人民财讯12月8日电，12月8日，2025河南省民营经济高质量发展系列主题新闻发布会(第三场)在郑州举 行。会上，河南省发改委党组成员，省能源规划建设局党组书记、局长夏兴表示，目前，全省已累计实 施源网荷储项目781个，总投资约619亿元，建成后每年可促进绿电消纳168亿度，在推动能源结构调 整、保障能源供应安全、促进新能源消纳、扩大有效投资、降低企业用能成本等方面取得积极成效。 ...

Investment Rating - The report maintains a rating of "Overweight" for the electricity industry [3] Core Views - The introduction of the 2026 electricity trading scheme in Jiangsu and Zhejiang provinces aims to deepen market reforms, enhance price predictability, and encourage the consumption of renewable energy [14][6] - The "computing power and electricity synergy" strategy is being promoted at the national level to meet the growing electricity demand from the AI industry, with a focus on using clean energy [6][15] - The report recommends focusing on flexible thermal power resources, energy storage, and virtual power plants as investment opportunities [7] Summary by Sections Industry Overview - The Shanghai Composite Index rose by 0.37% to 3902.81 points, while the CSI 300 Index increased by 1.28% to 4584.54 points during the week [62] - The CITIC Power and Utilities Index reported a slight increase of 0.01% to 3114.45 points, underperforming the CSI 300 Index by 1.26 percentage points [62] Key Developments - The 2026 electricity trading scheme in Zhejiang introduces a requirement that at least 70% of annual trading volume must be secured through long-term contracts, enhancing market stability [14] - In Jiangsu, the trading scheme allows for all renewable energy projects to enter the market, with a focus on signing long-term purchase agreements [14] - The report highlights a significant increase in computing power demand, with a 30% annual growth rate in total computing power scale in China [6] Investment Recommendations - The report suggests investing in thermal power companies such as Huaneng International, Guodian Power, and Datang Power, as well as in leading companies in flexible thermal power transformation [7] - It also recommends focusing on undervalued green energy companies, particularly in wind and solar power sectors, such as Xintian Green Energy and Longyuan Power [7] - For hydropower and nuclear power, companies like Yangtze Power and China Nuclear Power are highlighted as potential investments [7] Market Trends - The report notes that coal prices have decreased to 800 RMB per ton, which may positively impact thermal power generation costs [17] - The carbon market saw a price increase of 0.69% this week, with a closing price of 60.06 RMB per ton [57]

12月5日消息，在第八届中国能源产业发展年会地方电网与配电网圆桌论坛上，中国国际经济交流中 心，能源与绿色低碳发展研究部部长景春梅表示，配电网的发展与国家的双碳战略以及能源发展格局紧 密相关。配电网一直在我们电力市场的结构发出配售都是重要的一环，要用能源转型和新能源消纳的主 战场来定义它。她指出，未来"得配网者，得新型电力系统之未来"。 景春梅指出，从国家战略及有关文件的表述看，配电网功能在未来要实现四大转变。与传统的配电网相 比，要从原来电能单向输送，配送的通道变为能源资源的配置平台，要从无源网络向有源网络转变，从 被动响应、上级调度，向主动自制运行转变，从原来的技术封闭、信息孤岛，向数字底座数据集成中心 转变。 配电网何以成为能源转型和新能源消纳的主战场？景春梅表示，配电网是新能源消纳的最先一公里。配 电网是分布式风光就地消纳，避免远距离输送损耗的关键环节。电力通过电网输送，最后要经过配电 网，进入到千家万户、千行万业。电动汽车数据中心、智能家居、电采暖等一些新的高弹性的负荷，这 两年集中在用户侧，90%以上通过配电网接入。配电网承载80%的停电事故，微电网、虚拟电厂和V2G 新业态均以配电网作为物理载体 ...

在电力系统中默默担当电力"配送员"角色的配电网，正迎来一场深刻的变革。 配电网，这个曾经在电力系统中默默担当电力"配送员"的角色，正迎来一场深刻的变革。过去，它主要负责将主干网的电能输送至终 端用户，是电力供应的"最后一公里"；如今，伴随新型电力系统建设的推进，配电网已逐步从单向输电的末端网络，升级为源、网、 荷、储多元融合、灵活互动，并与主干电网高效协同的智慧能源枢纽。 在国家发改委、国家能源局提出"到2025年，配电网要具备5亿千瓦分布式新能源及1200万台充电桩接入能力"的目标指引下，储能 企业、虚拟电厂、负荷聚合商等多元主体蓬勃发展。如何充分发挥这些新兴主体的调节能力与市场价值，已成为行业关注的焦点。 供需变革推动配电网角色转变 配电网角色的升级，根源在于电力供需两侧正经历深刻的结构性变化。 国家发改委能源研究所新能源与可再生能源研究中心副主任郑雅楠指出，在消费侧，伴随产业结构转型，第三产业和居民用电占比已 从2010年的约23%快速提升至目前的超过1/3。这类负荷与气温关联密切，呈现出尖峰化、强不确定性的特征，参考国际经验，预 计未来其占比将超2/3，带来负荷不确定性进一步加剧。在供应侧，新能源装机 ...

Core Viewpoint - The company is actively exploring new energy storage solutions to enhance the utilization of renewable energy and support grid stability, with a significant focus on both power generation and grid-side applications [1] Group 1: Company Initiatives - The company has integrated over 2.7 million kilowatts of new energy storage capacity through various forms such as renewable energy paired with storage and independent storage systems [1]

证券日报网讯12月4日，三峡能源（600905）在互动平台回答投资者提问时表示，三峡能源以促进新能 源消纳利用和支撑电网安全稳定运行为应用场景，持续探索开展电源侧、电网侧的新型储能研究和示范 应用，通过新能源配储、独立储能等形式已并网新型储能规模超过270万千瓦，在储能方面具备较为成 熟的开发经验和一定的技术储备。目前各地区在储能方面市场规则有所不同且政策变化较快，公司将紧 密跟踪各地市场对新型储能尤其是配套储能的准入要求和运用情况，根据市场运行特点，合理确定储能 配置原则，制定项目参与电力市场的运营策略，响应电能量、辅助服务等市场价格信号，提升电站整体 收益水平。 ...

Investment Rating - The public utility industry maintains a "Recommended" investment rating [1] Core Insights - The growth rate of electricity consumption is accelerating, with significant regional differentiation in the results of competitive bidding for mechanism electricity prices [1] - The thermal power generation has shifted from decline to growth, with an increase in electricity consumption [6] - The competitive bidding results for mechanism electricity prices show notable regional disparities, with some areas experiencing price changes ranging from -90% to +63% [6] Summary by Sections Industry News - The report highlights the acceleration in electricity consumption growth and the regional differences in electricity pricing mechanisms [1][9] Industry Data - The report provides data on carbon trading market conditions, indicating a price of 70.14 and a growth of 14.80% [19] - It also includes electricity industry data showing a 10.4% increase in electricity consumption in October 2025, with specific figures for various categories [22] Investment Recommendations and Stock Pool - The report suggests investment opportunities based on the observed trends in electricity consumption and pricing mechanisms [6][7]

行业月报 ·公用事业行业 用电量增速加快，各地机制电价竞价结果分化明显 ǒǒ ➂≈㬲屄≢⛭㐶㛙⢈ 2025 11 30 核心观点 公用事业行业 推荐 维持评级 分析师 橧愰⛤ 010 -80927673 taoyigong_yj@chinastock.com.cn S0130522030001 㲪㓔➗ 010 -80927656 liangyounan_yj@chinastock.com.cn S0130523070002 䰩争⛮䠜睵湚㥼 mamin_yj@chinastock.com.cn 相对沪深 300 表现图 2025 11 28 -20% -10% 0% 10% 20% 30% 2024/12/2 2025/1/2 2025/2/2 2025/3/2 2025/4/2 2025/5/2 2025/6/2 2025/7/2 2025/8/2 2025/9/2 2025/10/2 2025/11/2 SW 300 相关研究 1. _Q3 2._Q3 3._ 7 www.chinastock.com.cn z 火电电量由降转增，用电量增速加快。 10 8002 7.9% 9 6.4pct 10 +7.3% ...

Core Viewpoint - The Gansu Electric Power Zhangye Power Plant's expansion project has successfully completed a 168-hour full-load trial operation, marking the shortest interval for commissioning similar units in China, with both units achieving efficient production within a month [1][7]. Group 1: Project Overview - The project is located in the Zhangye Economic and Technological Development Zone and is a key part of the Hexi Corridor clean energy base, featuring the construction of two 1000 MW ultra-supercritical indirect air-cooled coal-fired units [3][9]. - The project includes the installation of flue gas desulfurization, denitrification, and dust removal facilities alongside the new units [3][9]. Group 2: Innovative Technology Integration - The project employs advanced technologies such as high-capacity, high-parameter, and high-efficiency equipment, achieving a power consumption of 281 grams per kilowatt-hour and a plant utilization rate of only 4.2%, which are internationally leading indicators [4][9]. - Innovations like "semi-capacity steam-driven feedwater pumps" and "air preheater bypass heat recovery" enhance the units' deep peak regulation capability by 19% THA, providing critical support for renewable energy consumption [4][9]. Group 3: Resource Recycling and Environmental Impact - The project features the first all-steel structure indirect cooling tower in the Hexi region, which shortens construction time and simplifies the process, with a height of 190 meters and a cooling area of 2.67 million square meters [5][11]. - It implements a full-process wastewater treatment system and indirect cooling technology, achieving zero external discharge of wastewater and rainwater, and zero fuel consumption, representing a new direction for clean and low-carbon coal power [5][11]. Group 4: Enhancing Peak Regulation Capacity - The commissioning of the two units will significantly enhance the capacity of the Hexi power grid and improve peak regulation capabilities, ensuring stable electricity supply during the 14th Five-Year Plan period in Gansu [6][12]. - The project will provide reliable peak regulation and compensation for the abundant wind and solar energy resources in the Hexi region, promoting local renewable energy consumption and contributing to Gansu's green and low-carbon transition [6][12]. Group 5: Societal Benefits - The project will provide stable heating sources for 18 million square meters of urban residential areas, enabling the first "dual heating source" supply in Zhangye, benefiting millions of residents during winter [10][14].

Market Overview - The market experienced a decline with all three major indices closing lower: Shanghai Composite Index down 0.51%, Shenzhen Component Index down 0.78%, and ChiNext Index down 1.12% [1] Sector Performance - Coal, wind power equipment, and traditional Chinese medicine sectors showed strong gains, while energy metals, internet services, and software development sectors faced significant declines [1] - Main capital inflows were observed in small metals, optical electronics, and non-ferrous metals industries [1] ETF Performance - Related ETFs such as those in non-ferrous metals, electricity, and traditional Chinese medicine performed well, likely influenced by relevant news [1] Federal Reserve Insights - China Galaxy Securities noted that market expectations for a Federal Reserve rate cut in December have exceeded 80%, leading to a rebound in gold prices and a new high for silver prices [1] - The ongoing rate cut cycle and potential shift from balance sheet reduction to expansion may continue to support rising prices for gold and silver [1] Resource Sector Outlook - CITIC Construction indicated that conditions are accumulating for a strong performance in resource products, which may become a new main investment theme in A-shares following technology [1] - The competition for key resources amid external geopolitical tensions is expected to be a significant factor driving the strength of resource products [1] New Energy and Grid Investment - Zhongyou Securities highlighted that the demand for new energy consumption is surging under the "dual carbon" goals, leading to a rapid growth cycle in grid investment [2] - The urgency for smart grid upgrades, along with infrastructure needs for ultra-high voltage channels and distribution network improvements, is driving this investment trend [2] Traditional Chinese Medicine Pricing Regulation - The launch of the drug price registration system in China is part of a broader initiative to regulate the prices of traditional Chinese medicine [3] - Multiple regions, including Heilongjiang, Anhui, and others, are actively implementing price governance measures targeting high-priced traditional Chinese medicines [3] - The goal is to establish a unified, open, and competitively ordered drug market across the country [3]