Group 1: Public Utilities Industry - The public utilities sector experienced a decline of 0.55% this week, underperforming the CSI 300 index by 2.92 percentage points, ranking 27th among Shenwan's primary industries [2] - Sub-sectors showed mixed performance, with gas rising by 0.47%, heating services up by 0.32%, while coal power fell by 2.66% and hydropower decreased by 1.02% [2] - The week saw a slight increase in spot coal prices, with domestic prices rising by 2.51% to 695 RMB/ton, and coal inventory increasing by 3.66% to 5.67 million tons [3][4] Group 2: Energy Production - In July, national electricity production accelerated, with a year-on-year increase of 3.1%, and daily average generation reaching 298.9 billion kWh [6] - The growth in electricity generation was driven by thermal, wind, and solar power, while hydropower saw a decline of 9.8% [6] - The report highlights the ongoing construction of a unified national electricity market, which is expected to enhance the valuation of electricity assets [7] Group 3: Pharmaceutical Industry - The ADC (Antibody-Drug Conjugate) market is experiencing explosive growth, with the global market size projected to increase from 7.9 billion USD in 2022 to 14.1 billion USD in 2024, and expected to exceed 68.5 billion USD by 2030 [10] - The report emphasizes the importance of CDMO (Contract Development and Manufacturing Organization) services in the ADC sector, with the market size in China expected to grow from 0.1 million USD in 2018 to 24.5 million USD by 2030 [11] - The company, Haoyuan Pharmaceutical, is well-positioned to benefit from this growth due to its established ADC platform and increasing project numbers [9][14] Group 4: Robotics Industry - The first World Humanoid Robot Games showcased significant technological advancements and led to the establishment of the World Humanoid Robot Sports Federation [16][18] - The event served as a platform for demonstrating the latest capabilities in humanoid robotics, with various competitions testing their performance in diverse scenarios [17] - Investment in the humanoid robotics sector should focus on technological breakthroughs, application scenarios, and global collaboration, with specific companies like Lide Harmony and Guomao Co. recommended for attention [20] Group 5: Financial Engineering - The report discusses the characteristics of the Hong Kong stock market, noting that it is primarily composed of financial and stable internet companies, which offer higher dividend yields compared to A-shares [23] - Since 2014, southbound capital has shown a net inflow trend, with its market capitalization share in Hong Kong stocks reaching 85.32% by July 2025 [24] - The analysis indicates that southbound capital has a positive impact on industry rotation in Hong Kong stocks, with a recommended focus on the healthcare and financial sectors for August [25][26]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The establishment of the "1+6" rule system for the electricity market is a significant step towards unifying the national electricity market, addressing issues such as high cross-province transaction costs and inefficiencies in data transparency and settlement cycles [3][18] - The third batch of methodologies for voluntary emission reduction projects (CCER) has been initiated, focusing on expanding the coverage of reduction projects, particularly in biomass energy utilization and methane reduction in the oil and gas sector [4][24] Summary by Sections Market Review - From August 11 to August 15, the gas sector rose by 2.49%, the environmental sector by 1.77%, and the water sector by 0.29%, while the electricity sector fell by 1.04%. The Shanghai and Shenzhen 300 index increased by 2.37% [12][13] Industry Perspectives - The "Electricity Market Measurement and Settlement Basic Rules" were issued, marking the completion of the initial construction of the "1+6" rule system for the electricity market, which includes long-term, spot, and ancillary service rules [3][18] - The rules consist of 6 chapters and 56 articles, covering measurement management, settlement management, and supervision management, and aim to unify the national measurement and settlement processes [18][19] Investment Recommendations - The report recommends Jiangsu Guoxin in the thermal power sector, with cautious recommendations for Sheneng Co. and Zhejiang Energy Power. It suggests attention to Funiu Co. and Huadian International [4] - In the nuclear power sector, cautious recommendations are made for China Nuclear Power and China General Nuclear Power [4] - For the green electricity sector, it suggests focusing on Three Gorges Energy and Jiangsu New Energy, with cautious attention to Longyuan Power and Zhejiang New Energy [4] - In the hydropower sector, it recommends Changjiang Power and cautiously recommends Huaneng Hydropower and Qianyuan Power [4] - In the environmental sector, it recommends Yongxing Co. and Xuedilong, with attention to Huaguang Environmental and China Tianying [4]

Core Points - The official issuance of the "Basic Rules for Metering and Settlement in the Electricity Market" marks the completion of the national unified electricity market's "1+6" rule system, transitioning from framework design to efficiency release [1][3] - The electricity market reform initiated in 2015 has evolved from a centralized purchasing and selling model to a multi-competitive market, addressing challenges posed by renewable energy sources and regional market fragmentation [1][2] - The gradual establishment of a unified electricity market framework has been supported by the revision of long-term trading rules and the introduction of spot market rules, facilitating a more competitive trading environment [2][3] Summary by Sections Rule Development - The 2016 and 2020 revisions of the "Basic Rules for Medium and Long-term Electricity Trading" laid the foundation for standardized market operations and expanded market transactions [2] - The 2023 introduction of the "Basic Rules for the Spot Electricity Market (Trial Operation)" aims to standardize practices in regions already operating and reduce trial and error costs in others [2] Key Rules Introduced - The "Basic Rules for Electricity Market Operation" provides a comprehensive framework for national electricity market operations, clarifying the logic behind cross-provincial trading and settlement [2][3] - The "Basic Rules for Electricity Market Information Disclosure" enhances transparency and real-time data sharing among all market participants, breaking down information silos [2][3] - The "Basic Rules for Electricity Market Registration" facilitates nationwide registration and information sharing, combating local protectionism [2][3] Future Outlook - The completion of the basic rules framework is expected to enhance the efficiency and coordination of various market categories, transforming regulatory frameworks into market vitality [3] - The ongoing evolution of the new energy system and unified electricity market construction will provide significant momentum for green energy transition and high-quality development [3]

Core Viewpoint - The acceleration of the national unified electricity market is underway, with the release of the "Basic Rules for Electricity Market Measurement" by the National Energy Administration, aiming to standardize measurement and settlement processes across the country [1][2]. Group 1: Importance of Standardization - Standardizing electricity measurement and settlement is crucial for breaking regional barriers and promoting cross-province electricity trading [2]. - The "Basic Rules" consist of 6 chapters and 56 articles, covering general principles, overall requirements, measurement management, settlement management, supervision, and appendices [2]. - The rules aim to enhance measurement management, standardize settlement processes, strengthen settlement risk management, and unify electricity payment requirements [2][5]. Group 2: Settlement Process and Timeliness - The settlement process involves two main steps: the trading institution forming the settlement basis and the grid company conducting electricity billing [2]. - The rules establish a clear timeline for the settlement process, including deadlines for issuing settlement bases and electricity bills, which helps to reduce cash flow pressures for businesses [4][5]. - The previous lack of standardized settlement timelines led to significant delays, with some regions taking up to one month for settlement [4]. Group 3: Impact on Cash Flow Management - The new rules impose higher requirements on measurement collection, settlement basis, timelines, and payment processes, leading to more precise and timely settlements for power generation companies, industrial users, and electricity sales companies [6]. - Enhanced timeliness in settlements will improve cash flow management and financial planning for these entities, while also raising the standards for their settlement capabilities and financial personnel [6].

Core Viewpoint - The introduction of the "Basic Rules for Electricity Market Measurement and Settlement" is a significant step towards enhancing the operational effectiveness of the national unified electricity market, aligning with the directives from the Party's 20th Central Committee and the State Council [3][4]. Summary by Sections 01 Significance of the Rules - Since the new round of electricity system reform in 2015, various regulatory documents have been issued to establish a solid foundation for the healthy development and standardized operation of the electricity market [4]. - The current practices in electricity market measurement and settlement need to be unified and clarified to meet the evolving demands of market participants [5]. - The establishment of these basic rules is crucial for the implementation of the Party's directives and for adapting to the requirements of a new type of electricity system [5]. 02 Highlights of the Rules - The rules standardize the processes for data collection, transmission, verification, and validation, clarifying the rights and obligations of all market participants [6]. - They establish uniform timelines for settlement processes, including the issuance of settlement bases and electricity bills, aiming to shorten the payment timelines [6]. - The rules define the electricity payment processes among generation companies, electricity users, and grid companies, enhancing the efficiency of payment transactions [6]. - They cover all market participants, including new types of operational entities, ensuring comprehensive applicability [6]. - For the first time, the rules outline procedures for handling disputes and objections regarding settlement bases and electricity bills, improving service for market participants [7]. 03 Conclusion - The formal introduction of these rules marks the establishment of a comprehensive regulatory framework for the national unified electricity market, laying a solid institutional foundation for its preliminary establishment by 2025 [8]. - The Beijing Electric Power Trading Center will leverage the implementation of these rules to promote the standardization and intelligence of the electricity market measurement and settlement system, supporting the high-quality development of the national unified electricity market [8].

《电力市场计量结算基本规则》出台 为全国统一电力市场计量结算工作筑牢根基 广州电力交易中心 陈玮、王鑫根、张舸、陈晓东 近日，国家发展改革委、国家能源局印发《电力市场计量结算基本规则》（以下简称《规则》）。作为 落实党的二十届三中全会关于全国统一电力市场建设决策部署的重要举措，该规则填补了电力市 场"1+6"基础规则体系的最后一块空白，为全国统一电力市场计量结算工作提供了关键制度保障。 01 2020年，"1+6"基础规则体系的首个规则—《电力中长期交易基本规则》正式修订印发，在统一交易品 种、统一交易时序、规范成员权责、统一偏差处理机制等方面，改变了此前各地"碎片化"交易模式，全 国电力交易规模不断增长。五年来，电力已通过市场化方式实现全国范围内高效流通，今年6月全国最 大规模的一次跨电网经营区市场化电力交易顺利组织，超20亿千瓦时来自广东、广西、云南的电能，将 通过闽粤联网工程及相关联络通道，全天候输送至上海、浙江、安徽、福建。今年是新一轮电力体制改 革十周年，《规则》的印发正当其时，为经营主体的收益保障构建了高效完整的闭环体系，将加速形 成"全国交易一盘棋，各地结算一把尺"的市场新格局，为推进全国统一电 ...

截至6月底，全国电力市场经营主体数量97.3万家，同比增长23.8%。今年以来，在各方共同努力下，全国统一电力市场 建设进一步提质增速，取得一系列新进展新成效。 国家能源局微信公众号是国家能源局新闻宣传、信息公开、服务群众的重要平台。 · 公开 政务信息 · 发布 行业动态 ·提供 公众服务 一是跨经营区常态化电力交易机制取得新突破。国家发展改革委、国家能源局建立协同工作机制，指导国家电网、南方电 网组建工作专班，编制形成跨经营区常态化交易机制方案，并于7月1日联合批复，推动跨电网交易常态化开市。 二是区域电力市场建设迈上新台阶。南方区域电力市场于今年6月28日成功转入连续结算试运行，在全国范围内首次实现多 省区电力资源统一优化配置，是全球集中统一出清电量规模最大的电力市场，对于构建全国统一大市场、打破省间壁垒具 有重要意义。长三角电力市场创新探索省市间抽蓄、皖电、绿电交易机制，在6月成立了市场管理委员会，为长三角一体化 发展贡献力量。 三是省级电力现货市场建设实现新加速。国家发展改革委、国家能源局联合印发了《关于全面加快电力现货市场建设工作 的通知》，对全年现货市场建设作出系统安排，各地也形成了阶梯式、加快 ...

Core Viewpoint - The article highlights the significant progress in China's energy sector in the first half of the year, showcasing a robust increase in renewable energy generation, improved energy security, and the acceleration of green energy consumption initiatives [1][2][3] Group 1: Energy Supply and Production - Renewable energy generation reached nearly 1.8 trillion kilowatt-hours, accounting for almost 40% of the total national power generation [1] - The production of raw coal, crude oil, and natural gas increased by 5.4%, 1.3%, and 5.8% year-on-year, respectively [1] - Daily average industrial power generation increased by 1.3% year-on-year, with the maximum national power load reaching a historical high of 1.508 billion kilowatts [1] Group 2: Power Generation Capacity - Over 200 million kilowatts of new power generation capacity was added in the first half of the year, including 30 million kilowatts from renewable sources [2] - Renewable energy generation accounted for nearly 40% of total power generation, surpassing the combined electricity consumption of the tertiary industry and urban-rural residents [2] - By the end of June, the total installed capacity of renewable energy reached 2.159 billion kilowatts, representing 59.2% of the total installed capacity [2] Group 3: Green Certificate Market - A total of 348 million green certificates were traded in the first half of the year, reflecting a year-on-year increase of 118% [3] - The average price of green certificates rose to 5 yuan per certificate, with June's average reaching 6.5 yuan, a 4.4-fold increase from the lowest price this year [3] - The establishment of a unified national electricity market has progressed, with new mechanisms for cross-regional electricity trading and the launch of continuous settlement trials in the southern region [3]

7月31日，国家能源局举行例行新闻发布会，介绍上半年全国能源形势、上半年可再生能源并网运行、 迎峰度夏电力保供等有关情况，同时发布了《中国新型储能发展报告（2025）》。 近期绿证的社会关注度越来越高，上半年中国绿证市场的情况如何？ 另外，近年来我国分布式能源快速发展，用能企业通过分布式自发自用方式满足绿色用能需求趋势明 显，国家能源局在分布式发电项目绿证核发方面有哪些举措？对此，《每日经济新闻》记者进行了现场 提问。 国家能源局新能源和可再生能源司副司长潘慧敏回答《每日经济新闻》记者上述问题时表示，我国绿证 交易价格逐步回归合理。2025年绿证上半年均价5元/个，6月份均价达到6.5元/个，较今年最低价增长 4.4倍，可再生能源绿色电力环境价值逐步回归合理。 稳步推进绿证强制消费 潘慧敏回答《每日经济新闻》记者提问时表示，今年上半年，国家能源局从供需两端持续发力，通过一 系列举措推动绿证市场高质量发展。 在供给端，国家能源局继续深化绿证核发全覆盖，完善电量归集报送机制，加强国家绿证核发交易系统 技术支撑，不断提升绿证核发效率和质量。健全绿证全生命周期闭环管理，实现绿证核销机制落地，进 一步强化绿证的权威性和 ...

Core Insights - The overall operation of the national electricity market remained stable in the first half of the year, with a total market transaction volume of 2.95 trillion kilowatt-hours, representing a year-on-year increase of 4.8% [1] - The number of market participants reached 973,000, a year-on-year increase of 23.8%, including 37,000 power generation companies and 93,100 electricity users [1] Group 1: Market Transaction Data - In the State Grid operating area, market transaction volume was 2.27 trillion kilowatt-hours, up 3.3% year-on-year [1] - In the Southern Grid operating area, market transaction volume was 523.8 billion kilowatt-hours, up 14.2% year-on-year [1] - In the Mengxi Grid operating area, market transaction volume was 150.6 billion kilowatt-hours, down 0.4% year-on-year [1] Group 2: Progress in Electricity Market Reforms - A breakthrough in the cross-operating area electricity trading mechanism was achieved, with a collaborative working mechanism established by the National Development and Reform Commission and the National Energy Administration [2] - The Southern regional electricity market successfully transitioned to continuous settlement trial operation, marking a significant step in optimizing multi-provincial electricity resource allocation [2] - The construction of provincial-level electricity spot markets has accelerated, with several regions entering continuous settlement trial operations [2] Group 3: Development of Market Rules - New achievements in the basic rules of the electricity market were made, with the issuance of fundamental rules for auxiliary services and market measurement and settlement, completing the initial construction of a unified national electricity market rule system [3]