重塑电力系统生态，赋能双碳目标攻坚 近日， 国家发展改革委、 国家能源局 联合 印发《 关于有序推动绿电直连发展有关事项的 通知》 文件 （以下简称 "文件"），以电力体制改革思维破解高比例新能源消纳难题，为加快构建新型电 力系统、加速实现"双碳"目标提供了精准政策工具。 一、突破传统电网架构模式，构建源荷直连的电力新生态 从 "网为枢纽"到"源荷协同"的范式转型。 传统电力系统依赖 "源-网-荷"三级架构，电站型电源 需经公共电网中转后供电用户，这是由传统电源技术模式所决定的，远离负荷中心的电源通过升压 接入电网、经电网传输后再降压供电是科学的。但这种模式在保障系统安全运行的同时，也导致了 电网投资的增加与调度压力的累积。随着新能源技术与智能电网技术的成熟，新能源与负荷集群的 空间耦合度显著提升，新能源直连也不再有技术障碍。文件明确允许新能源直连用户，这一突破能 防止因电网环节的容量限制对新能源发电和用户用电需求形成双向制约，从而提升新能源的消纳率 ，也能 通过直连缩短电力流路径，有效降低网损。 绿电直连 政策创新： 用户侧灵活性资源的深度激活。 建立 "以荷定源+双向互动"调节机制：一方面，根据直连用户负 ...

Investment Rating - The report does not explicitly provide an investment rating for the fast-moving consumer goods (FMCG) industry. Core Insights - The FMCG industry is increasingly integrating ESG (Environmental, Social, and Governance) factors into its operations, driven by global sustainability trends and regulatory pressures [11][18][23]. - ESG practices are becoming essential for competitive advantage, as companies with strong ESG performance are likely to achieve higher valuations and attract more investment [24][99]. - The report highlights several case studies of FMCG companies successfully implementing ESG strategies, such as Coca-Cola's transition to transparent bottles and Dongpeng Beverage's sustainable practices [34][40][92]. Summary by Sections ESG Overview - ESG stands for Environmental, Social, and Governance, representing a framework for integrating sustainability into business practices [6][9]. - The concept has evolved from traditional corporate social responsibility (CSR) to a more quantifiable and investment-driven approach [14]. Current Status of ESG in the FMCG Industry - The FMCG sector is responding to national "dual carbon" goals by adopting energy-saving measures and sustainable packaging [18][20]. - There is a growing trend of ESG investment, with investors increasingly focusing on companies' ESG performance [23][24]. - As of April 30, 2023, the ESG report disclosure rate among A-share listed companies in the beverage and refined tea manufacturing sector was 57.14%, surpassing the overall industry level [26][27]. ESG Challenges Faced by the FMCG Industry - Many FMCG companies lack a unified ESG data management system, leading to difficulties in data accuracy and analysis [56][58]. - Companies face regulatory compliance challenges due to multiple ESG standards, which can increase operational costs [62][64]. - The initial investment in ESG practices can be substantial, with long payback periods, creating financial pressure [67][68]. ESG Response Strategies for the FMCG Industry - Companies should establish unified ESG data platforms to enhance data management and decision-making capabilities [77][80]. - It is recommended to adopt third-party certifications to improve the credibility of ESG practices [81][82]. - FMCG companies should balance short-term financial performance with long-term ESG investments to ensure sustainable growth [87]. Impact of ESG on the FMCG Industry - Positive ESG practices can enhance brand image and consumer perception, as seen with Coca-Cola's packaging changes [92]. - Companies that actively engage in ESG initiatives can improve their market competitiveness and operational efficiency [99]. - ESG practices can also drive new market opportunities, particularly in the growing segment of sustainable products [100]. Future Trends and Recommendations for ESG - ESG will become a necessity for business survival as regulatory frameworks tighten and consumer awareness increases [107]. - The integration of digital technologies will enhance ESG capabilities, allowing for better data management and analysis [108]. - FMCG companies should tailor their ESG strategies to local market conditions and consumer preferences to maximize impact [119][120].

接电时长同比显著压降40%，展现了强大的服务能力与执行力。 国网临汾供电公司市场及大客户中心赵建海介绍："我们创新实施业扩专班机制，定期 邀请客户参与现场协调会，由专职客户经理全程跟踪项目进度，确保建设与验收无缝衔接。 同时，我们积极与政府部门建立沟通机制，优化项目备案流程，畅通紧急业扩项目物资调配 通道，有效提升了服务效率与质量。" 面对项目地质条件复杂、施工难度大的挑战，国网临汾供电公司迅速响应，将该项目列 为业扩专班督办工程，抽调发策、运检等11个专业的精英团队，协同作战，攻克了一个又一 个难关。通过精准施策与高效执行，建设工期得以大幅缩短30%，彰显了供电企业的责任与 担当。 随着分布式光伏、充电站等新兴业务的蓬勃发展，该公司紧跟时代步伐，聚焦机制创新 与管理优化，推动业扩配套项目高效落地。据统计，2025年前五个月，该公司高压业扩平均 6月3日，山西华能晋南能源开发有限公司向临汾公司发来感谢信，点赞其在华能曲沃县 紫金山100兆瓦光伏电站并网项目中展现出的专业服务。 华能晋南总经理卢绘霞表示："临汾供电公司在光伏电站建设的每一个环节都展现出了 高度的责任感与专业素养，特别是在并网手续办理过程中，给予 ...

按照国家能源局印发的《分布式光伏发电开发建设管理办法》，晋南钢铁集团备案的33 个分布式光伏项目需要在4月30日前投才能确保获得收益。 芒种时节，万物并秀。6月5日，大同市云冈区四方高科农牧有限公司泌乳厂屋顶，一片 蔚蓝"光海"在夏阳下熠熠生辉——整齐铺展的光伏板，正将丰沛的阳光源源不断转化为清洁 电能。这片于4月30日成功并网发电的分布式光伏矩阵，"借"用了蓄睿草业等5家企业厂区内 总计约15万平方米的牛舍、草料棚顶资源，装机容量达28.5兆瓦，所发电量上网交易。 在"双碳"目标引领下，山西省分布式光伏装机规模持续攀升。截至4月底，山西省分布 式光伏装机达1278.18万千瓦，较2024年底增长302.28万千瓦，占全省新能源装机的比重达到 18.87%。1月23日，国家能源局印发《分布式光伏发电开发建设管理办法》，进一步规范分 布式光伏发电开发建设管理。其中，工商业分布式光伏并网有"4·30""5·31"两个政策窗口 期。面对两个政策窗口期的并网潮，国网山西电力统筹构建"省市县三级联动、政企协同攻 坚"服务体系，在全省各地形成各具特色的服务模式，跑出分布式光伏并网"加速度"。 服务创新："闪电战"跑出并网 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [45]. Core Viewpoints - The report highlights the initiation of pilot projects for the construction of a new power system by the National Energy Administration, focusing on innovative technologies and models to drive breakthroughs in the sector [3][35]. - The report suggests paying attention to leading companies in virtual power plant technology, which is identified as a key support for the new power system [3][40]. Summary by Sections Market Review - As of June 5, 2025, the Shenwan Power Equipment industry has seen a decline of 2.16% over the past two weeks, underperforming the CSI 300 index by 1.23 percentage points, ranking 28th among 31 industries [11]. - The industry has experienced a year-to-date decline of 5.44%, again underperforming the CSI 300 index by 3.98 percentage points [11]. - The wind power equipment sector increased by 0.10%, while the photovoltaic equipment sector decreased by 2.43% in the last two weeks [11][17]. Valuation and Industry Data - As of June 5, 2025, the overall PE (TTM) for the power equipment sector is 24.42 times, with sub-sectors showing varied valuations: - Electric Motor II: 47.23 times - Other Power Equipment II: 39.92 times - Photovoltaic Equipment: 16.73 times - Wind Power Equipment: 30.46 times - Battery: 24.46 times - Grid Equipment: 23.80 times [26]. Industry News - The National Energy Administration has issued a notice to conduct pilot projects focusing on seven key areas, including virtual power plants and intelligent microgrids, to explore new technologies and models for the new power system [35]. - The report also mentions the promotion of green electricity direct connection development, emphasizing the importance of source-load matching [35]. Company Announcements - The report includes various company announcements, such as the completion of a hydrogen production and refueling station in Wuhai, which is expected to enhance logistics efficiency [38]. - It also notes the share repurchase plans of several companies, indicating ongoing corporate actions in the sector [38]. Weekly Perspective on Power Equipment Sector - The report emphasizes the importance of the new power system construction and suggests focusing on companies that are leading in virtual power plant technology [40]. - It highlights the potential for significant advancements in the sector, driven by government initiatives and technological innovations [40].

以"走向碳中和之路"为主题的2025上海国际碳中和技术、产品与成果博览会（简称"碳博会"）于6月5日 至7日在上海新国际博览中心举办，来自15个国家和地区的逾300家企业参展。 上海市委副书记、市长龚正在开幕式致辞中表示，绿色转型是应对气候变化的必由之路，也是经济社会 发展的新引擎。从政府层面，期待通过上海国际碳中和博览会，推动更多绿色低碳技术产品和业务服务 的交流合作，共建清洁、美丽、可持续的世界。 南都记者了解到，上海市杨浦区正加速发展绿色低碳产业，预计2030年绿色低碳产业规模达到500亿元 左右。6月5日下午，由上海市杨浦区人民政府指导、上海技术交易所主办的双碳科技与循环经济协同创 新活动在碳博会举办.。 兴业银行首席经济学家鲁政委出席活动，并以《碳足迹壁垒：欧盟之盾与中国之矛》为题，剖析了欧盟 碳边境调整机制对全球供应链的影响，提出中国企业需以技术创新和标准升级应对"碳足迹壁垒"，锻造 国际竞争新优势。 此外，由上海质量管理科学研究院、山鹰国际等单位编制的《循环利用产品降碳评定与标识应用要求》 在会上正式发布，通过量化降碳量、划分等级，填补了国内循环产品降碳标准空白，为市场推广提供统 一规范。 活动 ...

中国物资再生协会秘书长于可利致辞时表示，当前，我国循环经济发展正处于关键转型期。在"双碳"目 标的引领下，越来越多的企业开始将绿色发展从"选择题"变成"必答题"。凌雄科技用创新的DaaS模式， 让IT设备在全生命周期中持续创造价值，这不仅是商业模式的突破，更是对"资源有限、循环无限"理念 的生动诠释。同时，也要清醒认识到，企业要实现高质量发展，还需要在技术创新、标准建设、商业模 式等方面持续发力，这些需要大家共同破解。绿色发展不是一场独舞，而需要全社会的合奏。 本报讯(记者丁蓉)6月5日，我国DaaS(设备即服务)行业首场六五环境日主题论坛在深圳国际金融科技城 举行。论坛以"全绿以赴—以科技创新赋能可持续发展"为主题，邀请DaaS行业和可持续发展领域的知 名专家、企业、媒体，聚焦科技创新，深入探讨绿色低碳经济、低碳产业的新模式和新路径，展现产业 创新实践成果，凝聚产业共识，共话可持续发展。 论坛上，中国中小企业协会DaaS服务专业委员会主任、凌雄科技董事会主席胡祚雄致辞时表示，绿色 是时代的命题，更是企业的责任。DaaS模式从诞生之初就带着"循环经济"的基因：通过设备全生命周 期管理、再制造技术、数字化运营， ...

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大 ...

Overview - The increasing scale of agricultural production in China has led to a continuous rise in straw yield, with the straw treatment market becoming increasingly important due to strict regulations against traditional burning methods that cause air pollution [1][11] - The straw treatment market in China is projected to reach a market size of 60 billion yuan in 2024, with a year-on-year growth of 9.1% [1][11] Market Policies - The Chinese government has issued a series of policies to promote straw comprehensive utilization, including the "Air Quality Improvement Action Plan" and various guidelines aimed at enhancing the efficiency of straw utilization and encouraging enterprise participation [6][7] - Policies emphasize the importance of establishing a standardized and systematic straw collection and transportation service to improve the overall efficiency of straw utilization [7] Industry Chain - The straw treatment industry chain consists of upstream activities such as straw collection and transportation, midstream processing methods including fertilizer, feed, energy, raw material, and substrate processing, and downstream applications in agriculture, livestock feeding, and energy production [8][9] - In 2024, the theoretical resource amount of straw in China is estimated to be 994 million tons, with significant contributions from rice straw (222 million tons), wheat straw (175 million tons), and corn stalks (341 million tons) [9] Competitive Landscape - The straw treatment industry in China is characterized by a fragmented market with numerous participants, primarily small and medium-sized enterprises [13] - Key players in the industry include Guoneng Bioenergy Group, Wanhua Ecological Industry Group, Jinan Shengquan Group, and Changqing Group, among others [13][14] Development Trends - The straw treatment industry is expected to extend upstream to include straw collection and transportation equipment manufacturing, as well as related technology research and development [20] - There is a focus on forming straw treatment industry clusters in regions rich in straw resources to optimize resource utilization and enhance regional competitiveness through collaboration and innovation [20]

Industry Overview - The Long-Duration Energy Storage (LDES) industry in China is experiencing unprecedented development opportunities driven by carbon neutrality goals, with a projected market size of approximately 85.2 billion yuan in 2024 [1][10] - The three main LDES technologies are flow batteries, compressed air energy storage, and molten salt storage, with flow battery installations expected to grow by about 10 times year-on-year in 2024, and compressed air energy storage installations expected to increase by approximately 70 times [1][10] - The price of all-vanadium flow battery systems has dropped below 2 yuan/Wh, significantly improving economic viability [1][10] Industry Development History - The LDES industry in China has gone through four stages: the initial stage from the mid-20th century to the 1990s, the early development stage from 2000 to 2015, the commercial phase from 2015 to 2020, and the current scale development phase from 2020 to present [4][5] - The early policies focused on technology verification and demonstration, while post-2015 policies began to emphasize the role of energy storage in supporting the power grid [8][9] Current Industry Status - The LDES industry is set to benefit from the dual carbon goals, with a market size of approximately 85.2 billion yuan in 2024 [10] - The industry is witnessing significant growth in new installations, with flow batteries and compressed air storage technologies leading the way [10] Key Companies - Leading companies in the LDES sector include CATL, BYD, and Sungrow, with CATL maintaining the largest global market share in energy storage batteries [14][15] - Companies like Sungrow and Haibo Innovation focus on energy storage system integration and PCS (Power Conversion System) development, with Sungrow achieving the highest global PCS shipment volume [14][15] Industry Trends - The LDES industry is expected to see significant trends in technology integration and diversification, with a push towards hybrid storage technologies combining different energy storage methods [19] - The market size is anticipated to continue expanding, driven by increasing policy support and market demand, leading to a peak in investment and construction of LDES projects [21] - Policy-driven initiatives and improved market mechanisms will be crucial for the future development of the LDES industry, with government support expected to include financial subsidies and tax incentives [22]