广东 136 号文衔接政策落地，4 月我国进口天然气量同比下降 6.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 17 日 15666646523.tcy ● 本周市场表现：截至5月16日收盘，本周公用事业板块上涨0.1%，表现 劣于大盘。其中，电力板块上涨0.06%，燃气板块上涨0.23%。 ● 电力行业数据跟踪： ➢ 动力煤价格:秦港动力煤价格周环比下跌。截至5月16日，秦皇岛港动 力煤(Q5500)山西产市场价618元/吨，周环比下跌17元/吨。截至5月16 日，广州港印尼煤(Q5500)库提价702.12元/吨，周环比下跌7.23元/吨； 广州港澳洲煤(Q5500)库提价721.93元/吨，周环比下跌11.88元/吨。 ➢ 动力煤库存及电厂日耗：秦港动力煤库存周环比增加，沿海电厂日耗 周环比上升。截至5月16日，秦皇岛港煤炭库存760万吨，周环比增加7 万吨。截至5月15日，内陆17省煤炭库存8080.1万吨，较上周增加33.7 万吨，周环比上升0.42%；内陆17省电厂日耗为310.3万吨，较上周下降 1.2万吨 ...

证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 广东 136 号文衔接政策落地，4 月我国进口天然气 量同比下降 6.1% 2025 年 5 ...

Core Insights - The charging industry is undergoing revolutionary changes, with new models emerging such as charging combined with photovoltaics, energy storage, and market-based electricity trading [1][2] - The industry is facing challenges including low utilization rates and a single profit model, with a significant increase in performance disparities expected in 2024 [1] - The introduction of mandatory product certification for electric vehicle charging equipment by the National Market Supervision Administration is a key regulatory development [1] Industry Trends - The charging infrastructure in China reached 14.064 million units by April 2025, but the industry is struggling with low utilization and profitability [1] - New entrants like Sinopec are launching initiatives to build thousands of charging stations, indicating a shift towards integrating charging facilities into urban infrastructure [1] - The competitive landscape is evolving, with a focus on three core capabilities: load forecasting accuracy, green electricity trading ability, and user operation efficiency [2] Technological Advancements - The establishment of an AI research institute by the company aims to innovate in the energy sector through advanced predictive models and AI frameworks [2][3] - AI models are being utilized for deep data analysis in electricity trading and to provide intelligent services for charging operators, enhancing user experience [3] - AI's role in electricity trading is becoming more prominent, with the company using AI to assist or fully manage pricing in competitive bidding scenarios [3] Future Developments - The company plans to develop an AI energy model that integrates various load demands and energy assets, focusing on core elements such as scenarios, data, and algorithms [4][5] - The goal is to empower operators for efficient operations and support sustainable growth in the charging ecosystem [5]

齐鲁晚报·齐鲁壹点 李牧青 5月15日上午，山东省政府新闻办举行新闻发布会，邀请省能源局主要负责同志等介绍山东深入实施"八大行动"，推动新能源高水平消纳情况。 一是充分发挥各类调节资源作用。在公平统一的原则下，利用现货市场价格信号充分反映系统供需，以低电价有效激励火电机组加大灵活性改造，达到低价 时段少发电目的。目前，已挖掘火电机组深度调峰能力700万千瓦以上，年可增加新能源消纳电量约35亿千瓦时。持续完善市场运行和交易机制，支持独立 储能、抽水蓄能等调节性资源，通过"低充高放"利用市场价差获取调节收益，为系统持续提升消纳能力拓展新空间。 二是精准高效引导用户侧响应。鼓励通过市场竞争形成价格信号，建立基于现货价格的分时电价机制、零售套餐分时约束机制，激励用户主动调节用电行 为，发挥最有效"指挥棒"作用。通过引导用户"避峰就谷"用电，2024年午间新能源大发时段增加用电负荷最高达583.87万千瓦，促消纳效果突出。 三是积极拓展省外消纳空间。在推动新能源省内最大化消纳的同时，打通省内新能源外卖交易渠道，实现在更大范围内配置。自今年1月份开始，通过电网 调度、交易机构等常态化组织开展省内富余新能源参与省间现货交易 ...

政策持续加码，推动电力现货市场建设步伐显著加快。近日，国家发改委办公厅、国家 能源局综合司发布的《关于全面加快电力现货市场建设工作的通知》（以下简称《通知》） 明确了电力现货市场建设时间表和路线图，标志着我国电力现货市场建设驶入快车道。 业内认为，这一政策是落实党的二十大关于构建全国统一大市场战略部署的重要举措， 意味着我国电力市场化改革迈向更深层次、更广范围的全面加速阶段。 市场建设步入快车道 《通知》指出，湖北电力现货市场要在2025年6月底前、浙江电力现货市场要在2025年 底前转入正式运行，安徽、陕西力争在2026年6月底前转入正式运行。2025年底前，福建、 四川、辽宁、重庆、湖南、宁夏、江苏、河北南网、江西、河南、上海、吉林、黑龙江、新 疆、蒙东、青海要启动现货市场连续结算试运行。南方区域电力现货市场要启动连续结算试 运行，京津冀电力市场要创造条件启动模拟试运行，省间现货市场要实现发电企业参与省间 现货购电，并加紧研究售电公司、电力用户直接参与省间现货交易的机制。 《通知》强调，电力现货市场连续运行一年以上，且经第三方评估满足《电力现货市场 基本规则（试行）》规定的正式运行启动条件的，可按程序转入 ...

Core Insights - The energy storage industry is adapting to market pressures and is increasingly focusing on overseas markets to improve revenue despite low profitability [1][2] - Many companies are optimistic about their energy storage business, with significant sales growth reported in recent financial results [1][2] Industry Overview - The domestic energy storage market is highly competitive, with low profit margins; net profit growth is largely dependent on overseas markets [2] - In Q1, the newly installed capacity for energy storage in China was 5.03 GW/11.79 GWh, marking a year-on-year decline of 1.5%/5.5%, the first negative growth since 2022 [2][3] - The decline in installed capacity is attributed to project construction cycles and policy adjustments, with a slowdown in project development due to unclear revenue expectations in the electricity market [3] Company Performance - Companies like Aters have reported over 500% year-on-year growth in energy storage sales, positioning themselves as leading system integrators in major overseas markets [1] - Sunshine Power's Q1 revenue reached 19.036 billion yuan, a 50.92% increase, with energy storage systems contributing significantly to profitability [5] - In contrast, Haibo Si Chuang, which has a lower overseas revenue share, reported a decline in profit margins, with energy storage product margins dropping from 37% in 2020 to 18% in 2024 [4] Market Dynamics - Recent tariff reductions on Chinese energy storage products exported to the U.S. are expected to stabilize performance expectations and enhance competitiveness [7][8] - The global energy storage market is projected to see a 37% increase in new installations this year, with significant growth potential anticipated through 2035 [9]

山东省出台首份 136 号省级承接文件，欧盟计划 2027 年终止进口俄能源 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 10 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限 ...

Core Points - The introduction of the "Basic Rules for the Electricity Auxiliary Service Market" marks a significant step in the institutional regulation of China's electricity auxiliary service market, transitioning from gradual exploration to a standardized phase [2][3] - Understanding the main characteristics of the "Rules" is essential for effectively implementing them and advancing the development of the electricity auxiliary service market [2] Group 1: Practical Foundation - The current construction of China's electricity auxiliary service market has made significant progress, but there are complex interconnections between various market types, necessitating the need for clear definitions and regulations [3][4] - The historical development of the auxiliary service market has provided rich practical experience, with the first peak regulation market launched in 2014, indicating the market's active role in ensuring system stability and promoting renewable energy consumption [4][5] Group 2: Systematic Nature - The "Rules" represent the first comprehensive and systematic regulatory document for the electricity auxiliary service market, covering all aspects such as market members, market establishment, transaction organization, and risk management [6][7] - The "Rules" emphasize the unified process for establishing and trading in the auxiliary service market, detailing specific requirements for each stage of market operation [7][8] Group 3: Safety Requirements - The "Rules" prioritize safety in the operation of the electricity auxiliary service market, defining auxiliary services as essential for maintaining the stability and safety of the power system [10][11] - Responsibilities for safety are clearly assigned to market participants, with the electricity dispatching agency tasked with ensuring that the auxiliary service market operates under safety protocols [11][12]

摘要 国产人形机器人放量，欧洲停电或利好储能出口 20250505 • 国能日新一季度业绩超预期，受益于国家电力市场化改革及分布式光伏需 求增长，公司被继续推荐为重点标的，政策支持是关键驱动力。 • 普利特改性塑料业务稳健增长，CP 薄膜有望在手机领域取得突破，储能业 务预计今年扭亏，建议持续关注其业务多元化进展。 • 光伏板块经历抢装周期后价格下跌，需关注行业供给侧变化，部分企业资 金链紧张，未来两个月或面临洗牌，可能影响股价表现。 • 欧洲停电事故降低户用和工商储能库存，延长户用储能需求周期，利好相 关市场，储能需求或将持续增长。 • 4 月国内主流新能源车企交付量同比增长，锂盐价格下降，镍价略有回调， 中游材料价格平稳，头部车企表现亮眼。 • 组件和辅材企业面临供应链和资金回款挑战，产业链价格下跌可能恶化现 金流，未来两个月是关键期，需重点关注。 • 人形机器人板块发展良好，脑机接口技术取得进展，奇瑞和优必选机器人 订单放量，汉威科技在柔性触觉传感器领域表现突出，值得关注。 Q&A 本周西部电力新能源团队对汉威科技的推荐理由是什么？ 汉威科技在传感器和电子皮肤领域具有领先地位，尤其是柔性传感器在动力电 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The utility sector underperformed the market, with a decline of 2.1% as of April 30, compared to a 0.4% drop in the Shanghai and Shenzhen 300 index [3][11] - The approval of 10 new nuclear power units in China indicates a continued commitment to nuclear energy development [4] - Natural gas consumption in March 2025 showed a slight year-on-year increase of 0.1%, reaching 35.79 billion cubic meters [4] Summary by Sections Market Performance - The utility sector's performance was below the market average, with the electricity sector down 2.21% and the gas sector down 0.95% [3][11] - The top-performing sectors included media and computer industries, while real estate and social services lagged [11] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 652 CNY/ton, down 7 CNY/ton week-on-week [3][21] - Coal inventory at Qinhuangdao Port decreased to 6.86 million tons, a reduction of 60,000 tons week-on-week [27] - Daily coal consumption in inland provinces was 2.777 million tons, down 184,000 tons/day week-on-week [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index was 4,513 CNY/ton, a year-on-year increase of 5.12% but a slight decrease of 0.13% week-on-week [4][54] - In March 2025, domestic natural gas production was 22.68 billion cubic meters, up 5.0% year-on-year [4] - The EU's natural gas supply increased by 3.4% year-on-year, reaching 6.41 billion cubic meters [4] Key Industry News - The approval of 10 new nuclear power units reflects a stable pace of nuclear project approvals in China [4] - The slight increase in natural gas consumption in March 2025 suggests a recovery trend in the sector [4] Investment Recommendations - The electricity sector is expected to see profit improvement and value reassessment due to ongoing supply-demand tensions [4] - Recommended stocks include major coal-fired power leaders and hydropower operators, as well as companies involved in coal power equipment manufacturing [4]