【瑞银 】看好南瑞科技，因电网资本支出上行周期超出市场预期，将其加入"最佳投资组合" 近期的政策发展强化了2026-2030年电网资本支出将进入一个可见的上行周期的观点，预计复合年增长率 （CAGR）为7%，这超出了市场预期。 瑞银的公用事业团队认为，7%的CAGR是一个保守的基线增长率，实际的复合年增长率可能因骨干电网和配电网 建设的加速而达到11%。 从历史上看，南瑞科技的增长速度大约是国家电网 【瑞银 】看好南瑞科技，因电网资本支出上行周期超出市场预期，将其加入"最佳投资组合" 近期的政策发展强化了2026-2030年电网资本支出将进入一个可见的上行周期的观点，预计复合年增长率 （CAGR）为7%，这超出了市场预期。 瑞银的公用事业团队认为，7%的CAGR是一个保守的基线增长率，实际的复合年增长率可能因骨干电网和配电网 建设的加速而达到11%。 发改委引入容量电价机制，显著提升电网侧独立储能项目的经济性 国家发改委于1月30日发布了114号文，为电网侧的独立新型储能引入了容量电价机制。 根据该框架，被纳入省级项目清单的储能项目可以获得容量电价补偿，该补偿基准于当地的煤电容量电价（预计 2026年约为16 ...

国家发展改革委发布《关于完善发电侧容量电价机制的通知》（发改价格〔2026〕114号），明确各地 可根据煤电容量电价标准，结合放电时长和顶峰贡献等因素，建立电网侧独立新型储能容量电价机制。 随着风电、光伏装机占比提升，传统煤电的调节能力已难以满足需求，新型储能的容量电价机制成为平 衡供需的关键，但新型储能的容量电价才刚起步，且各地补偿形式和费用疏导方式存在较大差异，亟需 国家层面制定明确统一的机制设计原则。 在此背景下，近年来，政策面持续深化新能源上网电价市场化改革，推动绿电直连政策落地，促进新能 源消纳；发布《关于加快推进虚拟电厂发展的指导意见》，鼓励分布式资源参与电力市场；出台《关于 新形势下配电网高质量发展的指导意见》，强化配电网对分布式能源的承载能力等。 "十五五"期间（2026-2030年）国家电网将投入4万亿元（较"十四五"时期增长约40%）构建新型电力系 统，年均投资增速达8%。这标志着电网建设将进入新一轮加速期，为整个电力设备产业链带来明确且 持续的投资机遇。考虑到"十四五"期间，国网固投资从最初计划的2.2-2.3万亿元，随建设需求不断上 调，最终完成超2.8万亿元。也意味着"十五五"的4万 ...

与此同时，能源安全保障关键领域有效投资持续扩大，跨省份跨区输电通道加快建设，能源资源互 补互济水平持续提升；民营企业投资保持较快增长，重点项目完成投资额同比增长12.9%，高于全国能 源重点项目完成投资额增速约2个百分点。民营企业投资重点在太阳能发电、风电、煤炭开采等领域， 其中陆上风电、分布式光伏领域投资保持两位数增长。 "2025年，国家能源局加大政策供给、强化政策联动，推动能源向'绿'而兴、投资向'新'而行。"邢 翼腾说，例如需求侧方面，出台绿电直连政策，为新能源和用户开启"绿电直通车"，目前已有20多个省 份的数据中心、芯片制造、生物制药、电解铝产业以及工业园区、零碳园区等加快项目落地。 2026年，国家能源局将围绕激发市场活力、优化发展环境等加大政策支持力度，打通项目落地"最 后一公里"。一方面，强化政策靶向发力，让收益看得见。出台多用户绿电直连政策，加快零碳园区、 工业微电网等落地，促进耗能大户实现清洁替代。完善适应高比例新能源的市场机制，稳定新能源发展 预期。另一方面，健全制度保障体系，让项目转得动。强化用地用海等要素保障，形成政策与市场同频 发力、协同推进的能源投资导向。 人民日报记者 丁怡婷 ...

Core Viewpoint - The National Energy Administration reported that the total investment in key energy projects exceeded 3.5 trillion yuan for the first time, with a year-on-year growth of nearly 11%, indicating a robust increase in energy investment and a shift towards green energy transition [2][3]. Investment Growth - The investment in key energy projects showed a year-on-year increase of nearly 11%, outpacing the growth rates of infrastructure and manufacturing by 12.9 and 10.1 percentage points respectively [2]. - Five provinces, including Inner Mongolia, Xinjiang, Shandong, Guangdong, and Jiangsu, each completed investments exceeding 200 billion yuan [2]. Renewable Energy Transition - By 2025, renewable energy generation capacity is expected to exceed 60%, with an estimated generation of approximately 4 trillion kilowatt-hours, surpassing the total electricity consumption of the 27 EU countries [2]. - Investment in onshore wind power projects increased by nearly 50% year-on-year, while investments in new energy storage and hydrogen industries doubled compared to the previous year [2]. Hydrogen Energy Development - By the end of 2025, the cumulative production capacity of renewable hydrogen projects in China is expected to exceed 250,000 tons per year, marking a doubling in capacity from the previous year [2]. - Key hydrogen production, storage, and application projects in regions such as Xinjiang and Inner Mongolia have been successfully launched, indicating progress in the hydrogen energy supply chain [2]. Private Sector Investment - Private sector investment in energy projects grew at a rate of 12.9%, exceeding the national average growth rate for key energy projects by approximately 2 percentage points [3]. - Investments from private enterprises are primarily focused on solar power, wind power, and coal mining, with significant growth in onshore wind and distributed photovoltaic sectors [3]. Policy Support and Market Environment - The National Energy Administration plans to enhance policy support and market environment to stimulate energy investment, including the introduction of green electricity direct connection policies [3]. - The government aims to facilitate the implementation of projects in zero-carbon parks and industrial microgrids, ensuring a stable development outlook for renewable energy [3]. Energy Supply Stability - The overall fuel reserves in the country are sufficient, with coal production maintaining high levels, ensuring stable electricity supply during peak winter demand [5]. - As of January 27, the national coal inventory for power plants was 220 million tons, sufficient for 26 days of operation, indicating a solid foundation for coal supply [5]. - Natural gas consumption during the heating season reached 119.52 billion cubic meters, a year-on-year increase of 4.6%, with stable operations in both domestic and imported gas supplies [5].

Core Viewpoint - Jinko Technology (601778.SH) has early established its energy storage business, accumulating rich project resources and experience, making it a core strategic focus of the company [1] Group 1: Energy Storage Business Development - The company has over 10 GWh of energy storage projects under construction and in reserve, covering various applications such as grid-side, user-side, and integrated solar-storage [1] - Major grid-side energy storage projects of 560 MWh located in Gansu and Anhui are set to be connected to the grid in 2025, while a 400 MWh project in Qinhuangdao, Hebei, has already commenced construction at the end of last year [1] - Approximately 4 GWh of independent energy storage station projects are planned to start construction soon across regions including North China, Northwest, East China, Southeast, and Central China [1] Group 2: Strategic Initiatives and Future Plans - The company is actively building a smart operation and maintenance platform, extending independent energy storage from source, grid, and load sides to virtual power plants and green electricity direct connection services [1] - Jinko Technology aims to further expand the construction scale of various energy storage projects, leveraging its rich project reserves and diverse development and operational experience [1] - The company is committed to implementing a "light and heavy combination" business model to create new growth drivers for its business [1]

Core Viewpoint - Jinko Technology (601778.SH) has early established its energy storage business, accumulating rich project resources and experience, making it a core strategic focus of the company [1] Group 1: Energy Storage Business Development - The company has over 10 GWh of energy storage projects under construction and in reserve, covering various applications such as grid-side, user-side, and integrated solar-storage [1] - Major grid-side energy storage projects of 560 MWh located in Gansu and Anhui are set to be connected to the grid in 2025, while a 400 MWh project in Qinhuangdao, Hebei, has already commenced construction at the end of last year [1] - Approximately 4 GWh of independent energy storage station projects are planned to start construction soon across North China, Northwest, East China, Southeast, and Central China [1] Group 2: Strategic Initiatives and Future Plans - The company is actively building a smart operation and maintenance platform, extending independent energy storage from source, grid, and load sides to virtual power plants and green electricity direct connection services [1] - Jinko Technology aims to further expand the construction scale of various energy storage projects, leveraging its rich project reserves and diverse development and operational experience [1] - The company is committed to implementing a "light and heavy combination" business model to create new growth drivers for its business [1]

Core Viewpoint - The article discusses the importance of green electricity direct connection and the creation of zero-carbon parks, emphasizing the need for low-carbon energy transformation and green electricity consumption in industrial parks [2]. Group 1: Policy and Objectives - The "Notice on the Construction of Zero-Carbon Parks" outlines the construction conditions, key tasks, and organizational methods for zero-carbon parks [2]. - By the end of 2025, the first batch of national-level zero-carbon parks will be announced, requiring localities to promote green electricity direct connection and new energy access to distribution networks [2]. - The government aims to increase the proportion of green electricity consumption in key energy-consuming units and industries, encouraging the establishment of green factories and parks with 100% green electricity consumption [2]. Group 2: Training Details - A seminar and training on green electricity direct connection and zero-carbon park creation will be held on March 6-7 in Hangzhou [3]. - The event is organized by China Energy News and supported by the China Energy Economic Research Institute [3]. - Target participants include power companies, renewable energy enterprises, energy service companies, and professionals involved in zero-carbon park construction [3]. Group 3: Course Modules - The training will cover various topics, including green electricity direct connection policies, pricing mechanisms, project planning, and the application of virtual power plants in zero-carbon parks [4][5]. - Specific modules will analyze the differences between green electricity direct connection and integrated energy systems, as well as provide case studies and evaluation criteria for zero-carbon parks [5]. Group 4: Fees and Contact Information - The training fee is set at 3,900 yuan per person, excluding travel and accommodation costs [5]. - Payment can be made via bank transfer, and contact information for inquiries is provided [5].

近日，内蒙古自治区能源局印发《内蒙古自治区单一电力用户绿电直连项目开发建设实施方案（试 行）》，创新性地将电解铝行业、国家级零碳园区、国家枢纽节点数据中心等存量负荷纳入直连范畴， 通过新能源与用电企业点对点直供模式，实现绿电来源可溯、用电成本降低的"双收益"效果。 该方案明确，新增用电负荷、氢基绿色燃料项目、降碳刚性需求出口企业、燃煤燃气自备电厂、和林格 尔数据中心集群、电解铝行业及国家级零碳园区等七类主体均可参与绿电直连。 业内人士分析，这种分类施策的思路精准对接了不同用户的用能需求：对出口外向型企业而言，清晰的 绿电溯源能有效应对欧盟CBAM碳关税等"绿色贸易壁垒"，让产品在国际市场更具竞争力；对数据中心 这类高耗能主体，要求新建项目绿电消费比例不低于80%，倒逼数字经济与绿色能源深度融合；对于企 业的自备电厂，则可通过绿电替代推动传统能源清洁转型，实现"腾笼换鸟"。 一位参与方案研讨的新能源企业负责人表示，方案允许除电网外的各类主体投资，电源可由用户自建、 发电企业建设或合资建设，还豁免了电力许可，放开社会资本投资专线，彻底扫清了过去的一些制度障 碍。这种"谁用能、谁主导"的模式，不仅降低了企业用能成本 ...

零碳实际上是一种目标牵引，鼓励园区尽可能多地使用清洁能源、利用周边的绿色电力，通过风电、光 伏、储能来实现绿电直供园区。 2026年，国家级零碳园区建设迈入进行时。 一场关乎产业形态重塑、园区功能升级与绿色发展转型的变革全面启动。首批国家级零碳园区建设名单 中，河北沧州沧东经济开发区、辽宁沈阳中德高端装备制造产业园等6家园区需在2027年率先完成建 设。 建设零碳园区，需要园区管理方、企业、专业服务机构等主体的合力协作。当前，一批园区已展开实 践，探索零碳工业体系路径。近日，远景科技集团首席可持续发展官孙捷在接受21世纪经济报道专访时 表示，国家级零碳园区是应对绿色贸易挑战的桥头堡。远景最初在内蒙古鄂尔多斯布局全球首个零碳产 业园，正是为应对海外市场对电池等产品设立的碳壁垒。 孙捷表示，结合远景零碳产业园的实践来看，打造零碳产业园需要依托新型能源系统、零碳数字化管理 体系与绿色工业集群三大体系。将能源转型、数字技术和产业集聚三者融合，不仅有助于减碳，也能提 升产业链整体竞争力。这一模式正在成为工业园区绿色低碳转型的重要路径。 依托三大体系构建零碳园区 《21世纪》：如何理解零碳园区的内核？在国家级零碳园区建设 ...

关于举办绿电直连及零碳园区创建研讨培训的通知 各企事业单位： 工业园区是能源利用低碳化转型和绿色电力消费的重要载体。《关于开展零碳园区建设的 通知》，明确了零碳园区的建设条件、重点任务、保障措施、组织方式等一系列内容。 2 0 25年底，第一批国家级零碳园区建设名单发布，要求各地方推动绿电直连、新能源就 近接入增量配电网等绿色电力直接供应模式在国家级零碳园区落地。 此外，国家明确加快提升重点用能单位和行业的绿色电力消费比例，在有条件的地区分类 分档打造一批高比例消费绿色电力的绿电工厂、绿电园区等，鼓励其实现1 0 0%绿色电力 消费。《关于有序推动绿电直连发展有关事项的通知》指出，鼓励出口外向型企业利用周 边新能源资源探索开展存量负荷绿电直连，云南、河北、陕西、山东等地陆续出台绿电直 连实施方案。 为了帮助各企事业单位了解绿电直连最新政策、物理落地路径、项目规划思路及其与企业 园区用电结合方式、零碳园区标准体系以及零碳园区创建评估标准，《中国能源报》社特 举办绿电直连及零碳园区创建研讨培训，培训完后发放《中国能源报》社有限公司中国能 源经济研究院"绿电直连及零碳园区创建"培训结业证书。 具体安排如下： 一、时 ...