丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 核绿电量延续优异表现，上半年业绩展望稳健 报告要点 [Table_Summary] 机组大修损失同比减少以及漳州 1 号年初商运共同拉动上半年核电发电量同比增长 12.01%， 单二季度核电发电量同比增长 10.77%。在电量优异表现的带动下，二季度及上半年公司核电 板块预计实现稳健的业绩表现。装机持续扩张拉动上半年新能源电量同比增长 35.76%，但考 虑增资引战后公司对中核汇能的持股比例降低，二季度及上半年新能源的归母业绩贡献或仍面 临一定压力。整体来看，上半年公司发电量同比增长 15.65%，即使考虑市场化交易、新能源股 比稀释等影响，预计公司二季度业绩仍将实现稳健增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

Core Viewpoint - The article highlights the measures taken to ensure stable electricity supply during the peak summer demand period in China, with a focus on increasing power generation capacity and enhancing transmission efficiency. Group 1: Power Supply and Demand - During the peak summer period, the highest electricity load in the country is expected to increase by approximately 10 million kilowatts year-on-year [1] - The overall power supply and demand situation is better than last year, with a general balance in national electricity supply and demand [1] Group 2: Enhancing Generation Capacity - Coal remains the primary energy source, and coal supply is crucial for stable electricity supply during peak summer [2] - The Huanghua Port, as the largest coal port in the country, has seen coal throughput exceed 100 million tons as of June 23 [2] - New energy generation capacity has reached over 80 million kilowatts in the Hebei North Clean Energy Base, accounting for 75.8% of total installed capacity, the highest in the country [2] Group 3: Efficient Power Transmission - Jiangsu province has seen a 2.5% year-on-year increase in electricity demand in the first five months, with expectations for peak loads to reach new highs [4] - The State Grid Corporation has completed 140 key projects for summer peak demand on schedule [4] - Innovative technologies for live-line work in narrow areas have been developed to improve reliable power supply for residents [4] Group 4: Flexibility in Electricity Demand - The first market-oriented virtual power plant in Liaocheng, Shandong, has been launched, aggregating adjustable load resources with a capacity of 8.225 megawatts [5] - The Hubei electricity spot market has begun operation, utilizing price mechanisms to guide users towards efficient electricity consumption [6] - Continuous improvement of demand response mechanisms is being implemented to enhance the participation of various demand-side resources in renewable energy peak shaving [6]

Core Insights - The article highlights the proactive measures taken by the State Grid Shandong Electric Power Company to ensure stable electricity supply during the peak summer load, particularly in response to extreme heat conditions [2][3][4] Group 1: Electricity Load and Supply - On July 3, the Shandong power grid reached a record load of 114.83 million kilowatts, marking a 310,000-kilowatt increase compared to the highest load in the summer of 2024, occurring one month earlier [2] - The renewable energy output also hit a historical high of 60.79 million kilowatts, with solar power contributing 50.09 million kilowatts and wind power 10.70 million kilowatts, accounting for approximately 53% of the peak load [2] Group 2: Maintenance and Emergency Response - The company completed 527 grid maintenance tasks and launched 12 key summer projects to ensure optimal grid performance ahead of peak load [4] - A total of 132 "zero perception" live working operations and 32 emergency repairs were conducted, preventing power outages for over 9,440 households [1][4] - The company has established 136 emergency repair stations with over 1,000 staff on standby and 19 emergency power vehicles ready for deployment [3] Group 3: Technological Advancements - The use of drones equipped with intelligent navigation systems has improved defect identification rates by 2.6 times, enhancing the efficiency of inspections [3] - The company has signed supply responsibility agreements with 24 power generation enterprises to ensure zero outages and disruptions during the summer peak [3]

Core Insights - Jiangsu's power grid reached a historical peak load of 14,996 MW on July 3, 2023, supported by a record output of 6,047 MW from wind and solar energy, marking a significant milestone for the region's summer peak electricity demand management [1][2] - The peak load this year arrived five days earlier than in 2024, driven by high temperatures and increased electricity consumption from air conditioning and industrial production [1][2] Group 1: Electricity Demand and Supply - The maximum external electricity supply to Jiangsu reached 2,248 MW, accounting for 15.8% of the peak load on July 3, 2023, with the Three Gorges hydropower project operating at full capacity for the first time this year [2] - As of the end of May, Jiangsu's installed renewable energy capacity exceeded 10,885 MW, representing over 48% of the province's total installed capacity, with wind and solar contributing 45.5% of the total power output on July 3 [2] Group 2: Infrastructure and Economic Growth - The State Grid Jiangsu Electric Power Company completed 13 key projects to enhance the power grid's capacity before the summer peak, adding 369.12 kilometers of 500 kV and above transmission lines and 5.36 million kVA of transformer capacity [2] - Jiangsu's GDP grew from 11.74 trillion yuan in 2021 to 13.7 trillion yuan in 2024, a 16.96% increase, while electricity load rose from 12,042 MW in 2021 to 14,996 MW in 2023, reflecting a 24.5% increase, indicating a strong correlation between economic growth and electricity demand [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **new energy sector**, specifically **solar and wind power** in China, highlighting significant growth trends and projections for the coming years [1][2][4]. Core Insights and Arguments - **Solar Power Growth**: - Domestic solar installation capacity is projected to quadruple from 2020 to 2024, with an expected addition of **93GW** in the first five months of 2025, representing a **150% year-on-year increase** [1][2]. - The total solar installation capacity is anticipated to reach approximately **280GW** by 2024, up from around **50GW** in 2020 [2]. - Despite a potential slowdown in growth rates, the solar industry is expected to maintain a **double-digit compound growth rate** globally [5]. - **Wind Power Growth**: - Wind power installations are expected to grow steadily from **50GW** in 2021 to **80GW** by 2024, with a projected **110GW** in total installations for 2025, reflecting a **40% year-on-year growth** [3][4]. - The first five months of 2025 saw an addition of **46GW** in wind power, more than doubling compared to the previous year, driven by policy support [3][4]. - **Future Projections**: - The new energy sector is expected to continue its high growth rate in the coming years, supported by policy initiatives and technological advancements [4]. - By **2030**, domestic land-based wind power is projected to exceed **200GW**, with offshore wind power also expected to see significant growth [5]. Additional Important Insights - **Market Dynamics**: - The construction cycle for wind projects is longer than for solar, with land-based wind turbines taking about one year and offshore turbines taking one to two years to complete [10]. - The market for solar and wind power is expected to benefit from ongoing reforms in electricity pricing and market mechanisms, which will enhance the competitiveness of coal power as a balancing resource [13][15]. - **Challenges and Solutions**: - The integration of increased renewable energy into the grid poses challenges, which are being addressed through investments in grid infrastructure, market reforms, and technological innovations [11][13]. - The expected increase in the share of wind and solar power in the energy mix is projected to reach **60% by 2060**, with a gradual increase of **1-2 percentage points per year** [8][12]. - **Investment Outlook**: - The overall investment landscape for new energy is positive, with significant opportunities in both domestic and international markets, particularly in non-European and American regions [5]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the new energy sector in China.

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition landscape, particularly recommending companies like Anhui Energy and Huadian International for thermal power [4] Core Viewpoints - The report highlights the growth in installed power generation capacity, reaching approximately 360.9 million kilowatts by the end of May 2025, representing a year-on-year increase of 18.8% [5][32] - Solar power generation capacity has seen significant growth, with an increase of 56.9% year-on-year, reaching about 108.4 million kilowatts [5][32] - The report emphasizes the importance of market dynamics, suggesting that the progress of electricity marketization and high coal prices are impacting the profitability of thermal power companies [6] Summary by Sections Power Generation Sector - The report recommends focusing on thermal power companies in regions with tight supply-demand and good competition, such as Anhui Energy and Huadian International [4] - For hydropower, it suggests monitoring leading operators like Yangtze Power [4] - In the renewable energy sector, it highlights the potential of leading companies like Longyuan Power [4] - The nuclear power sector is advised to focus on China National Nuclear Power, especially with the increasing marketization of electricity prices [4] Installed Capacity and Utilization - As of May 2025, the total installed power generation capacity in the country is approximately 360.9 million kilowatts, with solar power at 108.4 million kilowatts, wind power at 56.7 million kilowatts, nuclear power at 6.1 million kilowatts, thermal power at 145.7 million kilowatts, and hydropower at 43.9 million kilowatts [5][32] - The average utilization hours for power generation equipment from January to May were 1249 hours, a decrease of 132 hours compared to the same period last year [38] Investment Trends - The report notes that major power generation companies completed investments of 257.8 billion yuan in power source projects, a year-on-year increase of 0.4%, while grid projects saw investments of 204 billion yuan, up 19.8% [39][45] - The establishment of a new energy storage company by Inner Mongolia Power Group, with a registered capital of 1.05 billion yuan, indicates a strategic move towards enhancing revenue capabilities through precise management and market participation [69]

Core Viewpoint - The construction of a unified national electricity market in China is accelerating, with a goal to be fundamentally established by the end of this year, as stated by the General Manager of State Grid Corporation, Pang Xiaogang [1]. Group 1: National Electricity Market Development - The establishment of a unified national electricity market is a key task in deepening electricity system reform and building a unified national market [1]. - By July 2024, the Central Committee's decision on further deepening reforms aims to enhance energy management and establish a unified electricity market [1]. - The "National Unified Electricity Market Development Planning Blue Book" aims for a preliminary establishment of the market by 2025, with basic design and unified trading rules and technical standards [1]. - By 2029, the goal is to fully establish the national electricity market, promoting unified market rules, fair regulation, and high-standard connectivity of market facilities [1]. Group 2: Electricity System Transformation - The Chinese electricity system is undergoing significant transformation due to the substantial increase in renewable energy, affecting the characteristics of power sources and the operation of the grid [2]. - The focus is on enhancing the resilience of the grid, with research on preventing large-scale power outages and improving grid stability management [2]. - The company is also enhancing the construction of both the main grid and distribution networks to address previous weaknesses and improve operational technology [2]. Group 3: Technological Innovation and Renewable Energy - Innovation is crucial for the development of the electricity system, with ongoing research in operational simulation control and advanced technologies like superconducting transmission and long-distance flexible DC transmission [2]. - As of now, the installed capacity of wind and solar energy in the State Grid's operating area exceeds 1,325 GW, accounting for 46.9% of total installed capacity, making it the largest power source [2]. - To address the intermittent and volatile nature of renewable energy, the company is developing pumped storage power stations and upgrading coal power plants for flexibility and cleanliness [2].

东方金诚债跟踪评字【2025】0209 号 中节能太阳能股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"22 太阳 G1"的信用状况进行了跟踪评级，经信用评级委员会评定， 此次跟踪评级维持贵公司主体信用等级为 AA+，评级展望为稳定， 同时维持"22 太阳 G1"信用等级为 AA+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十日 东方金诚债跟踪评字【2025】0209 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用评级 报告（以下简称"本报告"），本公司声明如下： 的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、客 观、 公正的关联关系。 勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 和第三方组织或个人的干预和影响。 准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关性、可靠性、及时性的 原 则对评级信息进行合理审慎的核查分析，但不对资料提供方和/或发布方提供的信息合法性、 真 实性、准确性及完整性作任何形式的保证。 诚不对发行人使用/引用本报告产 ...

Summary of Fuzhou Energy Co., Ltd. Conference Call Company Overview - **Company**: Fuzhou Energy Co., Ltd. (福能股份) - **Date**: Q2 2025 Conference Call Key Points Industry Insights - **Wind Power**: - Slightly poorer wind conditions in Fujian Province compared to the same period last year, but Q1 showed good wind conditions, leading to an expected annual wind power generation increase of approximately 20% [2][4] - **Thermal Power**: - Power generation from thermal sources decreased by approximately 200-300 million kWh from January to May 2025 due to weak electricity demand, but improvement is expected during the peak summer demand period [2][4][5] Financial Performance - **Coal Procurement**: - The price of coal has been declining, with the current price for standard coal (including tax) at 880-890 RMB/ton. The company plans to procure 1.3-1.4 million tons of long-term coal, with a high fulfillment rate in the first half of the year [2][6] - **Natural Gas Power Generation**: - Improved performance in natural gas power generation business, with the National Development and Reform Commission raising the natural gas grid price to 0.645 RMB/kWh retroactively effective from January 1, 2025 [2][7] - **Investment Returns**: - Good performance from equity investments, particularly from Huaneng Wenzhou thermal power project benefiting from lower coal prices, with expected investment returns higher than last year [2][8] Market Dynamics - **Desulfurization Trading**: - In Fujian Province, approximately 20%-30% of desulfurization projects participate in market trading annually under the old system. The average bidding price for land-based wind power desulfurization is 0.4136 RMB/kWh [2][9] - **Market Pricing for Wind Power**: - The minimum wind power price in Fujian is approximately 0.35 RMB/kWh, with expectations for stable pricing due to historical lack of consumption issues [2][10] Future Plans - **Dividend Policy**: - The company commits to a minimum of 10% mid-term dividend by the end of 2025, with an overall dividend ratio of at least 35%, higher than last year [2][20] - **Project Development**: - The company has significant offshore wind power reserves in Ningde, with plans for multiple projects including pumped storage projects and thermal power plants, expected to provide good cash flow [2][12][18] Additional Considerations - **Electricity Market Dynamics**: - In 2025, 80% of Fujian's electricity market transactions are long-term contracts, with 10% each for monthly and spot trading. The average price for long-term contracts is approximately 0.4441 RMB/kWh [2][16] - **Profitability Trends**: - The company reported a profit of 520 million RMB in Q1 2025, an increase of 280 million RMB year-on-year, despite some segments experiencing losses [2][19] This summary encapsulates the key insights and financial performance of Fuzhou Energy Co., Ltd. as discussed in the conference call, highlighting the company's strategic direction and market conditions.

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a strategic partnership between Guoxuan High-Tech and EHang Intelligent to develop power battery systems for EH216 series aircraft, indicating a growing focus on eVTOL applications [5] - The report notes a decline in silicon material prices due to weak downstream demand, with n-type recycled material averaging 34,400 RMB/ton, down 6.27% week-on-week, and n-type granular silicon at 33,500 RMB/ton, down 2.90% [15] - The report emphasizes the importance of monitoring production control in the third quarter and identifies two key areas of focus: supply-side rigidity in silicon materials and glass, and long-term growth opportunities from new technologies [15] Summary by Sections 1. New Energy Generation - **Photovoltaics**: Weak demand has led to a decline in silicon material prices, with an expected production increase of about 8% month-on-month in June [15] - **Wind Power & Grid**: Zhongtian Technology is expected to win a bid for the 500kV submarine cable supply for the Honghaiwan VI offshore wind project, with a bid amount of 896 million RMB [16] - **Hydrogen & Energy Storage**: A tender for a 20,000-ton off-grid green hydrogen project in Gansu has been announced, with 56 electrolysis units planned [18] 2. Energy Storage - The average bidding price for W1 energy storage systems in June is reported to be between 0.6 RMB/Wh and 3.369 RMB/Wh, indicating a competitive market [24][22] - The report suggests focusing on domestic and international large-scale energy storage opportunities, highlighting companies like Sungrow Power, Haibo Technology, and others [24] 3. New Energy Vehicles - Guoxuan High-Tech's collaboration with EHang Intelligent aims to enhance the EH216 series aircraft's performance with high-density battery solutions, indicating a shift towards advanced eVTOL technologies [25] - The report notes that several lithium battery companies are entering the low-altitude market, with solid-state batteries expected to gain traction in this sector [26] 4. Industry Price Dynamics - The report provides insights into the price fluctuations within the photovoltaic industry, with specific price points for various silicon products and components [31] 5. Weekly News Highlights - The report summarizes significant industry news, including partnerships and project announcements in the new energy sector, emphasizing ongoing developments in energy storage and renewable energy projects [32][34]