Core Viewpoint - The article highlights the significant progress in China's energy sector in the first half of the year, showcasing a robust increase in renewable energy generation, improved energy security, and the acceleration of green energy consumption initiatives [1][2][3] Group 1: Energy Supply and Production - Renewable energy generation reached nearly 1.8 trillion kilowatt-hours, accounting for almost 40% of the total national power generation [1] - The production of raw coal, crude oil, and natural gas increased by 5.4%, 1.3%, and 5.8% year-on-year, respectively [1] - Daily average industrial power generation increased by 1.3% year-on-year, with the maximum national power load reaching a historical high of 1.508 billion kilowatts [1] Group 2: Power Generation Capacity - Over 200 million kilowatts of new power generation capacity was added in the first half of the year, including 30 million kilowatts from renewable sources [2] - Renewable energy generation accounted for nearly 40% of total power generation, surpassing the combined electricity consumption of the tertiary industry and urban-rural residents [2] - By the end of June, the total installed capacity of renewable energy reached 2.159 billion kilowatts, representing 59.2% of the total installed capacity [2] Group 3: Green Certificate Market - A total of 348 million green certificates were traded in the first half of the year, reflecting a year-on-year increase of 118% [3] - The average price of green certificates rose to 5 yuan per certificate, with June's average reaching 6.5 yuan, a 4.4-fold increase from the lowest price this year [3] - The establishment of a unified national electricity market has progressed, with new mechanisms for cross-regional electricity trading and the launch of continuous settlement trials in the southern region [3]

7月31日，国家能源局举行例行新闻发布会，介绍上半年全国能源形势、上半年可再生能源并网运行、 迎峰度夏电力保供等有关情况，同时发布了《中国新型储能发展报告（2025）》。 近期绿证的社会关注度越来越高，上半年中国绿证市场的情况如何？ 另外，近年来我国分布式能源快速发展，用能企业通过分布式自发自用方式满足绿色用能需求趋势明 显，国家能源局在分布式发电项目绿证核发方面有哪些举措？对此，《每日经济新闻》记者进行了现场 提问。 国家能源局新能源和可再生能源司副司长潘慧敏回答《每日经济新闻》记者上述问题时表示，我国绿证 交易价格逐步回归合理。2025年绿证上半年均价5元/个，6月份均价达到6.5元/个，较今年最低价增长 4.4倍，可再生能源绿色电力环境价值逐步回归合理。 稳步推进绿证强制消费 潘慧敏回答《每日经济新闻》记者提问时表示，今年上半年，国家能源局从供需两端持续发力，通过一 系列举措推动绿证市场高质量发展。 在供给端，国家能源局继续深化绿证核发全覆盖，完善电量归集报送机制，加强国家绿证核发交易系统 技术支撑，不断提升绿证核发效率和质量。健全绿证全生命周期闭环管理，实现绿证核销机制落地，进 一步强化绿证的权威性和 ...

Core Insights - The overall operation of the national electricity market remained stable in the first half of the year, with a total market transaction volume of 2.95 trillion kilowatt-hours, representing a year-on-year increase of 4.8% [1] - The number of market participants reached 973,000, a year-on-year increase of 23.8%, including 37,000 power generation companies and 93,100 electricity users [1] Group 1: Market Transaction Data - In the State Grid operating area, market transaction volume was 2.27 trillion kilowatt-hours, up 3.3% year-on-year [1] - In the Southern Grid operating area, market transaction volume was 523.8 billion kilowatt-hours, up 14.2% year-on-year [1] - In the Mengxi Grid operating area, market transaction volume was 150.6 billion kilowatt-hours, down 0.4% year-on-year [1] Group 2: Progress in Electricity Market Reforms - A breakthrough in the cross-operating area electricity trading mechanism was achieved, with a collaborative working mechanism established by the National Development and Reform Commission and the National Energy Administration [2] - The Southern regional electricity market successfully transitioned to continuous settlement trial operation, marking a significant step in optimizing multi-provincial electricity resource allocation [2] - The construction of provincial-level electricity spot markets has accelerated, with several regions entering continuous settlement trial operations [2] Group 3: Development of Market Rules - New achievements in the basic rules of the electricity market were made, with the issuance of fundamental rules for auxiliary services and market measurement and settlement, completing the initial construction of a unified national electricity market rule system [3]

Core Viewpoint - Envision Technology Group has successfully implemented a full-process closed loop for green electricity trading, delivering power from Inner Mongolia to Shanghai, marking a significant step in the national unified electricity market construction [1] Group 1: Green Electricity Trading - The recent cross-regional green electricity transaction is a practical application of the newly released "Cross-Grid Operating Area Normalized Electricity Trading Mechanism Plan" [1] - This transaction validates the feasibility of connecting the national green electricity market [1] - The green electricity transaction represents Envision's proactive exploration of the "self-operated wind power terminal consumption model" [1] Group 2: Transaction Details - The transaction involved a bidding process where Envision's wind farm project in Mengxi submitted the supply side, while its subsidiary, Jingrong Green Energy Technology Co., Ltd., represented the demand side [1] - The successful matching of supply and demand not only facilitates direct resource allocation but also provides a clear path for cross-regional green electricity configuration and large-scale trading [1] Group 3: Technological Integration - The transaction utilized AI to predict power output curves and user load curves, enabling effective matching and clearing of electricity [1]

Core Viewpoint - The Southern Energy Regulatory Bureau held a meeting to summarize the work in the first half of 2025, analyze current challenges, and deploy key tasks for the second half of the year, emphasizing the importance of improving work style to accelerate the advancement of the energy regulatory system in the region [1][2] Group 1: Achievements and Focus Areas - The Southern Energy Regulatory Bureau has made significant progress in various tasks, including strengthening political agency construction, enhancing energy security, and promoting green development [1] - Key regulatory focuses include ensuring energy supply, implementing planning projects, and addressing natural monopoly sectors [1] - The bureau aims to achieve major milestones in the construction of a unified national electricity market and ensure the stability of regional electricity safety production [1] Group 2: Future Directions - The bureau will deepen the implementation of the National Energy Administration's directives, focusing on high-quality energy regulation and enhancing energy supply resilience [2] - There is a commitment to accelerate the green transition and promote the construction of a new energy system [2] - The meeting emphasized the importance of integrating theory with practice, maintaining discipline, and addressing issues while setting goals to improve work style and contribute to high-quality energy development [2]

Core Insights - Gansu's electricity export volume reached 33.15 billion kWh in the first half of the year, an increase of 8.52 billion kWh, representing a year-on-year growth of 34.6% [1] - The establishment of a comprehensive long-term trading system in Gansu marks a significant advancement in the province's electricity market, being the first of its kind in the country [2] - The D+2 trading model has been successfully implemented, enhancing the continuous operation level of Gansu's electricity market and improving the integration of renewable energy [3] Group 1: Electricity Market Development - Gansu's electricity market has seen a significant increase in direct trading volume, reaching 38.392 billion kWh, with agency purchases at 11.666 billion kWh, and long-term trading volume at 50.058 billion kWh in the first half of the year [3] - The D+2 trading model allows market participants to declare electricity volume and price for the next day up to the end of the month, improving the adaptability of supply and demand in the renewable energy sector [3] Group 2: Inter-Provincial and Green Electricity Trading - Gansu achieved a breakthrough in inter-provincial green electricity trading, with a transaction of 0.024 billion kWh, contributing to the optimization of green electricity distribution across the country [4] - The total external electricity transaction volume reached 60.590 billion kWh, with annual external transactions at 53.650 billion kWh, marking a year-on-year increase of 25.44% [4] Group 3: Infrastructure and Capacity Expansion - The "Long Electric into Shandong" project has successfully delivered 0.7 billion kWh in its first month, with a total of 2.4 billion kWh organized for external transactions [5] - Gansu's electricity trading center has facilitated an additional external transaction of approximately 6.94 billion kWh in the first half of the year, utilizing surplus capacity [6] Group 4: Market Services and Training - The Gansu Electricity Trading Center has published five reports on market operations, showcasing a data disclosure of 5.93 billion entries, a year-on-year increase of 5.96% [7] - The company has conducted extensive training sessions for market participants, with over 10,000 attendees, enhancing understanding of market policies and improving service efficiency [8]

Core Viewpoint - The National Energy Administration emphasizes the need to strengthen electricity supply and demand monitoring, enhance energy supply security, and improve power supply service regulation to ensure stable and reliable electricity supply during peak summer demand [1] Group 1: Electricity Supply Monitoring and Regulation - The meeting highlighted the importance of monitoring and early warning for electricity supply and demand [1] - It aims to utilize market mechanisms to ensure energy supply and stabilize electricity provision during peak periods [1] - The establishment of provincial-level spot markets is being promoted, along with the implementation of a unified regulatory framework for electricity markets across the country by the end of the year [1] Group 2: Comprehensive Supervision and Regulatory Innovation - The administration plans to enhance comprehensive supervision in the electricity sector, focusing on extracting results from on-site inspections and categorizing actions such as interviews, notifications, and administrative penalties [1] - There is an emphasis on coordinating the regulation of key areas such as coal, oil, gas, and coal-fired power, while innovating regulatory methods to reduce inspection frequency and promote orderly market operations [1] Group 3: Improvement of Public Services and Energy Welfare - The new round of "access to electricity" policies will be detailed, and the handling of complaints through the 12398 hotline will be optimized [1] - Efforts will be made to address electricity supply issues in residential areas not connected to the grid and to rectify frequent power outages in specific regions [1] - The administration will strengthen daily management and training for dispatched agencies to enhance the quality and effectiveness of energy regulation [1]

Core Viewpoint - The meeting emphasized the importance of implementing the Central Committee's decisions and enhancing energy regulation to adapt to new situations and tasks, focusing on political awareness, business capabilities, work style, and collaboration [2]. Group 1: Energy Regulation Achievements - In the first half of the year, energy regulatory agencies effectively completed various tasks under the leadership of the National Energy Administration, focusing on political, economic, and social attributes of energy regulation [1]. - The meeting highlighted the progress made in establishing a unified national electricity market and optimizing the business environment for electricity consumption [1]. Group 2: Key Tasks for the Second Half - The meeting outlined the need to strengthen electricity supply and demand monitoring, ensuring stable and reliable electricity supply during peak summer periods [2]. - It was emphasized to advance the construction of provincial-level spot markets and implement a unified regulatory framework for market systems across regions [2]. - The meeting called for comprehensive regulation in the electricity sector, including administrative penalties and improving the long-term regulatory system [2]. Group 3: Training and Management - There is a focus on enhancing daily management and training for dispatched agencies to improve the quality and influence of energy regulation [2]. - The meeting included reports on the comprehensive regulation of the electricity sector and the implementation of the Central Committee's eight-point regulations [3].

Group 1 - The core viewpoint of the report indicates a significant growth in China's electricity market, with the number of market participants reaching 816,000 in 2024, a year-on-year increase of 8.9% [1] - The total installed power generation capacity in the country is projected to reach 3.349 billion kilowatts, with an addition of 429 million kilowatts in 2024, driven primarily by wind and solar energy [1] - The report highlights a 6.7% year-on-year increase in national electricity generation, totaling 10.09 trillion kilowatt-hours, with wind and solar contributing 58.1% of the new generation [1] Group 2 - Market-oriented electricity trading volume is expected to reach 6.18 trillion kilowatt-hours in 2024, reflecting a 9.0% increase and accounting for 62.7% of total electricity consumption [2] - The report notes that the largest monthly trading volume occurred in July at 603.5 billion kilowatt-hours, while the smallest was in February at 416.1 billion kilowatt-hours [2] - In the State Grid operating area, market trading volume reached 4.72 trillion kilowatt-hours, a 6.3% increase, while the Southern Grid area saw a 22.1% increase to 1.14 trillion kilowatt-hours [2] Group 3 - The report emphasizes the positive progress in the construction of the electricity market, with a multi-level, multi-category, and multi-functional market system being established [3] - The trading scale of green electricity certificates has significantly increased, reflecting the effective realization of green environmental value and promoting low-carbon transformation [3] - The retail market is developing steadily, with new business models such as energy storage and virtual power plants gaining momentum, contributing to the construction of a new power system [3]

Core Viewpoint - The recent high temperatures across multiple regions in China have significantly increased electricity demand, leading to a surge in the A-share electricity sector, with multiple stocks hitting the daily limit up. Analysts suggest focusing on the electricity sector due to the upcoming mid-year report season and the accelerated construction of a unified national electricity market [1][2]. Electricity Sector Performance - On July 7, the A-share electricity sector saw a notable performance, with stocks such as Shaoneng Co., Huayin Power, and others hitting the daily limit up. The public utility sector ranked second among 31 Shenwan primary industries in terms of growth, with water power, thermal power, and virtual power plant concepts leading the market [1][2]. - The electricity industry has attracted significant capital inflow, with over 3.8 billion yuan net inflow on July 7, and nearly 12 billion yuan over the past five trading days, ranking third among Wind theme industries [2]. Electricity Demand and Market Trends - The National Energy Administration reported that on July 4, the maximum electricity load reached 1.465 billion kilowatts, an increase of approximately 200 million kilowatts from late June and nearly 150 million kilowatts year-on-year, marking a historical high. The ongoing high temperatures are expected to maintain high electricity loads [2]. - The continuous settlement trial phase of the southern regional electricity market has begun, allowing for daily trading and aiming for a more stable price signal. The national unified electricity market system is expected to be initially established by 2025 and fully by 2030 [3]. Investment Focus in Electricity Sector - Analysts recommend focusing on three main lines within the electricity sector: stable fundamentals benefiting from the unified electricity market (hydropower), improving performance in thermal power under declining costs, and green electricity projects with strong operational capabilities [3]. - The electricity sector's dividend yield is significantly higher than the 10-year government bond yield, making it an attractive investment option in the current market environment [3]. Related Investment Opportunities - The ongoing high temperatures have also increased the investment value of refrigerants and coal. The cold chain logistics index reached a 10-year high, with a cumulative increase of over 12% since June 23 [4][5]. - Analysts predict that the refrigerant market will see a monthly price increase due to seasonal demand and low inventory levels, while coal prices are expected to rise due to increased consumption in coastal provinces amid ongoing high temperatures [5].