Core Viewpoint - The article outlines the implementation plan for the market-oriented reform of renewable energy grid pricing in Heilongjiang Province, aiming to promote high-quality development of renewable energy through market mechanisms and ensure fair participation of renewable energy projects in the electricity market [9][10]. Summary by Sections Overall Goals - The plan aims to establish a market-driven pricing mechanism for renewable energy, ensuring that all types of renewable energy projects can participate in market transactions and that prices are determined through market forces [10]. Promotion of Market Participation - All types of renewable energy projects, including centralized and distributed solar and wind power, are encouraged to participate in market transactions, with prices formed through market mechanisms [11][12]. - The plan includes provisions for gradually allowing biomass and other energy sources to enter the market [12]. Mechanism for Existing Projects - Existing projects approved before June 1, 2025, will have their electricity prioritized in the grid and will follow current guaranteed pricing policies, with a coal benchmark price set at 0.374 yuan per kilowatt-hour [14]. Mechanism for New Projects - New projects starting from June 1, 2025, will have their first-year electricity volume linked to existing non-market ratios, with subsequent years determined by national renewable energy consumption responsibilities and user capacity [15]. - Competitive bidding will be organized annually to determine the mechanism price, with a cap set based on reasonable cost returns and market conditions [15][16]. Execution Period - The execution period for the pricing mechanism is tentatively set at 12 years for new projects, with the plan to be implemented from December 31, 2025 [3][16]. Support Mechanisms - A sustainable pricing settlement mechanism will be established, allowing for price adjustments based on market averages and ensuring that the costs are covered by grid companies [13][17]. - The plan emphasizes the importance of collaboration among various departments to ensure effective implementation and market stability [18]. Monitoring and Evaluation - Continuous monitoring of market prices, renewable energy generation costs, and user electricity prices will be conducted to assess the impact of the reforms and optimize policies as needed [18][19].

下一步，国网甘肃省电力公司将密切关注市场动态，继续聚焦新能源竞价专区建设，持 续迭代升级平台功能，提升专区响应速度与服务精准度，为构建新型电力系统、加速能源清 洁低碳转型注入澎湃动力。 【责任编辑：刘澄谚 】 此次专区上线，是国网甘肃电力积极响应甘肃发改委、能源局联合印发《甘肃省深化新 能源上网电价市场化改革促进新能源高质量发展实施方案》的重要举措，旨在推动新能源上 网电量全面融入电力市场，通过市场化交易形成价格，进一步完善契合新能源发展需求的市 场交易与价格机制，保障新能源在市场交易中实现公平竞争。 甘肃新能源竞价服务专区的上线，不仅是技术层面的创新，更是能源转型的重要信号。 它通过市场化手段激活新能源潜力，推动新能源从"政策驱动"向"市场驱动"升级，为甘肃绿 色低碳发展注入动力。该专区集成填报竞价项目信息、报量报价、签署差价结算协议、竞价 代理商、查询机制信息5大核心功能模块，可为分布式光伏项目带来全流程、一站式竞价服 务，涵盖竞价政策公示公告、业务受理、协议签署等核心环节，支持企业在线提交项目申 请、签署差价结算协议、随时查阅竞价公示公告，是助力甘肃新能源上网电价市场化改革政 策落地的重要举措。 为深入 ...

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Core Viewpoint - Shandong has successfully implemented a market-oriented pricing mechanism for renewable energy, becoming the first province in China to complete this process, which sets a precedent for other regions [1][10]. Group 1: Policy Design and Execution - The pricing mechanism was designed with precision, considering the characteristics of different projects, and included separate bidding groups for wind and solar energy [3][4]. - The total mechanism electricity scale was set at 94.67 billion kilowatt-hours, with wind power accounting for 81.73 billion kilowatt-hours and solar power for 12.94 billion kilowatt-hours [3]. - A competitive bidding process was established with specific price limits for wind (0.094-0.35 yuan/kWh) and solar (0.123-0.35 yuan/kWh) [3][4]. Group 2: Market Dynamics and Energy Structure - Shandong's renewable energy capacity has been increasing, with solar power capacity ranking first in the country, reaching 1.19 million kilowatts by July 2025 [6]. - The bidding results indicated a shift towards optimizing energy structure, with wind power receiving a larger share of the mechanism electricity allocation [6][8]. - The competitive environment for solar projects was more intense, leading to potential market risks due to mismatches in generation and demand [6][8]. Group 3: Impact on Industry Development - The bidding results provided clear investment price signals for renewable energy companies, with wind and solar clearing prices set at 0.319 yuan/kWh and 0.225 yuan/kWh, respectively [8]. - The market-oriented bidding mechanism is expected to drive technological innovation and cost reduction among companies, fostering a competitive environment that promotes high-quality development [8][9]. - Shandong's experience serves as a model for other provinces, demonstrating the feasibility of market-oriented reforms in the renewable energy sector [10].

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The industrial silicon market's supply is increasing steadily, with some previously shut - down silicon plants in Xinjiang resuming production and the southwest region's enterprises increasing their operations due to lower power costs. The demand side is mixed, with polysilicon enterprises reducing production but some having复产 plans, organic silicon facing supply and demand changes, and silicon - aluminum alloy enterprises buying on - demand. The industrial silicon price is expected to remain high in the short - term but may fall if polysilicon enterprises cut production [1]. - The polysilicon market has a slightly increasing supply with some new capacity and reduced production offsetting each other. The demand has increased with more transactions and lower inventory, but the terminal demand pressure and component price resistance may lead to a reverse price transmission. The polysilicon price is in high - level consolidation, and the upward pressure on the spot price is large [1]. Summary by Related Content Industrial Silicon Price Changes - The average price of non - oxygenated 553 (East China) increased by 0.56% to 9,000 yuan/ton, and the 421 (East China) increased by 1.06% to 9,500 yuan/ton. The futures main contract's closing price rose by 0.87% to 8,740 yuan/ton [1]. Supply and Demand - Supply: With the rising silicon price, some silicon plants in Xinjiang resumed production, and the southwest region's enterprises increased operations due to lower power costs during the wet season [1]. - Demand: Polysilicon enterprises are reducing production, but some have复产 plans; an organic silicon plant had an accident and stopped production, but monomer plants are recovering; silicon - aluminum alloy enterprises buy on - demand [1]. Investment Strategy - The industrial silicon price is expected to remain high in the short - term but may fall if polysilicon enterprises cut production. The trading strategy is to operate in a range, try to go long on dips, and consider the 2511 and 2512 reverse arbitrage [1]. Polysilicon Price Changes - N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon prices remained unchanged. The futures main contract's closing price rose by 1.56% to 53,710 yuan/ton [1]. Supply and Demand - Supply: Silicon material enterprises are reducing production, but some new capacity may be put into use, with an expected slight increase in production [1]. - Demand: The trading volume increased, inventory decreased, but the terminal demand pressure and component price resistance may lead to reverse price transmission [1]. Investment Strategy - The polysilicon price is in high - level consolidation, and the upward pressure on the spot price is large. The trading strategy is to take profit on previous long positions and try to go long on dips before the supply - side reform policy is implemented [1]. Industry News - In August, the production and sales of automobiles increased both month - on - month and year - on - year. The production was 2.815 million vehicles, a month - on - month increase of 8.7% and a year - on - year increase of 13%. The sales were 2.857 million vehicles, a month - on - month increase of 10.1% and a year - on - year increase of 16.4% [1]. - On September 10, the State Grid Shanghai Electric Power Company issued a notice on the market - oriented reform of new energy on - grid electricity prices. From January 2026, the on - grid electricity of new energy projects will enter the power market [1].

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Outperform the Market" (maintained) [3][4][17] Core Insights - The first mechanism electricity price bidding results have been released, with favorable outcomes for wind power in Shandong Province. The mechanism electricity price for photovoltaic is 0.225 yuan/kWh, with an accepted electricity volume of 1.248 billion kWh, and for wind power, it is 0.319 yuan/kWh, with an accepted electricity volume of 5.967 billion kWh. The mechanism electricity price for wind power is significantly above the bidding lower limit and close to the upper limit, indicating a favorable investment return for wind power projects [3][5][7][8]. Summary by Sections Industry Overview - The bidding results show that the mechanism electricity price for photovoltaic projects is 0.225 yuan/kWh, with a mechanism electricity volume ratio of 80%, while for wind power, it is 0.319 yuan/kWh, with a mechanism electricity volume ratio of 70%. The total scale of accepted projects for photovoltaic is 1.27 GW, and for wind power, it is 3.59 GW [5][8]. Investment Recommendations - Based on the bidding results and feedback from the industry chain, it is expected that the overall scale of domestic new energy development will remain stable during the 14th Five-Year Plan period, with a greater focus on wind power compared to the previous period. This is favorable for companies in the wind power industry chain. Recommended companies to watch include Goldwind Technology, SANY Renewable Energy, Yunda Co., and Times New Material [4][11]. Financial Projections - The profit forecasts for related companies are as follows: Goldwind Technology (2024A: 1.86 billion yuan, 2025E: 2.70 billion yuan, 2026E: 3.67 billion yuan), SANY Renewable Energy (2024A: 1.81 billion yuan, 2025E: 2.13 billion yuan, 2026E: 2.68 billion yuan), Yunda Co. (2024A: 460 million yuan, 2025E: 680 million yuan, 2026E: 990 million yuan), and Times New Material (2024A: 440 million yuan, 2025E: 650 million yuan, 2026E: 840 million yuan) [13].

Core Insights - The recent auction results for renewable energy prices in Shandong province mark a significant breakthrough in the market-oriented reform of electricity pricing for renewable energy sources [1][3] - The auction results indicate that wind power was awarded a total of 5.967 billion kilowatt-hours at a bid price of 0.319 yuan per kilowatt-hour, while solar power received 1.248 billion kilowatt-hours at a bid price of 0.225 yuan per kilowatt-hour [1][5] - Shandong province has implemented the first provincial-level market-oriented pricing reform for renewable energy in the country, allowing all wind and solar power generation to enter the electricity market [1][5] Summary by Sections Auction Results - The total scale of the mechanism electricity volume for the auction was set at 9.467 billion kilowatt-hours, with a bidding process that attracted over 3,000 renewable energy projects [5] - A total of 1,200 projects were selected in this auction, which is expected to shift the revenue model for renewable energy projects from guaranteed purchases and state subsidies to market-based revenues and competitive bidding [5] Mechanism Pricing - The mechanism pricing system is designed to provide a "dynamic price insurance" for power generation companies, ensuring compensation when market prices fall below the mechanism price and requiring refunds of excess profits when market prices exceed it [3][5] - The mechanism price is determined through a competitive bidding process, which allows for effective competition in pricing while ensuring reasonable growth in renewable energy volume [3][5] Impact on Energy Structure - The reform is expected to guide the energy structure towards a more diversified approach, promoting the integration of wind, solar, and storage technologies [5] - The pricing reform will not affect electricity prices for residential and agricultural users, while commercial electricity prices may fluctuate within reasonable limits based on supply and demand and the development of renewable energy [5]

Core Insights - Shandong has actively responded to the market-oriented reform of renewable energy grid pricing, becoming the first province in China to complete the mechanism pricing bidding process, marking a significant step in implementing the national policy [1][2] Group 1: Policy Design and Execution - The bidding process was characterized by precise policy design and effective execution, with a total mechanism electricity scale of 9.467 billion kilowatt-hours, divided into wind power (8.173 billion kilowatt-hours) and solar power (1.294 billion kilowatt-hours) [2][3] - The bidding included specific price ranges for wind power (0.094-0.35 yuan/kWh) and solar power (0.123-0.35 yuan/kWh), with different execution periods based on project characteristics [2][3] Group 2: Results and Market Dynamics - The bidding results showed that wind power selected electricity volume was 5.967 billion kilowatt-hours at a clearing price of 0.319 yuan/kWh, while solar power selected electricity volume was 1.248 billion kilowatt-hours at a clearing price of 0.225 yuan/kWh, indicating a competitive bidding environment [3][5] - The mechanism design included a 125% application sufficiency rate to ensure competition, and specific measures for marginal units to avoid losses, reflecting the precision of Shandong's bidding policy [3][5] Group 3: Energy Structure Optimization - Shandong's renewable energy capacity has been increasing, with a total installed capacity of 119 million kilowatts as of July 2025, accounting for 47.84% of the province's total installed capacity, necessitating a shift from "scale expansion" to "structural optimization" [4][5] - The bidding process has been a key driver for optimizing the energy structure, with a significant allocation of mechanism electricity favoring wind power, thus guiding the healthy development of the solar industry [5][8] Group 4: Industry Development and Innovation - The bidding results provide clear investment price signals for renewable energy companies, encouraging them to make informed project planning and investment decisions based on the competitive environment [7] - The market-oriented nature of the bidding mechanism is expected to drive technological innovation and cost reduction among companies, fostering a cycle of competition that enhances the overall quality of the renewable energy industry [7][8] Group 5: National Implications and Replicability - Shandong's bidding process serves as a model for other regions, demonstrating that well-designed bidding schemes can achieve "sufficient competition and reasonable prices," which is crucial for market confidence [8] - The experience gained from Shandong's approach to local conditions can be replicated in other provinces facing similar challenges in renewable energy development [8]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating an expectation that the overall industry performance will outperform the market in the next six months [65]. Core Insights - The public utility sector has shown a recovery in market performance, with the industry index rising by 1.2% during the week of September 1-7, outperforming the Shanghai Composite Index by 2.38 percentage points and the CSI 300 Index by 2.01 percentage points [2][11]. - The report highlights the introduction of the "136 Document" in Shaanxi and Zhejiang, which aims to enhance market mechanisms and pricing for renewable energy projects, potentially stabilizing industry profitability [3][35][37]. - The report suggests that the coal price stabilization and improved electricity pricing will enhance the profitability of thermal power companies in the short term, while long-term prospects remain positive due to market reforms [7]. Summary by Sections 1. Market Performance - The public utility industry index's PE (TTM) is currently at 18.06, up from 17.92 the previous week, and higher than 16.53 a year ago [2][23]. - The sector's PB is at 1.81, compared to 1.79 last week and 1.77 a year ago [2][26]. - The report ranks the public utility sector 6th among 31 sectors in terms of performance during the week [11]. 2. Individual Stock Performance - Top-performing stocks include Shanghai Electric (+35.66%), Jingyun Tong (+14.51%), and Luxiao Technology (+13.48%) [3][28]. - Conversely, stocks like Huayin Electric (-10.5%) and China General Nuclear Power (-4.43%) experienced declines [3][28]. 3. Industry Dynamics - The "136 Document" in Shaanxi sets a bidding range for incremental projects at 0.18 to 0.3545 yuan/kWh, while Zhejiang's document proposes a storage price of 0.4153 yuan/kWh [35][37]. - The report notes the release of the "Sichuan Electricity Market Settlement Rules," which will impact independent energy storage pricing [35][39]. 4. Key Data Tracking - As of September 5, 2025, the price of Shanxi mixed coal (5500) is 681 yuan/ton, reflecting a week-on-week decrease of 1.59% [6][45]. - The total transaction volume for green certificates in wind and solar power reached 12.4 and 16.4 million units, respectively, during the week [48]. 5. Investment Recommendations - The report recommends focusing on thermal power companies due to expected profit stability and potential dividend increases [7]. - For hydropower, it suggests monitoring stocks that have seen significant pullbacks, while for green energy, it anticipates a stabilization in expected returns following the "136 Document" implementation [7].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price of industrial silicon is expected to remain high in the short term but may face a risk of decline if polysilicon enterprises implement production cuts. The price of polysilicon is also in high - level consolidation, and the pressure to raise the spot price is large, which may suppress the futures market [1]. - For industrial silicon, the supply is increasing steadily, while the demand is mixed. For polysilicon, the supply is expected to increase slightly, and the demand has increased in the short term, but the terminal demand pressure is large [1]. Summary by Related Catalogs Industrial Silicon Price Information - The average price of non - oxygenated 553 (East China) remained unchanged at 8,950 yuan/ton, and the average price of 421 (East China) remained unchanged at 9,400 yuan/ton. The closing price of the futures main contract rose 3.03% to 8,665 yuan/ton [1]. Fundamental Analysis - Supply: With the continuous rise of silicon prices, some previously shut - down silicon plants in Xinjiang have resumed production. In the southwest production area, the power cost has decreased during the wet season, and the enterprise operation rate has steadily increased [1]. - Demand: Polysilicon enterprises maintain a production - cut situation, but some silicon material plants have复产 plans, which will bring some demand increments. The supply of organic silicon is temporarily tightened due to an accident at a large factory, but the supply pressure has increased recently. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at a low level is insufficient [1]. Investment Strategy - Overall, due to potential supply disturbances, the industrial silicon futures market strengthened again. It is expected that the silicon price will remain high in the short term. The trading strategy is to operate in the range, try to go long on dips, and consider participating in the reverse spread of contracts 2511 and 2512 [1]. Polysilicon Price Information - N - type dense material decreased 0.10% to 50.05 yuan/kg, N - type re - feeding material decreased 0.10% to 51.44 yuan/kg, N - type mixed material decreased 0.10% to 49.05 yuan/kg, and N - type granular silicon remained unchanged at 48.5 yuan/kg. The closing price of the futures main contract decreased 3.93% to 53,520 yuan/ton [1]. Fundamental Analysis - Supply: Silicon material enterprises maintain a production - cut situation, but some may have new production capacity put into operation. It is expected that the output will increase slightly, approaching 110,000 tons in July and increasing to about 130,000 tons in August [1]. - Demand: Many upstream and downstream enterprises completed procurement and shipment before the end of August, the trading volume in the polysilicon market increased significantly, and the inventory decreased significantly. However, the terminal demand pressure is large, and the component price increase is difficult [1]. Investment Strategy - Overall, due to supply disturbances and high downstream raw material inventory, it is difficult to have concentrated restocking in the short term. The pressure to raise the spot price is large, which may suppress the futures market. The trading strategy is to take profit on previous long positions in a timely manner and try to go long on dips before the supply - side reform policy is implemented [1]. Other Information - On September 10, the State Grid Shanghai Electric Power Company issued a notice on the market - oriented reform of the new - energy on - grid electricity price. From January 2026, the on - grid electricity of new - energy projects in the city will enter the power market [1]. - On the evening of September 9, JinkoSolar (688223) announced that its subsidiary Zhejiang JinkoSolar Energy Co., Ltd. plans to sell 80% of the equity of its subsidiary Zhejiang JinkoSolar New Materials Co., Ltd. to Dico Co., Ltd. (300842) for 80 million yuan [1].