划组建电力储能公司。2 月 20 日，内蒙古电力集团在召开的 2025 年储能专业工作会上提出，要以"日日全力以 赴"的使命感做好新型储能电站运营管理，深挖参与现货市场策略，精确计算、精准操作、精益管理，最大限度 提升营收能力。 火电板块：我们建议关注发电资产主要布局在电力供需偏紧、发电侧竞争格局较好地区的火电企业，如皖能电力、 华电国际。水电：建议关注水电运营商龙头长江电力。新能源发电：建议关注新能源龙头龙源电力（H）。核电： 建议关注电价市场化占比提升背景下，核电龙头企业中国核电。 本周（6.23-6.27）上证综指上涨 1.91%，创业板指下降 5.69%。碳中和板块上涨 3.60%，环保板块上涨 3.94%， 公用事业板块下跌 0.14%，煤炭板块上涨 1.44%。 敬请参阅最后一页特别声明 1 截至 2025 年 5 月底，全国累计发电装机容量约 36.09 亿千瓦，同比增长 18.8%。其中，太阳能发电装机容量约 10.84 亿千瓦，同比增长 56.9%；风电装机容量约 5.67 亿千瓦，同比增长 23.1%；核电装机容量约 0.61 亿千瓦， 同比增长 4.7%；火电装机容量约 14.57 亿千 ...

Group 1 - The company plans to issue 4.969 billion shares in its initial public offering, representing approximately 12.13% of the total share capital post-issuance, with an option for over-allotment that could increase the total shares to 5.714 billion, or about 13.70% [1] - The initial strategic placement will involve 2.484 billion shares, accounting for 50% of the initial issuance, with the pricing inquiry set for July 2, 2025, and subscription date on July 7, 2025 [1] - The company is the sole platform for the integration of China Huadian's wind and solar power generation businesses, focusing on the development, investment, and operation of renewable energy projects [1] Group 2 - The company's total installed capacity has steadily increased, reaching 35.1862 million kW, 48.6946 million kW, and 68.6171 million kW at the end of the reporting periods [2] - The company holds over 6% market share in the domestic wind power industry and over 4% in the solar power industry, indicating a significant competitive position [2] - The company plans to invest approximately 18 billion yuan of the raised funds into wind and solar power projects, with total project investments amounting to 804.46 billion yuan [2]

"中国的电力市场建设近几年正在加速推进，今年年内我们将基本建成全国统一电力市场。"国家电网有 限公司（以下简称"国家电网"）总经理庞骁刚6月24日在第十六届夏季达沃斯论坛上表示。 庞骁刚介绍，截至目前，在国家电网经营区域内，风电、光伏等新能源装机超过1325吉瓦，在所有发电 装机中的占比为46.9%，已经成为第一大电源。为应对新能源发电间歇性、波动性大的特点，国家电网 在大力发展抽水蓄能电站，同时对煤电厂进行灵活性、清洁化改造，提升电网的调节能力，促进新能源 合理消纳利用。 （文章来源：中国经营报） 他举例称，近期欧洲和南美先后发生停电事故，国家电网也在研究如何保持电网韧性。首先是提升电网 抵御事故的能力，我们在研究如何防范出现大面积停电事故，这其中包括对电网稳定性方面的管理和研 究，以及大力推进新能源预测能力建设、系统灵活调节能力建设、故障主动防御能力建设和用户需求侧 资源响应能力建设。 "我们也在加强电网本身的建设，无论是主网架，还是配电网的建设，都需要补上原来一些薄弱环节， 提升运行技术，增强电网韧性。"庞骁刚介绍。 创新对于电网系统的发展同样重要，庞骁刚表示，在科技创新方面，国家电网正在进行电力系统的 ...

Summary of Fuzhou Energy Co., Ltd. Conference Call Company Overview - **Company**: Fuzhou Energy Co., Ltd. (福能股份) - **Date**: Q2 2025 Conference Call Key Points Industry Insights - **Wind Power**: - Slightly poorer wind conditions in Fujian Province compared to the same period last year, but Q1 showed good wind conditions, leading to an expected annual wind power generation increase of approximately 20% [2][4] - **Thermal Power**: - Power generation from thermal sources decreased by approximately 200-300 million kWh from January to May 2025 due to weak electricity demand, but improvement is expected during the peak summer demand period [2][4][5] Financial Performance - **Coal Procurement**: - The price of coal has been declining, with the current price for standard coal (including tax) at 880-890 RMB/ton. The company plans to procure 1.3-1.4 million tons of long-term coal, with a high fulfillment rate in the first half of the year [2][6] - **Natural Gas Power Generation**: - Improved performance in natural gas power generation business, with the National Development and Reform Commission raising the natural gas grid price to 0.645 RMB/kWh retroactively effective from January 1, 2025 [2][7] - **Investment Returns**: - Good performance from equity investments, particularly from Huaneng Wenzhou thermal power project benefiting from lower coal prices, with expected investment returns higher than last year [2][8] Market Dynamics - **Desulfurization Trading**: - In Fujian Province, approximately 20%-30% of desulfurization projects participate in market trading annually under the old system. The average bidding price for land-based wind power desulfurization is 0.4136 RMB/kWh [2][9] - **Market Pricing for Wind Power**: - The minimum wind power price in Fujian is approximately 0.35 RMB/kWh, with expectations for stable pricing due to historical lack of consumption issues [2][10] Future Plans - **Dividend Policy**: - The company commits to a minimum of 10% mid-term dividend by the end of 2025, with an overall dividend ratio of at least 35%, higher than last year [2][20] - **Project Development**: - The company has significant offshore wind power reserves in Ningde, with plans for multiple projects including pumped storage projects and thermal power plants, expected to provide good cash flow [2][12][18] Additional Considerations - **Electricity Market Dynamics**: - In 2025, 80% of Fujian's electricity market transactions are long-term contracts, with 10% each for monthly and spot trading. The average price for long-term contracts is approximately 0.4441 RMB/kWh [2][16] - **Profitability Trends**: - The company reported a profit of 520 million RMB in Q1 2025, an increase of 280 million RMB year-on-year, despite some segments experiencing losses [2][19] This summary encapsulates the key insights and financial performance of Fuzhou Energy Co., Ltd. as discussed in the conference call, highlighting the company's strategic direction and market conditions.

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 电力设备 国轩高科与亿航智能达成战略合作，中天科技预中标红海湾六主缆 光伏：需求疲软，硅料价格持续下行。本周根据硅业分会报价，n 型复投料成交均 价 3.44 万元/吨，环比下降 6.27%。n 型颗粒硅成交均价为 3.35 万元/吨，环比下 降 2.90%。p 型多晶硅暂无批量成交。当前受下游需求疲软影响，产业链成交疲 软，价格整体下行。叠加近期硅料企业产能置换逐步推进，带来一定产量增加，6 月硅料产出预计上调环比约 8%左右，带动产业链价格下行。建议持续关注三季度 产业链排产控制情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价 格弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技术 背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：中天科技预中标红海湾六海上风电项目 500kV 海底电缆。2025 年 6 月 20 日，深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目 预中标公示，其中中天科技以 8.96 亿元预中标。深能汕尾红海湾六海上风电项目 ...

绿色电力消费电量也在持续增长。2025年1~5月，中国绿电交易电量达到2209.45亿千瓦时，同比 增长49.2%。2024年，全国绿电交易总量突破2300亿千瓦时，达到2349亿千瓦时，同比增长 237.9%，有效满足了经济社会绿色电力消费需求，能源低碳转型的活力充分释放。 中国电力企业联合会常务副理事长杨昆表示，加快全国统一电力市场建设，常态化开展跨省跨区绿 电交易，进一步推动了电力资源在全国范围的优化配置。今年6月，北京电力交易中心、广州电力 交易中心、内蒙古电力交易公司联合组织蒙西、甘肃等地区送广东跨经营区绿电交易，首次实现跨 三个经营区绿电交易的历史性突破。 与此同时，多元主体有序参与的市场格局已基本形成，持续激发电力市场内生动力。目前中国电力 经营主体已经突破80万家，较2016年增长了近20倍，售电公司达到4000余家，超60万家零售用 户通过零售市场购电，电力市场活跃程度大幅提高，独立储能、虚拟电厂、负荷聚合商等新型主体 蓬勃发展，多元主体友好互动的新型商业模式不断涌现。 （廖睿灵） 前5月绿电交易量超过2200亿千瓦时 同比增长近50% 记者从18日举办的2025年电力市场发展论坛上获悉，今 ...

晶科电力科技股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合〔2025〕4030 号 联合资信评估股份有限公司通过对晶科电力科技股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持晶科 电力科技股份有限公司主体长期信用等级为 AA，维持"晶科转债" 信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十七日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资信接受晶科电力科技股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、 客观、公正的关联 ...

Core Insights - The share of renewable energy in the EU's net electricity generation is projected to decrease to 42.5% in the first quarter of 2025, down 4.3 percentage points from 46.8% in the first quarter of 2024 [1] Renewable Energy Generation - Solar power generation is expected to increase significantly, rising from 40.9 TWh in the first quarter of 2024 to 55 TWh in the first quarter of 2025 [1] - However, this increase in solar generation is not sufficient to offset the declines in hydropower and wind energy, which are projected to decrease from 260.5 TWh to 218.5 TWh during the same period [1]

Group 1 - The core viewpoint is that Yunlu Co., Ltd. (688190.SH) is a leading enterprise in the domestic soft magnetic materials sector, benefiting from strong national policy support and entering a historic strategic development opportunity [2] - The management team announced a collective stock buyback, marking the first such initiative since the company's listing, aimed at enhancing investor confidence and promoting stable development [2] - The management intends to increase their holdings using personal or raised funds, with a total planned investment ranging from 4 million to 12 million yuan [2] Group 2 - Yunlu Co., Ltd. aims to position itself as a global provider of sustainable energy materials and comprehensive solutions, focusing on high-end products in the magnetic materials sector [3] - The company is projected to achieve a 7.24% increase in revenue and a 12.59% increase in net profit attributable to shareholders in 2024, driven by the new production line and growing applications in amorphous transformers and motors [3] - The company plans to deepen its "materials + equipment + applications" model, supporting industry growth through material technology innovation and expanding applications in strategic emerging fields like new energy vehicles [3] Group 3 - The company is actively developing new products in the magnetic materials field, including nanocrystalline ultra-thin strips and magnetic powders, to diversify its product structure and explore new market opportunities [4] - Since its listing in November 2021, Yunlu Co., Ltd. has maintained a cash dividend policy with a payout ratio above 30%, implementing a mid-term dividend for the first time in 2024 [4] - The company aims to continue a robust profit distribution policy to reward shareholder trust [4]

韩国总统李在明在大选时承诺会将韩国打造成"AI三大强国"之一，并提出向AI等国内尖端战略产业集中 投资100万亿韩元（1000韩元约合5.28元人民币）的方案。他还承诺要扩大电动汽车的普及。然而，这 些政策都必定会让电力需求大幅增长。李在明说："到2040年为止，我们将关闭燃煤发电机组。"但问题 在于如果减少燃煤发电，要如何生产出那么多的电呢？李在明强调扩大太阳能和风力发电，但韩国新再 生能源发电存在随天气波动性很大的局限性。目前新能源发电的比例仅为10.5%，因此现实的对策其实 只有核电。 但李在明仍对建设新的核电站持否定立场，他说："我依然觉得核电是危险的能源。应该继续好好使用 已经建成的核电站。"韩国核电站的历史已经有50多年了，一次主要的事故都没有发生过。按事故比例 计算，最安全的发电站是核电站。如果有风险，美国、英国、法国、瑞典等比韩国更先进的国家不会考 虑建设新的核电站。 韩国《朝鲜日报》 6 月 11 日文章，原题：大学已经出现 AI 电力短缺，能源应该以实用为尺度 据悉，研究 人工智能（AI）的韩国大学校园里到处都出现了"求电难"的情况。换言之，大学在进行AI研究时，由于 电力不足，无法启动研 ...