Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

17 星期一 2025年11月 文章来源：清控伟仕咨询 清控伟仕咨询 投融资新规简析 1. 国务院办公厅印发《关于进一步促进民间投资发展的若干措施》的通知 2. 关于印发《招标人主体责任履行指引》的通知 3. 关于促进新能源消纳和调控的指导意见 碳中和新规简析 时效性：现行有效 1. 国家能源局关于促进新能源集成融合发展的指导意见 投融资动态 1.李强主持召开国务院常务会议 研究深入实施"两重"建设有关工作等 投融资新规简析 1、国务院办公厅印发《关于进一步促进民间投资发展的若干措施》的通知 发文机关：国务院办公厅 文号：国办发〔2025〕38号 发布日期：2025年11月10日 成文日期：2025年11月03日 文件亮点 1、对需报国家审批（核准）的具有一定收益的铁路、核电、水电、跨省跨区直流输电通道、油气管 道、进口液化天然气接收和储运设施、供水等领域项目，应专项论证民间资本参与的可行性，并在可行 性研究报告（项目申请书）中专项说明。鼓励支持民间资本参与，并结合项目实际、民营企业参与意 愿、有关政策要求等确定具体项目持股比例。对具备条件的项目，民间资本持股比例可在10%以上。 2、行业主管部门和各地方结合 ...

如何看待周期行情持续性？20251116 摘要 新能源装机需保持年增 200GW 以上以满足消纳需求，政策支持就近消 纳、水风光一体化及海上风电开发。东部产业转移与新能源耦合，打造 绿色产业集聚区，绿电直连和可再生能源供热制冷是重要发展方向。 燃气行业受益于寒潮和一次能源价格下降，东部燃气公司表现良好。CPI 转正及经济反弹预期增强，燃气需求有望快速增长，看好燃气行业发展 前景。 洁净室工程市场规模持续扩大，预计 2026 年超 3,500 亿元，电子行业 尤其是半导体领域是主要驱动力。圣晖集成、亚翔集成等公司业绩出色， 积极拓展海外市场。 2025 年洁净室工程行业业绩显著增长，亚翔集成单三季度业绩增速接 近 40%，圣晖集成上半年新签合同同比增长 70%，海外营收快速增长 提升盈利能力。 房地产市场整体下行，但结构性数据有改善迹象。预计 2026 年政策以 托底为主，销售降幅收窄，新开工或改善，竣工面积压力较大，头部地 产股仍有绝对收益机会。 Q&A 如何看待新能源消纳的现状和未来发展趋势？ 目前新能源消纳进入了精细化管理的新阶段，国家发改委和能源局出台了一系 列促进新能源消纳和调控的指导意见，提出了多元 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 11 月 16 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 电力市场框架逐步完善 储能招投标数据景气 ——大能源行业 2025 年第 46 周周报（20251116） 投资要点： 电力：市场框架逐步完善，前三季度光伏装机发布 新能源在电力系统中重要性日益凸显，"十五五"统筹规模发展与系统消纳。根据国家能源 局，截至 2025 年 9 月底，我国发电装机 37 亿千瓦，其中新能源装机超 17 亿千瓦，已跃升 为第一大电源，占总装机的 46%。根据电规总院，我国最高用电负荷年均新增仅约 1 亿千瓦， 新能源装机规模与最高用电负荷间的"剪刀差"或将持续拉大，未来十年新能源发展 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The release of the 1360 document clarifies the development goals for renewable energy, focusing on the consumption and regulation of renewable energy. It emphasizes the importance of high-quality green electricity operators with advantageous resource locations, high project development efficiency, and low financing costs, particularly highlighting the relative advantages of offshore wind energy. Additionally, it recommends attention to flexible regulation resources such as thermal power, energy storage, and virtual power plants [3][7][12] Summary by Sections Industry Overview - The report reviews the market performance from November 10 to November 14, with the Shanghai Composite Index closing at 3,990.49 points, down 0.18%, and the CSI 300 Index at 4,628.14 points, down 1.08%. The CITIC Power and Utilities Index closed at 3,225.64 points, down 0.57%, outperforming the CSI 300 Index by 0.51 percentage points [1][56] New Policies and Guidelines - The National Energy Administration issued two guiding opinions on November 7 and November 12, focusing on the integration of coal and renewable energy and promoting the integrated development of renewable energy. These guidelines aim to enhance market mechanisms and price systems to accommodate the volatility of renewable energy output, stabilize long-term consumption space, and encourage the development of green certificate markets [3][12][13] Market Dynamics - The report notes that during the "14th Five-Year Plan" period, the installed capacity of renewable energy in China has historically surpassed that of thermal power, marking a significant change in the energy structure. By 2030, the goal is to achieve reasonable consumption of 200 million kilowatts of renewable energy annually [3][13] Key Investment Opportunities - The report recommends focusing on companies with strong positions in green electricity, particularly those involved in offshore wind energy. It also suggests looking into flexible thermal power resources and energy storage solutions. Specific companies highlighted include Huaneng International, Huadian International, and Longyuan Power [7][8][12] Carbon Market Insights - The national carbon market saw a price increase of 4.12% over the week, with a trading volume of 16.775 million tons and a total transaction value of 1.008 billion yuan. The closing price on the last trading day was 60.17 yuan per ton [52][55] Company Performance - The report includes a table of key stocks with ratings, such as Zhejiang Energy Power and Huadian Power, all rated as "Buy" with projected earnings per share (EPS) and price-to-earnings (PE) ratios for the coming years [8]

Market Performance - As of November 14, 2025, the North Exchange 50 Index decreased by 0.56% compared to the previous week[29] - The average market capitalization of North Exchange A-shares is 3.194 billion yuan[30] - The average daily trading volume for North Exchange A-shares was approximately 21.38 billion yuan, down 5.89% from the previous week[30] Industry Insights - The focus on solid-state and lithium battery materials has significantly increased, with notable stock price increases in related companies such as Andar Technology (up 13.15%) and Rongyi Precision (up 20.52%)[38] - The State Council issued 13 targeted policy measures to stimulate private investment, aiming to create a more favorable environment for private enterprises[12] Investment Recommendations - The report suggests prioritizing investments in sectors with high industry prosperity and scarcity, such as robotics, commercial aerospace, and energy storage[38] - The price-to-earnings (PE) ratios for various markets as of November 14, 2025, are as follows: North Exchange A-shares at 49.21, ChiNext at 43.38, Shanghai Main Board at 12.69, Shenzhen Main Board at 23.03, and Sci-Tech Innovation Board at 70.80[38] Risks - Key risks include policy risk, liquidity risk, and external environmental volatility, which could impact market stability[39]

Investment Rating - The report maintains a positive outlook on the energy sector, particularly in renewable energy, storage, and hydrogen industries, driven by recent government policies and market demand [1][5][22]. Core Insights - The energy sector is experiencing a significant policy push, with the National Development and Reform Commission and the National Energy Administration releasing key guidelines aimed at promoting high-quality development in the renewable energy sector during the 14th Five-Year Plan period [1][5]. - There is a strong emphasis on the global demand for clean energy and the construction of new power grids over the next 3-5 years, presenting abundant investment opportunities in storage, green hydrogen, and ammonia [1][5]. - The report highlights the robust growth in the energy storage market, with a notable increase in global energy storage battery shipments, which reached 428 GWh in the first three quarters of 2025, marking a year-on-year increase of 90.7% [9][7]. Summary by Sections Energy Storage - The report emphasizes the necessity of a capacity pricing mechanism for energy storage, with Inner Mongolia setting a compensation standard of 0.28 yuan/kWh for 2026, which is better than expected [1][5]. - A long-term agreement between Haibo and Ningde Times for 200 GWh of energy storage batteries reinforces the optimistic outlook for storage demand and battery supply constraints [1][5][8]. Wind Power - Inner Mongolia plans to add 150 GW of new renewable energy capacity over the next five years, with a competitive bidding process for 15 GW of wind power projects in 2025, indicating sustained high demand in the short to medium term [2][15]. - The report notes favorable pricing policies for offshore wind projects in Zhejiang and Jiangsu, suggesting a significant increase in domestic offshore wind capacity during the 14th Five-Year Plan period [2][16]. Photovoltaics - The report suggests a focus on perovskite technology, which is gaining traction due to policy support and industry advancements, recommending investments in equipment and core materials [18][19]. - CSIQ's strong guidance for energy storage shipments in 2026, projected to be between 14-17 GWh, indicates robust growth potential in the solar sector [19][20]. Hydrogen and Fuel Cells - The report outlines a strategic push from the government to develop the green hydrogen and ammonia industry, with policies aimed at enhancing the integration of renewable energy sources [22][24]. - The establishment of a "flexible load" identity for green hydrogen projects is expected to improve their economic viability and support the stability of high-renewable energy grids [23][24]. Electric Grid - The report highlights significant price increases for metering equipment, with A-D grade meters seeing price hikes of over 30%, which is expected to enhance profit margins for leading companies [30]. - The ongoing high volume of bidding for transmission and transformation projects indicates a stable growth trajectory for the electric grid sector [30].

Core Viewpoint - The recent guidelines issued by the National Development and Reform Commission and the National Energy Administration emphasize the promotion of new models and innovative developments for renewable energy consumption, enhancing the adaptability of the new power system to renewable energy, and strengthening technological innovation support for renewable energy consumption [1] Company and Industry Summary - The guidelines support advanced technologies such as AI, big data, and cloud computing, which align closely with the company's core strategy, presenting significant development opportunities [1] - The company focuses on building user-friendly renewable energy stations and collaborative technologies for source-network-load-storage, with applications in AI-based renewable power forecasting, virtual power plants, smart microgrids, and digital twin grids [1] - The company has already implemented multiple technology demonstration projects in the areas of renewable energy consumption and regulation [1]

Core Viewpoint - The article discusses recent policy developments in China's energy sector, particularly focusing on the promotion of new energy consumption and regulation, highlighting the importance of establishing a capacity pricing mechanism for new energy storage alongside traditional coal and pumped storage power [4][5]. Group 1: Policy Developments - The National Development and Reform Commission and the National Energy Administration released guidelines to enhance the consumption and regulation of new energy [4]. - The guidelines emphasize the need to improve the capacity pricing mechanism for coal power, pumped storage, and new energy storage, indicating that new energy storage may be aligned with coal power in terms of capacity pricing [5]. Group 2: Regional Initiatives - Inner Mongolia will continue to provide compensation for energy storage in 2026, although the compensation standard will decrease by 20% from 2025, remaining at a relatively high level [6]. - The compensation standard for independent new energy storage stations in Inner Mongolia is set at 0.28 yuan/kWh for 2026, down from 0.35 yuan/kWh in 2025, but still offers a favorable economic outlook for projects [6]. Group 3: Market Dynamics - The capacity pricing mechanism is expected to evolve, ensuring the healthy and orderly development of the energy storage industry, with costs being passed on to commercial users [7]. - The profitability of energy storage stations is influenced by the installation of wind and solar power, creating a "seesaw effect" where increased storage capacity can lead to decreased capacity fees and narrowed arbitrage margins [8].