证券研究报告：电力|点评报告 发布时间：2025-06-04 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 3180.98 | | --- | --- | --- | | 52 | 周最高 | 3359.79 | | 52 | 周最低 | 2868.51 | 行业相对指数表现（相对值） 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 电力 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 南方区域电力市场运行规则进一步完善，看好虚拟 电厂对绿电运营商的赋能 l 投资要点 事件：2025 年 5 月 23 日，国家能源局南方监管局发布《南方区 域电力市场运行规则（试行，2025 年 V1.0 版征求意见稿）》。 l 区域电力市场规则进一步完善 1.1 电能量交易_中长期(1)提升交易便捷度：缩短交易周期，提 高交易频次，实现周、多日、逐 ...

国债买卖，何时重启 20250603 摘要 中国强调制造业不可或缺这一政策理念，并在此基础上进行增量政策布局。尽 管一季度经济回升向好，但内部稳定性欠佳，有效需求不足状态可能维持较长 时间。在应对外部不确定性和修复内部稳定性方面，需要财政持续支持，而财 政支持离不开货币配合。从去年开始国债买卖，今年 1 月份银行暂停，但预计 今年仍有恢复可能，尤其是在出口高峰结束、中美谈判推进、关税豁免期结束 或政府供给调控高峰时点上做对应政策匹配。此外，7 月政治局会议前后恢复 国债买入概率更高，也不能排除央行在 7 月或 8 月恢复国债买入可能性。 国内经济政策及未来增量政策布局有何特点？ 近期中美之间的贸易关系及其对市场的影响如何评估？ 从端午节前后的情况来看，市场主要关注海外变化，特别是围绕对等关税、中 美互动以及贸易谈判等方面。美国法院对前期川普团队引用相关法案的判决， 以及执行变化，再加上川普和贝斯特对于中国贸易和稀土出口问题的关注，都 成为焦点。此外，美国国防部长在新加坡国际会议上的批评也引发关注。中美 两方都有相应诉求，美国核心问题是解决高债务率、高赤字率和高通胀之间的 平衡，同时避免对经济造成挫伤或资本市场 ...

朗新集团 20250603 摘要 朗新集团能源互联网平台已运营 12 年，连接大量新能源资产如充电桩 和光伏，通过资产和能源运营提升客户资产使用效率和价值回报，并将 在未来电力服务方面创造更多价值，预计三年内完成年度交易量超千亿 度。 朗新与蚂蚁合作构建生活缴费平台，形成能源互联网服务雏形。RWA 模 式通过金融创新服务提供增值机会，已连接超过 5 亿终端用户，包括 1,500 万工商业用户，这些用户未来面临参与电力市场交易的需求。 聚合充电业务拥有接近 2,200 万用户，与 3,000 多家运营商及 30 多家 头部车企合作，覆盖 390 多城市。预计 2027 年新能源车保有量超 8,000 万辆，公共充电市场年度需求达 1,100 亿度，朗新平台目标市占 率超 25%。 朗新计划通过高质量运营，在 2026 年实现聚合充电生态正式盈利，并 规模化发展。预计 2025 年充电量达 70 亿度，2026 年达 110 亿度， 2027 年底市占率超 25%，同时在增值服务领域实现规模化盈利。 Q&A 朗新在 2025 年后的整体发展战略是什么？有哪些新的增长机会？ 进入 2025 年后，朗新将聚焦电力能源 ...

Core Viewpoint - The recent issuance of the "Opinions on Improving the Market-oriented Allocation System for Resource and Environmental Factors" by the Central Committee and the State Council aims to promote market transactions of carbon emission rights, water rights, and pollution rights, which is a significant step towards achieving a green transformation of the economy and society [1] Group 1: Market Development - The market for pollution rights, energy rights, water rights, and carbon emission rights has already been established, with plans for further expansion as the market matures [2] - The "Opinions" emphasize the need to gradually expand the national carbon emission trading market's industry coverage, diversify trading subjects, and enrich trading varieties and methods [2] Group 2: Pricing Mechanism - Establishing a scientific pricing mechanism for resource and environmental factors is challenging due to their public and economic nature, as well as significant regional price differences [3] - The pricing mechanism should consider market value, scarcity, potential impacts, and ecological product value, ensuring prices fluctuate within a reasonable range based on supply and demand [3] Group 3: Market Infrastructure - The construction of the resource and environmental factor market requires a transparent, efficient, and legally compliant framework to ensure market safety and reliability [3] - Modern information technology and artificial intelligence should be utilized to create an efficient and convenient trading market, while ensuring fairness in algorithm mechanisms to protect participants' rights [3] Group 4: Supporting Services - The resource and environmental factor market relies on a robust surrounding service system, including accounting, valuation, consulting, legal services, and green financial products [4] - Strengthening the surrounding service system is essential for the sustainable development of the resource and environmental factor market [4]

Core Viewpoint - A new round of LPR and deposit rate cuts has been implemented, leading to a widespread reduction in deposit rates across various banks, with many rates now in the "1" range, indicating a significant shift in the banking landscape [1][2][6]. Group 1: Deposit Rate Changes - Major state-owned banks and several joint-stock banks have updated their RMB deposit rates, with rates for different terms now aligning closely with those of state-owned banks [2][10]. - City commercial banks and rural commercial banks have shown significant variation in deposit rates, with some banks reducing their 5-year deposit rates to as low as 1.20%, creating instances of rate inversion [1][6]. - Several banks, including Shanghai Bank and Beijing Bank, have announced new deposit rates that are consistent with state-owned banks, with rates for various terms ranging from 0.70% to 1.35% [2][10]. Group 2: Rate Inversion Phenomenon - Instances of rate inversion have been observed, where shorter-term deposit rates exceed longer-term rates, particularly in rural and village banks [6][12]. - For example, Guangdong Chenghai Rural Commercial Bank has a 5-year deposit rate lower than its 3-year rate, highlighting the trend of rate inversion [6][10]. - Analysts suggest that the current environment of declining deposit rates may lead to further adjustments, as banks respond to market conditions and their own funding structures [12]. Group 3: High-Interest Deposit Products - Despite the general trend of declining rates, some banks continue to offer higher interest rates, with certain village banks maintaining rates above 2% for longer-term deposits [11][12]. - For instance, Huizhou Huimin Village Bank offers a 5-year deposit rate of 3%, indicating that competitive high-interest products still exist in the market [11][12]. - Additionally, some private banks have retained rates above 2%, demonstrating a continued strategy of attracting deposits through higher interest offerings [11][12].

Core Viewpoint - The recent issuance of the "Opinions on Improving the Market-oriented Allocation System for Resource and Environmental Factors" aims to enhance the efficiency of resource and environmental factor utilization through market mechanisms, promoting green and low-carbon development [2][4]. Summary by Relevant Sections Market Mechanisms and Goals - By 2027, the goal is to have a well-established trading system for carbon emissions rights, water rights, and pollution discharge rights, with a more active market for resource and environmental factors [3][4]. - The establishment of a national carbon emissions trading market and various pilot projects across multiple provinces indicates progress, although challenges remain in the market's maturity and regulatory framework [3][4]. Key Measures Proposed - The "Opinions" outline measures to improve the allocation system, focusing on quota distribution, transaction subjects, and transaction methods [5][6]. - Specific actions include enhancing the connection between trading systems and environmental management goals, expanding the coverage of carbon markets, and diversifying trading subjects and methods [6][7]. Capacity Building for Trading Markets - Effective operation of resource and environmental factor trading markets relies on accurate statistical accounting, standardized trading platforms, transparent information disclosure, and enforceable regulatory mechanisms [7]. - The "Opinions" emphasize the need for improved monitoring and accounting capabilities for carbon emissions, water usage, and pollutant discharge, alongside the development of legal frameworks and financial support systems [7].

Core Viewpoint - The energy revolution in China is reshaping the global energy landscape, driven by the dual goals of carbon neutrality and energy security, with significant implications for the power industry and its stakeholders [1]. Policy Breakthroughs - The National Development and Reform Commission and the Energy Administration have implemented key policies, including the "Basic Rules for Electricity Market Operation," which incorporates capacity pricing and ancillary service fees into the market pricing system [2]. - The establishment of a capacity pricing mechanism is seen as a critical driver for electricity market reform, with expectations that by 2025, market-based electricity trading will exceed 60% and green electricity trading will reach 1.2 trillion kilowatt-hours, equivalent to double Germany's annual electricity consumption [2]. Industry Restructuring - A major power giant is emerging with a 39% market share, surpassing the combined installed capacity of the US and EU by 1.2 times, and accounting for one-quarter of the national electricity consumption [5]. - The company has achieved breakthroughs in flexible direct current transmission technology and is expected to undertake 70% of the ultra-high voltage projects during the 14th Five-Year Plan [6]. - Significant capital movements are noted, with Morgan Stanley increasing its holdings for three consecutive quarters, and a leading insurance fund becoming the third-largest shareholder, while original shareholders have seen their holdings increase eightfold in value over three years [7]. New Energy Landscape - The share of wind and solar power installations has surpassed 40%, leading to the emergence of "energy storage system integrators" due to increasing challenges in energy consumption [8]. - The Southern Power Grid has initiated a significant investment in digital grid technology, with smart inspection robots and AI reducing fault location times from two hours to eight minutes [8]. - Virtual power plant trials in Jiangsu and Zhejiang have shown significant progress, aggregating over 5 million kilowatts of adjustable load, equivalent to the regulation capacity of a large thermal power plant [8]. Future Outlook - The energy revolution is expected to culminate in the creation of an "energy internet," where every building acts as a micro power plant and every electric vehicle serves as a mobile energy storage unit [10]. - Companies that successfully undergo digital transformation and master core technologies will dominate the trillion-dollar market, as today's installed capacity translates into tomorrow's pricing power [10].

报告摘要 （一）改革领域 ： 涉及中国特色现代企业制度、资源环境要素市场化改革、降费、国企技能人才薪酬 改革等。 1 ） 5 月 27 日 ， 中办 国办关于完善中国特色现代企业制度的意见。提出经过 5 年左右， 推动具备条件的企业普遍建立适合国情、符合实际、满足发展需要的中国特色现代企业制度，企业党 的建设全面加强等目标。 2 ） 5 月 29 日 ， 中办 国办印发《关于健全资源环境要素市场化配置体系 的意见》，提出"到 2027 年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节能 市场化机制更加健全"。 3 ） 5 月 30 日 ，国家发改委印发《关于进一步降低征信服务收费标准的通 知》，大幅下调征信服务收费标准，预计每年可为用户节省成本支出约 11 亿元。 4 ） 6 月 1 日 ， 人社部 财政部 国资委关于加大国有企业技能人才薪酬分配激励的通知，提出"按照一般不低于相应职 级管理岗位的薪酬标准科学确定技能岗位薪级档次"，"善技能人才工资增长机制，集团公司加大工资 总额分配向技能人才倾斜力度"。 本周，改革和开放相关举措密集落地，具体来看： （二）开放领域：涉及区域自贸协定及免签政策 ...

插播 ：中国能建广东省电力设计研究院、联盛新能源、融和元储、弘正储能、精控能源、南瑞继保、永泰数能、华友能源、汇能科技、厦门国贸、永光新能源等工商 储主流参与方将汇聚6月10日的"2025年全球用户侧储能产业价值峰会暨应用示范展"，点击" 阅读原文 "了解详情 6月，作为年中的关键节点，正成为工商业储能从规模竞争到价值竞争转型的战略转折点。 6月1日，在新能源项目上网电量全部入市，分布式光伏的收益逻辑彻底改写、储能走上收益C位的同时，中国新型储能产业也正式告别强配储时 代，进入市场化驱动的新阶段。 6月1日，作为2024年底工商业储能装机第一大省的江苏分时电价新政正式实施， 峰谷价差收窄直接冲击工商业储能传统峰谷套利逻辑， 而这作为 电力系统全面市场化改革的缩影，将在全国掀起工商业分时电价规则的革新浪潮。 随着新政正式落地，低质低价竞争策略失效，工商业储能赛道正式进入"拼解决方案、比服务、重运营"的下半场角逐，在这场生死突围战中，企业 如何构建新的竞争壁垒？天合光能等光储龙头已率先锚定破局方向。 ■ 下半场运营之战，抢占价值链高地 6月1日新政密集落地不是终点，而是储能行业蜕变的起点。 天合光能指出，电力市场 ...

每经记者｜朱成祥 每经编辑｜文多 6月2日晚间，林洋能源（SH601222）公告称，拟将旗下5家公司的100%股权转让给广东粤水电能源投资集团有限公司（以下简称"粤水电能源集团"），合计 对价约4.71亿元，涉及的光伏电站装机容量合计236.5MW（兆瓦）。 据悉，标的资产的净资产账面值约4.71亿元，评估价值合计约4.84亿元，增值率约2.85%。 前期已建成的光伏电站回款周期较长 对于本次出售计划，林洋能源先是表示，公司新能源板块长期战略调整至建设平价电站和优质储能电站，本次转让项目回笼资金将用于支持和保障长期战略 规划调整。除此外，还有其他原因。 林洋能源拟出售光伏电站资产的当下，正值"5·31"节点刚过，新能源入网价格将正式按照市场化定价。那么，林洋能源为何计划出售这些因节点前已建好而 收益确定性较强的光伏电站资产？ 标的资产状况良好 当下，光伏行业最为瞩目的当属"5·31"节点。根据国家发展改革委、国家能源局发布的《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通 知》，新能源入网定价新老划断，2025年6月1日以前投产的存量项目，通过开展差价结算，实现电价等与现行政策妥善衔接。 而202 ...