Core Viewpoint - The article emphasizes the importance of virtual power plants (VPPs) as a new operational model that aggregates various distributed resources to optimize the power system and participate in electricity market transactions, especially in the context of large-scale renewable energy integration and deepening market reforms [2]. Group 1: Virtual Power Plant Development - Virtual power plants are recognized as crucial for enhancing the flexibility and reliability of the power system, receiving significant attention from various stakeholders [2]. - The "Guiding Opinions on Accelerating the Development of Virtual Power Plants" aims to cultivate VPP entities, enrich business models, and establish management mechanisms for VPP construction and operation [2]. - By 2027, the national VPP regulation capacity is expected to exceed 20 million kilowatts, and by 2030, it is projected to reach over 50 million kilowatts [2]. Group 2: Training Program Details - The China Energy News Agency is organizing a training program on VPP construction and electricity market transactions to help energy companies understand industry knowledge [3]. - The training will take place from September 25 to 26, 2025, in Nanjing, with expert discussions and a platform for experience exchange among companies [3]. - Participants will receive a completion certificate from the China Energy Economic Research Institute after the training [3]. Group 3: Training Topics - Key topics of the training include discussions on VPP policies, business models, latest developments domestically and internationally, key technologies, and practical applications of VPPs [3][4]. - The training will also cover the progress of the national unified electricity market, basic terminology and structure of the electricity market, and the logic of electricity spot trading [4]. Group 4: Training Fees and Contact Information - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-catered [4]. - Payment can be made via bank transfer, and on-site payment will not be accepted [4]. - Contact information for inquiries includes two designated teachers with their respective phone numbers [4].

Core Viewpoint - In July, the total electricity consumption in the country reached 10,226 billion kilowatt-hours, marking a year-on-year increase of 8.6% [3]. Electricity Consumption by Sector - In July, electricity consumption by sector was as follows: - Primary industry: 170 billion kilowatt-hours, up 20.2% year-on-year [2][3] - Secondary industry: 5,936 billion kilowatt-hours, up 4.7% year-on-year [2][3] - Tertiary industry: 2,081 billion kilowatt-hours, up 10.7% year-on-year [2][3] - Urban and rural residential consumption: 2,039 billion kilowatt-hours, up 18% year-on-year [2][3] Cumulative Electricity Consumption - From January to July, the cumulative total electricity consumption was 58,633 billion kilowatt-hours, reflecting a year-on-year increase of 4.5% [3]. - Breakdown of cumulative consumption by sector: - Primary industry: 847 billion kilowatt-hours, up 10.8% year-on-year [3] - Secondary industry: 37,403 billion kilowatt-hours, up 2.8% year-on-year [3] - Tertiary industry: 11,251 billion kilowatt-hours, up 7.8% year-on-year [3] - Urban and rural residential consumption: 9,132 billion kilowatt-hours, up 7.6% year-on-year [3] Electricity Market Trading - In July 2025, the national electricity market trading volume reached 6,246 billion kilowatt-hours, a year-on-year increase of 7.4% [6]. - Breakdown of trading volume: - Intra-provincial trading: 4,614 billion kilowatt-hours, up 7.3% year-on-year [6] - Inter-provincial and cross-regional trading: 1,632 billion kilowatt-hours, up 7.9% year-on-year [6] - Green electricity trading: 256 billion kilowatt-hours, up 43.2% year-on-year [6] Cumulative Electricity Market Trading - From January to July 2025, the cumulative electricity market trading volume was 35,900 billion kilowatt-hours, reflecting a year-on-year increase of 3.2% [6]. - Proportions of trading volume: - Intra-provincial trading: 27,300 billion kilowatt-hours, up 1.6% year-on-year [6] - Inter-provincial and cross-regional trading: 8,558 billion kilowatt-hours, up 9% year-on-year [6] - Green electricity trading: 1,817 billion kilowatt-hours, up 42.1% year-on-year [6]

Core Insights - In July, the national electricity market transaction volume reached 6,246 billion kilowatt-hours, representing a year-on-year increase of 7.4% [1] - The intra-provincial transaction volume was 4,614 billion kilowatt-hours, with a year-on-year growth of 7.3%, while the inter-provincial and inter-regional transaction volume was 1,632 billion kilowatt-hours, showing a year-on-year increase of 7.9% [1] - Green electricity transaction volume reached 256 billion kilowatt-hours, marking a significant year-on-year increase of 43.2% [1] - From January to July, the cumulative electricity market transaction volume totaled 35.9 trillion kilowatt-hours, reflecting a year-on-year growth of 3.2%, accounting for 61.2% of the total social electricity consumption [1]

Core Insights - The article reports that in July, the national electricity market transaction volume reached 6,246 billion kilowatt-hours, representing a year-on-year increase of 7.4% [1] - Among this, the intra-provincial transaction volume was 4,614 billion kilowatt-hours, up by 7.3% year-on-year, while the inter-provincial and inter-regional transaction volume was 1,632 billion kilowatt-hours, increasing by 7.9% [1] - Green electricity transaction volume was 256 billion kilowatt-hours, showing a significant year-on-year growth of 43.2% [1] - From January to July, the cumulative electricity market transaction volume reached 35.9 trillion kilowatt-hours, a year-on-year increase of 3.2%, accounting for 61.2% of the total electricity consumption in society [1] Summary by Categories Electricity Market Transactions - In July, the total electricity market transaction volume was 6,246 billion kilowatt-hours, with a 7.4% increase compared to the previous year [1] - The intra-provincial transactions accounted for 4,614 billion kilowatt-hours, reflecting a 7.3% year-on-year growth [1] - Inter-provincial and inter-regional transactions totaled 1,632 billion kilowatt-hours, marking a 7.9% increase year-on-year [1] Green Electricity - The volume of green electricity transactions reached 256 billion kilowatt-hours, which is a notable increase of 43.2% year-on-year [1] Cumulative Data - For the period from January to July, the cumulative electricity market transaction volume was 35.9 trillion kilowatt-hours, representing a 3.2% year-on-year increase [1] - This cumulative volume accounted for 61.2% of the total electricity consumption in society [1]

Core Insights - Guangxi Energy (600310) reported a significant decline in revenue and a shift to net loss in the first half of 2025, with operating income of 1.636 billion yuan, a year-on-year decrease of 14.75% [1] - The company experienced a net loss attributable to shareholders of 70.91 million yuan, compared to a profit in the previous year, resulting in a basic earnings per share of -0.0484 yuan [1] Revenue and Profit Analysis - The decline in revenue is attributed to a decrease in electricity trading market prices, leading to lower selling prices for the company's electricity and increased costs from purchasing electricity due to reduced generation from its own hydropower plants [1] - The hydropower segment's net profit attributable to shareholders decreased year-on-year due to reduced water inflow in the Hejiang, Guijiang, and Hongshui River basins, resulting in lower electricity generation [1] - The thermal power segment also saw a decrease in net profit attributable to shareholders due to lower on-grid electricity prices and reduced generation, influenced by adjustments in the electricity market [1]

Core Insights - The National Energy Administration of China reported that in July, the national electricity market transaction volume reached 6,246 billion kilowatt-hours, representing a year-on-year increase of 7.4% [1] - Among this, the intra-provincial transaction volume was 4,614 billion kilowatt-hours, up by 7.3%, while the inter-provincial and inter-regional transaction volume was 1,632 billion kilowatt-hours, increasing by 7.9% [1] - Green electricity transaction volume reached 256 billion kilowatt-hours, showing a significant year-on-year growth of 43.2% [1] Year-to-Date Summary - From January to July 2025, the cumulative national electricity market transaction volume totaled 35.9 trillion kilowatt-hours, marking a year-on-year increase of 3.2%, which accounted for 61.2% of the total social electricity consumption, a decrease of 0.9 percentage points year-on-year [1] - The intra-provincial transaction volume for the same period was 27.3 trillion kilowatt-hours, up by 1.6%, while the inter-provincial and inter-regional transaction volume reached 8,558 billion kilowatt-hours, increasing by 9% [1] - The green electricity transaction volume for the first seven months was 1,817 billion kilowatt-hours, reflecting a year-on-year growth of 42.1% [1] Market Context - Electricity market transactions refer to the activities where power generation companies engage in electricity trading with electricity sales companies or large electricity users through market-oriented methods [1] - Since the new round of electricity system reform, the construction of China's electricity market has been steadily advancing, with the scale of market-oriented transactions expanding year by year [1]

Group 1 - The core viewpoint of the article highlights the growth in electricity market transactions in China, with a total transaction volume of 6,246 billion kilowatt-hours in July 2025, representing a year-on-year increase of 7.4% [1] - Among the total transactions, the intra-provincial transaction volume reached 4,614 billion kilowatt-hours, up by 7.3% year-on-year, while inter-provincial and inter-regional transactions amounted to 1,632 billion kilowatt-hours, increasing by 7.9% [1] - Green electricity transactions saw significant growth, with a volume of 256 billion kilowatt-hours in July 2025, marking a year-on-year increase of 43.2% [1] Group 2 - From January to July 2025, the cumulative electricity market transaction volume reached 35,900 billion kilowatt-hours, reflecting a year-on-year growth of 3.2% and accounting for 61.2% of the total electricity consumption, a decrease of 0.9 percentage points year-on-year [1] - The intra-provincial transaction volume during this period was 27,300 billion kilowatt-hours, up by 1.6% year-on-year, while inter-provincial and inter-regional transactions totaled 8,558 billion kilowatt-hours, increasing by 9% [1] - Green electricity transactions for the first seven months of 2025 amounted to 1,817 billion kilowatt-hours, showing a year-on-year growth of 42.1% [1]

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: August 1, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Performance Summary 1.1 Futures Contracts Performance - On July 31, the main contract 2509 of coke futures significantly declined, erasing the gains from the previous two trading days or since July 22. The main contract 2509 of coking coal futures oscillated downward and hit the daily limit in the afternoon, erasing all gains since July 23. The closing price of J2509 was 1601 yuan/ton, down 4.93%, with a trading volume of 42,135 lots and a position volume of 28,705 lots, a decrease of 653 lots. The closing price of JM2509 was 1045.5 yuan/ton, down 7.97%, with a trading volume of 987,871 lots and a position volume of 284,647 lots, a decrease of 23,096 lots [5]. 1.2 Black - Series Futures Position - The position data of the top 20 long and short positions in black - series futures on July 31 showed different changes in various contracts. For example, in the RB2510 contract, the top 20 long positions decreased by 174,240 lots, and the top 20 short positions decreased by 122,370 lots, with a long - short difference of - 51,870 lots and a deviation of - 4.51% [6]. 2. Spot Market and Technical Analysis 2.1 Spot Market Prices - On July 31, the quasi - first - grade metallurgical coke flat - price index in Rizhao Port, Qingdao Port, and Tianjin Port was 1420 yuan/ton, with no change. The low - sulfur main coking coal aggregate price in different regions had different performances, with the price in Lvliang increasing by 80 yuan/ton [8]. 2.2 Technical Indicators - On July 31, the daily KDJ indicators of the 2509 contracts of coke and coking coal both declined. The daily MACD red bars of the 2509 contracts of coke and coking coal narrowed for 4 consecutive trading days, and the daily MACD of the coke 2509 contract was nearly a death cross [8]. 3. Market Outlook 3.1 Coke Market - The coke production of independent coking plants has been rising for two consecutive weeks, reaching a new low since early April. The coke production of steel mills has slightly increased from the low point since late February. The coke inventories of ports and steel mills are hovering at low levels since early March and late December last year respectively, while the coking plant inventory has declined for 7 consecutive weeks, reaching a new low since early January. The profit per ton of coke has been in the red for 10 consecutive weeks, and the third round of coke spot price increases was implemented on July 25 [10]. 3.2 Coking Coal Market - From January to June, China's coking coal imports still maintained a large year - on - year decline of - 7.4%. In the past 6 weeks, the raw coal and clean coal inventories of coal washing plants have significantly declined, with decreases of 13.0% and 30.2% respectively. The inventory of independent coking plants has been rising significantly for 5 consecutive weeks, reaching a new high since early February. The port inventory has returned to the previous low - level range, and the steel mill inventory has increased for 2 consecutive weeks. With the continuous increase in steel mill inventory, coking plants have actively and significantly replenished their stocks, and the coking coal spot price has generally increased by 130 - 280 yuan/ton compared with late June [10]. 3.3 Overall Outlook - Checking coal mine production is beneficial for stabilizing coal supply and effectively managing the low - price and disorderly competition in the coal industry. The supply - demand expectation in the coal market has changed from oversupply before June to a contraction in domestic supply. After the recent significant rebound and subsequent decline in coke and coking coal futures prices, in the short term, their prices may follow steel futures. Attention should be paid to the changes in the supply - demand relationship in the coke market after the implementation of the third round of coke spot price increases and the increase or decrease in coking plants' coking coal inventory. If the demand weakens after the third round of coke price increases or the coking plants' coking coal inventory starts to decline significantly, the future market for coking products may not be optimistic. If the demand remains good or even increases after the third round of price increases, or the coking plants' coking coal inventory remains stable or continues to be replenished, there is still a possibility of a further increase in the future market for coking products [11]. 4. Industry News 4.1 Government Policies and Market Conditions - In June 2025, the national issuance of new bonds was 628.1 billion yuan, including 101 billion yuan of general bonds and 527.1 billion yuan of special bonds. The issuance of refinancing bonds was 547.2 billion yuan, including 267.4 billion yuan of general bonds and 279.8 billion yuan of special bonds. As of the end of June 2025, the national local government debt balance was 51.9503 trillion yuan [12]. - The deputy director of the General Affairs Department of the National Energy Administration, Zhang Xing, stated on July 31 that since this year, the coal market in China has been generally balanced with a slight oversupply. Since July, the daily scheduled coal production has remained above 12 million tons. Currently, the coal inventory of national unified - dispatch power plants exceeds 200 million tons, which can be used for 30 days. The National Energy Administration will guide coal - producing provinces and enterprises to continue to organize production, scientifically formulate production plans, and ensure coal supply [12][13]. - In the first half of 2025, the national power market operated smoothly, with the scale of market - traded electricity and the number of market players continuing to grow steadily. The total market - traded electricity of all power trading centers was 2.95 trillion kWh, a year - on - year increase of 4.8%. As of the end of June, the number of national power market business entities was 973,000, a year - on - year increase of 23.8% [13]. - In the first half of this year, China's energy infrastructure construction maintained a good momentum. The investment in key energy projects under construction and planned to start this year exceeded 1.5 trillion yuan, a year - on - year increase of 21.6%. The investment growth rates in the eastern, central, and western regions all exceeded 20%, and private enterprise investment maintained rapid growth [13]. 4.2 Company Announcements - In the first half of 2025, China Energy Investment Corporation completed coal production and sales of 374 million tons, power generation of 580.6 billion kWh, railway freight volume of 276 million tons, and chemical product output of 13.55 million tons [13]. - In the second quarter of 2025, Jiantou Energy completed power generation of 11.615 billion kWh, a year - on - year increase of 0.67%, and completed on - grid electricity of 10.764 billion kWh, a year - on - year increase of 1%. The company expects its operating performance in the first half of 2025 to increase significantly year - on - year [13]. - Gansu Energy Chemical Industry's Wangjiashan Coal Mine No. 1 Well has been approved to resume production [14]. - Wanneng Electric Power's coal procurement cost in the second quarter decreased more significantly year - on - year compared with the first quarter. The company's total installed capacity exceeds 17 million kilowatts, and it is currently not considering absorbing and merging its affiliated power plants, while its new energy projects are progressing as expected [14]. - In the first half of 2025, Pingdingshan Tianan Coal Mining Co., Ltd. produced 14.5297 million tons of raw coal, a year - on - year increase of 2.26%. The sales volume of commercial coal was 11.7369 million tons, a year - on - year decrease of 12.98% [14]. 4.3 International Market Forecast - The International Energy Agency (IEA) predicts that global electricity demand will increase by 3.3% and 3.7% in 2025 and 2026 respectively, more than twice the growth rate of total energy demand in the same period [14]. 5. Data Overview - The report provides various data charts, including the spot price index of metallurgical coke in major markets, the aggregate price of main coking coal in major markets, the production and capacity utilization rate of coking plants and steel mills, national average daily pig iron production, coke inventories of ports/steel mills/coking plants, independent coking plant's profit per ton of coke, production and operating rate of coal washing plants, raw coal and clean coal inventories of coal washing plants, coking coal inventories of ports/coking plants/steel mills, and the basis between Rizhao Port's quasi - first - grade coke and the September contract, as well as the basis between Linfen's low - sulfur main coking coal and the September contract [15][17][21][29][30][33]

人民财讯7月31日电，近日，记者从新疆电力交易中心有限公司了解到，新疆正在扩大独立储能电站参 与电力市场交易品种范围，将更大发挥其作为电力系统中的"平衡器"的作用。 （文章来源：新华社） ...

Core Insights - The national electricity market transaction volume in China for the first half of 2025 increased by 4.8% year-on-year, reaching a total of 2.95 trillion kilowatt-hours [1] Group 1: Market Performance - In June 2025, the total electricity market transaction volume was 502 billion kilowatt-hours, showing a year-on-year growth of 2.2% [1] - The intra-provincial transaction volume was 384.7 billion kilowatt-hours, which represents a year-on-year decline of 0.22% [1] - The inter-provincial and inter-regional transaction volume reached 117.4 billion kilowatt-hours, marking an increase of 11.1% year-on-year [1] Group 2: Green Electricity Transactions - The green electricity transaction volume in June 2025 was 23.9 billion kilowatt-hours, reflecting a year-on-year growth of 15.6% [1] - For the first half of 2025, the cumulative green electricity transaction volume was 154 billion kilowatt-hours, which is a significant increase of 49.3% year-on-year [1] Group 3: Overall Market Share - The total market transaction volume accounted for 60.9% of the total electricity consumption in society, which is an increase of 0.52 percentage points year-on-year [1] - The intra-provincial transaction volume for the first half of 2025 remained stable at 2.28 trillion kilowatt-hours, showing no change year-on-year [1] - The inter-provincial and inter-regional transaction volume for the first half of 2025 grew by 18.2% year-on-year, totaling 670.7 billion kilowatt-hours [1]