虚拟电厂、新能源车、生物科技概念股活跃；新消费、可控核聚变题材回调。 09:37 A股三大指数盘初转跌，医疗服务、减肥药、乳业板块跌幅居前。 09:35 A股兵装重组概念股盘初走强 东安动力、湖南天雁涨超6%，华强科技、中光学、建设工业、长城军工跟涨。 | 代码 名称 | 涨幅� 现价 | | --- | --- | | 600178 东安动力 | +6.56% 13.15 | | 600698 湖南天雁 | +6.29% 7.27 | | 688151 华强科技 | +4.38% 17.63 | | 002189 中光学 | +3.93% 20.87 | | 002265 建设工业 | +2.34% 20.95 | | 601606 长城军工 | +0.52% 13.55 | 联易融科技-W涨5.81%、连连数字涨5.52%、众安在线涨3.66%。 09:25 A股开盘丨三大股指集体小幅高开 沪指涨0.06%，深成指涨0.08%，创业板指涨0.08%。虚拟电厂、新能源车、生物科技概念股活跃；新消费、可控核聚 变题材回调。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | - ...

Group 1 - The A-share virtual power plant sector showed significant activity at the beginning of trading, with New Alliance Electronics, China Electric Power Xinlong, and Jinzhih Technology all hitting the daily limit up [1] - Hengshi Technology experienced a substantial increase of 15%, while Wansheng Intelligent and Kanan Intelligent also saw gains [1]

Group 1 - The core viewpoint of the article highlights the active emergence of the virtual power plant concept, with Jinzhitech experiencing a limit-up in stock price [1] - The National Energy Administration has announced the initiation of pilot projects for the construction of new power systems, emphasizing the need for the establishment or renovation of various types of virtual power plants [1] - The virtual power plants will aggregate distributed energy sources, controllable loads, and energy storage, optimizing control to enhance flexible adjustment capabilities [1] Group 2 - Several companies, including Zhongdian Xinlong, Pino Technology, and Hengshi Technology, have seen significant stock price increases, with some rising over 10% [1] - The market response indicates a growing interest in companies involved in the virtual power plant sector, as evidenced by the stock performance of related firms [1] - The notification from the National Energy Administration suggests a strategic shift towards integrating decentralized resources in the energy sector [1]

Market Overview - US stock market showed mixed results with Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01% [1] - Meta Platforms rose by 3.16%, Google A by 1.13%, Amazon by 0.74%, Nvidia by 0.50%, Microsoft by 0.19%, while Apple fell by 0.22% and Tesla by 3.55% [1] Chinese Concept Stocks - Chinese concept index increased by 2% with notable gains from companies such as Zai Lab up 15.90%, Noah Holdings up 10.17%, NIO up 6.23%, and Alibaba up 3.9% [2] Employment and Economic Indicators - US ADP employment numbers for May showed an increase of only 37,000, the lowest growth since March 2023 [2] - ISM non-manufacturing index for May showed contraction for the first time in nearly a year [2] Technology and Innovation - Circle Internet announced an IPO price of $31 per share for 34 million shares [3] - Nvidia's GB200 achieved record performance in MLPerf testing, with performance improvements exceeding two times [4] - OpenAI announced ChatGPT's support for MCP and meeting notes [5] Energy Sector Developments - National Energy Administration of China initiated pilot projects for new power systems focusing on virtual power plants and renewable energy integration [8] - The trend indicates a shift in data center site selection towards renewable energy sources to reduce costs and enhance sustainability [8] Automotive Industry - Huawei and XPeng Motors are set to announce a collaboration on HUAWEI XHUD at an upcoming event [9] - The HUD technology is expected to transition from simple displays to complex interactive systems, with significant growth potential [9] Robotics and Healthcare - Chinese Academy of Sciences developed a "rigid-flexible coupling" lower limb rehabilitation exoskeleton robot aimed at aiding patients with lower limb paralysis [10] - The exoskeleton market is anticipated to exceed 100 billion due to increasing demand across various sectors [10] Aviation Sector - China is considering an order for hundreds of Airbus aircraft, potentially between 200 to 500 units, with a significant focus on wide-body models [11][13] Regulatory and Policy Updates - The Ministry of Industry and Information Technology is promoting the development of the AI industry and its integration into new industrialization [12] - The Hong Kong Securities and Futures Commission is contemplating the introduction of virtual asset derivatives trading for professional investors [12]

Group 1: New Power System Development - The National Energy Administration has initiated pilot projects focusing on seven areas including grid technology, friendly renewable energy stations, smart microgrids, and virtual power plants to explore new technologies and models for building a new power system [1] - By 2025, the goal is to establish a nationwide unified electricity market, with a focus on enhancing the top-level design and basic rule system for the electricity market [1][2] - The new power system is characterized by a dominant position of renewable energy sources such as onshore wind, offshore wind, solar power, and new energy storage [1] Group 2: Electricity Consumption and Market Trends - In April, the total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7% [2] - By 2025, the total electricity consumption is projected to reach 10.4 trillion kWh, with a growth rate of approximately 6% [2] - The demand for electricity is expected to rise due to the rapid growth of AI computing needs and the development of electric vehicles [2] Group 3: Virtual Power Plants and Energy Storage - The National Development and Reform Commission and the National Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for a regulation capacity of over 20 million kW by 2027 and 50 million kW by 2030 [3] - New energy storage is identified as a crucial technology for building a new power system and achieving carbon neutrality goals, with a target of reaching a cumulative installed capacity of 73.76 million kW by the end of 2024 [3] Group 4: Investment and Market Environment - In 2024, multiple policies are expected to create a stable market environment for renewable energy operators, leading to a stabilization of the industry [4] - The investment in the power grid is anticipated to maintain a growth rate of over 10% in 2025, driven by the transition towards carbon neutrality and balanced investment in main grid and distribution segments [4] Group 5: Company Performance Highlights - China Resources Power (00836) has seen an upward adjustment in earnings forecasts for 2025 due to lower fuel costs, with a target price increase from HKD 20.5 to HKD 21.5 [5][6] - Huadian International Power (01071) reported a 3.7% increase in net profit for Q1, benefiting from a 9.7% decrease in standard coal costs [6] - Datang Renewable (01798) achieved a 15.47% increase in power generation in April 2025 compared to the previous year, with significant contributions from wind and solar power [7]

Core Viewpoint - The article outlines the initiation of pilot projects for the construction of a new power system, focusing on innovative technologies and models to enhance the integration and efficiency of renewable energy sources [1]. Group 1: Overall Requirements - The pilot projects will focus on seven key directions: grid-structured technology, system-friendly renewable power plants, smart microgrids, synergy between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [2]. - The approach will be tailored to local conditions, encouraging the adoption of new technologies and models while ensuring comprehensive management throughout the project lifecycle [2]. Group 2: Pilot Directions - **Grid-Structured Technology**: Aimed at areas with high renewable energy integration, this technology will address issues like reduced short-circuit capacity and enhance the stability of power supply [3]. - **System-Friendly Renewable Power Plants**: New or upgraded plants will improve system compatibility, with a target of increasing output reliability by over 10% during peak hours [4]. - **Smart Microgrids**: These will enhance self-regulation and balance capabilities, increasing the proportion of self-consumed renewable energy [5]. - **Synergy Between Computing Power and Electricity**: This involves planning for data centers' green electricity needs and optimizing the use of renewable resources [6]. - **Virtual Power Plants**: These will aggregate distributed energy resources to enhance flexibility and support renewable energy consumption [7]. - **Large-Scale High-Proportion Renewable Energy Delivery**: Focused on specific regions, this aims to improve the delivery of green electricity through advanced technologies [8]. - **New-Generation Coal Power**: This will promote cleaner and more efficient coal power generation, aligning with carbon reduction goals [9]. Group 3: Organization and Implementation - **Pilot Application**: Applications for pilot projects will be organized by provincial energy authorities or central enterprises, with a focus on feasibility and technical economics [10]. - **Pilot Review**: A third-party professional organization will evaluate applications based on established criteria, selecting projects for the first batch of pilots [11]. - **Project Implementation**: Local energy authorities and project units must adhere to the approved plans, with any significant changes requiring further approval [12]. Group 4: Support Policies - Supportive policies will be developed to facilitate pilot projects, including funding channels and prioritization of coal power projects that align with renewable energy initiatives [13]. - The results of the pilot projects will be integrated into the evaluation system for the new power system, influencing future assessments [14].

国家能源局：围绕算力与电力协同等七个方向开展试点工作 金十数据6月4日讯，国家能源局发布关于组织开展新型电力系统建设第一批试点工作的通知。通知提 出，聚焦新型电力系统有关前沿方向，依托典型项目开展单一方向试点，依托典型城市开展多方向综合 试点，探索新型电力系统建设新技术、新模式，推动新型电力系统建设取得突破。坚持重点突破，先期 围绕构网型技术、系统友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规模高比例新 能源外送、新一代煤电等七个方向开展试点工作。坚持因地制宜，结合各地实际，选择适宜的方向安排 试点项目，合理确定试点规模和范围。坚持创新引领，鼓励采用新技术、新模式，支持试点项目应用智 能电网国家科技重大专项和能源技术装备"补短板"成果，同步开展体制机制改革。 （国家能源局） 相关链接 ...

国家能源局：因地制宜新建或改造一批不同类型的虚拟电厂 智通财经6月4日电，国家能源局组织开展新型电力系统建设第一批试点工作。围绕聚合分散电力资源、 增强灵活调节能力、减小供电缺口、促进新能源消纳等场景，因地制宜新建或改造一批不同类型的虚拟 电厂，通过聚合分布式电源、可控负荷、储能等负荷侧各类分散资源并协同优化控制，充分发挥灵活调 节能力。持续丰富虚拟电厂商业模式，通过参与电力市场、需求响应，提供节能服务、能源数据分析、 能源解决方案设计、碳交易相关服务等综合能源服务，获取相应收益。 ...

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 ...

证券研究报告：电力|点评报告 发布时间：2025-06-04 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 行业投资评级 1.2 电能量交易_现货（1）阻塞盈余：采用节点电价结算所产生 的阻塞盈余，可按规则分配给经营主体（2）出清价格：节点电价暂由 系统电能价格与阻塞价格两部分构成。 2 阻塞盈余的分配：初期可采用分配方式处理阻塞盈余，待条件 成熟时，可通过市场化方式拍卖输电权，由输电权拥有者获取相应的 阻塞收入。 3 结算规则（1）公式 1（中长期差价结算）：发电侧电 ...