省领导安伟、陈星、李涛，国家电网公司党组副书记邵国勇参加会见。（记者 刘婵 张笑闻） 责任编辑： 王靖 刘宁、王凯代表省委、省政府向张智刚、庞骁刚一行表示欢迎，感谢国家电网公司在稳定经济增长、服 务经营主体、建设美丽乡村等方面给予河南的大力支持。刘宁说，当前，全省上下正深入学习贯彻习近 平总书记在河南考察时重要讲话精神，落实"四个革命、一个合作"重要要求，持续加大电网投入，加快 构建新型电力系统、建设新型能源体系，着力推进全面绿色转型，积极融入服务全国统一大市场建设， 奋力谱写中原大地推进中国式现代化新篇章。河南的高质量发展离不开电力能源的有力保障，希望国家 电网公司继续发挥资金、人才、技术等优势，进一步加大在豫投资力度，在农村和城市配电网改造升 级、打造外电入豫通道、智能化电网建设、降低用电成本、关键技术研究转化和先进电力设备制造等方 面深化合作，助推河南更好融入全国统一电力市场建设，为河南经济社会发展提供坚实能源支撑。我们 将持续营造一流营商环境，强化各类要素保障，为企业在豫发展提供更优服务、创造良好条件。 张智刚、庞骁刚感谢河南省委、省政府长期以来对国家电网公司工作的关心支持。张智刚表示，河南是 人口大 ...

Investment Rating - The report maintains an "Overweight" rating for the renewable energy generation industry, indicating a positive outlook for high-quality development driven by multiple factors [1]. Core Insights - The renewable energy generation industry is expected to experience high-quality development due to the implementation of market-oriented reforms by the National Development and Reform Commission and the National Energy Administration [2][15]. - The capacity for renewable energy consumption is set to improve with initiatives such as the construction of smart microgrid projects and shared energy storage stations [2][23]. - The completion of ultra-high voltage power grids will facilitate the long-distance transmission of electricity, enhancing the consumption of renewable energy [2][27]. - Continuous efforts to address historical subsidy arrears are anticipated to improve the accounts receivable situation for renewable energy companies [2][28]. Summary by Sections 1. Building a New Energy System to Support Renewable Energy Development - The construction of a new energy system is progressing steadily, with significant goals set for renewable energy capacity by 2025 [9]. - Policy support is expected to promote high-quality development in the renewable energy sector, with a focus on large-scale wind and solar projects [11][12]. 2. Multiple Factors Enhancing Efficiency in the Renewable Energy Generation Industry - A series of measures are anticipated to enhance the capacity for renewable energy consumption, including the establishment of intelligent microgrids and virtual power plants [2][24]. - The ongoing resolution of subsidy arrears is expected to positively impact the financial health of renewable energy companies [2][28]. 3. Investment Recommendations and Key Company Analysis - The report suggests focusing on companies such as Three Gorges Energy, Longyuan Power, Xintian Green Energy, and Solar Energy, which are well-positioned to benefit from the industry's growth [2][36]. - Three Gorges Energy is recognized for its significant installed capacity in wind and solar energy, maintaining a leading position in the offshore wind sector [38][39]. - Longyuan Power is noted for its large-scale project development and innovative technologies in the renewable energy space [40][41]. - Xintian Green Energy is expanding its wind resource reserves and enhancing its natural gas business, indicating robust growth potential [43][44]. - Solar Energy leverages its central enterprise brand advantage and resource strengths to provide comprehensive solar solutions [45][46].

Core Viewpoint - The article highlights the significant role of new energy storage systems in supporting the power supply during peak demand periods, showcasing their capacity and effectiveness in various regions across China [1][4][5]. Group 1: New Energy Storage Capacity and Performance - As of now, the maximum adjustable power of new energy storage in the operational area of the State Grid Corporation has reached 64.23 GW, with a real-time maximum discharge power of 44.53 GW, marking a 55.7% increase compared to the same period last year [1]. - During the peak summer period, new energy storage systems have demonstrated the ability to fully utilize their capacity in regions like Jiangsu, Fujian, Hubei, Shanxi, and Tianjin, significantly enhancing power supply capabilities [1]. - In Jiangsu, 93 new energy storage stations achieved a maximum discharge power of 714 MW, accounting for 94% of the installed capacity of new energy storage in the province [3]. Group 2: Importance of New Energy Storage in Power Systems - New energy storage is identified as a key technology for building a new energy system and power grid, capable of flexibly responding to grid demands and playing a role in peak shaving and valley filling [1]. - The peak capacity of new energy storage during the summer evening peak is equivalent to nearly three Three Gorges hydropower stations, providing substantial support during high electricity demand periods [1]. - The development of new energy storage is crucial for optimizing the allocation of power resources and promoting the advancement of storage technology, which is essential for the construction of a new power system [4]. Group 3: Regional Initiatives and Achievements - In Yunnan, a large-scale concentrated charging and discharging test was conducted, achieving a maximum charging power of 479 MW and a maximum discharging power of 474 MW, with utilization rates of 96% and 95% respectively [5]. - Yunnan has surpassed 5 million kW in new energy storage installations, ranking first among the five southern provinces, significantly enhancing the region's power system regulation capabilities [5]. - The next steps for Yunnan's power grid company include utilizing market mechanisms for scientific deployment of new energy storage systems to enhance supply security and promote clean energy consumption [5].

Core Viewpoint - The development of pumped storage hydropower in China is entering a new phase focused on high-quality exploration, emphasizing its role as a crucial component for the stability and safety of the new energy system [2][3]. Industry Development Status - The pumped storage capacity in China exceeds 60 million kilowatts, with significant ongoing construction, showcasing a trend of diversified investment and multiple application scenarios [3]. - Despite rapid growth in scale, the industry faces challenges in innovation, particularly in planning, equipment upgrades, and the application of new technologies [3]. Economic Viability of Projects - The new management measures for pumped storage project development aim to standardize the development order and eliminate extra burdens, gradually restoring investment value [4]. - The economic characteristics of pumped storage projects are complex due to their public good nature, where benefits are shared across various stakeholders, making precise benefit allocation challenging [4]. - Investment costs are influenced by factors such as contingency fees and interest during construction, which can exceed 20% of project estimates, necessitating a comprehensive evaluation of economic viability [4]. Relationship with New Energy Storage Technologies - New energy storage technologies have seen rapid development, surpassing pumped storage in installed capacity, but they do not hinder the growth and innovation of the pumped storage sector [6]. - Both technologies should develop synchronously, considering their unique characteristics and application scenarios, to avoid resource misallocation [7]. New Generation Pumped Storage Research - The new generation of pumped storage technology aims to overcome industry shortcomings and achieve safe, economical, reliable, and efficient development [8]. - This new technology focuses on expanding regulation types, enhancing quality, and optimizing costs, with an emphasis on innovation across various operational aspects [9]. Future Development Initiatives - The company plans to deepen research in critical areas such as design, equipment manufacturing, and operational control, promoting collaborative innovation across the industry [9]. - There is a commitment to demand-oriented development, tailoring power station functions to meet specific system needs and enhancing adaptability [9]. - Efforts will be made to improve policies that attract resources and investment, fostering a conducive environment for the growth of pumped storage projects [9].

Group 1 - Xi Jinping's visit to Shanxi Province emphasizes the importance of accelerating the construction of a new energy system and modern industrial system, aiming to inject new energy into the modernization of Shanxi [1] - The Shanxi Provincial Committee emphasizes the need to ensure national energy security and promote comprehensive energy revolution reforms, focusing on new energy and new materials [1][2] - Shanxi's development plan includes advancing energy transition, enhancing energy efficiency, and promoting green transformation across the economy and society [1][2] Group 2 - Shanxi's industrial sector aims to develop emerging industries and future industry tracks, focusing on "green energy+" initiatives to create a competitive modern industrial system [2] - Companies like Shanxi Tianze Coal Chemical Group are exploring high-end chemical products and extending product chains through digital and green technologies [2] - Shanxi Pengfei Group emphasizes the role of intelligent empowerment in enhancing safety and contributing to a clean, low-carbon, and efficient modern energy system [3]

Group 1: Silk Road International Youth Imaging Exchange Program - The "Silk Road International Youth Imaging Exchange Program" recently held a creative camp in Yinchuan, involving scholars, young creators, and media reporters from nearly 30 countries [1] - Participants engaged in a week-long imaging creation exchange, training, and joint shooting practice to understand China's development and explore new Silk Road stories [1] Group 2: Desertification Control and Green Energy Development - The city of Zhongwei has successfully retreated the desert by 25 kilometers through a "five belts and one body" windbreak and sand fixation system, increasing vegetation coverage from 5% to 70% [2] - The innovative "grass grid" method, developed over generations, is recognized as a valuable experience for combating desertification, especially for countries facing similar threats [2] - Zhongwei is exploring new energy systems by integrating sand control with energy development, exemplified by the solar photovoltaic base in the Tengger Desert, which combines power generation with ecological restoration [2] Group 3: Transformation of Traditional Industries - Ningxia Shared Group is undergoing a transformation from traditional casting to a "smart factory" and high-end equipment manufacturing, utilizing advanced technologies like 3D printing and automated transport [3] - Zhongwei has become a national new internet exchange center and part of a major data center cluster, showcasing the rapid development of China's digital economy [3] - The region's historical significance as a key point on the ancient Silk Road is highlighted alongside its modern technological advancements, emphasizing China's commitment to openness and cooperation in the Belt and Road Initiative [3]

Group 1 - The core viewpoint emphasizes the strategic task assigned to Shanxi for building a national resource-based economic transformation pilot zone, focusing on energy transition, industrial upgrading, and moderate diversification [2][3] - Shanxi has significant coal resources, with a total reserve of 2,709.01 billion tons, accounting for 17.3% of the national total, and a remaining economically recoverable coalbed methane reserve of 2,304.09 billion cubic meters, making it a key player in China's energy landscape [3][4] - The province is transitioning from a coal-dominated economy to a multi-industry support system, with coal production projected to increase from 988 million tons in 2019 to 1,269 million tons by 2024, supplying over 25% of the national demand [4][5] Group 2 - Shanxi is implementing a comprehensive energy revolution reform pilot, aiming to ensure energy security while transitioning to a diversified energy supply system, with renewable energy capacity expected to exceed 61.89 million kilowatts by 2024, representing over 50% of the total installed capacity [4][5] - The province is focusing on integrating high-tech innovations into traditional coal industries, exemplified by projects like intelligent mining and coal-to-oil initiatives, which aim to enhance efficiency and sustainability [5][6] - The establishment of the first domestic electricity spot market in Shanxi in December 2023 is a significant reform, allowing electricity to be traded like other commodities, thus enhancing market efficiency [5][6] Group 3 - Shanxi is recognized as a model for resource-based economic transformation, demonstrating that traditional energy provinces can pursue green development through institutional innovation and technological empowerment [6][8] - The manufacturing sector is being revitalized through technological advancements, with companies like Yangquan Valve focusing on smart manufacturing and precision technology to enhance product competitiveness [8][9] - The integration of new energy systems with modern industrial frameworks is crucial, with emphasis on both traditional industries and emerging sectors such as high-end equipment manufacturing and new materials [9][10] Group 4 - Shanxi is actively developing green energy sources, including unconventional natural gas, hydrogen, and biomass energy, contributing to a comprehensive energy ecosystem [12][13] - The province is also advancing projects like the 500 MW photovoltaic power generation project, which aims to provide clean energy and restore ecological balance in previously mined areas [13][14] - The successful implementation of a carbon-neutral village model in Shanxi showcases the potential for sustainable living and energy practices, reflecting a broader commitment to environmental stewardship [12][14]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report suggests that the cost expectation of manganese - silicon may rise, and it will fluctuate strongly [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of silicon - iron 2508 and 2509 are 5564 and 5576 respectively, up 184 from the previous trading day; the closing prices of manganese - silicon 2508 and 2509 are 5798 and 5808 respectively, up 90 from the previous trading day. The trading volumes and open interests of different contracts are also given [2]. - **Spot Data**: The price of silicon - iron FeSi75 - B in Inner Mongolia is 5200 yuan/ton, up 50; the price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5550 yuan/ton, up 50. The prices of manganese ore Mn44 block and semi - coke small material in Shenmu are 38.5 yuan/ton - degree and 580 yuan/ton respectively [2]. - **Price Difference Data**: The spot - futures price differences of silicon - iron and manganese - silicon are - 364 yuan/ton and - 258 yuan/ton respectively, with corresponding changes of - 134 and - 40. The near - far month price differences of silicon - iron and manganese - silicon are - 12 yuan/ton and - 10 yuan/ton respectively, with no change. The cross - variety price differences of manganese - silicon and silicon - iron are 234 yuan/ton and 232 yuan/ton respectively, down 94 [2]. 3.2 Macro and Industry News - **Market Price News**: On July 10, the prices of different grades of silicon - iron in various regions and the prices of silicon - manganese 6517 in the north and south are reported. The silicon - manganese spot market has been in a stalemate in the range of 5450 - 5550 yuan/ton for a long time [3]. - **Policy News**: President Xi Jinping pointed out during an inspection in Shanxi that while ensuring national power coal supply, the coal industry should be upgraded, and a new energy system should be built [4]. - **Manganese Ore Price News**: Jupiter and NMT announced the prices of manganese ore for August 2025, with NMT's price up 0.05 dollars/ton - degree month - on - month [6]. - **Silicon - Manganese Tendering News**: On July 10, Jinshenglan's silicon - manganese tender prices in different regions increased, with the procurement volume also given [6]. 3.3 Trend Intensity The trend intensity of silicon - iron and manganese - silicon is both 1, indicating a relatively neutral - to - strong trend [5].

Core Viewpoint - The 2025 National Coal Trading Conference emphasizes the importance of coal and electricity industries in ensuring energy security and high-quality development in China, highlighting the need for collaboration and adaptation to new energy systems [1][2]. Group 1: Industry Collaboration and Development - The electricity and coal industries are tasked with jointly ensuring energy security and high-quality development, adapting to new roles in the energy system [1]. - There is a call for maintaining reasonable coal inventory levels at power plants and strengthening the connection between coal supply and demand [1]. - The coal industry is urged to innovate its mechanisms and adapt to structural changes in energy development, ensuring stable operation and risk prevention [1]. Group 2: Specific Measures for Coal Industry - Six specific measures proposed for the coal industry include improving market system construction, enhancing industrial chain collaboration, adjusting production structure, enforcing long-term contract systems, ensuring energy supply during peak summer, and establishing flexible supply adjustment mechanisms [2]. - The conference was attended by various national departments and local governments, indicating a collaborative approach to addressing coal industry challenges [2].

Core Viewpoint - Shanxi Province is accelerating the construction of a new energy system and aims to establish itself as a significant national energy raw material base, focusing on high-quality and sustainable development [1] Group 1: Energy Transition - The meeting emphasized the importance of advancing energy transition and ensuring national energy security as a political responsibility [1] - There is a commitment to deepen the energy revolution and promote comprehensive reform pilot projects [1] - The goal is to build a new energy system that aligns with national strategies [1] Group 2: Industrial Transformation - Shanxi will focus on upgrading traditional industries and revitalizing the manufacturing sector as a primary direction [1] - The province aims to develop new quality productivity by strategically laying out emerging and future industries [1] - There is a strong emphasis on enhancing education, technology, and talent support to create a modern industrial system with comparative advantages [1] Group 3: Market Environment - The province will adopt a moderately diversified development approach, leveraging its energy resources and historical culture [1] - Efforts will be made to create a market-oriented, legal, and international business environment [1] - The aim is to stimulate the vitality of various business entities and better convert resource advantages into developmental advantages [1]