绿电直连 政策创新： 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。 新型电力系统重塑结构的关键突破。 文件打破 "电站型电源必须并网"的传统思维束缚，建立"绿 ...

上海交通大学党委常委、副校长蒋兴浩：全球气候治理进入关键十年，能源体系革命性的重塑已成大势 所趋，如何以科技为刃，以创新为篱，开辟绿色低碳转型的新路径，是时代赋予我们的共同课题。 中国远洋海运集团有限公司科技创新工作本部总经理辜忠东：当前，船用清洁能源的路径仍面临很大的 不确定性，航运脱碳面临着巨大的压力。为此，产学研用深度合作就显得尤为重要。 第一财经常务副总经理杜坚：企业是实现双碳目标的主体力量。越来越多的企业正从"要我减排"转 向"我要减排"，以绿色技术突破，抢占产业变革先机，以碳管理能力提升构筑新竞争力。 中国工程院院士、清华大学碳中和研究院院长贺克斌：当我们为实现碳中和走向新能源时，实际上，我 们也在解决现有化石能源在未来数百年后会用光的紧迫问题，可再生能源会使我们的资源量得到更可持 续的保障。 上海市发展和改革委员会副主任朱明林：上海能源的绿色转型需要深度融入国家战略，我们抓好"一东 一西"两个绿电的超级工程，一方面向西融入沙戈荒战略，另一方面向东融入海洋强国国家战略。 国家气候变化专家委员会副主任王毅：建立新型能源体系和新型电力系统要先立后破，但是不立就永远 破不了，这个立是非常艰难的改革，不仅 ...

证券研究报告 （2025.06.02-06.08） 合规 诚信 专业 稳健 分 析 师：徐至 SAC登记编码：S0730525040001 发布日期：2025年6月8日 01 全国要闻与数据跟踪 目 02 河南经济与政策跟踪 录 03 债券市场运行跟踪 Contents 04 股票市场运行跟踪 05 券商板块周行情跟踪 2025年"服务消费季"着力推动商旅文体 健融合发展，培育"旅游+""美食+"等 融合消费场景，通过多种创新形式，激发经 营主体活力，提升供给品质，释放服务消费 潜能，培育新增长点。 融合消费场景 n 6月3日，商务部启动2025年"服务消费季"活动 n 6月3日，工业和信息化部专题研究部署推动人工智能产业发展和赋能新型工业化 n 6月3日，工业和信息化部等五部门发布《关于开展2025年新能源汽车下乡活动的通知》 n 6月4日，财政部发布《2025年度中央财政支持实施城市更新行动评选结果公示》 n 6月4日，国家能源局组织开展新型电力系统建设第一批试点工作 n 本周公布主要数据： n 6月3日，财新传媒公布5月份财新中国制造业采购经理指数 n 6月5日，中国物流与采购联合会发布的2025年5月 ...

2025 年 6 月 8 日 电力设备新能源、公用事业、环保 政策密集出台，新型电力系统将迎来突破式发展 ——电新公用环保行业周报 20250608 电力设备新能源 买入（维持） 公用事业 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：宋黎超 执业证书编号：S0930523060001 021-52523817 songlichao@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 联系人：邓怡亮 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 40% -20% 0% 20% 2024/6/7 2024/10/7 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 在新一代煤电方面，提出对照《新一代煤电升级专项行动实施方案 （2025—2027 年）》要求，推动具备条件的现役机组和新建机组针对清 洁降碳、高效调节两类指标分别开展试点，通过采用零碳低碳燃料掺烧、 CCUS（（碳集、、利用与存））等降碳施施，著降降低煤电碳放；；开展 主辅机装备技术创新应用和系统、成优化，提高煤电机组快速变负荷、 深度调峰和宽负荷高效调节能力，同时需具备安全可靠启停调峰能力。 ➢ 多地发布高温预警，迎峰度夏开启有望提振用电需求，煤价跌至 618 元 /吨。4 月，国家能源局曾预计今年度夏期间，全国用电负荷将快速增长， 最高负荷同比增长约 1 亿千瓦，电力保供面临着一定压力。综合研判， 迎峰度夏期间，全国电力供应总体有保障，局部地区高峰时段可能）在 电力供应紧张的情况。本周，多地地表温度超过 60℃，高温范围持续扩 大。今年 1-4 月全社会用电量 31566 亿千瓦时，同比增长 3.1%，整体 用电需求偏弱。进入迎峰度夏，高温天气或催化用电需求提升。成本端 煤价持续下跌，本周北港动煤 5500K 跌至 6 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The lithium battery sector is highlighted by the recent research achievements of CATL, which published findings on lithium metal batteries in the journal Nature, indicating advancements in battery technology [10] - The photovoltaic sector is experiencing a decline in domestic module production, with expectations of production falling below 45GW in June, driven by weak terminal demand [18] - The offshore wind sector is poised for performance realization in Q2 2025, with significant project progress in China and the UK [26] - The energy storage sector has seen a historic low in the average price of 2-hour storage systems, with the National Energy Administration initiating trials for new power systems [32] - The power equipment sector is advancing with the establishment of the first flexible direct current converter station in Guangzhou, indicating accelerated construction of major energy projects [40] Summary by Sections 1. Lithium Battery and Electric Vehicle Sector - CATL's lithium metal battery research has achieved a cycle life of 483 cycles, doubling that of previous products, with energy density potential exceeding 500Wh/kg [10] - Solid-state battery equipment was showcased at the 2025 European Battery Exhibition, indicating a shift towards advanced battery technologies [11] 2. Photovoltaic Sector - Domestic module production is expected to decline, with a focus on the upcoming SNEC exhibition for new product releases [18] - The supply chain for silicon wafers, battery cells, and auxiliary materials is adjusting downward due to reduced production [19] - The price dynamics of photovoltaic components are mixed, with some prices decreasing due to weak demand [20] 3. Wind Power Sector - Significant progress in offshore wind projects in China, with major installations expected to contribute to Q2 2025 performance [26] - The UK is set to launch its seventh round of Contracts for Difference (CfD) for offshore wind, with over 8.5GW of projects qualifying [27] 4. Energy Storage Sector - The total scale of energy storage bidding reached 6.57GW/20.2GWh in May, with the average price of 2-hour storage systems dropping to 0.55 yuan/Wh [32] - The National Energy Administration's new power system trials are expected to accelerate the development of virtual power plants and collaborative energy solutions [34] 5. Power Equipment Sector - The establishment of Guangzhou's first flexible direct current converter station marks a significant step in the construction of the "藏粤直流" project [40] - The results of the first joint procurement of 10kV transformers in North China were announced, with a total bid amount of 262 million yuan [41] 6. Industrial Control and Robotics Sector - ABB's acquisition of Bel Products signifies strategic expansion in the electrical enclosure market [49] - The domestic company SimiTech secured a 36 million yuan order for RV reducers, indicating growth in high-end component manufacturing [50] 7. Hydrogen Energy Sector - China's hydrogen energy development is transitioning into a new phase, with the Sichuan province releasing a long-term development plan [55] - Jiangsu Yancheng has proposed an orderly development of green fuels, with 12 new hydrogen companies established in May 2025 [56]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The construction of a new power system is expected to alleviate renewable energy consumption issues, with pilot projects focusing on seven key areas including power and computing collaboration and coal power transformation [2][11] - The summer peak demand is anticipated to boost electricity consumption, with coal prices dropping to 618 RMB/ton, enhancing profitability for thermal power generation [3][12] Summary by Sections Industry Outlook - The National Energy Administration has initiated pilot projects for a new power system, emphasizing collaboration between computing and electricity, large-scale renewable energy delivery, and next-generation coal power [2][11] - High-temperature warnings have been issued in multiple regions, indicating a potential increase in electricity demand during the summer peak, with a projected maximum load increase of approximately 100 million kilowatts year-on-year [3][12] Market Performance - The Shanghai Composite Index closed at 3385.36 points, up 1.13%, while the CSI 300 Index closed at 3873.98 points, up 0.88%. The CITIC Power and Utilities Index fell by 0.12%, underperforming the CSI 300 by 1.00 percentage points [58][59] Key Companies and Recommendations - Recommended stocks include Huadian International, Huaneng International, Datang Power, and JianTou Energy for thermal power, as well as Qingda Environmental Protection for coal power transformation equipment [3][8] - In the renewable energy sector, focus on undervalued green power operators, particularly in Hong Kong, such as Xintian Green Energy and Longyuan Power [3][8]

Group 1 - The core focus of Kelu Electronics is on the power industry, particularly in the areas of electricity consumption, distribution, and energy storage, leveraging advanced measurement and intelligent measurement technologies to enhance data value and support industrial upgrades [2][3] - Kelu Electronics showcased innovative products at the 2025 China International Metrology Testing Technology and Equipment Expo, including high-precision standard meters and intelligent terminal solutions, emphasizing technological breakthroughs in performance and measurement techniques [1][2] - The company has developed a complete technology chain for high-precision measurement, focusing on smart detection and digital measurement, and has introduced a range of new products to meet the demands of the new power system [3] Group 2 - Kelu Electronics has a leading market share in China and is well-positioned to meet energy upgrade needs in overseas markets, including Europe, America, and Asia [2] - The company’s new generation of flexible calibration assembly line won the "Product Innovation Award" at the expo, highlighting its industry-leading intelligent level and application value [2] - Kelu Electronics aims to become a world-class energy service provider, focusing on the development of smart grids and energy storage solutions to support the construction of new power systems [3]

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Hydropower, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][4]. Core Insights - The new power system pilot projects have been initiated by the National Energy Administration, focusing on seven key areas including grid technology and virtual power plants [3][37]. - Gansu's new energy installed capacity has surpassed 70 million kilowatts, with a year-on-year growth of 25.25%, solidifying its position in the energy sector [2][26]. - The electricity market is entering a peak usage season in June, with expectations for improved performance in thermal power due to low coal prices [19][3]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower saw declines of 0.57% and 1.85%, respectively [13][1]. Gansu New Energy Update - As of the end of May 2025, Gansu's total installed capacity reached 70.62 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The National Energy Administration has launched pilot projects focusing on innovative power system technologies, including smart microgrids and high-proportion renewable energy dispatch [3][37]. - The pilot projects aim to enhance grid stability and improve the integration of renewable energy sources [3][37]. Investment Recommendations - Companies to focus on include Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Power and Chuan Investment Energy for hydropower [19][3]. - The report suggests monitoring companies involved in green electricity projects, as their returns are expected to be safeguarded under new regulations [19][3].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, highlighting the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to address local production gaps and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a reported 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].