Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven key directions to enhance the integration and consumption capacity of renewable energy [3][19][20] - Zhejiang Province has released a demand-side management plan for summer peak electricity demand in 2025, aiming to reduce peak load by over 1GW through various measures including time-of-use pricing and encouraging user-side energy storage participation [4][27][28] Summary by Sections Market Review - From June 3 to June 6, the gas and water sectors increased by 1.15% and 0.64% respectively, while the environmental and power sectors decreased by 0.07% and 0.60%, with the Shanghai and Shenzhen 300 Index rising by 0.88% during the same period [12][10] Industry Perspectives - The pilot projects for the new power system will explore new technologies and models, addressing bottlenecks in renewable energy development and enhancing the reliability of power supply [3][19][20] - The pilot focuses on seven areas: grid-structured technology, system-friendly renewable power plants, smart microgrids, collaboration between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [19][20][24] Investment Recommendations - The report recommends specific companies within various sectors: - For thermal power: Jiangsu Guoxin is recommended, while Sheneng Co. and Zhejiang Energy Power are given cautious recommendations [4] - For nuclear power: China National Nuclear Power and China General Nuclear Power are cautiously recommended [4] - For hydropower: Changjiang Power is recommended, with cautious recommendations for Huaneng Hydropower and Qianyuan Power [4] - For green energy: Attention is suggested for Three Gorges Energy and Jiangsu New Energy, with cautious recommendations for Longyuan Power and Zhejiang New Energy [4] - For environmental protection: Yongxing Co., Huaguang Huaneng, and Xuedilong are recommended, with cautious recommendations for United Water and attention for Fuzhi Environmental Protection and Dayu Water Saving [4]

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Water Power, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][19]. Core Insights - The new energy installed capacity in Gansu has surpassed 70 million kilowatts, solidifying its dominant position in the province's energy mix, with a year-on-year growth of 25.25% [2][26]. - The National Energy Administration has initiated the first batch of pilot projects for the new power system, focusing on seven key areas including grid technology and virtual power plants [3][37]. - The report suggests that with the onset of the peak electricity consumption season in June and low coal prices, the performance of thermal power companies is expected to improve [3][19]. 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 the electricity sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower decreased by 0.57% and 1.85% respectively [13][19]. Gansu New Energy Capacity - As of the end of May 2025, Gansu's cumulative installed capacity reached 70.6246 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 renewable energy capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The pilot projects will explore new technologies and models for the new power system, focusing on areas such as intelligent microgrids and high-proportion renewable energy delivery [3][37]. - The report emphasizes the importance of these initiatives in enhancing the stability and efficiency of the power supply [3][37]. Investment Recommendations - The report highlights specific companies to watch, including Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Electric Power and Chuan Investment Energy for hydropower [3][19]. - It also notes the potential for growth in companies involved in green electricity projects, particularly those benefiting from the implementation of the 136 document [3][19].

Core Insights - The article emphasizes the importance of grid energy storage as a key infrastructure for building a new power system, focusing on its roles in balancing power supply and demand, stabilizing grid operations, and efficiently integrating renewable energy sources [1][14]. Industry Overview - Grid energy storage refers to systems that store electrical energy through physical or chemical means and release it back to the grid when needed, aiming to balance supply and demand, enhance grid stability, and promote renewable energy consumption [2]. - The technology is categorized by storage principles (mechanical, electrochemical, electromagnetic, thermal) and application duration (short-term, medium-term, long-term) [2][3]. Current Development Status - As of Q1 2025, grid-side energy storage has shown robust growth, with a power scale share of 52.3%, a year-on-year increase of 17 percentage points. New installations reached 2.63 GW/6.48 GWh, reflecting year-on-year growth of 46%/68% [1][14]. - The industry has transitioned from technology exploration to large-scale application over the past three decades, with lithium-ion batteries dominating the market [6][12]. Policy Framework - The Chinese government has integrated carbon peak and carbon neutrality into its ecological civilization strategy, identifying energy storage as a critical technology for supporting high proportions of renewable energy integration [8]. - Policies have been issued to accelerate the development of new energy storage, with targets set for 30 GW of installed capacity by 2025 and a fully market-oriented development by 2030 [8][9]. Competitive Landscape - The grid-side energy storage industry in China has formed a competitive landscape characterized by a tripartite structure of state-owned enterprises, private companies, and technology firms [16]. - Major players include State Grid and Southern Power Grid, which dominate large projects, while battery giants like CATL and BYD control core supply chain segments [16][18]. Future Trends - The industry is expected to see diversification in technology routes, with long-duration storage solutions like flow batteries and compressed air storage gaining traction [22]. - Market-driven models will replace mandatory storage policies, with shared storage and virtual power plants becoming mainstream, enhancing the economic viability of storage projects [23][24].

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [44]. Core Insights - The public utility index has seen a decline of 1.9% over the past two weeks, underperforming the CSI 300 index by 1.0 percentage points, ranking 27th among 31 industries. Year-to-date, the index has decreased by 1.1%, outperforming the CSI 300 index by 0.4 percentage points, ranking 22nd [9][11]. - Among the sub-sectors, three have increased: heating services by 0.4%, photovoltaic power generation by 0.3%, and gas by 0.1%. Conversely, four sub-sectors have decreased: hydropower by 4.4%, thermal power by 1.9%, comprehensive energy services by 0.6%, and wind power by 0.5% [11][14]. - The report highlights significant industry news, including the issuance of 216 million renewable energy green power certificates in April 2025, a 23.94% increase month-on-month, covering 104,300 renewable energy projects [37][39]. Summary by Sections 1. Market Review - As of June 5, the public utility index has decreased by 1.9% in the last two weeks, ranking 27th among 31 industries. Year-to-date, it has decreased by 1.1%, ranking 22nd [9][11]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times. The photovoltaic sector has a P/E ratio of 740.3 times, while thermal power is at 11.9 times [17][18]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) is 560 yuan/ton, down 1.8% from the previous value. The average price of Qinhuangdao port thermal coal (Q5500) is 612 yuan/ton, down 1.4% [29][32]. 4. Key Industry News - The report discusses the promotion of renewable energy and the establishment of a modern electricity business environment, emphasizing the construction of a new power system [40][41]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Xin'ao Co., Ltd. and Huadian International, given the ongoing developments in the gas and thermal power sectors [39][41]. 6. Important Company Announcements - Notable announcements include Xinjiang Li New Energy's agreement with Xinjiang Energy Group and Nanfang Energy's planned investment exceeding 3 billion yuan in 2025 [38].

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 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].

Group 1 - The Ningxia Huadian Pengyang Green Power Park has successfully connected a 20 MW wind power project to the grid, utilizing new mixed tower technology, filling a gap in the local wind power industry [1] - The project is located in Pengyang County, Ningxia, and is expected to generate an annual output of 61.2 million kWh, achieving an annual output value of 18.8 million yuan, and creating over 240 jobs [1] - Pengyang County is accelerating its green low-carbon energy transition, focusing on building a new energy system and modern power system to drive high-quality county development [1] Group 2 - In the distributed photovoltaic project sector, Pengyang County has introduced Ningxia Yuwei Electric Power Co., Ltd. to construct rooftop distributed photovoltaic systems for enterprises in the Wangwa Industrial Park, adopting a self-consumption model [2] - After the project completion, the electricity price for enterprises will be reduced by 0.09 to 0.14 yuan per kWh compared to existing rates, effectively achieving the goal of lowering electricity costs through the green power park [2] - The county plans to continue leveraging clean electricity to empower rural revitalization, support modern industrial development, and accelerate the construction of the green power park [2]

Group 1 - The National Energy Administration of China announced on June 5 the initiation of pilot projects for the construction of a new power system, focusing on seven areas including grid technology and smart microgrids [1] - According to CITIC Securities, global demand for power equipment has entered an upward cycle, driven by strong demand from renewable energy installations, grid upgrades, and data centers [1] - The International Energy Agency predicts that global electricity consumption will continue to grow at an annual rate of nearly 4% until 2027 [1] Group 2 - On the supply side, the global supply-demand balance remains tight, with the average delivery time for large power transformers nearly doubling since 2021, and transformer prices increasing by approximately 75% since 2019 [1] - China, as a major power equipment manufacturing country, has seen a favorable export environment, with power transformer exports exceeding 13 billion yuan from January to April 2025, marking a year-on-year increase of around 50% [1] - Large-capacity transformers are identified as the core source of this growth in exports [1]

Group 1: Economic Reform and Development - The meeting emphasized the construction of a higher-level open economic system as a strategic measure to promote reform and development through openness, focusing on investment, trade, finance, and innovation [2][3] - It was highlighted that the top-level design of the open economic system needs to be improved, with reforms in trade and investment mechanisms, expanding market access, and optimizing the business environment [3] Group 2: Agricultural and Rural Reform - The meeting underscored the importance of modernizing agriculture and rural areas, focusing on the relationship between farmers and land, and addressing development shortcomings in agriculture and rural areas [2][3] - It was noted that the reform should consolidate and improve the basic operating system of rural areas and enhance food security measures [3] Group 3: Energy and Environmental Policies - The transition from energy consumption control to carbon emission control was discussed, with a focus on improving energy efficiency and reducing carbon intensity [4] - The meeting called for a comprehensive reform of the oil and gas market system to enhance national energy security and ensure stable supply [5] - A new type of power system was proposed, emphasizing the gradual reduction of traditional energy reliance while promoting technological and market innovations in the electricity sector [6] Group 4: Education and Research Institutions - The meeting addressed the reform of salary systems in higher education and research institutions, aiming to establish a performance-linked compensation structure that incentivizes innovation and rewards contributions in critical areas [4]

聚焦新型电力系统前沿方向，依托典型项目开展试点 文件中提及，依托典型城市开展多方向综合试点，探索新型电力系统建设新技术、新模式，推动新型电 力系统建设取得突破。坚持重点突破，先期围绕构网型技术、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。 智通财经APP获悉，东方证券发布研报称，国家能源局明确先期围绕构网型技术、虚拟电厂等七大方向 开展试点，推动"电力AIAgent"在智能调度、算电协同等环节落地，相关技术应用有望打开行业成长空 间。建议关注"电力AI Agent"应用环节、AI服务器电源环节、AIDC电力配套环节相关标的。 事件：6月4日，国家能源局能源公开事项:国家能源局关于组织开展新型电力系统建设第一批试点工作 的通知国能发电力〔2025〕53号(文件制发日期2025年5月23日)。 东方证券主要观点如下： "电力AI Agent"应用逐步落地，算电协同、虚拟电厂、电力AI应用等环节有望带来成长 风险提示 新型电力系统建设不及预期、"电力AI Agent"应用落地不及预期、数据中心投建不及预期、数据中心供 电技术路线发生巨大迭代 ...