Group 1: Electricity Supply and Demand - The overall electricity supply in China is expected to be secure during the peak summer period, although some regions may experience tight supply during peak hours [1] - National electricity consumption has continued to grow, with a cumulative total of 3.16 trillion kilowatt-hours in the first four months of the year, representing a year-on-year increase of 3.1% [1] - The highest electricity load is projected to increase by approximately 10 million kilowatts compared to last year, indicating pressure on electricity supply [1] Group 2: Coal Market Dynamics - Coal prices have been declining, with the average prices for high calorific value coal types at 616 yuan/ton, 535 yuan/ton, and 468 yuan/ton, reflecting a decrease of about 100 yuan/ton compared to the beginning of the year [2][3] - The current coal prices are significantly lower than the peak prices seen in recent years, which were often over 1,000 yuan/ton [2] - Coal inventory at coal-fired power plants has increased to over 120 million tons, up by 1.12 million tons year-on-year, with an average usable days of 30.5 days, an increase of 1.6 days compared to last year [3] Group 3: Load Management Strategies - There is a heightened focus on precise management and effective guidance of electricity demand this year, contrasting with previous years that emphasized supply-side responsibilities [5] - Various regions are implementing strategies to manage electricity load, including the use of virtual power plants to optimize demand response and ensure stable supply [6][7] - The establishment of a million-kilowatt-level residential virtual power plant in Jiangsu aims to integrate large-capacity smart appliances into a cloud-based energy pool, facilitating flexible energy management [7] Group 4: Future Outlook and Policy Support - The National Energy Administration has initiated pilot projects for new power systems, encouraging the development of virtual power plants among other innovative solutions [8] - The China Electricity Council predicts that the highest electricity load this summer could increase by about 10 million kilowatts compared to 2024, with potential peaks reaching 1.57 billion kilowatts if temperatures rise significantly [8]

Core Insights - The SNEC PV+ 2025 International Solar Energy and Smart Energy Conference was held in Shanghai, where Midea Group launched its energy strategy [1] - Midea Energy, a brand under Midea Group, offers comprehensive energy solutions across various sectors including commercial, residential, large-scale storage, green buildings, and smart manufacturing [1] - Hacon New Energy, a key member of Midea Energy, showcased several products at the conference, including the Midea Villa Green Power Solution and the second-generation home energy storage products [1][2] Company Developments - Hacon New Energy officially launched its distributed photovoltaic EPC business in January 2024, rapidly expanding its marketing network across 22 provinces [2] - Following the implementation of the "5.31" policy, Hacon New Energy is exploring new profit models and has applied for electricity sales qualifications in multiple regions [2] - The upgraded Midea Villa Green Power Solution 2.0 features enhanced energy storage capabilities and allows for flexible charging and discharging based on local electricity pricing [3] Product Innovations - The new Midea Villa product can achieve a capacity of 90kW/240kWh through parallel battery packs, providing a safer and more economical experience for high-end green electricity users [3] - Hacon New Energy's second-generation home storage products seamlessly integrate with Midea's heat pump systems, enhancing the overall energy ecosystem [3] - The company also introduced a 40kW grid-connected inverter, expanding its product matrix to cover approximately 70% of the market application scenarios for home grid-connected inverters [3] Financial Performance - Hacon New Energy reported a revenue of 2.24 billion yuan in Q1 2025, representing a year-on-year increase of 220.56%, with a net profit of 28.16 million yuan, up 155.29% [3] - The company is expected to continue performing well in Q2 2025 based on market forecasts [3]

Core Viewpoint - The article discusses the transformation and value awakening in the commercial energy storage sector, emphasizing the need to move away from price competition and towards value creation in the industry [1]. Group 1: Industry Trends and Developments - In the first four months of 2025, user-side energy storage connected to the grid reached 1.7 GWh, with a total scale of 0.696 GW/1.775 GWh, marking a 32% increase in power and a 31% increase in scale compared to the same period last year [7][9]. - The global commercial energy storage market is expected to see new installations of 6.1 GW/15.26 GWh in 2025, with China's market size exceeding 10.56 GWh and surpassing 100 billion [10]. - The first quarter of 2025 saw 59 new electrochemical storage stations added nationwide, with a total installed capacity of 2.55 GW/5.72 GWh [12]. Group 2: Market Opportunities and Challenges - The current energy storage industry faces challenges such as low barriers to entry, severe homogenization, and insufficient demand exploration, necessitating a shift towards diversified energy storage ecosystems [15]. - The commercial energy storage sector is experiencing intense competition, with a growing demand for high-quality operation and maintenance services due to project instability and high after-sales costs [20]. - The article highlights the need for energy storage projects to diversify revenue sources and explore integrated solutions like virtual power plants to enhance profitability [26][39]. Group 3: Technological Innovations and Future Directions - The future of commercial energy storage is expected to focus on digitalization, with companies needing to adopt a lifecycle cost approach and enhance their ability to manage price volatility [21]. - The integration of energy storage with various industries (referred to as "Storage + X") is seen as a key strategy for unlocking new market opportunities and achieving a zero-carbon society [15]. - The article emphasizes the importance of technological innovation and the development of tailored solutions to meet the specific needs of different sectors, including transportation and telecommunications [15][29]. Group 4: Policy Impacts and Strategic Responses - Recent policy changes, such as the Jiangsu time-of-use pricing policy, have significantly impacted the commercial energy storage sector, highlighting the need for companies to adapt their business models beyond relying solely on peak-valley price differences [30][39]. - Companies are encouraged to refine their operational strategies and enhance their understanding of market dynamics to navigate the evolving regulatory landscape effectively [30][39]. - The article suggests that while the return on equity (ROE) for commercial energy storage projects has decreased from over 50% to 12% due to policy changes, with strategic adjustments, it can still achieve a ROE of 24% [39].

本次实测活动以合肥市政务中心国家级车网互动规模化应用试点项目为中心，覆盖社会运营场站、公交 场站、公共机构场站、企业专用场站四大场景、5个重点示范站点。国网安徽省电力有限公司合肥供电 公司数字科技部主任万顺介绍，活动当天，合肥各车网互动示范站最大放电总功率超过2000千瓦，累计 放电量超过5000千瓦时，相当于一户普通居民家庭3年左右的用电量。 2023年，合肥虚拟电厂实现技术升级，国内首创"5G+量子"安全实时调度新模式。"5G技术的应用使合 肥虚拟电厂调控负荷的速度由过去的90秒缩短至15秒内，而量子加密技术则为负荷调控指令加上了随机 变化的密码，大幅提升负荷调控指令的安全性。"国网安徽省电力有限公司合肥供电公司电力调度控制 中心专责陈璐介绍。 郑女士是参加本次实测的新能源车主。当天她的车反向放电35分钟，放电量约28千瓦时。"感觉很划 算，峰谷电价差的部分，加上每千瓦时电补贴2元，算下来通过这次反向放电可以获得80元左右的收 益，期待车网互动大规模应用早日到来。"郑女士说。 国内首次基于"5G+量子"虚拟电厂精准调度的车网互动规模化实测活动日前在安徽省合肥市举行。本次 实测活动共吸引合肥超6000辆次新 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **new energy sector**, focusing on wind and solar power installations and market dynamics in China. Core Insights and Arguments 1. **Projected Installations for 2025**: It is expected that new wind and solar installations will reach approximately **300 GW**, with **200 GW** from solar and **80-90 GW** from wind. The mechanism electricity ratio is projected to be around **50%** [3][4][6]. 2. **Investment Expectations**: Despite a decrease from **370 GW** in 2024 to **300 GW** in 2025, the investment outlook remains stable for both existing and new projects due to the anticipated increase in industrial and commercial electricity consumption [3][4][6]. 3. **Market Risks Post-2026**: After 2026, the scale of centralized electricity generation is expected to shrink, leading to increased competition and potential downward pressure on mechanism electricity prices. This could result in a significant reduction in new energy installations [4][8]. 4. **Internal Rate of Return (IRR) Decline**: New energy project electricity prices are expected to decrease by **3-5 cents**, leading to a **1.5-2 percentage point** drop in internal rates of return. The average IRR in the northern regions is around **6.5%**, while the central and eastern regions may stabilize around **7-8%** [5][6]. 5. **Grid Investment Surge**: The grid investment is projected to reach a record high, with an **8%** increase in the budget, totaling over **660 billion** yuan, reflecting a **10%** growth rate [1][18]. Additional Important Insights 1. **Electricity Supply and Demand Balance**: The electricity supply gap is expected to ease this summer, with an addition of **60 million kW** in capacity, leading to a generally balanced supply-demand situation [2][32]. 2. **Solar Installation Progress**: As of April 2025, solar installations reached approximately **100 GW**, with expectations to hit **140 GW** by the end of May. However, new installations may decline in the latter half of the year due to project completions [7][16]. 3. **Market Entry of New Energy**: The proportion of new energy entering the market is set to reach **100%** in 2025, with all projects required to participate in market transactions, albeit with a minimum guaranteed price [10][11]. 4. **Utilization Rates**: The utilization rates for solar and wind power are declining due to increased installation capacity. Solar utilization is expected to drop to around **90%**, while wind utilization remains relatively stable [14][15]. 5. **Future of High Voltage Transmission**: The development of high voltage transmission projects is optimistic, with plans for **11 new lines** in 2025, although challenges remain regarding project approvals and environmental assessments [22][24][25]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current state and future outlook of the new energy sector in China.

Core Viewpoint - Leshan Electric Power's stock price has seen a significant increase, rising from over 7 yuan per share to a peak of 18 yuan, reflecting a market optimism driven by the company's transition to energy storage projects [1][2] Group 1: Stock Performance - Leshan Electric Power's stock price increased by over 130% within a specific timeframe, with a closing price of 15.38 yuan on June 9 [1] - Institutional investors reported a floating profit exceeding 60 million yuan due to the stock price surge [1] Group 2: Company Strategy and Developments - The company has been focusing on energy storage as a key area for growth, with a new 100MW/200MWh energy storage project in Longquanyi District, Chengdu, expected to commence operations in summer 2023 [2][5] - The company aims to maintain a cautious approach in its expansion strategy, evaluating the effectiveness of existing projects before considering further geographical expansion [2][5] Group 3: Historical Context and Caution - Leshan Electric Power has a history of being the first publicly listed power company in China, but its market visibility has diminished over time due to a focus on local operations [3] - The company previously faced challenges in 2008 when it attempted to enter the upstream silicon material sector, which ended in bankruptcy, influencing its current cautious approach to new ventures [6] Group 4: Technological Initiatives - The company is working on advancing its virtual power plant initiatives and integrating artificial intelligence with energy management, focusing on optimizing energy usage and improving efficiency [7]

Core Viewpoint - Recent policies related to the new power system have been intensively released, aiming to address the consumption issues of renewable energy through various mechanisms and technological innovations [3]. Group 1: Policy Developments - On May 30, the National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection, utilizing a "physical direct connection + marketization" model to facilitate point-to-point power supply [3]. - On June 4, the National Energy Administration announced the first batch of pilot projects for the new power system, focusing on various technological and system-friendly innovations [3]. - Provincial governments have also released detailed documents related to the "136 Document," which addresses pricing mechanisms, supply models, and technological innovations to tackle renewable energy consumption [3]. Group 2: Investment Opportunities - Virtual power plants are highlighted as a crucial component of demand-side response, effectively reducing peak power load through resource aggregation and digital technology [4]. - Wind power is expected to see a recovery in sales and profit margins due to the restructuring of new energy installation logic under the "136 Document," as wind power generation curves are more favorable [4]. - Storage and power equipment sectors should continue to be monitored, particularly in Europe, Southeast Asia, and Africa, where high growth is anticipated [4]. - Controlled nuclear fusion and solid-state batteries are expected to attract ongoing market interest, with a focus on domestic experimental pile tenders and technological advancements in solid-state batteries [4].

Group 1: Strategic Layout - The company is transitioning from traditional coal-fired units to clean energy units, focusing on "electricity, heat, hydrogen, and storage" [1] - In the electricity sector, the company has a photovoltaic installed capacity of 1.05 million kW and is constructing an additional 70,000 kW [1] - The gas power capacity stands at 962,000 kW, with an additional 1.84 million kW under construction [1] - Plans to upgrade 1.08 million kW of small coal-fired units and develop new ultra-supercritical units are underway [1] - The heat sector is being consolidated into a thermal energy group to expand quality energy supply projects [1][2] Group 2: Hydrogen and Storage Initiatives - The company is actively developing the hydrogen energy sector, collaborating with major automotive and energy companies [2] - A hydrogen industry fund has been established to integrate resources within the hydrogen sector [2] - A storage company has been formed to implement smart manufacturing and storage industry plans, with operational production lines already in place [2] Group 3: Financial Performance - In Q1 2025, the company reported a net profit increase of 210.36% compared to the same period last year [3] - The net profit excluding non-recurring gains rose by 151.37%, with basic and diluted earnings per share both increasing by 209.93% [3] Group 4: Coal Procurement Strategy - The company emphasizes cost control in fuel procurement, focusing on domestic sourcing and strategic partnerships with major coal producers [4] - The procurement strategy aims to ensure stable supply and effective cost management [4] Group 5: Future New Energy Plans - The company plans to enhance the flexibility of its power units in response to two-part electricity pricing reforms [5] - Several gas-fired projects are set to be operational by 2023, contributing to low-carbon and efficient power supply in the Greater Bay Area [6] - Ongoing photovoltaic projects are expected to yield significant economic, ecological, and social benefits [6]

2025 年 6 月 8 日 电力设备新能源、公用事业、环保 政策密集出台，新型电力系统将迎来突破式发展 ——电新公用环保行业周报 20250608 电力设备新能源 买入（维持） 公用事业 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：宋黎超 执业证书编号：S0930523060001 021-52523817 songlichao@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 联系人：邓怡亮 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 40% -20% 0% 20% 2024/6/7 2024/10/7 ...

Core Viewpoint - The article discusses the implementation plan for electricity demand-side management in Zhejiang Province for the summer peak of 2025, emphasizing the encouragement of virtual power plants and user-side energy storage to participate in demand response [1][8]. Group 1: Implementation Measures - The plan aims to achieve a balance between supply and demand by encouraging virtual power plants to participate in demand response, targeting a load adjustment capacity of 1 million kilowatts [1][10]. - Demand response measures will be implemented based on a "one-time declaration, rolling cycle, and day-ahead invocation" principle, with a goal of achieving a maximum agreed response capacity of 6 million kilowatts [1][10]. - The plan includes optimizing resource management by ensuring the availability of signed load management resources and conducting detailed studies on load characteristics in various industrial sectors [1][13]. Group 2: Incentive Policies - The plan proposes to improve the market-based bidding mechanism for demand response, prioritizing provincial subsidies through time-of-use surplus expenditures [2][12]. - New incentive mechanisms will be introduced for virtual power plants and other new market entities to maximize their adjustment capabilities [2][12]. Group 3: Subsidy Price Scheme - A detailed subsidy price scheme for various response types is outlined, including tiered subsidies based on response load and capacity [3][51]. - The subsidy structure includes both capacity and energy subsidies, with specific rates for different response types, such as 1 yuan per kilowatt per month for capacity and 4 yuan per kilowatt-hour for energy during peak periods [51][52]. Group 4: Load Management Goals - The overall load management goals for the province include achieving 200,000 kilowatts for air conditioning load control, 300,000 kilowatts for peak shaving, and 600,000 kilowatts for demand response [14][15]. - Each city within the province has specific targets for load management, contributing to the overall provincial goals [15].