Economic Overview - The National Development and Reform Commission (NDRC) announced that the overall operation of the Chinese economy remains stable this year [1] - The NDRC plans to issue the third batch of funds for the "old for new" consumption policy in July, ensuring orderly implementation throughout the year [1] Industrial and Service Sector Performance - In May, the industrial added value above designated size increased by 5.8% year-on-year, while the service production index grew by 6.2%, an increase of 0.2 percentage points from the previous month [2] - The fixed asset investment has shown stable growth, with manufacturing investment rising by 8.5% [4] Consumer Market Insights - The total retail sales of consumer goods in May increased by 6.4% year-on-year, marking the highest growth rate in 2024 [4] - Exports in May, measured in RMB, grew by 6.3%, with significant increases in exports to ASEAN (17.5%), the EU (13.7%), and countries involved in the Belt and Road Initiative (13.8%) [4] Energy Supply and Demand - The NDRC anticipates that the peak electricity load during the summer will increase by approximately 10 million kilowatts year-on-year, with a better supply-demand balance compared to last year [9][10] - As of the end of May, the total installed power generation capacity reached 361 million kilowatts, a year-on-year increase of 18.8% [10] Preparedness for Natural Disasters - The NDRC emphasizes the importance of preparing for potential natural disasters that could impact electricity supply, including extreme weather events [12][14] - Measures are being taken to ensure rapid response and recovery to maintain electricity supply for essential services and key sectors [14]

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 ...

Investment Rating - The industry investment rating is "Positive" (维持) [6] Core Viewpoints - The report is optimistic about the development of the electricity market, which brings new opportunities for the electricity system [3] - The transition from passive reliance on natural conditions to active participation in market operations is a core variable for optimizing economic efficiency in the industry [8] - The report highlights the importance of electricity market trading capabilities, especially in regions like Xinjiang and Inner Mongolia, where new projects will rely heavily on market transactions [8] Summary by Relevant Sections - **Electricity Market Development**: The report emphasizes the positive outlook for the electricity market, driven by reforms that enhance market participation and efficiency [3][8] - **New Energy Projects**: New energy projects in regions like Xinjiang and Inner Mongolia are expected to shift from subsidy-dependent models to market-driven mechanisms, with specific pricing structures outlined for different project types [8] - **Software and Hardware Opportunities**: The report suggests focusing on companies involved in software applications for electricity trading and hardware that supports market transactions, recommending specific companies for investment [8] - **Active Value Creation**: The shift from passive to active value creation in the new energy sector is expected to unlock significant investment opportunities, with several companies identified as potential beneficiaries [8]

南都讯记者程姝雯发自北京近日，华北等地高温天气频发，局部地区气温超过40℃，有网友评论"都快 热化了"，用电负荷也攀上高峰。对今年夏季的电力保供，6月26日，国家发展改革委政策研究室副主任 李超在新闻发布会现场谈到：初步预计，今年迎峰度夏期间全国最高用电负荷同比增加约1亿千瓦。 国家发改委新闻发言人李超。 此外，国家发改委还组织各地及能源保供企业，逐个省份研究制定能源保供方案，全国统调电厂存煤保 持在较高水平，这也为迎峰度夏电力保供提供了强有力支撑。 李超说，从目前情况看，各方面积极有效应对高温天气用电负荷，今年迎峰度夏电力供需形势好于去 年，全国电力供需平衡总体有保障；但在高峰时段，部分地区电力供需可能偏紧，极端和连续高温天气 以及台风、暴雨、洪涝等自然灾害等影响不容忽视，要提前做好应对准备，国家发展改革委将充分发挥 煤电油气运保障工作部际协调机制作用，加大力度全面落实各项保供举措。 据介绍，对于电力保供风险较高的省份，将"一省一策"细化研究制定缺口解决方案。同时抓好燃料、机 组等方面的供应，充分利用我国大电网资源配置优势，加强调度。 李超也谈到，要坚持底线思维，提前做好应对自然灾害冲击电力保供的准备，预置 ...

Group 1 - The new pilot program for the new power system has been initiated in Xinjiang, with 21 specific policy measures aimed at creating a high-quality new power system industrial cluster and promoting renewable energy development [1] - The State Power Investment Corporation (SPIC) has announced the opening of bids for the second batch of 2.5GW land-based wind turbine procurement for 2025, with average prices exceeding 2000 yuan/kW, indicating a recovery in wind turbine prices and potential profitability for wind power manufacturers [1] - In May, the export value of inverters from Asia and North America increased month-on-month, with China exporting inverters worth 313 million USD to Asia, reflecting a year-on-year increase of 27.92% and a month-on-month increase of 19.32% [1] Group 2 - Tesla has signed a contract for its first gigawatt-hour level energy storage project in China, utilizing Megapack to build an independent energy storage station, laying the foundation for the development of grid-side energy storage [1] - The Electric Grid ETF tracks the Hang Seng A-share Electric Grid Equipment Index, which selects listed companies involved in power generation, transmission, and distribution equipment manufacturing from the Chinese A-share market, focusing on the overall market performance of core enterprises in the electric grid equipment industry [1] - The index components mainly include leading companies in the industrial manufacturing sector, employing a selection strategy that balances value and growth [1]

Group 1 - The concept of "green electricity direct supply" is gaining attention in China, aiming to address specific issues within the context of power policy adjustments [1][6] - The emergence of direct supply models reflects the industry's urgent need for a more flexible electricity supply mechanism, requiring close cooperation between major electricity consumers and green electricity suppliers [1][4] - Direct supply of electricity is not a new phenomenon, as self-built power plants have been common in energy-intensive industries like electrolytic aluminum, providing cheaper electricity and showcasing market competitiveness [1][3] Group 2 - Understanding green electricity direct supply requires knowledge of China's complex power grid, dominated by state-owned enterprises across various energy types, including coal, hydro, nuclear, and renewables [3][6] - The electricity market in China faces monopolistic issues, with limited user choice due to strict control by grid companies, making the direct supply model a potential solution to promote market openness and competition [3][6] - The core challenge of green electricity direct supply lies in addressing the instability of green electricity supply due to the intermittent nature of solar and wind energy, necessitating advancements in storage technology [4][6] Group 3 - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote green electricity direct supply, providing institutional support for renewable energy consumption and user-side energy structure transformation [6] - Green electricity direct supply is seen as an effective way to tackle issues of electricity surplus and saturation of green electricity supply, offering stable supply to excellent electricity consumers and new market opportunities for suppliers [6] - Despite challenges, the gradual improvement of policies and continuous technological innovation may position green electricity direct supply as a key direction for reform in China's electricity market [6]

Core Viewpoint - The company plans to terminate certain sub-projects of its fundraising investment projects, delay the timeline for other projects, and add new implementation entities and locations, aiming to optimize the use of raised funds and ensure the efficient execution of investment projects [7][24]. Fundraising Project Overview - The company issued 4,108,060 convertible bonds with a face value of 100 RMB each, raising a total of 410.806 million RMB, with a net amount of 403.846 million RMB after deducting issuance costs [8][9]. - As of May 31, 2025, the total planned investment for the fundraising projects was 403.645 million RMB, with 103.992 million RMB actually invested, indicating a significant difference in progress [10]. Termination of Sub-Projects - The decision to terminate certain sub-projects is due to intensified competition in the smart inspection and energy sectors, leading to increased price sensitivity among customers and a decline in industry profit margins [12][13]. - The terminated sub-projects include the development of inspection robots and systems for land-based photovoltaic and offshore wind inspections, among others [13][14]. Delay of Remaining Projects - The company plans to extend the timeline for other fundraising projects to December 2026, including the construction of a new headquarters and various R&D projects [16][17]. - The delay is attributed to the need for compliance with updated industry standards and the enhancement of product reliability through additional testing and data collection [16][18]. Justification for Continuing Projects - Continuing the fundraising projects aligns with the company's strategic focus on smart power products and digital transformation in the energy sector, which is supported by national policies promoting digitalization [19][22]. - The company has received multiple awards for its technological advancements, indicating strong recognition and support from key industry players [19][22]. Changes in Implementation Entities - The implementation entity for the testing center project has been updated to include a subsidiary in Jiaxing, Zhejiang, to facilitate project execution [23]. Measures for Project Completion - The company will enhance supervision and management of fundraising projects to ensure timely completion and effective use of funds, including regular evaluations and adjustments to project strategies [24].

□ 宋晓敏 □ 在环境层面，ESG关注环境保护和可持续发展，与新型电力系统追求的绿色、低碳发展目标相契合。 通过优化能源结构、提高能源利用效率、推进能源清洁低碳高效利用等途径，能够减少传统化石能源对 环境的影响，实现环境保护的目标。 □ 在社会责任层面，构建新型电力系统须考虑各环节的需求和利益，包括向社会提供稳定的电力供应， 保障各环节的经济性。同时，ESG理念强调企业应承担的社会责任，例如在构建整体系统时各环节进行 自身改进与改造等措施以辅助新能源灵活消纳的实现。 □ 在公司治理层面，新型电力系统的发展需要企业在战略规划、风险管理、内部控制等方面表现出高水 平的治理能力。新型电力系统的发展需要大量的技术创新，如储能技术、智能电网技术等，如何在保障 经济性基础上实现关键技术突破和产业化发展对相关企业至关重要。 一、近年我国新型电力系统建设成效显著 在我国，电力行业是最大的碳排放部门，占碳排放总量的40%以上。其中，火电在电力系统中占据"压 舱石"地位，这由资源禀赋、技术成熟度、成本优势、调峰能力等多方面因素共同决定。为控制化石能 源总量、提高利用效能、实施可再生能源替代，2021年3月15日召开的中央财经委员 ...

Core Viewpoint - The overall outlook for the electric power equipment and new energy sectors remains positive, driven by domestic and international demand synergy, with expectations for continued growth in lithium batteries, wind power, energy storage, and electric power equipment [1][2]. New Energy and Electric Power Equipment - The renewable energy generation capacity in China is expected to reach a historical high in 2024, accounting for over 60% of the global new renewable energy capacity additions, with an anticipated increase of over 300 million kilowatts in wind and solar power installations this year [1]. - By 2024, cumulative wind power capacity in China is projected to reach 520 million kilowatts, while cumulative solar power capacity is expected to hit 890 million kilowatts, marking significant project completions in high-altitude solar and "fishing-light complementary" projects [1]. Lithium Battery Sector - The domestic sales of new energy passenger vehicles continue to show high growth, with a stable profitability outlook for the lithium battery sector, indicating long-term investment opportunities [2]. - The lithium battery industry has experienced a downward adjustment over the past two years, with profitability at historical lows by the end of 2024. However, demand growth is expected to reach 25% to 30% in 2025, driven by increased penetration of new energy vehicles and rising demand in emerging markets [2]. Wind Power Industry - The domestic offshore wind power installation is expected to see high demand from 2025 to 2026, with significant growth anticipated in overseas offshore wind installations in 2026 [2]. - As of early 2023, new offshore wind projects in China have added approximately 5.65 GW, a year-on-year increase of 23%, indicating a robust market for offshore wind power [2]. Energy Storage Sector - The energy storage industry is benefiting from declining costs and improved business models, leading to enhanced economic viability at the end-user level, with global demand expected to continue explosive growth in 2024 [3]. - The sector is transitioning from a low penetration phase to a rapid growth phase, with expectations for high growth in both domestic and overseas markets [3]. Photovoltaic Industry - The photovoltaic sector is showing signs of recovery, with a clear bottoming out in both market sentiment and fundamentals, and potential acceleration in industry clearing due to policy support or technological advancements, with a key turning point to be observed by the end of 2025 [3]. Electric Power Equipment Industry - Despite short-term volatility influenced by export trade conditions, the overall investment in China's power grid remains on an upward trend, with downstream demand showing certainty, presenting opportunities in the digitalization of the electric power sector [3].

当日，中国纺织信息中心发布的《中国纺织业脱碳可再生能源投资可行性研究报告》(下称《报告》)显 示，中国作为全球纺织服装生产和消费的核心枢纽，其纺织纤维加工量占全球总量50%以上，纺织工业 年碳排放量约占全国总量的2%。 《报告》认为，中国纺织行业推进的全面电气化，正将终端减碳的关键需求转向电力供应侧。从能源结 构来看，纺织行业排放主要源于能源使用，其中煤炭消耗产生的排放占比已从 2005年的35%大幅下降 至3%。与此同时，随着行业电气化水平持续提升，电力使用导致的排放占比从12%攀升至62%。 中国纺织工业联合会推进的"30·60碳中和加速计划"显示，绿色电力（绿电）作为核心减碳路径之一， 其应用在纺织企业中正快速增长。2022年调研数据显示，已有66%的制造企业和25%的品牌企业开始使 用绿电；绿电在企业总用电量中的占比也从2020年的1%上升至8%。 （原标题：孙瑞哲：2005年——2022年纺织工业行业碳排放强度下降超60%，近两年继续下降14%） 中国纺织工业联合会会长孙瑞哲在6月25日召开的"2025气候创新·时尚大会"上表示，2005年——2022年 中国纺织工业行业碳排放强度下降超过60%，近 ...