增量项目执行范围为2025年6月1日起投产的新能源项目。纳入机制的电量规模每年根据国家下达的 非水可再生能源消纳责任权重完成情况、用户承受能力等因素动态调整，方案实施后第一年新增纳入机 制的电量与2025年新能源非市场化比例妥善衔接。 近日，我省实施深化新能源上网电价市场化改革，明确提出建立新能源可持续发展价格结算机制， 且该价格结算机制的电量规模、机制电价和执行期限区分存量和增量项目。对此，省发展改革委发布 《关于新能源存量项目有关事项的通知》和《辽宁省新能源增量项目竞价方案》，明确存量项目和增量 项目的认定原则、结算（竞价）机制、电价水平、执行期限等内容。 其中，存量项目执行范围为2025年6月1日（不含）以前投产（核准或备案容量全部建成并网）的新 能源项目。纳入机制电量规模妥善衔接我省现行保障性优先发电电力电量平衡相关政策，单个项目每年 纳入机制电量规模原则上不得高于上一年水平。机制电价为0.3749元/千瓦时。执行期限按各项目剩余 全生命周期合理利用小时数对应月份与投产满20年对应月份较早者确定。 ...

让衍生品成为 新的生产力 Make derivatives the new productivity 陈为昌 Z0019850 李海蓉 Z0015849 李卫东 F0201351 报告日期：2025/10/10 截至 9 月 30 日，硅锰连续合约收盘价 5628 元/吨，硅铁连续合约收盘价 5310 元/吨，对应历史分位值分别为 9.6%、13.7%，当前价格较上半年低点的下 行空间有限，十月份仍需关注煤炭价格变动以及宏观情绪变化。操作上建议短 期空仓观望为主，中期关注商品季节性下跌后逢低做多的机会。价格方面，硅 锰主力合约价格参考区间 5400-7000 元/吨，硅铁主力合约价格参考区间 5100- 6600 元/吨。 风险与关注：反内卷、会议窗口期、美联储降息、粗钢压减政策、澳矿 发运、南非限制出口、煤矿复产、电力改革等。 K 2025 年黑色商品四季度策略报告 铁合金 四季度价格或前低后高，关注合金低估值区间 黑色研究团队 中辉期货研究院 投资咨询业务资格： 证监许可[2015]75 号 从国内铁合金基本面来看，目前硅锰日均产量约为 3 万吨，硅铁日均产量 约为 1.65 万吨，均处于同期高位。表内库 ...

Investment Rating - The report recommends investment in the power equipment and new energy sectors, highlighting specific companies for potential investment opportunities [1][2][3]. Core Insights - The development of new energy is driving the iteration and upgrade of ultra-high voltage technology, with market-oriented reforms in the power sector promoting orderly and healthy development of new energy [1]. - The successful development of the world's first 800 kV 80 kA circuit breaker by Pinggao Electric provides crucial equipment support for China's ultra-high voltage development [1]. - The report emphasizes the progress in controllable nuclear fusion projects globally, recommending companies like XJ Electric and Dongfang Electric for investment [1]. - A significant investment agreement was signed between Xingan League and Goldwind for green hydrogen production, indicating positive prospects for wind power and green methanol production [1]. Summary by Sections Power Equipment - Recommended companies include Sien Electric, Shunhua Electric, Bull Group, Guoneng Rixin, and Nanfang Technology, with a focus on TBEA and GCL-Poly Energy for attention [1]. - The report highlights the successful development of key equipment for ultra-high voltage systems, which is crucial for the sector's growth [1]. Energy Storage - The report notes the operational launch of China's first large-capacity sodium-ion battery energy storage station, with recommended companies including CATL, EVE Energy, Sungrow Power, and Dewei Co., Ltd. [2]. - The focus on sodium-ion technology is emphasized, with specific attention to companies like Prilite [2]. Electric Vehicles - The Ministry of Commerce announced new export controls on lithium batteries and related materials, which is seen as a long-term benefit for companies with existing overseas production capacity [3]. - Recommended companies in the electric vehicle sector include Xinwangda, Haopeng Technology, and Shangtai Technology, with additional attention on Keda Manufacturing and Longpan Technology [3]. Robotics - The launch of the third-generation humanoid robot Figure03 by Figure AI marks a significant advancement in the commercialization of humanoid robots [3]. - Recommended companies in the humanoid robot sector include Wuzhou Xinchun, Zhaowei Electric, and Keda Li [3]. Photovoltaics - The report highlights price increases in the photovoltaic industry chain, with recommended companies including Aiko Solar, GCL-Poly, and Maiwei [4]. - The report also discusses the impact of new regulations on pricing and competition within the industry [4].

今年以来，一些地方推进新能源上网电价市场化改革，让新能源发电走出"温室"、走向市场。实施这项 政策看起来挺难的，为何还要出台呢？ 换句话说，新能源发电已经不再是"襁褓里的婴儿"，而是长成了"青春期的小伙子"，需要"换大衣服"。 这件"大衣服"，就是更科学、更合理、更利于长远发展的制度设计。 特别是要注意到，政策对"短期难"作了充分考虑，创新建立了"多退少补"的可持续发展价格结算机制， 帮助企业平稳过渡。 长期看，该通知将倒逼新能源发电企业从规模扩张转向质量提升，从过去的"多发电"转向"巧发电""发 好电"。充分竞争的到来，会促使企业通过寻找消纳新渠道、灵活配置储能等举措提升竞争力，也将在 整体上促进电力资源高效配置，从而取得"长期强"的成效。 不只是上网电价市场化改革，近年出台的许多政策都有"短期难、长期强"的特点。 "短期难"有普遍性。政策是奔着问题去的。改革走进深水区，政策要"有感觉""有分量"，势必会触及更 多深层次矛盾、面对更多高难度问题。 ——人民网网友 这位网友提到的改革，源于今年初出台的《关于深化新能源上网电价市场化改革 促进新能源高质量发 展的通知》。其重点，在于"推动新能源上网电量全面进入电 ...

Core Viewpoint - The article discusses the recent reforms in the pricing of renewable energy, emphasizing the transition from guaranteed returns to market-driven pricing, which poses short-term challenges but is expected to yield long-term benefits for the industry [1][2]. Group 1: Short-term Challenges - The transition to market pricing for renewable energy indicates the end of guaranteed returns, leading to a competitive environment where only the most efficient will survive [2]. - The current challenges reflect deeper issues accumulated over years of rapid growth in the renewable sector, including overcapacity in manufacturing and increasing difficulties in electricity consumption [2]. - The policy introduces a "multi-retreat and less-supplement" pricing mechanism to help companies transition smoothly during this challenging period [2]. Group 2: Long-term Benefits - The reforms are expected to shift the focus of renewable energy companies from mere expansion to enhancing quality, promoting smarter and more efficient energy production [2]. - Increased competition will drive companies to explore new consumption channels and optimize energy storage solutions, leading to more efficient allocation of electricity resources [2]. - The long-term vision aligns with broader national goals, as seen in other sectors like electric vehicles and environmental conservation, where initial challenges have led to significant advancements over time [6][7]. Group 3: Broader Policy Context - The article highlights that many recent policies share the "short-term difficulty, long-term strength" characteristic, indicating a trend in addressing deeper systemic issues [3][4]. - The complexity of these reforms often involves balancing multiple stakeholder interests and optimizing resource distribution across various sectors, such as healthcare and education [3][4]. - The article emphasizes the importance of patience and a long-term perspective in achieving sustainable development goals, as demonstrated by successful initiatives in other areas [8][9].

Core Viewpoint - The implementation of the "Liaoning Province Deepening New Energy Grid Price Marketization Reform Implementation Plan" marks the first initiative in Northeast China to reform the new energy pricing mechanism, focusing on the deep-seated needs of energy structure transformation in the province [1] Group 1: Reform Mechanism - The reform plan considers the phased characteristics of energy transition within the province, implementing a differentiated "dual-track system" for existing and new projects [2] - For existing projects connected to the grid before June 2025, a fixed price of 0.3749 yuan per kilowatt-hour is established to stabilize investor expectations and ensure smooth project operations [2] - New projects after June 2025 will adopt a market-oriented approach, with 55% of the grid-connected electricity priced between 0.18 yuan and 0.33 yuan per kilowatt-hour, while the remaining electricity will be sold in the market [2] Group 2: Risk Management and Optimization - The introduction of a "price difference settlement" model transforms the physical risk of "generation forecast deviation" faced by new energy companies into a more manageable financial risk of "market price fluctuations" [3] - Companies will receive real-time income based on actual generation in the spot market, while medium- and long-term contracts will be settled as financial difference contracts, significantly reducing uncertainties and risk exposure for new energy enterprises [3] Group 3: Supporting Measures and Market Structure - The reform plan includes a series of collaborative measures to establish a multi-dimensional market system for energy quantity, capacity, and ancillary services [3] - A capacity compensation mechanism for the generation side and fixed capacity price compensation for new storage on the grid side are introduced to address the challenges of recovering storage costs [3] - The plan aims to enhance the flexibility of the power grid and optimize energy consumption structure, laying a solid foundation for the construction of a clean energy strong province [4]

Core Viewpoint - The article discusses the implementation of a market-oriented pricing mechanism for renewable energy in China, particularly in Guangdong Province, aimed at promoting high-quality development of renewable energy sources such as wind and solar power [1][4]. Group 1: Market Participation - From November 1, 2025, all renewable energy projects in Guangdong (wind and solar) will fully participate in the electricity market, with prices determined through market transactions [4][7]. - Renewable energy projects will be categorized based on grid voltage levels for market participation, encouraging those at or below 10 kV to report and quote for market transactions [7]. Group 2: Market Trading Mechanism - Renewable energy projects can participate in various trading cycles, including annual, monthly, and real-time markets, with specific rules to be defined later [9]. - Supply and demand parties can autonomously determine the terms of medium to long-term contracts without restrictions on signing ratios [9]. Group 3: Price Mechanism - The article outlines a flexible pricing mechanism for the spot market, with upper and lower limits for clearing prices based on current industrial peak electricity prices and other factors [10][11]. - The initial upper limit for spot market clearing prices is set at 1.8 yuan/kWh, while the lower limit is -0.05 yuan/kWh [11]. Group 4: Sustainable Development Pricing Mechanism - A sustainable development pricing settlement mechanism will be established for renewable energy projects participating in market transactions, with price differences settled by grid companies [12]. - For projects completed before June 1, 2025, a price settlement mechanism will apply, with specific limits on the proportion of mechanism electricity based on project type [13]. Group 5: Incremental Project Pricing - New renewable energy projects starting after June 1, 2025, that do not participate in the pricing mechanism will have their electricity priced according to market rates [5][14]. - The bidding limits for offshore wind and solar projects are set at 0.453 yuan/kWh and 0.40 yuan/kWh, respectively, with lower limits established as well [18][20]. Group 6: Settlement and Coordination - Monthly price settlements will be conducted for mechanism electricity, with differences between market prices and mechanism prices included in system operation costs [23]. - The article emphasizes the importance of policy coordination to support the high-quality development of renewable energy [25].

文 | 河北省发改委 9月2 6日，河北省发改委正式下发《河北南网深化新能源上网电价市场化改革实施方案》 《冀北电网深化新能源上网电价市场化改革实施方案》《河北省深化新能源上网电价市场 化改革增量新能源项目竞价工作方案》。 文件提到，不得向新能源不合理分摊费用。取消新能源强制配置储能要求， 2 0 2 5年2月9 日前批复的新能源项目全生命周期配建（租赁）储能；2025年2月9日后批复的项目不再 要求强制配置储能，鼓励通过租赁独立储能容量等方式配置调节资源，提升新能源调节性 能。 参照河北南网工商业用户尖峰电价水平，各类市场主体申报和出清价格上限设为1 . 2元/千 瓦时（含税、下同）；申报和出清价格下限设为0元/千瓦时。 一、存量项目 1、电量规模 集中式风电70%、集中式光伏40%（其中扶贫部分100%）、10kV及以上并网的工商业分 布式光伏80%、其余分布式光伏和分散式风电1 0 0%。 对于同一电站兼具多种类型电量的，按相应类型容量占比加权确定其执行机制电量的最高 比例。 2、机制电价 河北南网：0 . 3 6 4 4元/千瓦时。 冀北电网：0 . 3 7 2元/千瓦时。 3、执行期限 全生命周期合 ...

文 | 宁夏回族自治区发展改革委 9月2 6日，宁夏回族自治区发改委发布《关于做好分布式新能源参与电力市场交易有关事 项的通知》。通知明确： 入市方式 分布式（含分散式）新能源项目（以下称"分布式新能源项目"）可按以下任一方式进入市 场： 1 . 直 接 参 与 市 场 交 易 。 分 布 式 新 能 源 项 目 在 交 易 平 台 完 成 市 场 注 册 ， 自 主 参 与 市 场 交 易。 2 . 聚 合 参 与 市 场 交 易 。 分 布 式 新 能 源 项 目 在 交 易 平 台 完 成 市 场 注 册 ， 并 与 负 荷 聚 合 商 （含虚拟电厂，下同）建立代理关系。 3 .作为价格接受者参与市场交易。 分布式新能源项目无需在交易平台注册。 聚合管理 1 .聚合范围。 分布式新能源项目可自主选择负荷聚合商，负荷聚合商以现货市场出清节 点为边界建立聚合单元，同一家负荷聚合商按其代理聚合范围可建立不同的聚合单元，并 以聚合单元为单位参与市场交易，聚合单元内的聚合资源不超出同一现货出清节点。 2 .聚合代理。 分布式新能源项目与负荷聚合商建立聚合关系时可参考合同模板（由交易 机构另发）签订聚合代理合同。 ...

Core Viewpoint - The 2025 New Power System Development Forum highlights the latest achievements and challenges in the electricity spot market and the full market entry of renewable energy, emphasizing the need for improved grid stability and regulatory support [1][3]. Group 1: Market Developments - The Chinese government has issued a notice to deepen the market-oriented reform of renewable energy grid pricing, aiming for a market-driven formation of renewable energy pricing [4]. - From January to August this year, the volume of renewable energy participating in market transactions reached nearly 650 billion kilowatt-hours, a year-on-year increase of over 30%, accounting for nearly 60% of all renewable energy grid-connected electricity [4]. Group 2: Challenges in the Power System - Experts have pointed out that the rapid development of the renewable energy sector and its increasing penetration pose challenges to the operation of the power system, particularly in terms of safety and consumption [5]. - The current adjustment capacity of China's power system is under severe pressure, with a high proportion of renewable energy integration presenting significant challenges, especially as renewable energy generation is expected to exceed 18% by 2024 [5]. Group 3: Policy and Regulatory Support - The National Development and Reform Commission and the National Energy Administration have jointly issued a notice to improve pricing mechanisms to promote local consumption of renewable energy, which is expected to alleviate pressure on the power system and stimulate the local consumption market [5]. - The notice includes specific fee amounts that various parties must pay to the grid, along with preferential measures to promote green electricity direct connection and related projects [5][6].