Core Viewpoint - The credit rating report for Guangzhou Baiyun Electric Equipment Co., Ltd. indicates a stable outlook, supported by strong order backlog and market demand in the smart grid, rail transit, and ultra-high voltage sectors, despite facing short-term debt pressures and capacity digestion challenges [3][6][8]. Financial Performance - As of 2024, the company reported total assets of 100.09 billion, total liabilities of 29.67 billion, and operating revenue of 49.85 billion, with a net profit of 1.90 billion [3][4]. - The company’s short-term debt is projected to reach 24.32 billion by the end of 2024, constituting 82.52% of total debt, indicating significant short-term debt pressure [6][8]. - The net profit margin for 2024 is expected to be 3.86%, with a return on total assets of 2.58% [4][20]. Market Position and Demand - The company maintains stable relationships with major clients such as State Grid and Southern Grid, with a backlog of orders amounting to 79.85 billion as of 2024, ensuring future revenue stability [6][15]. - The demand for electric power distribution and control equipment is expected to grow due to the ongoing construction of new energy systems and urban rail transit networks [11][12]. Operational Challenges - The company faces challenges related to the digestion of newly added production capacity, particularly in the electric power capacitor and transformer segments, which may lead to underutilization [16][18]. - The industry is characterized by long project cycles and complex customer payment terms, leading to potential risks in inventory depreciation and accounts receivable collection [7][8]. Industry Environment - The electric power distribution equipment market is supported by strong demand driven by infrastructure upgrades and the rapid development of renewable energy [11][12]. - The national policies promoting high-quality development of distribution networks and large-scale equipment updates are expected to further stimulate market growth [11][12]. Competitive Landscape - The company’s core business focuses on the research, production, and sales of complete switchgear, electric power capacitors, components, and transformers, with complete switchgear being the primary revenue contributor [14][15]. - The company has established strategic partnerships with leading new energy firms, enhancing its competitive position in the market [15][16].

Core Insights - The national power generation capacity reached 3.61 billion kilowatts by the end of May, with a year-on-year growth of 18.8%, and solar power capacity increased by 56.9% [1] - The power equipment sector has shown strong performance in the secondary market, driven by policy support, industrial upgrades, and proactive adjustments by companies [1] - The new energy system construction is creating new growth opportunities in emerging fields such as energy storage and virtual power plants [2] Investment and Mergers - Several A-share power equipment companies are actively pursuing mergers and acquisitions across various sectors, including power generation equipment and photovoltaic technology [2] - Inner Mongolia Power Investment announced plans to acquire 100% of the shares of a coal power company, indicating ongoing consolidation in the industry [2] - State Power Investment Corporation is also engaging in significant acquisitions to enhance its market competitiveness [3] Technological Advancements - Companies are increasingly focusing on cutting-edge technologies to capture market share, such as virtual power plant platforms that integrate distributed energy resources [5] - The industry is expected to shift from capacity expansion to deep integration centered on technological collaboration over the next 3 to 5 years [4] - There is a growing emphasis on energy storage and virtual power plants, which require advancements in long-duration storage technology and precise load forecasting [6][7] Structural Challenges - The industry faces structural contradictions, including the mismatch between renewable energy growth and grid absorption capacity, as well as fluctuations in market prices versus user electricity price tolerance [6] - Companies are encouraged to develop flexible adjustment devices and optimize user electricity strategies to address these challenges [6] Strategic Recommendations - Companies should adopt a dual-driven model of "technological innovation + global layout" to enhance core competitiveness and mitigate trade barriers [7] - Continuous innovation and strategic positioning are essential for companies to seize opportunities in the evolving industry landscape [7]

一条专用线路，正成为缓解中国新能源消纳问题、满足企业多样化用能需求、纾解出口企业碳足 迹认证难题的新路径。 2022年11月，内蒙古自治区将21个项目纳入自治区首批工业园区绿色供电项目清单。2024年 11月，内蒙古电力系统首个工业园区绿色供电项目顺利送电。 2025年2月，江苏省启动建设阿特斯、宁德时代等5个知名新能源公司绿电直连试点项目，其切 入点直指企业绿电消纳能力的提升和企业多样化的用能需求。 今年6月初，绿电直连项目终于在国家层面获得了政策支持。 国家发展改革委、国家能源局联合发布《关于有序推动绿电直连发展有关事项的通知》（发改能 源〔2025〕650号，以下简称"650号文"），首次在国家层面为绿色电力点对点直连"开闸"。 这份文件的核心突破，在于首次明确允许光伏、风电等绿色电源项目，可通过专线直接输送给特 定的用户，不再强制要求全额上网或仅通过电网企业统购统销。 破壁 直连交易解缚绿电潜能 截至2025年3月底，全国风电光伏发电合计装机达到14.82亿千瓦，历史性超过全口径的火电装 机，今后也将成为常态。 新能源装机规模持续增加，其消纳压力同步渐显。 全国新能源消纳监测预警中心数据显示，2025 ...

Key Policies - Sichuan Province has released management measures for distributed photovoltaic power generation, requiring that large commercial distributed photovoltaic projects primarily self-consume electricity, with a minimum self-consumption ratio of 50% for certain regions [4][5] - Tianjin plans to adjust its time-of-use electricity pricing, expanding the floating range of peak and valley prices, with peak prices potentially increasing by 60% and valley prices decreasing by 60% [6] Key Events - Guizhou Electric Power Company has established a near-zero carbon demonstration zone with a capacity of 940 kW, aiming to reduce CO2 emissions by 267 tons annually [8][10] - The establishment of the New Power System Standardization Technical Committee in Yunnan Province marks a significant step in standardization efforts within the energy sector [22][23] - The "Ningxia New Power System Construction Strategic Research" project has been approved, focusing on reliable power supply and high-level renewable energy consumption [25][26] - A meeting between the National Energy Group and the State Grid Corporation discussed accelerating the construction of new power systems and ensuring national energy security [27][28] - The largest provincial autonomous controllable power grid operation control system in the country has been put into operation in Guangdong, achieving 100% localization of core components [30][31] Key Technologies - Beijing Digital Green Land Technology Co., Ltd. has published a patent for real-time monitoring of power line deployment using ground-based laser radar technology [43][44] - Datang Digital Technology has applied for a patent to enhance the accuracy of knowledge retrieval models in the energy sector [45] - Huawei Digital Energy has obtained a patent for an uninterruptible power supply that ensures continuous power during switching between main and bypass routes [46] - China Power Construction Corporation's Hebei Institute has developed a photovoltaic inspection drone that protects itself in case of a fall [47] Key Companies - Southern Power Grid Technology has established a comprehensive capability chain in intelligent robots and drones, focusing on research, manufacturing, and application [49] - Haibo Technology has launched an electric power electronics technology platform to support the new power system [50][51] - China Resources Power has initiated research on multi-energy complementary smart operations, collaborating with Tsinghua University and the State Grid [52][53]

Group 1 - The "Ningxia New Power System Construction Strategic Research" project has been established as a major strategic research and consulting project by the Chinese Academy of Engineering for 2025 [1] - The project aims to address key issues such as reliable power supply, high-level consumption of renewable energy, and the safe and stable operation of the power system [1] - Research will focus on three main areas: establishing a multi-dimensional evaluation index system, analyzing challenges in constructing the new power system under high renewable energy integration, and providing forward-looking suggestions from various perspectives including source, grid, load, storage, technology, market, and policy [1] Group 2 - Ningxia is actively promoting the construction of a new power system as the country's first comprehensive demonstration area for renewable energy, with expectations to exceed 100 million kilowatts of installed renewable energy capacity by 2030, accounting for over 70% of the total installed capacity [1] - Since its establishment in July 2018, the Ningxia Research Institute of Engineering Science and Technology Development Strategy has implemented 68 projects across 8 batches [2] - The project is the first major strategic research consulting project submitted by the institute, with a commitment to leverage resources for in-depth research to support the accelerated construction of the new power system in Ningxia [2]

Core Viewpoint - Beijing Haochuang Ruitong Electric Equipment Co., Ltd. has successfully passed the IPO meeting for the ChiNext board, marking its entry into the capital market after 18 years of operation as a "family business" [1] Group 1: Company Overview - Haochuang Ruitong specializes in the research, production, and sales of smart distribution equipment, with major products including smart ring network cabinets, smart pole-mounted switches, and box-type substations [1][3] - The company was founded in 2007 by a couple, Duan Youtao and Zhang Lingli, who still control 75.03% of the shares through direct and indirect means [3] Group 2: Financial Performance - The company has shown a growth trend in revenue from 2022 to 2024, with projected revenues of 560 million yuan, 672 million yuan, and 867 million yuan respectively, and net profits of 69 million yuan, 87 million yuan, and 111 million yuan [3][4] - A significant portion of the revenue, over 77%, comes from subsidiaries of the State Grid, indicating a high dependency on this client [3][4] Group 3: Quality Control Issues - The company has faced quality issues due to supplier defects and operational errors, leading to penalties from clients, including a six-month suspension of bidding qualifications from State Grid subsidiaries [4][5] - The financial impact of these quality issues was quantified, with revenue affected by 2.2974 million yuan, 1.8234 million yuan, and 5.2009 million yuan over the reporting period [4] Group 4: Research and Development - Haochuang Ruitong's R&D investment has been low, not exceeding 4% of revenue, with R&D expenses of 17.303 million yuan, 23.362 million yuan, and 32.327 million yuan from 2022 to 2024 [6] - The company holds only 148 patents and software copyrights, significantly fewer than competitors, indicating a potential weakness in technological innovation [6] Group 5: IPO Fundraising and Expansion Risks - The IPO aims to raise 477 million yuan for capacity expansion and R&D, but there are concerns about the ability to absorb the increased capacity effectively [2][8] - The projected depreciation from new projects could impact profitability, with the highest year seeing depreciation accounting for 22.6% of net profit [7]

Investment Rating - Investment Rating: Positive (Maintained) [4] Core Viewpoints - The report emphasizes the continuous expansion of underlying demand for green electricity, highlighting the positive outlook for downstream operation and monitoring equipment [3][5] - The construction of a systematic green electricity trading market in China, centered around carbon markets, green electricity trading markets, and green certificate trading markets, is crucial for addressing the pricing of environmental value in electricity [5][10] - The decoupling of carbon markets from green electricity and green certificates indicates that the expansion of carbon markets will not impact the demand for green electricity [24][38] Summary by Sections Section 1: Carbon Market and Green Electricity Market - The national carbon market, initiated in 2021, currently includes only four industries, with a slow expansion rate [22] - The report outlines the relationship between carbon markets, green electricity trading markets, and green certificate trading markets, emphasizing the need for a comprehensive approach to promote green electricity consumption [13][18] Section 2: Demand Side Analysis - Domestic policies and international recognition are driving the gradual expansion of demand for green electricity and green certificates [5][6] - Key domestic policies include mandatory renewable energy consumption assessments for local governments and encouragement for high-energy-consuming enterprises to consume green electricity [38][45] Section 3: Supply Side Analysis - The introduction of Document No. 136 is expected to reduce the supply of green certificates, improving the current oversupply situation [5][6] - The report suggests that the price of green certificates is likely to rise as supply decreases, moving away from the current low price levels [5][6] Section 4: Investment Recommendations - The report recommends focusing on carbon detection companies and green electricity operation companies, particularly biomass power generation enterprises, as they are expected to benefit from rising green certificate prices [6][5] - The report highlights the potential for offshore wind power projects to generate additional revenue through CCER trading, especially with the recognition of CCER by the EU's CBAM [6][37] Section 5: Policy Implications - The introduction of long-term power purchase agreements for renewable energy projects is expected to stabilize demand and profitability for new energy enterprises [6][5] - The report discusses the implications of various policies on the renewable energy market, including the impact of the CBAM and other international policies on domestic green electricity consumption [6][38]

2025 年 06 月 22 日 环保及公用事业 5 月用电量数据发布，虚拟电厂建设加 速推进 本周专题：虚拟电厂推进加速，商业模式进一步清晰 6 月 4 日，国家发改委与国家能源局发布《关于组织开展新型电力系 统建设第一批试点工作的通知》，通知提出要围绕构网型技术、系统 友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规 模高比例新能源外送、新一代煤电等七个方向开展试点工作。这是继 4 月"357 号文"发布后又一国家层面加快虚拟电厂发展的文件。地 方层面看，上海、陕西等地相继发布相关政策，虚拟电厂建设加速推 进。357 号文的发布，从明确准入条件、健全电能量市场机制、完善 辅助服务市场机制和优化需求响应机制四个方面，为虚拟电厂参与电 力市场提供了清晰的路径和规范。建议关注虚拟电厂/功率预测相关 标的，国能日新、朗新集团、东方电子、恒实科技、国网信通、协鑫 能科、合康新能等；以及受益于数据中心放量的绿电标的，同力日升 等。 行情回顾： 6 月 9 日-6 月 20 日上证指数下跌 0.75%，创业板指下跌 1.45%，公用 事业指数下跌 0.87%，跑输上证综指 0.12pct,环保指数下跌 3. ...

Core Viewpoint - The commencement of the 350 MW compressed air energy storage green power station in Tiaonan City, Jilin Province, marks a significant step towards energy security and green low-carbon transformation in China [1][5]. Group 1: Project Overview - The project is the first compressed air energy storage green power station in high-cold regions of China and the first of its kind in Jilin Province [1]. - It utilizes a self-developed "China Energy Construction Compressed Air Energy Storage System Solution" with an initial investment of approximately 4.3 billion yuan [3]. - The project will feature a 350 MW compressed air energy storage unit with a storage capacity of 1,400 MWh, capable of storing energy for 7 hours and releasing it for 4 hours, with an expected annual operation of 330 days and a maximum annual power generation of about 462 million kWh [3]. Group 2: Technological and Environmental Aspects - The project employs an efficient and environmentally friendly non-reburning compressed air energy storage technology, including the construction of artificial caverns as gas storage facilities [3]. - It will be complemented by wind power and deep geothermal energy systems, with its single-unit capacity, storage scale, and conversion efficiency being at the world-leading level [3]. Group 3: Strategic Importance - The project is a landmark achievement in supporting national energy security strategies and promoting green low-carbon development in Jilin Province and Baicheng City [5]. - Its implementation is expected to significantly enhance Tiaonan City's regulation capacity in the new power system and improve energy security levels, while also driving the development of the industrial chain [5]. - As a large-scale compressed air energy storage demonstration project, it will greatly improve the absorption capacity of renewable energy in western Jilin Province and enhance the flexibility and stability of the provincial power grid [7].

Core Viewpoint - The "14th Five-Year Plan" for energy is crucial for achieving carbon peak goals and accelerating the construction of a new energy system, emphasizing the need for a comprehensive approach to energy planning and development [1] Group 1: Trends in Energy Development - Trend 1: The transition to green and low-carbon energy is advancing, with clean energy taking a leading role. The investment in non-fossil energy during the "14th Five-Year Plan" accounted for one-third of global investments, and during the "15th Five-Year Plan," installed capacity for wind and solar energy is expected to exceed 1.2 billion kilowatts [2] - Trend 2: Hydrogen and energy storage are becoming critical supports. The development of green hydrogen production technology is progressing rapidly, and the cost of renewable energy electrolysis for hydrogen production is decreasing [3] - Trend 3: The construction of a new power system is essential to address the challenges of renewable energy consumption. The new power system will enhance the flexibility and stability of the energy supply, focusing on improving grid infrastructure and integrating various energy sources [4] - Trend 4: The energy internet is taking shape, with continuous improvements in digitalization and intelligence. The integration of advanced information and communication technologies with energy systems will optimize energy production, transmission, and consumption [5][6] Group 2: Energy Security and Global Competition - The "15th Five-Year Plan" will see a blend of energy security and global competition, with a focus on self-sufficiency and resilience in energy supply. Domestic shale gas production is expected to exceed 50 billion cubic meters, and strategic mineral reserves will be extended to a six-month guarantee period [7] - Internationally, the shift towards carbon neutrality is reshaping global energy rules, moving from project-based cooperation to competition across the entire industry chain. This includes leading the establishment of international standards for green hydrogen and energy storage [7]