新型储能是构建新型电力系统的"刚需"，当前仍面临"成本高、寿命短、场景适配性差、安全隐忧"四大痛点。《方案》针对这些痛点，明确要求"以技术突 破驱动规模化应用"，重点聚焦长时储能技术，解决风光电"间歇性"难题，将长时储能≥8小时技术列为攻关重点，涵盖新型液流电池、压缩空气储能、重力 储能等;高安全性技术，破解"储能起火"焦虑，要求构建全生命周期安全管理体系，推动本质安全材料、智能监测与预警技术、高效灭火与隔离技术等发展; 智能化与数宇化技术，提升系统效率，推动储能与新能源、电网、负荷深度协同，需突破数字孪生技术、AI调度算法、源网荷储一体化控制技术等;资源循 环利用技术，降低全周期成本，随着早期储能电池逐步退役，强调完善电池回收利用体系，重点发展梯次利用技术、高效拆解与再生技术、材料再生工艺等 方面。 智通财经APP获悉，华金证券发布研报称，近日新型储能专项方案和消纳新政落地，明确要求"以技术突破驱动规模化应用"，破解新型储能发展痛点。创新 多场景应用模式，聚焦工业园区、算力设施等场景，释放新型储能多元价值。此外，AI技术大规模应用背景下，大规模储能等不间断电源备电系统已成为 保障零碳数据中心电力供应的"新刚 ...

Core Viewpoint - The company held a performance briefing for the first half of 2025, addressing various operational and business planning questions from investors, highlighting its strategies in response to market conditions and regulatory policies [1] Policy Impact and Business Data Interpretation - The company confirmed that the high energy consumption policies in Shanxi province have not adversely affected its electricity consumption, with a 7.09% year-on-year increase in total electricity usage in the province from January to August [2] - The company's electricity generation decreased by 13.02% year-on-year, while heating supply increased by 6.95%, attributed to increased renewable energy capacity and operational adjustments [2] New Energy Business Layout - The company is actively adapting to new energy system requirements, having already initiated fire power storage projects and considering virtual power plant operations in the future [3] Market Value Management and Resource Integration - The company emphasizes market value management through operational efficiency, investor relations, and improved information disclosure, while also focusing on integrating high-quality power resources within the group [4] Other Business Issues - The company plans to increase R&D investment in 2025, focusing on technology innovation for coal power units [5] - The company is participating in the electricity spot market, with significant price fluctuations, and has optimized its peak-shaving units to enhance profitability [5] - The company has established mechanisms for the recovery of accounts receivable, primarily from national subsidies, and is expanding its solar projects, which are expected to contribute significantly to annual electricity generation [5]

Core Insights - The provincial government emphasizes the importance of energy security and the transition to a green, low-carbon economy, aiming to ensure stable electricity supply for modern provincial development [1][2] Group 1: Energy Security and Supply - The provincial government highlights that energy and electricity are fundamental for the stable operation of the economy and society [2] - The State Grid Shandong Electric Power Company is recognized for its efforts in ensuring grid safety and stable electricity supply, contributing positively to the province's economic and social development [2] - There is a call for the company to enhance its supply assurance and service quality while taking on greater responsibility in promoting green and high-quality development [2] Group 2: Green and Low-Carbon Transition - The government urges the acceleration of the green and low-carbon transformation of energy, fostering strategic emerging industries in the electricity sector [2] - There is a focus on optimizing the business environment for electricity, improving the "access to electricity" service level, and ensuring that various electricity-related policies benefit enterprises effectively [2] Group 3: Infrastructure and Safety - The government stresses the importance of improving electricity infrastructure, including the enhancement of rural power networks and urban non-grid supply facilities [2] - There is a directive to strengthen safety in electricity production and to analyze the balance of electricity supply and demand, ensuring the safety of grid operations [2] - The government plans to elevate grid planning standards and develop the "14th Five-Year Plan," coordinating the development of power sources, new energy, and conventional power [2]

Core Viewpoint - The construction of the Zang-Guangdong DC project marks the initiation of the world's strongest flexible DC transmission project, which will deliver over 43 billion kilowatt-hours of clean energy annually to the Guangdong-Hong Kong-Macao Greater Bay Area after its full operation in 2029 [2][3]. Group 1: Project Overview - The Zang-Guangdong DC project is a key cross-province transmission project under China's 14th Five-Year Plan, with a total length of approximately 2,681 kilometers and a transmission capacity of 10 million kilowatts [2][3]. - The project is expected to replace approximately 12 million tons of standard coal consumption and reduce carbon dioxide emissions by about 33 million tons annually [2][3]. Group 2: Investment and Economic Impact - The total investment for the Zang-Guangdong DC project is approximately 53.2 billion yuan, with an additional investment of over 150 billion yuan for the supporting "water-wind-solar integrated" power generation base [3]. - The project is anticipated to create over 100,000 direct jobs during peak construction, significantly promoting the economic and social development of Tibet [3]. Group 3: Technological Challenges and Innovations - The project faces significant challenges, including the development of new technologies for ultra-high altitude DC transmission and the integration of 20 million kilowatts of renewable energy into a weak grid [4][5]. - The project aims to establish a new model for energy production and consumption, contributing to China's dual carbon goals through high-level technological self-reliance and innovation [4][5]. Group 4: Collaborative Efforts - The Zang-Guangdong DC project is a collaboration between China Southern Power Grid Co., Ltd. and State Grid Corporation of China, marking another significant clean energy transmission project following previous successful collaborations [5]. - The project will leverage advanced technologies and equipment, including high-power semiconductor devices and digital twin technology, to enhance operational efficiency and reduce maintenance needs in remote areas [5].

Core Insights - The report highlights the increasing demand for flexible resources in the power system due to the growing scale of new energy installations, with coal-fired power plants enhancing their regulation capabilities through energy storage systems [1][3] - The report indicates that coal-fired power plants with energy storage only account for 1.9% of the new energy storage installed capacity in 2024, with a cumulative installed capacity of 1.4 million kilowatts [1][3] - The report emphasizes the high utilization rate of coal-fired power plants with energy storage, with an average annual equivalent charge and discharge frequency of 897 times in 2024, which is a decrease of approximately 118 times from 2023 [1][3] Industry Overview - Background: Coal-fired power has been dominant in China's power sector, with an installed capacity of 1.487 billion kilowatts, accounting for 40.5% as of July 2025. The sector faces pressure for low-carbon transformation while ensuring energy security [3] - Market Status: New energy storage is rapidly developing, with an installed capacity exceeding 70 million kilowatts in 2024, reaching a total of 73.76 million kilowatts by the end of the year [3] - Installed Capacity: The report notes that the installed capacity of coal-fired power plants with energy storage is limited, with only 1.9% of the new energy storage capacity attributed to this segment [1][3] Project Developments - As of the end of 2024, there are 34 coal-fired power plants with energy storage that have been operational for over a year, with capacities ranging from 5 MW to 100 MW. Several projects are set to be implemented in 2025, including various frequency regulation storage projects [4][1] Policy Support - The report outlines that the government has been actively promoting the development of new energy storage as a crucial technology for achieving carbon neutrality goals. Policies have been established to encourage the integration of energy storage with coal-fired power plants [7][8]

截至收盘，中证新能源指数上涨1.6%，中证上海环交所碳中和指数上涨1.4%，国证新能源电池指数上 涨1.2%，中证光伏产业指数上涨0.4%，储能电池ETF（159566）全天获6100万份净申购。截至上周五， 该产品九月以来持续"吸金"，合计获超9亿元资金净流入。 国信证券表示，8月国内储能系统招标容量达到47.2GWh，实现同比和环比的快速增长。今年以来国内 储能系统保持较高的订单需求，反映国内建设新型电力系统对储能的高度需求，为未来两年国内储能市 场平稳发展奠定基础。 每日经济新闻 ...

Core Insights - Shandong's power grid has faced extreme challenges this summer, with electricity load reaching a record high of 130.21 million kilowatts, reflecting the broader national trend of increasing electricity demand due to high temperatures [1][2] Group 1: Power Supply and Demand Management - The "three pillars" of power supply in Shandong—new energy, external electricity, and conventional power—have effectively collaborated to manage the peak load of 130 million kilowatts [2][5] - Shandong's new energy output and grid load have both reached new highs, with external electricity imports exceeding 30 million kilowatts for the first time, marking a 24% year-on-year increase [2][4] - The implementation of a "double zero" management strategy for thermal power units has expanded to 600,000 kilowatts, ensuring reliable power supply during peak times [5] Group 2: Infrastructure and Technological Advancements - The construction of a world-class UHV (Ultra High Voltage) grid has been accelerated, with the completion of the first "wind-solar-fire-storage integrated" UHV project in the country [6][7] - The accuracy of load forecasting reached 99.4%, and new energy forecasting accuracy was 98.4%, both showing a year-on-year improvement of 1.5 percentage points [6] - The use of advanced technologies, such as drones for inspections and intelligent predictive models, has enhanced the reliability and responsiveness of the power grid [6] Group 3: Innovative Energy Solutions - New energy storage systems and virtual power plants have played a crucial role in balancing supply and demand, with Shandong establishing 33 virtual power plants with a total capacity of 4.682 million kilowatts [10][11] - During peak demand, 144 new energy storage stations discharged a maximum power of 8.0359 million kilowatts, setting a new record for provincial grid energy storage discharge [11] - The integration of electric vehicles as "mobile power banks" through charging stations has further contributed to the flexibility of the energy supply [11] Group 4: Future Developments - The establishment of the Shandong New Power System Research Center marks a new phase in the development of innovative power systems, aiming to create more national-leading examples of new power system construction [12]

Core Insights - Gansu Province has seen a significant increase in new energy installations, surpassing 10 million kilowatts, reaching 10.2664 million kilowatts as of August [1] - The province's energy resources are abundant, with wind energy potential at 560 million kilowatts and solar energy potential at 9.5 billion kilowatts, ranking fourth and fifth nationally respectively [1] Energy Development - Wind power accounts for 5.5454 million kilowatts, solar power for 4.703 million kilowatts, and biomass power for 0.018 million kilowatts of the new installations [1] - As of August, the total installed capacity in Gansu Province is 115 million kilowatts, representing a year-on-year growth of 21.8% [1] - New energy installations reached 74.6323 million kilowatts, with a year-on-year increase of 25.51%, making up 65.17% of the total installed capacity [1] Energy Generation - New energy generation reached 66.035 billion kilowatt-hours, showing a year-on-year growth of 16.42% [1] - The share of new energy generation in the total energy output is 39.64%, an increase of 2.58 percentage points year-on-year [1] Infrastructure Development - Gansu is actively promoting the construction of a new power system and energy framework, accelerating the development of external power transmission channels [1] - The province has established two ultra-high voltage direct current lines and is progressing with the construction of additional transmission projects [1] - Gansu has created the first officially operating high-proportion new energy provincial spot market in the country and the first power spot market in the Northwest region [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **electric power industry** in China, particularly regarding the recent policies released by the National Energy Administration and the National Development and Reform Commission aimed at promoting market-oriented electricity systems and new energy systems [1][2][3]. Core Insights and Arguments - **Policy Initiatives**: The government has introduced several policies, including the establishment of an electricity spot market, near-consumption of new energy projects, and large-scale construction of new energy storage systems. These policies are seen as a continuation of previous initiatives rather than standalone measures [1][2][3]. - **New Energy System Characteristics**: The new energy system is centered around load, emphasizing interaction between sources and networks. It is characterized by being clean, low-carbon, safe, abundant, economically efficient, and flexible [6][8]. - **Near-Consumption Pricing Mechanism**: This mechanism applies not only to distributed photovoltaic projects but also to large wind power bidding projects, encouraging the use of cheap and clean new energy to meet demand [7][8]. - **Market Mechanisms for Profitability**: The government aims to ensure profitability for all parties involved through market mechanisms, including capacity pricing policies and the encouragement of emerging business entities [10][13]. - **Emerging Business Entities**: New business models such as green electricity direct connection and zero-carbon parks are encouraged, but these entities must also bear costs such as transmission and distribution fees [5][13]. Important but Overlooked Content - **Storage's Role in New Energy**: Storage plays a crucial role in the new energy market, allowing for the storage of energy during low-price periods and selling it during high-price periods, thus enhancing overall profitability [19][20]. - **Projected Growth of Storage Capacity**: By the end of 2024, the total installed capacity of new storage is expected to reach 74 GW, increasing to 180 GW by the end of 2027, indicating a significant growth trajectory [18][22]. - **Challenges in Large-Scale Projects**: The development of large-scale renewable energy bases in regions like Northwest China faces challenges such as slow construction of ultra-high voltage transmission lines and insufficient power delivery capacity [47][49]. - **Impact of Spot Market on Profitability**: The establishment of the electricity spot market is expected to significantly influence the profitability of power generation and consumption entities, with an increasing demand for auxiliary services as renewable energy penetration rises [50]. Conclusion The conference highlighted the ongoing transformation in China's electric power industry, driven by new policies aimed at enhancing market efficiency and promoting renewable energy. The emphasis on storage solutions and the establishment of a spot market are critical for the future profitability and stability of the energy sector.

Group 1 - The core viewpoint emphasizes the significant role of the electricity sector in China's "dual carbon" goals during the 14th Five-Year Plan, highlighting the need for transformation and enhancement of power supply reliability and system flexibility [1] - By mid-2025, China's installed capacity of wind and solar power is expected to reach 1.67 billion kilowatts, surpassing the historical scale of 1.47 billion kilowatts of thermal power, indicating a substantial shift towards renewable energy [1] - The rapid growth in installed capacity has led to a significant increase in power generation, with a total of 247 billion kilowatt-hours added in the first half of 2025, exceeding the overall increase in electricity consumption [1] Group 2 - The explosive growth of renewable energy has created a mismatch with the existing power system, leading to structural adaptation gaps that need to be addressed [2] - The average utilization rates for wind and solar power dropped to 93.2% and 94% respectively in the first half of 2025, reflecting the challenges in accommodating the rapid deployment of renewable energy [2] - Coal power remains a key flexible resource in the current power system, and its transformation will be crucial in bridging the adaptation gap for a high-proportion renewable energy system [2] Group 3 - The report utilizes a comprehensive resource strategic planning model to assess the low-carbon transition goals for China's electricity sector from 2025 to 2035, proposing four development scenarios for coal power [3] - The design of coal power transition pathways aims to align with national electricity supply and demand dynamics while supporting high-proportion renewable energy system regulation needs [3] - The report seeks to provide recommendations for the green low-carbon transition of the electricity system in the upcoming 15th Five-Year Plan, focusing on the dual carbon objectives [3]