the Jiangxia lithium mine and Tianqi Lithium's decision to not use SMM pricing have influenced the market, with several lithium iron phosphate companies announcing production cuts to strengthen pricing negotiations [4]. - Changes in the supply side of lithium carbonate and the "anti-involution" logic are enhancing price support expectations, leading to a recovery in the lithium battery sector during the spring market [4]. - The investment hierarchy for lithium battery materials is as follows: lithium carbonate > lithium hexafluorophosphate > aluminum foil > separator > copper foil > anode [4]. Group 3: Hydrogen Ammonia and Wind Power - During the 14th Five-Year Plan, hydrogen ammonia is viewed as a significant direction for new energy consumption and non-electric applications, supported by future industry prospects and the EU carbon tariff in 2026 [5]. - The National Development and Reform Commission emphasizes the potential for coordinated, large-scale, and advanced construction of hydrogen ammonia projects [5]. - Although Goldwind Technology's stock has surged due to commercial aerospace trends, market expectations for hydrogen ammonia remain relatively low, indicating a need for continued focus [5].

滨州日报/滨州网讯 12月25日，省级重大项目——滨州北海独立共享储能项目一期工程 303.5MW/602.3MWh成功并网。该项目的顺利并网，不仅彰显了滨州在新型储能领域的硬核实力，更为 全市践行"双碳"战略、推动新能源高质量发展注入绿色新动能。 据了解，该项目以多元技术融合为显著亮点，核心配置磷酸铁锂电池、超级电容、全钒液流电池三大系 统，可实现大规模储能、应对瞬时能源波动，适配多元能源应用场景。 滨州向海新能源有限公司总经理赵鹏表示，下一步公司将深耕新能源领域，推动更多优质储能项目落 地，助力滨州构建清洁低碳、安全高效的现代能源体系。作为省市重点工程，该项目为全市乃至全省新 型储能产业发展提供了可复制的实践样本。山东临港开发集团有限公司副总经理马明表示，项目契合我 省新能源消纳要求，是滨州能源结构转型的生动缩影，后续将进一步优化营商环境，全力保障新能源项 目推进，为地方经济社会高质量发展持续注入绿色动力。 原标题：滨州北海独立共享储能项目一期成功并网 记者在项目现场看到，储能电池舱整齐排列，升压站设备平稳运行，各项系统有序衔接。"我们这个项 目最大的特点就是采用了技术多元协同和独立共享运营模式。"滨州向 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 28 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 光热规模化发展意见出台 11 月原煤 产量降幅收窄 ——大能源行业 2025 年第 52 周周报（20251228） 投资要点： 电力设备：光热规模化发展意见出台 十五五装机有望迎近 10 倍增长空间 本周，两部委印发《关于促进光热发电规模化发展的若干意见》（以下简称《意见》）。 对于十五五的光热装机规模提出明确目标：到 2030 年总装机规模力争达到 1500 万 千瓦左右，这意味着十五五光热发电装机有望迎来近 10 倍增长空间。 光热发电兼具可靠、灵活、清洁属性，有望在我国能源转型中 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The AIDC power/storage, lithium battery, and hydrogen-ammonia sectors are highlighted as key investment areas, with a focus on the North American AI chain and the ongoing demand for energy storage solutions [3]. - The lithium battery sector is experiencing a recovery due to supply chain adjustments and production cuts among phosphate lithium companies, which are expected to enhance pricing power [4]. - The hydrogen-ammonia sector is viewed positively due to supportive policies and market expectations, with significant investment potential anticipated [4]. Summary by Sections AIDC Power/Storage - North American AI chain is driving interest in AIDC power and storage, with liquid cooling technology opening new order opportunities [3]. - The outlook for overseas energy storage remains strong, particularly in the U.S., where electricity shortages continue to drive demand [6]. Lithium Batteries - Recent environmental assessments for lithium mines and production cuts among phosphate lithium companies are expected to stabilize prices and enhance negotiation power [4]. - The investment hierarchy for lithium materials is ranked as follows: lithium carbonate > hexafluorophosphate > aluminum foil > separator > copper foil > anode [4][19]. Hydrogen-Ammonia and Wind Power - The hydrogen-ammonia sector is expected to gain traction as a key application for renewable energy consumption, supported by favorable policies [4]. - Wind power installations are projected to grow significantly, with onshore wind capacity expected to increase by 9.68% year-on-year in 2024 [7]. Energy Storage - The domestic energy storage market is experiencing sustained growth, with significant installations reported in Inner Mongolia [6]. - Key projects include a 20GWh energy cell procurement by Ningde Times and various large-scale storage projects in Shanxi and Hebei [6]. Wind Power - The report notes a substantial increase in wind power installations, with a total of 82.50GW added in 2025, marking a year-on-year growth of 59.42% [7]. Pricing Trends - The report indicates that the prices of key materials such as lithium carbonate and phosphoric iron lithium are experiencing fluctuations, with market dynamics affecting supply and demand [20][30].