摘要 绿电直连通过物理溯源，构建全链条低碳认证体系，助力高能耗出口企 业应对国际绿色壁垒，尤其是在欧盟碳边境税和美国清洁能源法案的背 景下，提供制度性保障。 国家将可再生能源非电消费比重纳入考核，推动钢铁、建材、石化等行 业脱碳，为绿热提供环境价值实现渠道，并促进熔盐储能等技术在长时 储能和联供系统中的应用。 新型虚拟电厂具备源荷成套特征，通过智能调度优化负荷和储能设备， 提高经济性，提升系统稳定性和效率，尤其在工商业领域，储能需求增 加推动其发展。 可再生能源非电脱碳方案包括供热/制冷、制氢及生物燃料等，其中绿色 甲醇、生物航煤被认为是运输业脱碳的终极方案，受欧盟航空业强制添 加 SAF 等政策驱动，增量空间巨大。 国家发改委 1,192 号文创新性地提出单一容量制电费收取方式，降低绿 电直连项目输配电费，促使项目通过自主储能、虚拟电厂等方式降低公 共电网接入容量，提高经济性。 Q&A 未来新能源领域的主要发展方向是什么？ 未来新能源领域的主要发展方向包括就近消纳和废电利用。就近消纳方面，绿 电直连是一个重要手段。绿电直连指的是风能、光伏、生物质发电等不接入公 共电网，通过单一线路直接向用户供给绿电，实现物 ...

Core Insights - The Jilin Provincial Government has proposed strategies to cultivate and strengthen strategic emerging industries, focusing on sectors such as new energy, new equipment, new materials, new pharmaceuticals, next-generation optoelectronic information, and low-altitude economy [1] Group 1: Strategic Emerging Industries - The plan emphasizes the development of the new energy industry, aiming for leapfrog advancements in green electricity, green hydrogen, hydrogen-based chemicals, and the entire equipment manufacturing supply chain [1] - There is a focus on enhancing the local consumption and export capacity of new energy, with an aim to expand the scale of "green electricity direct connection" [1] Group 2: Key Manufacturing and Innovation Areas - The strategy includes a commitment to key areas such as advanced rail transit equipment, with an emphasis on undertaking national manufacturing industry tasks that are self-controlled [1] - The plan aims to establish a billion-level carbon fiber industry and promote the development of new chemical materials, new energy materials, and bio-based new materials [1] Group 3: Biomedicine and Semiconductor Development - The initiative seeks to elevate the innovation capabilities in biomedicine to the national forefront, supporting high-quality development of innovative drugs and promoting the high-end, domestic, and international growth of the medical device industry [1] - There is a deep involvement in the national semiconductor industry development, focusing on breakthroughs in key core technologies in fields such as industrial mother machines and high-end instruments, with plans to create a major research and manufacturing base for optoelectronic equipment and key components [1] Group 4: Low-altitude Economy - The strategy includes steady development of the low-altitude economy, with continuous optimization of the industrial ecosystem and the formation of a number of mature and replicable scenario models [1]

Core Viewpoint - The article discusses the draft implementation details for promoting green electricity direct connection projects in Sichuan Province, aiming to leverage the region's clean energy advantages and accelerate the development of related support measures [9][12]. Group 1: General Principles - The implementation details apply to green electricity direct connection projects within the administrative region of Sichuan Province, focusing on new energy sources such as wind, solar, and biomass, excluding existing hydropower and other renewable sources [13]. - The development goal is to meet the green energy needs of various enterprises while ensuring the stability of the public power grid and fair market operations [13]. Group 2: Basic Requirements for Green Electricity Direct Connection Projects - Projects must scientifically determine the types and scales of new energy sources based on load characteristics, with at least 60% of the annual self-generated electricity from new energy sources and at least 30% of total electricity consumption being self-generated [16]. - Projects are not allowed to feed electricity back to the public grid before the continuous operation of the electricity spot market, and after that, they can adopt a model primarily focused on self-consumption [16]. Group 3: Pricing and Trading Mechanisms - The pricing mechanism for green electricity direct connection projects must comply with national regulations, and projects in specific regions are exempt from peak pricing policies [21]. - Projects must participate in the electricity market as a unified whole and cannot have their supporting storage facilities operate independently in the market [21]. Group 4: Management and Implementation - Project owners must submit applications for approval or record-keeping according to regulations, and if projects are not commenced within two years of approval, the allocated new energy resources will be revoked [25][26]. - The overall implementation plan must be evaluated and approved by local energy authorities, ensuring that all components of the project are constructed and put into operation simultaneously [24]. Group 5: Safety and Monitoring - Projects must establish clear safety responsibility interfaces with the public grid and adhere to safety management measures to ensure stable operation [19]. - The provincial energy bureau is responsible for guiding the evaluation of project demand and monitoring project management and operation [26].

国投证券主要观点如下： 新能源装机占比超过火电，利用率下滑 截至2025年Q3，全国并网风电和太阳能发电合计装机达到17.1亿千瓦，同比增长36.4%，占总装机容量 比重为46.0%，同比提升6.4个pct，超过火电33.1%的装机占比。从利用小时数看，2025Q1-Q3并网风电 利用小时数1475小时，同比降低93小时，并网太阳能发电875小时，同比降低84小时。从利用率看， 2020-2023年我国光伏/风电利用率平均分别为为98%、97%，2025年1-8月份，光伏利用率下降至为 95%，风能利用率为94%，新能源大比例接入电力系统，不仅对电力系统稳定性提出更高要求，电网面 临更大的消纳压力。 新能源消纳是"十五五"电力系统建设重要环节 2025年11月10日，国家能源局发改委印发《关于促进新能源消纳和调控的指导意见》（发改能源 [2025]1360号），目标到2030年，协同高效的多层次新能源消纳调控体系基本建立，持续保障新能源顺 利接网、多元利用、高效运行，新增用电量需求主要由新增新能源发电满足。到2035年，适配高比例新 能源的新型电力系统基本建成，新能源消纳调控体系进一步完善，全国统一电力市场在 ...

Core Insights - The report emphasizes the significant growth of renewable energy installations, with wind and solar power exceeding thermal power for the first time, reaching a total installed capacity of 1.71 billion kilowatts by Q3 2025, accounting for 46% of total capacity, up 6.4 percentage points year-on-year [2] - The report outlines the importance of renewable energy consumption and its integration into the power system as a key focus for the 14th and 15th Five-Year Plans, aiming for a new energy system that supports high proportions of renewable energy by 2035 [2] Group 1: Green Electricity Consumption - The introduction of the green electricity direct connection policy allows renewable energy sources to supply electricity directly to users, bypassing the traditional grid, which is expected to enhance local consumption and address international carbon trade barriers [4] - Data centers are identified as a significant growth area for energy demand, with the green electricity direct connection policy providing a cost-effective energy supply solution, fostering the development of virtual power plants and energy storage [4] - The report highlights the potential for energy storage projects to evolve from grid stability to active demand-side management due to the green electricity direct connection policy [4] Group 2: Non-Electric Utilization - The inclusion of renewable energy non-electric consumption in national assessments marks a significant policy shift, with targets set for renewable energy heating, hydrogen production, and biofuels [6] - Renewable energy heating and cooling solutions are positioned as quantifiable pathways for industrial sectors reliant on thermal energy, with molten salt storage technology expected to enhance solar thermal power generation [6] - The report notes the accelerating decarbonization of the global transportation sector, with biofuels like green methanol and SAF gaining traction, presenting substantial growth opportunities [6] Group 3: Investment Recommendations - The report suggests a focus on coal-fired power companies as they adapt to changing pricing structures, with attention on long-term contract prices expected to stabilize profitability [7] - Hydropower is highlighted as a scarce asset with long-term investment value due to limited development space, recommending specific companies for investment [7] - Nuclear power is expected to maintain long-term growth despite short-term pressures from tax policy changes, with several new projects set to come online by 2027 [7] Group 4: Market Performance - The environmental sector has outperformed the market, with the environmental index rising by 16.94% year-to-date compared to the Shanghai Composite Index's 16.02% increase [13] - The report indicates that the power sector's revenue for the first three quarters of 2025 was 1.455 trillion yuan, a slight decline of 2.21% year-on-year, while net profit increased by 3.89% to 175.6 billion yuan [16] - Coal-fired power companies have benefited from falling coal prices, with a reported revenue of 905.8 billion yuan and a net profit increase of 15.83% [20]

（来源：光伏产业网官微） 12月2日，贵州省能源局发布关于公开征求《贵州省风电光伏发电项目管理办法（征求意见稿）》意见的通知。 文件指出，有序推进风电、光伏发电多能互补、源网荷储一体化等发展，推动绿电直连、虚拟电厂等试点建设，合理规划布局新型储能，推动风电、光伏 发电全面参与市场化交易。 风电、光伏发电开发建设应高效利用资源，采用先进开发技术，集约节约利用土地。风电项目原则上采用单机容量5兆瓦及以上的风力发电机组，开发年 平均风速在每秒6米及以上的风能资源，应采用单机容量6兆瓦及以上的风力发电机组，鼓励运行15年及以上的单机容量2兆瓦及以下的风力发电机组设备 更新替代。光伏发电项目组件转换效率不低于22.3%，应充分利用各种边坡、边沟、填埋场、采矿沉陷区、矿渣堆场、矸石山等低效土地，探索林光互 补、农光互补、茶光互补等光伏发电模式，鼓励运行8年及以上的光伏发电项目设备更新替代。 省级能源主管部门根据规划目标及电网消纳能力，对全省集中式风电、集中式光伏发电项目实行年度建设计划管理，制定年度建设计划项目申报程序、申 报要求，按照"成熟一批、上报一批"的原则组织申报并及时下达年度建设计划。"千乡万村驭风行动"分散式 ...

Group 1: Energy Sector Developments - The National Energy Administration announced personnel adjustments for the electric power industry's cybersecurity joint meeting, indicating a restructuring of key members to enhance operational efficiency [2] - China Uranium Corporation officially listed on the Shenzhen Stock Exchange, marking a significant step for the country's uranium mining sector and its commitment to energy security [2] - The Tarim Basin's largest gas storage facility, Yaha Gas Storage, completed its surface expansion, increasing its daily gas injection capacity by 1 million cubic meters [2] Group 2: Coal and Renewable Energy Initiatives - The Daqin Railway is expected to transport over 516 million tons of thermal coal this year, playing a crucial role in ensuring coal supply during the winter season [3] - Zhejiang Province aims to increase private investment in offshore wind, hydropower, and nuclear projects to over 10%, with offshore wind projects set at a minimum of 15% [3] - Guizhou Province is seeking public feedback on its management measures for wind and solar power projects, promoting multi-energy complementarity and market participation [4] Group 3: International and Domestic Energy Projects - The International Atomic Energy Agency completed a routine rotation of observers at the Zaporizhzhia Nuclear Power Plant, ensuring ongoing safety monitoring [5] - China National Offshore Oil Corporation announced the production launch of the Weizhou 11-4 oil field adjustment and surrounding area development project, with a peak production target of approximately 16,900 barrels of oil equivalent per day by 2026 [6]

新闻聚焦 ◐国家发改委：发布2025年版基础设施领域不动产投资信托基金（REITs）项目行业范围清单。 12月1日，国家发改委发布的《基 础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》指出的能源基础设施，包括风电、太阳能发电、水力 发电、天然气发电、生物质发电、核电等清洁能源项目；储能设施项目；清洁低碳、灵活高效的燃煤发电（含热电联产煤电）项 目；特高压输电项目，增量配电网、微电网、充电基础设施项目。 【更多详情】 国内新闻 ◐ 中央生态环境保护督察公布天津、河北环境问题。 据央视新闻报道，12月1日，第三轮第五批中央生态环境保护督察组通报天津 市和河北省的部分典型环境问题。天津市在挥发性有机物治理和机动车检测上存在严重问题，空气质量不达标，多家企业被查出违 法排污。河北唐山则因违规上马钢铁项目和新增产能被点名，大气污染防治存在明显短板。督察发现多家企业违法排污，超低排放 改造不达标。督察组将继续调查并按要求开展后续工作。 【更多详情】 ◐ 广东陆丰核电项目1、2号机常规岛建设全面启动。 据中国电建官网12月1日消息，近日，电建核电公司承建的广东陆丰核电项 目1、2号机常规岛建设 ...

新华财经北京11月28日电据重庆市人民政府网站28日消息，重庆市人民政府日前印发《重庆市要素市场化配置综合改革试点行动方案》。其中 提到，深化天然气体制改革。支持重庆石油天然气交易中心扩大交易规模，建立油气产业链相关产品上线交易绿色通道，研究推动油气期货现 货市场联动。探索海外油气资源直接销售，开展油气大宗商品人民币跨境结算，发布并推广中国陆上天然气价格指数。支持年用量在1000万立 方米以上的天然气大用户自主选择供气路径，支持天然气（页岩气）勘探开发企业开展天然气销售业务。加快天然气管网设施独立运营和公平 开放，推动管输业务和销售业务分离，完善市内天然气管道运输价格机制。 深化电力市场改革。深化售电侧改革，建立保底售电公司运行机制，完善增量配网准入和退出机制。深化新能源上网电价市场化改革，构建绿 电直连政策体系并开展试点。在川渝毗邻地区探索"电力跨省域办理"一站式服务。完善"中长期+现货""电能量+辅助服务"体系，推动电力现货 市场转入正式运行。 推动碳市场提质增效。主动参与全国碳市场政策标准制定，建成温室气体全品类交易的地方碳市场，构建非二氧化碳温室气体市场化管控机 制。完善企业碳账户系统，集成建立碳金融 ...

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and Renewable Energy Key Points Shareholder Dynamics - Zijin Mining fully subscribed to Longking Environmental's 2 billion yuan private placement, increasing its shareholding from 25% to nearly 34%, providing significant financial support and accelerating future funding capabilities [2][3] Green Energy Business Performance - In the first three quarters of 2025, Longking Environmental's green energy business net profit reached 170 million yuan, significantly higher than the previous year's total of 70-80 million yuan [2][8] - The Lagocuo Salt Lake photovoltaic project contributed notably, with expected unit profitability exceeding 500 million yuan per megawatt [9] - New projects, including the Mamito Salt Lake photovoltaic and the Congo hydropower station, are anticipated to drive future performance growth [2][9] Storage and Emerging Business Areas - Longking Environmental is actively recovering its storage business, achieving a turnaround in profitability in 2025, with total battery cell deliveries of 5.9 GWh from January to September [6][12] - The company is exploring new fields such as mining new energy, green electricity, and wall-climbing robots, providing certainty for growth over the next three years [6] Environmental Protection Sector - The environmental protection segment serves as a stabilizer for the company, contributing stable and predictable performance [10] - In 2025, new orders in this sector reached 7.6 billion yuan, with a year-on-year growth of 11%, and the backlog of orders stood at 19.7 billion yuan, sufficient to support two years of performance confirmation [15] Future Growth and Valuation - Zijin Mining aims to achieve a 30% self-supply rate of green electricity by 2030, with a demand for approximately 7 GW of green energy installations [11] - Longking Environmental's current valuation is not fully recognized by the market, particularly for specific projects like mining green electricity, which have higher profitability than average [7] - Overall profit for 2025 is expected to exceed 1.1 billion yuan, with projections for 2026 and 2027 reaching 1.0-1.5 billion yuan and 1.6-1.7 billion yuan, respectively [16] Equipment Business Developments - The equipment business includes mining heavy trucks, mining equipment, and wall-climbing robots, with successful deliveries already made [14] - Partnerships with companies like Hunan Chuangyuan and Jitai Intelligent are expected to become significant growth points in the future [14] Conclusion - Longking Environmental is positioned for strong growth in the green energy sector, supported by significant shareholder investment and a stable environmental protection business. The company is exploring new technologies and markets, which could enhance its profitability and market valuation in the coming years.