Core Viewpoint - The successful completion of the refined load management transformation by Jiuquan Nandu Power Supply Co., Ltd. marks a significant step towards the new power system transition in the Jiuquan region, injecting new momentum into the local electricity transformation [1][3]. Industry Summary - The traditional power system is undergoing a transformation towards a new power system, with profound changes in power structure, load characteristics, balancing modes, and market environments [3]. - The importance of load resources in ensuring the safety of the power system and maintaining the balance of electricity supply and demand is increasingly prominent [3]. - The dual randomness and volatility of both supply and demand sides have increased significantly, posing severe challenges to power supply security [3]. Company Summary - Jiuquan Nandu Power Supply Co., Ltd. has integrated load resource management and refined energy services based on user-side load data and industry characteristics, providing users with key indicators such as energy usage reports, abnormal electricity usage, electricity trend forecasts, power factors, and time-of-use pricing [3]. - The company aims to enhance load management through more accurate load forecasting, smarter resource scheduling, and more efficient demand response, promoting the coordinated development of "source-network-load-storage" [3]. - The ongoing efforts in refined load management are expected to contribute significantly to achieving the "dual carbon" goals by accelerating the construction of a clean, low-carbon, safe, and efficient modern energy system [3].

Group 1: Coal Supply and Production - Inner Mongolia focuses on high-standard construction of coal supply bases, optimizing coal mining layout and implementing immediate review processes for coal mine resumption, aiming to stabilize coal production capacity at over 1.2 billion tons per year [1] - In the first half of the year, coal production reached 640 million tons, a growth of 0.7%, with approximately 60% of the coal transported to major consumption areas in Northeast, North, and East China [1] Group 2: Electricity Supply and Green Energy - Inner Mongolia accelerates the construction of existing power projects, controls non-scheduled maintenance, and promotes full output of operational units, while implementing 12 measures to optimize long-term electricity trading rules [2] - In the first half of the year, the total installed power capacity reached 270 million kilowatts, with a generation of 4,167 billion kilowatt-hours, an increase of 4.7%, and electricity exports of 1,656 billion kilowatt-hours, a growth of 7.7%, accounting for over one-sixth of the national cross-regional electricity exports [2] - The proportion of green electricity in total exports reached 29.6%, an increase of 9 percentage points compared to the same period last year [2] Group 3: Oil and Gas Supply - Inner Mongolia enhances oil and gas supply capabilities by coordinating with major companies to increase exploration and development efforts, focusing on unconventional resources like coalbed methane [3] - In the first half of the year, crude oil production was 1.657 million tons, a growth of 2.9%, while natural gas production remained stable at 16.88 billion cubic meters, and coalbed methane production increased by 30.4% to 263.5 million cubic meters [3] - Over 60% of natural gas production is supplied externally, effectively meeting the demand for gas in the region and the Beijing-Tianjin-Hebei area [3] Group 4: Infrastructure Development - Inner Mongolia is advancing the construction of a robust and flexible power grid to accommodate a high proportion of renewable energy, with the approval of a new high-voltage electricity export channel [3] - In the first half of the year, ten new 500 kV projects and five intelligent substations of 110 kV and above were put into operation, enhancing the clean energy transmission capacity [3]

新型储能是构建新型电力系统的"刚需"，当前仍面临"成本高、寿命短、场景适配性差、安全隐忧"四大痛点。《方案》针对这些痛点，明确要求"以技术突 破驱动规模化应用"，重点聚焦长时储能技术，解决风光电"间歇性"难题，将长时储能≥8小时技术列为攻关重点，涵盖新型液流电池、压缩空气储能、重力 储能等;高安全性技术，破解"储能起火"焦虑，要求构建全生命周期安全管理体系，推动本质安全材料、智能监测与预警技术、高效灭火与隔离技术等发展; 智能化与数宇化技术，提升系统效率，推动储能与新能源、电网、负荷深度协同，需突破数字孪生技术、AI调度算法、源网荷储一体化控制技术等;资源循 环利用技术，降低全周期成本，随着早期储能电池逐步退役，强调完善电池回收利用体系，重点发展梯次利用技术、高效拆解与再生技术、材料再生工艺等 方面。 智通财经APP获悉，华金证券发布研报称，近日新型储能专项方案和消纳新政落地，明确要求"以技术突破驱动规模化应用"，破解新型储能发展痛点。创新 多场景应用模式，聚焦工业园区、算力设施等场景，释放新型储能多元价值。此外，AI技术大规模应用背景下，大规模储能等不间断电源备电系统已成为 保障零碳数据中心电力供应的"新刚 ...

Core Viewpoint - The company held a performance briefing for the first half of 2025, addressing various operational and business planning questions from investors, highlighting its strategies in response to market conditions and regulatory policies [1] Policy Impact and Business Data Interpretation - The company confirmed that the high energy consumption policies in Shanxi province have not adversely affected its electricity consumption, with a 7.09% year-on-year increase in total electricity usage in the province from January to August [2] - The company's electricity generation decreased by 13.02% year-on-year, while heating supply increased by 6.95%, attributed to increased renewable energy capacity and operational adjustments [2] New Energy Business Layout - The company is actively adapting to new energy system requirements, having already initiated fire power storage projects and considering virtual power plant operations in the future [3] Market Value Management and Resource Integration - The company emphasizes market value management through operational efficiency, investor relations, and improved information disclosure, while also focusing on integrating high-quality power resources within the group [4] Other Business Issues - The company plans to increase R&D investment in 2025, focusing on technology innovation for coal power units [5] - The company is participating in the electricity spot market, with significant price fluctuations, and has optimized its peak-shaving units to enhance profitability [5] - The company has established mechanisms for the recovery of accounts receivable, primarily from national subsidies, and is expanding its solar projects, which are expected to contribute significantly to annual electricity generation [5]

Core Insights - The provincial government emphasizes the importance of energy security and the transition to a green, low-carbon economy, aiming to ensure stable electricity supply for modern provincial development [1][2] Group 1: Energy Security and Supply - The provincial government highlights that energy and electricity are fundamental for the stable operation of the economy and society [2] - The State Grid Shandong Electric Power Company is recognized for its efforts in ensuring grid safety and stable electricity supply, contributing positively to the province's economic and social development [2] - There is a call for the company to enhance its supply assurance and service quality while taking on greater responsibility in promoting green and high-quality development [2] Group 2: Green and Low-Carbon Transition - The government urges the acceleration of the green and low-carbon transformation of energy, fostering strategic emerging industries in the electricity sector [2] - There is a focus on optimizing the business environment for electricity, improving the "access to electricity" service level, and ensuring that various electricity-related policies benefit enterprises effectively [2] Group 3: Infrastructure and Safety - The government stresses the importance of improving electricity infrastructure, including the enhancement of rural power networks and urban non-grid supply facilities [2] - There is a directive to strengthen safety in electricity production and to analyze the balance of electricity supply and demand, ensuring the safety of grid operations [2] - The government plans to elevate grid planning standards and develop the "14th Five-Year Plan," coordinating the development of power sources, new energy, and conventional power [2]

Core Viewpoint - The construction of the Zang-Guangdong DC project marks the initiation of the world's strongest flexible DC transmission project, which will deliver over 43 billion kilowatt-hours of clean energy annually to the Guangdong-Hong Kong-Macao Greater Bay Area after its full operation in 2029 [2][3]. Group 1: Project Overview - The Zang-Guangdong DC project is a key cross-province transmission project under China's 14th Five-Year Plan, with a total length of approximately 2,681 kilometers and a transmission capacity of 10 million kilowatts [2][3]. - The project is expected to replace approximately 12 million tons of standard coal consumption and reduce carbon dioxide emissions by about 33 million tons annually [2][3]. Group 2: Investment and Economic Impact - The total investment for the Zang-Guangdong DC project is approximately 53.2 billion yuan, with an additional investment of over 150 billion yuan for the supporting "water-wind-solar integrated" power generation base [3]. - The project is anticipated to create over 100,000 direct jobs during peak construction, significantly promoting the economic and social development of Tibet [3]. Group 3: Technological Challenges and Innovations - The project faces significant challenges, including the development of new technologies for ultra-high altitude DC transmission and the integration of 20 million kilowatts of renewable energy into a weak grid [4][5]. - The project aims to establish a new model for energy production and consumption, contributing to China's dual carbon goals through high-level technological self-reliance and innovation [4][5]. Group 4: Collaborative Efforts - The Zang-Guangdong DC project is a collaboration between China Southern Power Grid Co., Ltd. and State Grid Corporation of China, marking another significant clean energy transmission project following previous successful collaborations [5]. - The project will leverage advanced technologies and equipment, including high-power semiconductor devices and digital twin technology, to enhance operational efficiency and reduce maintenance needs in remote areas [5].

Core Insights - The report highlights the increasing demand for flexible resources in the power system due to the growing scale of new energy installations, with coal-fired power plants enhancing their regulation capabilities through energy storage systems [1][3] - The report indicates that coal-fired power plants with energy storage only account for 1.9% of the new energy storage installed capacity in 2024, with a cumulative installed capacity of 1.4 million kilowatts [1][3] - The report emphasizes the high utilization rate of coal-fired power plants with energy storage, with an average annual equivalent charge and discharge frequency of 897 times in 2024, which is a decrease of approximately 118 times from 2023 [1][3] Industry Overview - Background: Coal-fired power has been dominant in China's power sector, with an installed capacity of 1.487 billion kilowatts, accounting for 40.5% as of July 2025. The sector faces pressure for low-carbon transformation while ensuring energy security [3] - Market Status: New energy storage is rapidly developing, with an installed capacity exceeding 70 million kilowatts in 2024, reaching a total of 73.76 million kilowatts by the end of the year [3] - Installed Capacity: The report notes that the installed capacity of coal-fired power plants with energy storage is limited, with only 1.9% of the new energy storage capacity attributed to this segment [1][3] Project Developments - As of the end of 2024, there are 34 coal-fired power plants with energy storage that have been operational for over a year, with capacities ranging from 5 MW to 100 MW. Several projects are set to be implemented in 2025, including various frequency regulation storage projects [4][1] Policy Support - The report outlines that the government has been actively promoting the development of new energy storage as a crucial technology for achieving carbon neutrality goals. Policies have been established to encourage the integration of energy storage with coal-fired power plants [7][8]

Group 1 - The core viewpoint of the article highlights the positive performance of various indices related to new energy and carbon neutrality, indicating a growing interest and investment in these sectors [1]. - The China Securities Index for new energy rose by 1.6%, while the Shanghai Carbon Neutrality Index increased by 1.4%, the National New Energy Battery Index by 1.2%, and the Photovoltaic Industry Index by 0.4% [1]. - The Energy Storage Battery ETF (159566) saw a net subscription of 61 million units throughout the day, reflecting strong investor interest [1]. Group 2 - According to Guosen Securities, the domestic energy storage system bidding capacity reached 47.2 GWh in August, showing rapid growth both year-on-year and month-on-month [1]. - The high order demand for domestic energy storage systems this year indicates a strong need for energy storage in the construction of new power systems, laying a foundation for stable development in the domestic energy storage market over the next two years [1].

Core Insights - Shandong's power grid has faced extreme challenges this summer, with electricity load reaching a record high of 130.21 million kilowatts, reflecting the broader national trend of increasing electricity demand due to high temperatures [1][2] Group 1: Power Supply and Demand Management - The "three pillars" of power supply in Shandong—new energy, external electricity, and conventional power—have effectively collaborated to manage the peak load of 130 million kilowatts [2][5] - Shandong's new energy output and grid load have both reached new highs, with external electricity imports exceeding 30 million kilowatts for the first time, marking a 24% year-on-year increase [2][4] - The implementation of a "double zero" management strategy for thermal power units has expanded to 600,000 kilowatts, ensuring reliable power supply during peak times [5] Group 2: Infrastructure and Technological Advancements - The construction of a world-class UHV (Ultra High Voltage) grid has been accelerated, with the completion of the first "wind-solar-fire-storage integrated" UHV project in the country [6][7] - The accuracy of load forecasting reached 99.4%, and new energy forecasting accuracy was 98.4%, both showing a year-on-year improvement of 1.5 percentage points [6] - The use of advanced technologies, such as drones for inspections and intelligent predictive models, has enhanced the reliability and responsiveness of the power grid [6] Group 3: Innovative Energy Solutions - New energy storage systems and virtual power plants have played a crucial role in balancing supply and demand, with Shandong establishing 33 virtual power plants with a total capacity of 4.682 million kilowatts [10][11] - During peak demand, 144 new energy storage stations discharged a maximum power of 8.0359 million kilowatts, setting a new record for provincial grid energy storage discharge [11] - The integration of electric vehicles as "mobile power banks" through charging stations has further contributed to the flexibility of the energy supply [11] Group 4: Future Developments - The establishment of the Shandong New Power System Research Center marks a new phase in the development of innovative power systems, aiming to create more national-leading examples of new power system construction [12]

Core Insights - Gansu Province has seen a significant increase in new energy installations, surpassing 10 million kilowatts, reaching 10.2664 million kilowatts as of August [1] - The province's energy resources are abundant, with wind energy potential at 560 million kilowatts and solar energy potential at 9.5 billion kilowatts, ranking fourth and fifth nationally respectively [1] Energy Development - Wind power accounts for 5.5454 million kilowatts, solar power for 4.703 million kilowatts, and biomass power for 0.018 million kilowatts of the new installations [1] - As of August, the total installed capacity in Gansu Province is 115 million kilowatts, representing a year-on-year growth of 21.8% [1] - New energy installations reached 74.6323 million kilowatts, with a year-on-year increase of 25.51%, making up 65.17% of the total installed capacity [1] Energy Generation - New energy generation reached 66.035 billion kilowatt-hours, showing a year-on-year growth of 16.42% [1] - The share of new energy generation in the total energy output is 39.64%, an increase of 2.58 percentage points year-on-year [1] Infrastructure Development - Gansu is actively promoting the construction of a new power system and energy framework, accelerating the development of external power transmission channels [1] - The province has established two ultra-high voltage direct current lines and is progressing with the construction of additional transmission projects [1] - Gansu has created the first officially operating high-proportion new energy provincial spot market in the country and the first power spot market in the Northwest region [1]