在国内市场方面，特锐德聚焦新能源发电、电网升级需求，推出高电压数字化预制舱式模块化变电站， 显著提升建设效率，中标国家能源集团龙源电力（001289）等重大项目。 在海外市场方面，公司海外拓展成效显著，在印尼、伊拉克、蒙古等国家落地多个标杆项目，2024年全 年合同额达8亿元，同比增长131.87%。2025年1月，公司成功中标7亿元沙特国家电网高压移动式变电 站项目，进一步展现了公司在国际市场的竞争力和竞争优势。 中证报中证网讯（记者 张鹏飞）特锐德（300001）4月21日晚间披露2024年年报。报告期内，公司紧抓 国家碳中和以及新型电力系统建设的发展机遇，深化"智能制造+集成服务"与"电动汽车充电网"双轮驱 动战略，实现营收净利双增。报告期内，公司营业总收入达153.74亿元，同比增长21.15%；归母净利润 9.17亿元，同比大幅增长86.62%，展现出强劲的盈利能力和战略执行力。 两大核心业务板块均实现增长 报告期内，特锐德两大核心业务板块均实现高质量增长。其中，"智能制造+集成服务"业务全年营收 104.85亿元，同比增长22.47%；归母净利润7.09亿元，同比飙升91.42%，成为公司利润增长 ...

点击蓝字 关注我们 乘联分会&科瑞咨询联合发布 新能源商用车周报 (总第0099期 2025年4月第3周) ▌自录 CONTENTS 僵）行业数据 · 市场:市场:新能源轻卡开局表现强势 企业园 · 远程:醇电时代 冠军升级,远程星智H9M华中区域上市 世 政策法规 · 耐世特:耐世特推出线控制动系统 思特威：思特威推出3MP高性能车规级CMOS图像传感器新品 SC360AT GB 38031－2025《电动汽车用动力蓄电池安全要求》强制性国 家标准 工业和信息化部组织制定的强制性国家标准《电动汽车用动力 蓄电池安全要求》 (GB38031—2025) 近日发布，将于2026年 7月1日起开始实施。新标准主要修订了热扩散测试的技术要求， 由"着火、爆炸前5分钟提供热事件报警信号"修订为"不起火、 不爆炸(仍需报警),烟气不对乘员造成伤害" ,讲一步明确 上下电状态、观察时间、整车测试条件。 了待测电池温度要求、 同时,新标准新增底部撞击测试,考查电池底部受到撞击后的 防护能力;新增快充循环后安全测试,300次快充循环后进行外 部短路测试,要求不起火、不爆炸。 两部门联合印发《加快推进虚拟电厂发展的指导意见》 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of coal allocation due to the narrowing decline in thermal power and reduced imports, indicating a potential recovery in the coal market [1][3] - The coal market is expected to enter a "Golden Era 2.0," with core value assets likely to rise again, supported by stable domestic production and improving supply-demand fundamentals [4][12] Summary by Sections Investment Logic - The current weak domestic economic performance and external pressures from tariff policies are leading to a favorable environment for coal as a stable dividend investment [4][12] - The cyclical elasticity of coal stocks is highlighted, with both thermal and coking coal prices at low levels, suggesting potential for rebound as supply-demand conditions improve [4][12] Key Indicators Overview - The coal sector saw a small increase of 2.71%, outperforming the CSI 300 index by 2.12 percentage points [7][9] - The current PE ratio for the coal sector is 10.5, and the PB ratio is 1.2, indicating relatively low valuations compared to other sectors [9][13] Coal Price Trends - Port coal prices have stabilized, with CCTD Q5500 pricing at 674 CNY/ton, a slight decrease of 2 CNY/ton [3][15] - Domestic coal production remains stable, with a reported industrial raw coal output of 440 million tons in March, a year-on-year increase of 9.6% [3][12] Supply and Demand Dynamics - As of April 18, the inventory at ports in the Bohai Rim reached 31.948 million tons, an increase of 2.07 million tons (6.9%) [3][15] - Daily coal consumption at coastal power plants totaled 1.774 million tons, a decrease of 83,000 tons (4.47%) compared to the previous period [3][15] Company Performance and Recommendations - Selected coal stocks are expected to benefit from the current market conditions, with recommendations for companies such as China Shenhua, Shaanxi Coal, and China Coal Energy based on their dividend potential [4][12][13] - The report indicates a trend of increasing dividends among coal companies, enhancing their attractiveness as investment options [4][12]

Group 1 - The National Development and Reform Commission and the National Energy Administration have released guidelines to accelerate the development of virtual power plants, clarifying the operational status of virtual power plants and indicating that local support policies will follow [1][2] - Various regions such as Shanxi, Ningxia, Shanghai, and Guangdong are implementing specific development plans and management measures to systematically promote virtual power plant development [1][2] - By 2027, the national regulation capacity of virtual power plants is expected to exceed 20 million kilowatts, and by 2030, it is projected to reach over 50 million kilowatts [2] Group 2 - The current virtual power plant market primarily generates revenue through demand response, with limited participation in peak regulation, frequency regulation, and ancillary services [3][4] - Companies are actively exploring virtual power plant-related businesses, with examples including State Grid Jibei Electric Power Co., which utilizes thermal storage boilers to optimize wind power consumption [3][4] - The market size for virtual power plants in China is predicted to reach 10.2 billion yuan by 2025 and could potentially reach 100 billion yuan by 2030 [4]

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1]. Core Insights - In March, the total electricity consumption in the country increased by 4.8% year-on-year [1]. - The report highlights that the State Development and Reform Commission has issued guidelines to accelerate the development of virtual power plants, aiming for a national adjustment capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [4][44]. - The report notes a decline in average coal prices year-on-year, suggesting a favorable environment for thermal power companies [4][42]. Summary by Sections 1. Market Review - As of April 17, the Shenwan Utility Index fell by 1.0% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 9th among 31 Shenwan industries [11]. - Year-to-date, the Shenwan Utility Index has decreased by 3.0%, also outperforming the CSI 300 Index by 1.2 percentage points, ranking 17th among 31 industries [11]. 2. Industry Valuation - As of April 17, the valuation of the Shenwan Utility sector is at 17.7 times earnings, below the one-year average [17]. - The sub-sector valuations include: - Photovoltaic power: 78.8 times - Hydropower: 20.5 times - Integrated energy services: 19.6 times - Wind power: 19.4 times - Thermal services: 18.3 times - Gas: 17.9 times - Thermal power: 12.5 times [17][18]. 3. Industry Data Tracking - As of April 17, the average price of Q6000 coal at the pit in Yulin, Shaanxi, was 614 yuan per ton, down 0.3% from the previous value [32]. - The average price of Q5500 coal at Qinhuangdao port was 667 yuan per ton, down 0.2% from the previous value [32]. 4. Key Industry News - The report mentions several important announcements, including the release of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" by the State Development and Reform Commission [4][41]. - The report also highlights the issuance of 174 million green power certificates in March 2025, a year-on-year increase of 9.39 times, with 82.26% being tradable [44]. 5. Industry Weekly Viewpoint - The report suggests focusing on thermal power companies such as Huadian International (600027), Guodian Power (600795), and Hubei Energy (000883) due to their strong performance in the current market environment [42]. - In the gas sector, it recommends attention to companies like Xin'ao Co. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) [42].

虚拟电厂的新政带来了哪些变化？ 虚拟电厂：收益机制有望拓展，加速成长 2025041720250416 摘要 • 新政策明确虚拟电厂商业模式，推动其进入实际建设阶段。电力市场改革、 需求侧响应、分时电价完善及峰谷价差扩大，为虚拟电厂聚合分布式资源 并参与市场交易创造盈利空间。 • 国家规划到 2027 年虚拟电厂调节能力达 2000 万千瓦，2030 年达 5,000 万千瓦，实际建设规模可能超预期。各省细则将陆续出台，已建成 虚拟电厂有望在 2025 年下半年参与辅助服务和现货市场，2026 年参与 中长期交易。 • 虚拟电厂盈利模式从单一需求侧响应扩展至辅助服务、电能量及现货市场， 实现稳定盈利。调度机构根据市场主体申报和实际用电数据评估调节情况， 并按日前市场价格补偿辅助服务。 • 全国用电量结构中，第二、三产业增速显著，2024 年分别增长 5.2%和 9.9%。这些高增长行业用户数字化程度高，对能源数据需求强烈，利好虚 拟电厂发展。 Q&A 新政首次从官方层面界定了虚拟电厂的定义，拓宽了其盈利模式，并设定了发 展目标。文件明确虚拟电厂可以聚合分布式电源、可调节负荷和储能等分散资 源，定位为增强电力保 ...

Summary of Conference Call on Virtual Power Plants Industry Overview - The virtual power plant (VPP) concept emerged in China around 2023-2024, gaining attention and investment, with notable companies like Guoneng Rixing participating in this new market trend [1][2] Key Points and Arguments - The development of new power systems emphasizes the role of VPPs as resource aggregation entities, enhancing system flexibility and adaptability to new power system requirements [2] - A series of government actions, including the "Action Plan for Accelerating the Construction of New Power Systems" and the "Three-Year Implementation Plan for Optimizing Power System Regulation Capacity," highlight the importance of VPPs in market participation and system regulation [2][4] - The market potential for VPPs is projected to reach between 130 billion to 250 billion yuan by 2027, driven by operational revenue from demand response mechanisms [3] - Regional differences in resource conditions and load levels necessitate tailored development plans for VPPs, with provinces like Guangdong, Shandong, and Shanxi leading in VPP development [4] - The government encourages private investment in VPPs, recognizing their role in promoting the private economy, with regions like Shenzhen seeing private enterprises as key players in VPP operations [4] Additional Important Insights - The VPP market is currently transitioning from pilot demonstrations to large-scale development, with most VPPs relying on demand response for revenue generation [2][4] - The integration of innovative financing mechanisms, such as low-interest loans and green bonds, is expected to facilitate broader participation in VPP projects [6] - The increasing demand for services and improved user experiences on the demand side is enhancing participation in VPPs, making them integral to the new power system [8] - The operational complexity of VPPs requires advanced software and hardware solutions for effective power dispatch and resource management [9][10] - The combination of traditional power generation (like thermal and hydropower) with renewable energy sources provides a competitive advantage in VPP operations [10] Conclusion - The VPP sector is positioned as a critical component of China's evolving energy landscape, with significant growth potential and a need for innovative business models and regulatory support to thrive in the market [11]

Summary of Virtual Power Plant Conference Call Industry Overview - The conference focused on the development of the virtual power plant (VPP) industry, which is transitioning from traditional energy systems to new energy management systems that promote interaction between generation, grid, load, and storage [2][3][4]. Key Points and Arguments 1. **Policy Background and Purpose**: The introduction of VPP policies began in 2021, aiming to enhance energy management efficiency and stability through the integration of renewable energy sources into the power market [2][3]. 2. **New Policies Impact**: In February 2025, new policies from the National Development and Reform Commission and the Energy Administration mandated that all renewable energy sources participate in the power market, which is expected to drive VPP development [2][3]. 3. **Profitability Challenges**: The profitability of VPPs is currently limited, relying heavily on government subsidies and small-scale demand response funds. For instance, annual subsidies in Shenzhen range from 10 million to 50 million yuan [5][6]. 4. **Market Participation**: VPPs can engage in spot market arbitrage and auxiliary service markets, such as peak shaving and frequency regulation, to increase revenue for commercial and industrial storage users [3][6]. 5. **Load Types for VPP**: Charging stations and commercial air conditioning systems are identified as the most controllable load types due to their low modification costs and effective response capabilities [3][7]. 6. **Vehicle-to-Grid (V2G) Challenges**: V2G pilot projects face commercial model challenges, including insufficient subsidy attractiveness and the need for better funding sources [9]. 7. **Conservative Target Setting**: The targets for VPP development are considered conservative, with a need to align them with demand response goals to meet future energy needs [10][12]. 8. **Role of the Grid**: The grid is expected to act as a referee rather than a participant in VPP management, with third-party management platforms likely to be established to avoid conflicts of interest [14]. 9. **Types of Companies Involved**: Companies involved in VPP construction include large tech firms (e.g., BAT), telecom operators, and server companies, all leveraging their technological capabilities [15][18]. 10. **Impact of VPP on Manufacturers**: The integration of VPP systems will enhance manufacturers' load aggregation capabilities, requiring efficient data management and response times [22]. Additional Important Content - **Implementation Plans**: While national policies lack specific task breakdowns, provinces like Guangdong are developing implementation plans, with Guangdong expected to lead in VPP implementation due to proactive planning [25][28]. - **Cost and Revenue Dynamics**: The cost of retrofitting systems for VPP participation varies significantly, with initial development costs ranging from 2 million to 30 million yuan, depending on the scale and complexity of the project [27][29]. - **Standardization Measures**: The anticipated rollout of policies is expected to lead to standardized construction measures, positively impacting the industry and providing clearer information for investors [32]. This summary encapsulates the critical insights from the conference call regarding the virtual power plant industry, its challenges, and future directions.

深圳虚拟电厂规模全国居首 运营商突破60家，民企占一半以上 金十数据4月14日讯，据深圳虚拟电厂管理中心最新统计数据，深圳虚拟电厂运营商已达61家，光伏、 充电桩、楼宇空调等可调资源共计6万余个，规模位居全国之首。其中，民营企业数量占一半以上。 （深圳特区报） ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][35]. Core Insights - The report highlights a sustained high demand for new energy vehicles, with March sales reaching 1.237 million units, a year-on-year increase of 40.1% [2][23]. - The photovoltaic sector remains optimistic about demand growth in the U.S. and emerging economies, with a focus on cost reduction and efficiency improvements in manufacturing [1][24]. - The report emphasizes the potential for profitability recovery in wind power and suggests prioritizing investments in turbine and component sectors benefiting from offshore wind projects [1][24]. - The solid-state battery technology is expected to achieve mass production by 2027, presenting opportunities for companies involved in battery, materials, and equipment [1][24]. - The ongoing push for hydrogen energy development is highlighted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1][24]. Summary by Sections Industry Dynamics - The report notes that the domestic lithium battery market is experiencing price stability, while the photovoltaic market is facing price adjustments due to declining downstream demand [14][16]. - The report mentions that the average price of P-type M10 battery cells remains stable at 0.31 CNY per watt, with expectations of price pressures in the near future [16][19]. Company Performance - Companies such as BYD are projected to achieve a net profit of 8.5 to 10 billion CNY in Q1 2025, reflecting a year-on-year growth of 86.04% to 118.88% [26]. - Hewei Electric reported a net profit of 105 million CNY in Q1 2025, a year-on-year increase of 90.35% [26]. - The report also highlights that several companies, including Foster and Zhongwei, are experiencing declines in net profits for 2024, indicating mixed performance across the sector [26].