本报北京4月13日电(记者廖睿灵)随着新型电力系统建设和电力市场建设加快推进，虚拟电厂的发展条 件日益成熟、作用日益显著、需求日益增长。日前，国家发展改革委、国家能源局发布《关于加快推进 虚拟电厂发展的指导意见》(以下简称"意见")，提出到2027年，虚拟电厂建设运行管理机制成熟规范， 参与电力市场的机制健全完善，全国虚拟电厂调节能力达到2000万千瓦以上。到2030年，虚拟电厂应用 场景进一步拓展，各类商业模式创新发展，全国虚拟电厂调节能力达到5000万千瓦以上。 虚拟电厂是基于电力系统架构，运用现代信息通信、系统集成控制等技术，聚合分布式电源、可调节负 荷、储能等各类分散资源，作为新型经营主体协同参与电力系统优化和电力市场交易的电力运行组织模 式。虚拟电厂对增强电力保供能力、促进新能源消纳、完善电力市场体系具有重要作用。在系统运行方 面，可提供调峰、调频、备用等多种调节服务。在需求侧管理方面，可组织负荷资源开展需求响应。在 市场交易方面，可聚合分散的资源参与市场交易。 国家能源局有关负责人介绍，近年来，各地和相关企业积极探索虚拟电厂建设，广东、山东、山西等省 份发展较快。但总体看，全国虚拟电厂建设仍处于起 ...

4月11日，国家发展改革委、国家能源局发布《关于加快推进虚拟电厂发展的指导意见》(以下简称《意 见》)。作为我国首个虚拟电厂领域专项政策文件，《意见》在规范虚拟电厂的定义和定位的同时，还 明确了积极推动虚拟电厂因地制宜发展、完善虚拟电厂参与电力市场等机制以及推动虚拟电厂技术创新 和标准规范体系建设等任务。 中国信息协会常务理事、国研新经济研究院创始院长朱克力在接受《证券日报》记者采访时表示，《意 见》构建了虚拟电厂发展的制度基础设施，并为行业划定了发展"坐标系"。其最核心的突破点在于打破 资源聚合、市场准入、价值兑现的闭环堵点，通过完善市场机制将虚拟电厂的系统价值转化为"真金白 银"。虚拟电厂发展产生的正外部性也将助推电力市场化改革向深水区突破，形成技术与制度创新的协 同进化。 完善参与市场机制 去年9月份印发的《电力市场注册基本规则》将虚拟电厂列为电力市场新型经营主体，并规定了虚拟电 厂经营主体基本条件。 本次出台的《意见》完善了虚拟电厂参与电力市场等机制。《意见》进一步明确，虚拟电厂在满足《电 力市场注册基本规则》要求及相应市场的准入要求后，可按独立主体身份参与电力中长期市场、现货市 场及辅助服务市场。 ...

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

Group 1 - The total number of home appliances replaced through the national recycling program has exceeded 10 million units [2] - This week, 210 listed companies have announced share buybacks and increases in holdings [2] - Financial measures have been introduced to support the high-quality development of the sports industry [2] Group 2 - China has approved 50 cities as demonstration cities for public hospital reform and high-quality development [2] - Support will be provided for private enterprises to participate in the construction of virtual power plants [2] - Shanghai has released 20 measures to support the development of specialized and innovative small and medium-sized enterprises [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.5 CNY, based on a current price of 22.88 CNY [4]. Core Insights - The charging service fee is expected to increase slightly after 2025 due to a predicted rise in charging pile usage rates and service fees, driven by a slowdown in new charging pile construction compared to the growth in electric vehicle ownership [1][2]. - The company is positioned as a preferred charging operation service brand for local state-owned enterprises, with over 270 joint ventures established, enhancing its market share in the domestic charging operation market [2]. - The transition from heavy asset construction to light asset operation is anticipated to improve profitability, with projected gross margins reaching 70% [2]. - The company is expected to achieve a profit of 4.44 billion CNY in 2025, with a compound annual growth rate of over 50% in profits over the next three years [3]. Industry Overview - The demand for charging infrastructure is expected to grow steadily, with the number of new energy vehicles (NEVs) projected to reach 31.4 million units in 2024, a year-on-year increase of 53.85% [11]. - Public charging pile usage is expected to increase, with a corresponding rise in charging service fees due to a supply-demand imbalance [31][32]. - The market for charging piles is highly concentrated, with the top five operators holding nearly 65% of the market share, indicating strong competitive dynamics [21][24]. Financial Data and Projections - The company’s revenue is projected to grow from 14.6 billion CNY in 2023 to 24.8 billion CNY by 2026, with a compound annual growth rate of approximately 18.56% [3]. - The net profit attributable to the parent company is expected to increase from 491.15 million CNY in 2023 to 1.72 billion CNY in 2026, reflecting a significant growth trajectory [3]. - The company’s earnings per share (EPS) is projected to rise from 0.47 CNY in 2023 to 1.63 CNY in 2026, indicating strong profitability growth [3].

Group 1 - The State Council's Tariff Commission announced an increase in tariffs on U.S. imports from 84% to 125% starting April 12, indicating that U.S. goods have no market acceptance in China at current tariff levels [3] - The Ministry of Commerce criticized the U.S. for its high tariffs on China, stating that such measures have become a "numbers game" with no real economic significance, and warned of resolute countermeasures if the U.S. continues to harm China's interests [3] - The Shenzhen Stock Exchange outlined a plan for long-term capital market entry, focusing on product supply, optimizing trading mechanisms, and promoting targeted investment strategies [3] Group 2 - U.S. stock indices closed higher, with the Dow Jones up 1.56% at 40,212.71 points, and the S&P 500 rising 1.81% to 5,363.36 points, driven by gains in major companies like Apple and JPMorgan [5] - European stock indices showed mixed results, with Germany's DAX down 0.92% and the UK's FTSE 100 up 0.64% [6] - Major Asia-Pacific indices fell, with Japan's Nikkei 225 down 2.96% and South Korea's KOSPI down 0.5% [6] Group 3 - The International Financial Association reported a net outflow of $17.1 billion from emerging market fixed income and equities in March, marking the largest monthly outflow since August 2023 [6] - International gold futures surged 2.44% to $3,254.90 per ounce, reaching a new historical high, with a weekly increase of 7.23% [6] - Brent crude oil prices rose 1.99% to $64.59 per barrel, despite a weekly decline of 1.51% [6] Group 4 - The National Financial Regulatory Administration issued guidelines to promote the high-quality development of financial asset management companies, emphasizing the need for a balanced approach to asset growth [11] - The Ministry of Commerce reiterated its stance against unilateral U.S. tariffs, asserting that such actions violate WTO rules and disrupt multilateral trade systems [11] - The People's Bank of China conducted a 285 billion yuan reverse repurchase operation at a rate of 1.50%, with no reverse repos maturing that day [11] Group 5 - A-shares and Hong Kong stocks rebounded for four consecutive days, with the Shanghai Composite Index closing up 0.45% at 3,238.23 points [14] - The Hang Seng Index rose 1.13% to 20,914.69 points, with significant buying in gold and semiconductor sectors [14] - The Taiwan Weighted Index closed up 2.78% at 19,528.77 points [15] Group 6 - The China Securities Regulatory Commission approved Huazhi Jie’s IPO registration on the Shanghai Stock Exchange [15] - The Shanghai Stock Exchange took regulatory measures against 155 instances of abnormal trading behavior this week [15] - China Mobile launched AI glasses with integrated features for real-time translation and meeting management [16] Group 7 - The Ministry of Industry and Information Technology reported that China's automobile production and sales reached 7.561 million and 7.47 million units respectively in Q1, with a year-on-year increase of 14.5% and 11.2% [26] - The semiconductor industry association announced new rules for the origin certification of semiconductor products [26] - The IDC forecasted that China's gaming cloud market will reach $1.87 billion in 2024, growing at a compound annual growth rate of 6.9% [26] Group 8 - The U.S. Federal Reserve indicated that tariffs and trade uncertainties are significant factors affecting economic growth, which is expected to slow to 1% this year [28] - The U.S. March PPI rose 2.7% year-on-year, below expectations, while core PPI increased by 3.3% [28] - The UK reported a 1.4% year-on-year increase in GDP for February, exceeding expectations [29]

《意见》提出，到2027年，虚拟电厂建设运行管理机制成熟规范，参与电力市场的机制健全完善，全国 虚拟电厂调节能力达到2000万千瓦以上。到2030年，虚拟电厂应用场景进一步拓展，各类商业模式创新 发展，全国虚拟电厂调节能力达到5000万千瓦以上。 中国能源研究会能源政策研究室主任林卫斌接受《每日经济新闻》记者微信采访时表示，虚拟电厂虽然 不是真实的电厂，但是它能发挥类似真实电厂的出力作用。虚拟电厂的核心是负荷聚合与需求响应。 可有效聚合分布式电源、储能等各类分散资源 国家发展改革委和国家能源局在对《意见》进行解读时表示，制定《意见》是加快推进新型电力系统建 设的重要内容。虚拟电厂是具有鲜明新型电力系统特征的新型电力运行组织模式，可有效聚合分布式电 源、可调节负荷、储能等各类分散资源，协同参与电力系统优化和电力市场交易，有利于增强电力保供 能力、促进新能源消纳、完善电力市场体系。 林卫斌告诉《每日经济新闻》记者，在新型电力系统中，建立常态化需求响应机制的基本思路是分时计 量与分时现货价格结合，即在精确测量不同时间段内电力消耗的基础上，以电力现货市场连续的价格信 号引导用户侧资源进行用电行为的调节。 林卫斌认为， ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a public consultation notice regarding the second batch of the "Green Low-Carbon Advanced Technology Demonstration Project List," which includes 101 projects aimed at promoting green and low-carbon technologies [2][31]. Summary by Categories Energy Storage Projects - Xinjiang Tianhe Yida Investment Co., Ltd. is developing a coal-fired power plant transformation project that integrates solar and storage, featuring a 550 MW solar power station and 82.5 MW/165 MWh storage capacity, expected to reduce carbon emissions by approximately 500,000 tons annually [3]. - Ningxia Reshape Hydrogen Energy Technology Co., Ltd. is working on a green hydrogen production project with a capacity of 12,000 tons per year, utilizing 200 MW of wind and solar power [4]. - Yancheng Jidian Hydrogen Energy Technology Co., Ltd. is establishing a green hydrogen production and storage project with an annual output of 2,000 tons [5]. - The project by Xinjiang Aksu Energy Investment Co., Ltd. involves a 500 MW/2000 MWh hybrid storage system, which will provide grid services and enhance power regulation capabilities [8]. - The Hebei Electric Power Company is implementing a project that integrates wind, solar, and storage technologies, expected to increase renewable energy consumption by nearly 600 million kWh annually [9]. Renewable Energy Projects - The Jiangsu Wanbang Comprehensive Energy Service Co., Ltd. is developing a project that integrates source, grid, load, and storage, expected to increase renewable energy consumption by approximately 36 million kWh annually [24]. - The Xinjiang Shengjuli Energy Co., Ltd. is working on a large-scale renewable energy project with a total capacity of 2.1 million kW, expected to achieve an annual renewable energy consumption of about 10.4 billion kWh [25]. - The project by Tibet Shenneng Zhongkai New Energy Co., Ltd. aims to produce nearly 300 million kWh of renewable energy annually through a combination of wind and solar power [27]. Hydrogen Production Projects - The project by Ningxia Danyang Hydrogen Energy Technology Co., Ltd. aims to produce green hydrogen at a rate of 24,000 standard cubic meters per hour, with an annual output of nearly 30,000 tons [28]. - The project by Heilongjiang Dazhong New Energy Co., Ltd. focuses on producing green methanol and ammonia, with an annual output of 250,000 tons of green methanol and 100,000 tons of green ammonia [30]. Carbon Reduction Initiatives - The projects collectively aim to significantly reduce carbon emissions, with some projects expected to cut emissions by over 300,000 tons annually through the integration of renewable energy sources and advanced technologies [31][32].

Market Overview - The market experienced a high and then a pullback, with the three major indices showing slight increases. Notably, the A-share trading volume fell below 1 trillion yuan for the first time in 50 trading days, reaching 974.5 billion yuan, a decrease of 157.8 billion yuan from the previous trading day, marking the second lowest volume of the year [1] Robotics Sector - The robotics sector saw a rebound, with stocks like Jinggong Technology and Tianhe Magnetic Materials hitting the daily limit. Other notable performers included Zhaomin Technology and Dongtu Technology, which rose over 10%. The market is responding positively to innovations such as the Unitr e e De x5 dexterous hand from Yushutech, which features 20 degrees of freedom and can perform complex tasks [4][5] - The demand for exoskeleton robots is increasing due to aging populations and labor shortages, creating a significant market opportunity [4] Electric Power Sector - The electric power sector is experiencing renewed interest, with stocks like Mingxing Electric and Hunan Development hitting the daily limit. This is attributed to seasonal trends and the ongoing energy reform [6][7] - The establishment of a new power system is essential, focusing on integrating renewable energy sources like solar and wind, which are less stable compared to traditional energy sources [9][10] - Key areas of focus include: 1. **Grid Upgrades**: Investment in ultra-high voltage and smart grid technologies, with companies like China West Electric and XJ Electric benefiting from increased orders [12] 2. **Energy Storage**: The energy storage market is expected to double this year, with companies like CATL and BYD leading the charge [13] 3. **Virtual Power Plants**: These can aggregate scattered power resources for market trading, with companies like Hengshi Technology and Guoneng Rixin positioned for growth [14] 4. **Green Power Operators**: Companies like Three Gorges Energy and Longyuan Power are well-positioned to benefit from rising green electricity prices [15]

Core Viewpoint - The photovoltaic industry is experiencing a surge in demand due to a "rush to install" solar components, leading to price increases and supply shortages, which are expected to create opportunities within the industry [1][2]. Industry Overview - The photovoltaic sector is witnessing a significant increase in component demand driven by a surge in installations, with the photovoltaic 50 ETF (516880) rising by 1.11% [1]. - Supply-demand imbalances are causing manufacturers to "cancel orders" and request price hikes, indicating a potential for price volatility until late April [1]. - The distributed photovoltaic industry is rapidly developing under policy support, with new regulations aimed at enhancing project management and market participation [1]. Market Dynamics - The National Energy Administration has introduced measures to promote the development of distributed photovoltaic projects, which are expected to increase market participation and flexibility [1]. - The introduction of a producer payment model is anticipated to improve cash flow for waste incineration power generation projects, alleviating local financial pressures [1]. - The securitization of nuclear power assets is also expected to address funding gaps and enhance competitiveness in the nuclear sector [1]. Challenges and Outlook - The industry faces external challenges, including a U.S. investigation into specific photovoltaic components, which may impact export markets [2]. - Despite supply-demand imbalances and quality concerns, increased policy support is expected to boost market expectations and overall industry prospects [2]. - The photovoltaic industry is projected to see significant growth in the second half of the year, with optimistic expectations for terminal demand performance [2]. Investment Recommendations - The industry is advised to focus on four core areas: glass, battery cells, new technologies, and large storage, with particular attention to segments likely to benefit from increased component production [2].