"今年以来，面对更趋复杂严峻的外部环境，我们坚持稳中求进、以进促稳，实施更加积极有为的宏观 政策，加快落实稳就业稳经济推动高质量发展若干举措，经济运行总体平稳。"6月26日，国家发展改革 委举行新闻发布会，国家发展改革委政策研究室副主任、新闻发言人李超分析了当前经济形势，并围 绕"两新"政策成效、粮食生产、能源保供等热点问题回答了记者提问。 存量政策加快落地见效，新的储备政策陆续出台实施 今年以来，国家发展改革委会同有关方面加力扩围实施"两新"政策，以旧换新相关商品销售额已超1.4 万亿元。 设备更新方面，超长期特别国债资金支持力度为2000亿元。第一批约1730亿元资金，已按照"地方审 核、国家复核"的原则，安排到16个领域约7500个项目，第二批资金正在同步开展项目审核筛选。 从供给看，农业生产有序开展，工业服务业稳定增长。 5月份，规模以上工业增加值同比增长5.8%，服务业生产指数增长6.2%，增速比上月提高0.2个百分点。 从需求看，消费投资持续扩大，出口保持较快增长。 5月份，社会消费品零售总额同比增长6.4%，增速为2024年以来最高水平。前5个月，固定资产投资稳 定增长，其中制造业投资增长8.5 ...

Core Viewpoint - The article emphasizes the importance of enhancing the capacity for large-scale renewable energy consumption in the context of China's new energy system, highlighting three key strategies to achieve this goal [1][3][12]. Group 1: Strategies for Renewable Energy Consumption - The first strategy involves coordinating power transmission and local consumption, leveraging the advantages of wind and solar resources in desert and arid regions to build large-scale renewable energy bases, and exploring new models that integrate renewable energy with industrial development [1][12]. - The second strategy focuses on the coordination of power grid and regulation capacity, ensuring that the construction of renewable energy, transmission channels, and supporting regulation power sources progresses in tandem. China has built the world's largest power grid and is set to increase its high-voltage transmission capacity with new projects [2][12]. - The third strategy is about balancing energy demand and supply, enhancing demand-side flexibility, and promoting charging infrastructure to improve renewable energy consumption capacity [2][12]. Group 2: Achievements and Future Plans - As of May, China's renewable energy consumption utilization rate has maintained over 90%, indicating positive progress in renewable energy consumption [3][12]. - The National Development and Reform Commission (NDRC) plans to continue focusing on renewable energy consumption as a key aspect of building a new energy system, implementing supportive policies across generation, transmission, and regulation [3][12].

Group 1 - New energy sources such as wind and solar power are becoming the main sources of new electricity generation, playing an increasingly significant role in ensuring power supply during peak summer demand [1][6] - The National Development and Reform Commission (NDRC) anticipates that the highest electricity load during this summer will increase by approximately 10 million kilowatts compared to last year [2] - The NDRC has implemented measures to enhance electricity supply capacity, including strengthening the energy production, supply, storage, and sales system [2][4] Group 2 - As of the end of May, the total installed capacity of electricity generation in the country reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [4] - The NDRC is focusing on improving the efficiency of electricity transmission and has completed the construction of several ultra-high voltage direct current transmission channels to support electricity demand in densely populated and industrial areas [4][7] - The utilization rate of new energy sources remains above 90%, indicating effective integration into the energy system [7] Group 3 - The installed capacity of wind and solar power reached 570 million and 1.08 billion kilowatts respectively by the end of May, accounting for 45.7% of the total installed capacity, surpassing that of thermal power [6][7] - The NDRC is promoting policies to enhance the consumption of new energy, including direct supply of green electricity to specific users, which supports local consumption and provides new opportunities for high-energy-consuming and export-oriented enterprises [7] - The new energy storage capacity in the country has exceeded 80 million kilowatts, indicating a growing market for energy storage solutions as new energy sources become more prevalent [7]

来看具体内容： 第三批消费品以旧换新资金将于7月下达 李超表示，将于今年7月份下达今年第三批消费品以旧换新资金。同时，将协调有关方面，坚持更加注重 时序性和均衡性原则，分领域制定落实到每个月、每一周的国补资金使用计划，保障消费品以旧换新政策 全年有序实施。 第二批设备更新资金正在同步开展项目审核和筛选 李超表示，今年超长期特别国债资金对设备更新的支持力度为2000亿元，第一批约1730亿元资金已按 照"地方审核、国家复核"原则安排到16个领域约7500个项目，第二批资金正在同步开展项目审核和筛 选。 新增中央预算内投资支持地方实施以工代赈项目 李超介绍称，近日，国家发展改革委联合有关部门印发了《以工代赈加力扩围促进重点群体就业增收行动 方案》。通过这一项增量政策，进一步加大对困难群体的帮扶力度。去年11月份以来，国家发展改革委联 合财政部下达了2025年以工代赈中央专项投资165亿元，支持地方实施以工代赈项目3900多个，预计能 够解决38万名困难群众的就业增收问题。在此基础上，这次的行动方案提出，要新增安排一批中央预算内 投资项目，对于重点群体较为集中的地区予以支持。 以工代赈劳务报酬"提标" 尽可能增加群 ...

Group 1 - The National Development and Reform Commission (NDRC) is set to issue the third batch of funds for the "old-for-new" consumption policy in July, ensuring the policy is implemented smoothly throughout the year [1][2][13] - The "Two New" policy has shown significant effects, with sales of related products exceeding 1.4 trillion yuan this year, particularly in appliances, furniture, and communication equipment [2][13] - The NDRC has allocated 200 billion yuan in special bonds for equipment upgrades, with the first batch of approximately 173 billion yuan already distributed to around 7,500 projects across 16 sectors [1][13] Group 2 - The NDRC is enhancing the management of equipment upgrade projects and will introduce loan interest subsidies to reduce financing costs for businesses [2][13] - The NDRC is focusing on the timely evaluation of the progress of various sectors under the "Two New" policy to improve its effectiveness [1][2][13] Group 3 - The NDRC has reported a 5.8% year-on-year increase in industrial output and a 6.4% increase in retail sales in May, indicating stable economic performance [9] - Fixed asset investment has shown steady growth, with manufacturing investment rising by 8.5% [9] - The NDRC is actively addressing the challenges posed by external economic pressures while maintaining a focus on domestic economic stability [9]

Core Viewpoint - The renewable energy sector is experiencing significant growth, with key stocks and indices showing strong performance, driven by favorable market conditions and government policies. Group 1: Market Performance - The Zhongzheng New Energy Index rose by 1.54%, with notable increases in constituent stocks such as Hunan YN (up 5.26%) and Zhongwei Co. (up 3.65%) [1] - The New Energy ETF (159875) increased by 1.41%, indicating positive investor sentiment in the sector [1] Group 2: Liquidity and Valuation - The New Energy ETF had a turnover of 2% during the trading session, with a total transaction value of 17.6062 million yuan [2] - Over the past year, the ETF's average daily trading volume was 35.548 million yuan, ranking it among the top two comparable funds [2] - The current price-to-book ratio (PB) of the Zhongzheng New Energy Index is 1.98, which is below 85.19% of the historical data over the past three years, highlighting its attractive valuation [2] Group 3: Key Stocks and Weightings - The top ten weighted stocks in the Zhongzheng New Energy Index account for 44.89%, with Ningde Times holding the highest weight at 10.62% [5] - Other significant stocks include Yangguang Electric (5.65%), Longi Green Energy (4.25%), and China Nuclear Power (4.25%) [5] Group 4: Industry Trends and Policies - The construction of ultra-high voltage projects in China is entering a phase of intensive production, with the recent commissioning of the Hami-Chongqing ±800 kV UHVDC project [4] - New policies such as the "Green Power Direct Connection" allow renewable energy sources to supply power directly to single users without connecting to the public grid [4] - The market for virtual power plants is expanding, with regions like Guizhou and Yunnan participating in various trading mechanisms [4] Group 5: Electric Vehicle Market Outlook - The China Passenger Car Association predicts that retail sales of new energy vehicles (NEVs) in June could reach 1.1 million units, with a penetration rate of around 55% [5] - The introduction of new models, such as the Xiaomi YU7, is expected to enhance the competitiveness of NEVs, driving demand for batteries and materials [5]

证券研究报告：电力设备|深度报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 6629.95 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《全面加快电力现货市场建设+辅助服 务顶层规划发布，有望理顺价格机制， 绿电价值有望重估》 - 2025.05.06 抽蓄系列产业报告 1：抽蓄是促进新能源高质量发 展和提升电力系统安全性的有效途径 驱动因素3：抽蓄的两部制电价，稳定成本回收预期+提升盈利； 国家鼓励民企参与抽蓄电站建设。华东地区规模最大的抽水蓄能电站 ——浙江建德协鑫抽蓄电站（240 ...

Group 1 - The core viewpoint of the articles is that the introduction of a dedicated line for green electricity (green power) is a new pathway to alleviate China's renewable energy consumption issues, meet diverse energy needs of enterprises, and address carbon footprint certification challenges for export companies [1][2][3] - The National Development and Reform Commission and the National Energy Administration issued a notice that allows green power projects to directly supply specific users through dedicated lines, marking a significant policy breakthrough [1][2][5] - As of March 2025, the total installed capacity of wind and solar power in China reached 1.482 billion kilowatts, surpassing that of thermal power for the first time, indicating a shift in energy generation dynamics [2] Group 2 - The green electricity direct connection policy aims to enhance the efficiency of renewable energy resource utilization and meet the urgent green energy consumption demands of traditional and emerging high-energy industries [2][3] - The 650 document establishes a unified regulatory framework for green electricity direct connection, addressing fragmentation in local regulations and providing clear definitions and execution guidelines [5][6] - The policy encourages local decision-making flexibility, allowing regions to tailor implementation paths based on local power supply and renewable energy consumption conditions [5][6] Group 3 - The green electricity direct connection mechanism is designed to prevent capacity limitations in the power grid from restricting renewable energy generation and user demand, thereby improving renewable energy consumption rates [3][6] - The policy allows for a shift from an "unlimited responsibility" model for grid companies to a "limited and assessable responsibility" model, promoting self-balancing capabilities of projects [6][7] - The economic viability of green electricity direct connection projects is influenced by multiple factors, including renewable resource endowment, load characteristics, and market conditions [7][9] Group 4 - The implementation of the green electricity direct connection policy opens new pathways for enterprises to optimize energy structures, reduce energy costs, and address green trade barriers [7][8] - The policy is part of a broader strategy to build a new type of power system that is clean, low-carbon, safe, and efficient, integrating various stakeholders to enhance technology development and market mechanisms [9]

Core Insights - The article discusses the efforts of the State Grid Shandong Electric Power Research Institute in enhancing renewable energy consumption capabilities in Shandong Province, aligning with national energy-saving strategies [1][2] - The institute has conducted a comprehensive analysis of renewable energy consumption capacity, focusing on key parameters such as wind and solar resource fluctuations, load growth trends, and coal power adjustment capabilities [1] Group 1: Renewable Energy Analysis - Shandong Province is a leader in renewable energy, with wind and solar installations ranking among the highest in the country [1] - The research team is engaged in detailed quarterly and annual calculations of renewable energy consumption, addressing the increasing scale of wind and solar installations and the challenges of energy consumption [1][2] - The analysis involves collecting and organizing vast amounts of minute-level data on wind and solar output and load, which presents significant integration challenges [1] Group 2: Team Efforts and Challenges - Team members have committed to intensive work schedules, including overnight shifts, to ensure data accuracy and complete the demanding analysis tasks [2] - The team has conducted sensitivity analyses on variables such as resource availability, load growth rates, and new renewable installations, providing insights into consumption capacity under different scenarios [2] - The completion of this analysis has identified issues and recommendations for efficient renewable energy consumption, supporting the transition to a greener energy system [2] Group 3: Future Directions - As the proportion of renewable energy generation continues to rise, the challenges of ensuring safe and efficient coordination between renewable generation, the grid, and load will become more pronounced [2] - The institute plans to focus on key technologies related to the coordination of renewable energy generation and distributed power source operation, aiming to address deep-seated technical issues through innovation [2] - These efforts are aligned with national strategic technology needs and are intended to support the country's goals of achieving carbon peak and carbon neutrality by 2030 and 2060, respectively [2]

Core Viewpoint - The completion of the Longdong to Shandong ±800 kV UHVDC project marks a significant advancement in China's integrated energy base, enhancing the transmission of renewable energy from Gansu to Shandong, with a focus on multi-energy complementarity and improved renewable energy utilization [1][2]. Group 1: Project Overview - The Longdong to Shandong project is the first large-scale integrated energy base in China, with a capacity of 1,450 MW, including 1,050 MW from renewable sources and 105 MW of energy storage [1]. - The project is expected to deliver 36 billion kWh of electricity annually to Shandong, with renewable energy accounting for 50% of this total [1]. Group 2: Market Development - Gansu has established a comprehensive electricity market system, with market participants increasing to 87,000, and green electricity and green certificate transactions projected to grow significantly in 2024 [2]. - Over 430 industrial enterprises in Gansu are actively participating in the electricity spot market, leading to over 10% of the province's electricity load shifting from peak to off-peak hours, resulting in cost savings exceeding 3 billion yuan [2]. Group 3: Green Certificate Trading - In the first five months of this year, Gansu's green certificate trading volume reached 6.5164 million certificates, a year-on-year increase of 69.54% [3]. - The increase in green certificate transactions indicates Gansu's growing capacity to consume green electricity locally, with the market becoming increasingly active [3].