Core Viewpoint - Ningxia is making significant progress in renewable energy and energy storage, with a notable increase in renewable energy generation and storage capacity in the first half of the year [1][4]. Group 1: Renewable Energy Generation - In the first half of the year, Ningxia's renewable energy generation reached 36.759 billion kWh, accounting for 34.66% of total generation, an increase of 4.5 percentage points year-on-year [1]. - The region is expected to add over 17 million kW of new renewable energy capacity in the second half of the year, bringing total installed capacity to 67 million kW, with a projected share of 65% [4]. Group 2: Energy Storage Development - Ningxia's energy storage capacity has rapidly increased, with 1.115 million kW and 2.87 million kWh of storage capacity connected to the grid, resulting in an additional 1.62 billion kWh of renewable energy generation [1][3]. - The maximum charging power of energy storage reached 5.21 million kW, and the maximum discharging power was 4.53 million kW, equivalent to the peak capacity of 15 coal-fired power units [3]. Group 3: Utilization Efficiency - The average monthly comprehensive utilization hours for energy storage reached 98 hours, indicating effective management and utilization of energy resources [3]. - The efficiency of energy storage utilization is expected to double compared to the same period in 2024, highlighting the region's commitment to enhancing energy management [3].

Core Viewpoint - The article emphasizes the importance of inter-provincial electricity markets in addressing the challenges posed by the uneven distribution of energy resources in China and ensuring efficient power supply during peak demand periods [2][3]. Group 1: Importance of Inter-Provincial Markets - China's energy resources are unevenly distributed, with 90% of coal, 85% of solar, 80% of wind, and hydropower concentrated in the northern and southwestern regions, while 70% of energy demand is in the eastern developed areas [3]. - The increasing volatility of renewable energy and peak load demand exacerbates supply and demand challenges, necessitating inter-provincial market transactions to balance supply and demand effectively [3]. Group 2: Cross-Regional Electricity Transactions - In the summer, the State Grid's operating area achieved 165 million kilowatts of cross-regional electricity transactions, primarily sourced from large coal, wind, solar, and hydropower bases in northern and southwestern regions [4]. - This cross-regional electricity effectively supports the electricity demand in the eastern and central regions, particularly during peak load periods [4]. Group 3: Enhancements in Trading Mechanisms - The Beijing Electric Power Trading Center has implemented a "continuous operation on working days" mechanism to enhance resource allocation efficiency, resulting in a 35.7% increase in transaction volume and a 5% increase in electricity volume year-on-year [5]. - Innovations include optimizing trading processes, establishing a priority mechanism for inter-provincial transactions, and conducting centralized bidding for multiple transmission channels [5]. Group 4: Market Structure and Coordination - The inter-provincial market has established a market model that combines long-term, spot, and emergency dispatching, with long-term transactions accounting for 94.84% of the total electricity volume [6]. - This structure ensures stable supply and demand while providing a safety net through emergency measures when necessary [6]. Group 5: Future Plans for Market Development - Future plans for the Beijing Electric Power Trading Center include expanding trading scope, extending trading periods, and enhancing the proportion of centralized trading across multiple channels [8]. - The center aims to innovate trading varieties and mechanisms to improve supply capacity and facilitate renewable energy consumption [8].

Core Viewpoint - The article highlights the significant role of new energy storage systems in balancing electricity supply and demand during peak usage times, particularly in Shandong province, where recent large-scale storage operations have set new records for power discharge capacity [1][3][9]. Group 1: New Energy Storage Operations - On July 11, Shandong initiated a large-scale operation involving 144 new energy storage stations, achieving a total capacity of 8.25 million kilowatts and a maximum discharge power of 8.0359 million kilowatts [1][10]. - Prior to this, Jiangsu province conducted a similar operation on July 6, with 93 storage stations achieving a maximum discharge of 7.14 million kilowatts, marking a 56.9% increase year-on-year [3][9]. Group 2: Importance of Energy Storage - Energy storage systems are crucial for managing the dynamic nature of electricity demand, particularly during peak hours when the load significantly increases [5][6]. - The fluctuations in renewable energy output, such as the record solar generation of 66.615 million kilowatts in Shandong on July 5, necessitate the use of storage systems to maintain grid stability [6][8]. Group 3: Development of Energy Storage in Shandong - Shandong has been proactive in developing its energy storage capabilities, establishing a market mechanism for independent storage participation and promoting various storage projects [8][9]. - The province's new energy storage capacity has reached 9.4 million kilowatts, ranking third in the country, and includes diverse technologies such as electrochemical and compressed air storage [8][10]. Group 4: Future Prospects and Strategic Goals - The recent large-scale energy storage operations reflect the overall development of Shandong's storage industry and its integration into the new power system [9][10]. - The provincial authorities aim to enhance grid regulation capabilities and increase the consumption of clean energy, with a target to exceed 10 gigawatts of new energy storage capacity by the end of the year [13].

Group 1: Public Utilities and Environmental Protection - The report emphasizes the dual trends of high cleanliness on the generation side and high electrification on the consumption side as key developments in the power system, with the grid serving as a crucial bridge between the two [5][6] - The review of the ultra-high voltage (UHV) construction during the 14th Five-Year Plan indicates that progress has been below expectations, highlighting the need to address terminal demand to achieve goals [6][7] - The outlook for the distribution network by 2030 suggests that recent policy reforms will lead to more diverse distribution network forms, enhancing renewable energy consumption and advancing distribution network development [8][9] Group 2: Metal New Materials - Antai Technology - Antai Technology's business structure is based on a "2+3+4" system, focusing on core industries and emerging sectors, with steady growth in traditional business and significant potential in new areas like special powders and nuclear fusion [10][11] - The company reported a revenue of 7.573 billion yuan in 2024, a decrease of 7.50% year-on-year, but a net profit increase of 49.26% to 372 million yuan, indicating a positive trend in operational efficiency [11][12] - The emerging business sectors are expected to see rapid growth, particularly in special powders, amorphous materials, and controllable nuclear fusion, driven by high industry demand [12][14]

Core Insights - The highest power load in China's southern power grid reached 252 million kilowatts on July 9, marking a historical peak, with Guangdong being the first province in mainland China to exceed 160 million kilowatts [1][3] - The power load in Guangdong reached a new high of 164 million kilowatts, representing a 4.38% increase compared to last year's peak [3] - The southern power grid company has completed maintenance on the West-to-East power transmission corridor and launched 22 key projects to ensure power supply during peak summer demand [4] Power Demand and Supply - Continuous high temperatures have led to a sustained increase in electricity demand, with 15 cities in Guangdong setting new power load records this summer [3] - The power load in Guangzhou and Shenzhen has reached new highs for three consecutive days from July 7 to July 9 [3] - The company has optimized cross-provincial power sharing plans to maximize the absorption of renewable energy and ensure reliable power supply [4] Future Projections - Meteorological departments predict that summer temperatures in southern China will be higher than normal in 2025, leading to increased electricity demand [3] - In Guangdong, for every 1°C increase above 35°C, the power load increases by 3 to 5 million kilowatts [3] - The installed capacity of renewable energy in Guangdong has surpassed 74 million kilowatts, making it the largest power source in the province [3]

Group 1 - The Chinese government has issued a notice to promote the construction of zero-carbon parks to address challenges in achieving carbon neutrality and enhancing green transformation in the economy [1][2] - Zero-carbon parks aim to reduce carbon dioxide emissions from production and living activities to "near-zero" levels, with the potential to achieve "net-zero" conditions [1] - The rapid growth of renewable energy installations in China has led to increased pressure on energy consumption, making the enhancement of renewable energy consumption a priority in carbon neutrality efforts [1][2] Group 2 - The manufacturing sector in China, being the largest globally, faces significant pressure for transformation under the global green development trend, necessitating effective carbon reduction guidance [2] - Traditional industries such as steel and building materials are crucial for energy conservation and emissions reduction, while emerging industries like lithium batteries and electric vehicles represent new growth points [2] - The establishment of zero-carbon parks can guide traditional industries towards deep decarbonization and promote sustainable development, while also helping emerging industries reduce their carbon footprint [2][3] Group 3 - The notice introduces "unit energy consumption carbon emissions" as a core indicator for evaluating zero-carbon parks, providing clear technical guidance for implementation [3] - The initiative supports regions with conditions to establish a number of zero-carbon parks, indicating a structured approach to low-carbon and zero-carbon transformation [3]

Core Viewpoint - The article highlights the measures taken to ensure stable electricity supply during the peak summer demand period, with a focus on increasing power generation capacity and enhancing transmission efficiency [1][4]. Group 1: Enhancing Power Generation Capacity - The highest electricity load during the summer peak is expected to increase by approximately 10 million kilowatts compared to last year [1]. - Coal remains a key energy source, with the Huanghua Port achieving a cumulative coal throughput exceeding 100 million tons by June 23 [3]. - New energy generation capacity has grown significantly, with the Hebei North Clean Energy Base exceeding 80 million kilowatts, accounting for 75.8% of total installed capacity in the region [3]. Group 2: Ensuring Efficient Power Transmission - Jiangsu province has seen a 2.5% year-on-year increase in electricity demand in the first five months, prompting the State Grid Jiangsu Electric Power Company to implement 13 key projects to enhance supply capacity [6]. - The State Grid expects the maximum load in its operating area to exceed 1.2 billion kilowatts for the first time this summer, with 140 key projects completed on schedule by the end of June [6]. Group 3: Increasing Flexibility on the Demand Side - The establishment of a virtual power plant in Shandong allows for real-time monitoring and adjustment of power loads, with a total adjustable capacity of 8.225 megawatts [8]. - The introduction of a market-based pricing mechanism in Hubei aims to guide electricity users to consume more during low-price periods and reduce usage during high-price periods, enhancing grid stability [8].

高温天气带动用电负荷持续攀升。近期，全国多个省份陆续调整分时电价机制，以市场化手段破解电力 供需平衡难题。 发电侧，通过价格信号引导用户用电行为与新能源出力特性相匹配，有利于破解新能源消纳问题。新能 源发电具有波动性、间歇性特征，尤其是光伏，主要发电时段较为集中，11时至14时通常是出力高峰 期，与用户用电高峰期存在时间错配，该时段电力供应远大于需求，若沿用以往的电价机制，既无法反 映真实的供需关系，又容易造成大量弃电，所以多个省份陆续把中午时段调整为低谷甚至深谷电价时 段。 用户和电网侧，通过价格信号的精准调控引导削峰填谷，有利于降低用户用电成本、保障电网安全稳定 运行。比如，海南"零点高峰"现象极具代表性。截至2024年底，海南新能源汽车保有量达40.9万辆，新 能源汽车集中在零点充电，导致电网负荷纪录频繁刷新，2023年和2024年迎峰度夏期间，在"00:00— 00:20"时段13次创新高，电网系统调节能力面临挑战。为此，从2025年4月1日起，海南省调整了分时用 电时段，原谷时段"00:00—00:20"变为平时段，而"08:00—10:00"则调整为新的谷时段，通过分时电价的 调整引导用户主动参与 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 电力 高温炙烤创纪录，电力配置正当时 本周行情回顾：本周（6.30-7.4）上证指数报收 3472.32 点，上涨 1.40%，沪 深 300 指数报收 3982.20 点，上涨 1.54%。中信电力及公用事业指数报收 2988.40 点，上涨 1.69%，跑赢沪深 300 指数 0.15pct，位列 30 个中信一级 板块涨跌幅榜第 9 位。 个股方面，电力及公用事业板块上市公司超半数上涨。 本周行业观点： 投资建议：高温席卷全国，迎峰度夏电力负荷攀升，本周创历史新高，迎峰度 夏叠加业绩期催化，建议重视电力板块配置。建议关注季度业绩具备弹性的火 电板块：华能国际、建投能源、华电国际、申能股份、宝新能源；以及火电灵 活性改造龙头：青达环保。推荐关注存量项目占比较高&短期收益确定性更优、 以及中长期更具降本增效优势绿电运营商。推荐布局低估绿电板块，推荐优先 关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、中闽能源、 福能股份。把握水核防御，关注随着汛期与雨季到来后来水弹性改善标的，建 议关注长江电力、国投电力、川 ...

_ 136 _ 10 ___ 24Q4 行业月报 ·公用事业行业 2 行业月报 · 公用事业行业 可证券|CGS 一、行业要闻 1. 河南电力现货市场完成短周期结算试运行 6月 27日,河南电力现货市场完成短周期结算试运行,共计 112台煤电机组、390 座新能源场 站、127 家售电公司、12 座独立储能电站参与交易。这标志着河南电力市场化改革迈出关键一步。 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保 ...