Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

Core Insights - The Electric Grid Equipment ETF (159326) has seen a narrowing decline of 1.21% as of 14:54 on November 17, with a trading volume of 207 million yuan, indicating strong market interest [1] - The ETF has attracted over 1.5 billion yuan in the last 12 trading days, reaching a total size of over 1.9 billion yuan, marking a record high since its inception and making it the largest electric grid equipment-themed ETF in the market [1] - The National Energy Administration has released guidelines to promote the integrated development of renewable energy, emphasizing the need for a dual network operation of electricity and computing power to support a national integrated computing power network [1] Industry Developments - The "14th Five-Year Plan" suggests accelerating the construction of a new energy system, increasing the proportion of renewable energy supply, and ensuring a safe and orderly replacement of fossil energy [1] - There is a focus on enhancing the resilience and complementarity of the power system, with plans for scientific layout of pumped storage and significant development of new energy storage, as well as accelerating the construction of smart grids and microgrids [1] - The Electric Grid Equipment ETF tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment, with a high weight of 64% in ultra-high voltage [1]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

投运"五交四直一环网"，形成全国最大省域交直流混联电网；提速建设全国首个省域特高压"双环网"， 打造能源输送"坚强骨架"；新能源装机达1.24亿千瓦，领跑省级电网绿色转型……"十四五"期间，国网 山东省电力公司（以下简称"山东电力"）深入践行绿水青山就是金山银山理念，坚定当好新型电力系统 建设主力军，积极推进"外电入鲁"，为山东产业升级、能源转型和经济社会高质量发展注入强劲动力。 "十四五"期间，山东电网发展建设呈现"大规模、高强度"特征，建成投运特高压直流工程1项，新增换 流容量800万千瓦、输电线路141.4千米（含接地极线路）；35千伏及以上工程1043项，新增变电容量 11018.75万千瓦。 面对繁重的电网建设任务，山东电力深入贯彻基建"六精四化"管理思路，在国网系统打造首家基建"六 精四化"创新基地，积极开展"BIM+"技术攻关，自支撑组合大钢模板等一批新技术、新工法在国网系统 推广应用。编制发布国内首套《智慧工地建设规范》，多项工程（成果）获评国家电网公司、中电建 协、中施企协"智慧工地"及优秀案例。 经过多年的发展建设，山东电网500千伏电网形成"六横四纵"环网结构，220千伏变电站实现县域全 ...

李高向活动的举办表示祝贺并指出，中国始终是全球气候治理的积极参与者和重要贡献者。中国提供的 高质量、低成本的清洁能源技术和产品显著降低了全球绿色低碳转型成本。生态环境部愿与各方务实合 作，共建清洁美丽世界，为推动构建人类命运共同体作出贡献。刘振民在致辞中表示，中国以年均 3.4%的能源消费增速，支撑了超过6%的经济增长，成为全球能耗强度降低最快的国家之一。面向未 来，中国将继续坚定不移实施积极应对气候变化国家战略，共同推动全球能源转型和绿色发展。卡梅拉 认为，全球能源转型已从共识走向行动，中国建成全球最大的可再生能源体系，持续加大能源基础建设 投资，提升能源系统数字化、智能化水平，为全球提供了可借鉴的转型样本。季明彬表示，国家电网公 司始终以"赋能美好生活、推动能源革命"为己任，愿与各国同行携手，推动构建清洁低碳、安全高效的 能源体系，为《巴黎协定》目标实现和人类可持续发展贡献更大力量。 原标题："构建新型电力系统 推进绿色低碳转型"主题边会在COP30"中国角"成功举办 11月13日，中国国家电网公司主办的"构建新型电力系统 推进绿色低碳转型"主题边会在COP30"中国 角"成功举办。这是国家电网公司首次在 ...

Core Insights - The 2025 Power Demand Side Management Innovation Conference and Virtual Power Plant Construction Practice Exchange was successfully held in Suzhou, focusing on innovative practices in demand-side management to promote coordinated development of power supply and demand [1][5] - The conference aimed to explore adjustable resources on the demand side of electricity and promote the development of new business entities for virtual power plants, contributing to the construction of a new power system [1][5] Group 1: Key Contributions and Statements - Yu Chongde, Vice Chairman of the China Electricity Council, emphasized the essential role of demand-side management in the construction of a new power system, highlighting the integration of digital technology and electricity technology as a driver for innovation in service concepts and business models [3] - He outlined four key areas for demand-side management: establishing the status of virtual power plants as new market entities, integrating digital and electricity technologies, innovating business models and green value transmission mechanisms, and promoting practical experiences in virtual power plants [3] - Zhu Zhang from the Ministry of Industry and Information Technology noted the importance of demand-side management in achieving the national "dual carbon" strategy, focusing on energy efficiency, digital transformation, and innovative participation mechanisms [4] Group 2: Conference Outcomes and Participation - The conference featured the release of the first batch of research results on adjustable load resources in the industrial sector, along with specialized meetings on virtual power plant innovation and demand-side resource development [5] - Nearly 300 representatives from government departments, power companies, industrial enterprises, research institutions, and industry associations participated in the conference, indicating strong industry engagement [5]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 11 月 16 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 电力市场框架逐步完善 储能招投标数据景气 ——大能源行业 2025 年第 46 周周报（20251116） 投资要点： 电力：市场框架逐步完善，前三季度光伏装机发布 新能源在电力系统中重要性日益凸显，"十五五"统筹规模发展与系统消纳。根据国家能源 局，截至 2025 年 9 月底，我国发电装机 37 亿千瓦，其中新能源装机超 17 亿千瓦，已跃升 为第一大电源，占总装机的 46%。根据电规总院，我国最高用电负荷年均新增仅约 1 亿千瓦， 新能源装机规模与最高用电负荷间的"剪刀差"或将持续拉大，未来十年新能源发展 ...

Core Insights - State Grid Electric Power Research Institute (NARI Group) achieved recognition for 16 technological innovations, which are deemed internationally leading [1][3] Group 1: Event Overview - The appraisal meeting was held simultaneously in Nanjing and Beijing, attended by over 140 experts from various sectors including academia, power generation, and design institutes [3] - The meeting focused on innovations in power system automation, renewable energy integration, energy storage, smart distribution, and digital platforms [3] Group 2: Company Statements - NARI Group's Chairman, Zheng Zongqiang, emphasized the importance of the meeting in responding to the strategic deployment of the State Grid Corporation and highlighted the challenges faced in the new power system [3] - Zheng expressed the need to explore advancements in power electronics and AI technologies to support the development of a new power system [3] - Xu Haiqing, Deputy Director of the State Grid Corporation's Science and Technology Department, noted the enhanced strategic positioning of NARI Group and the expectation for continued innovation [3] Group 3: Achievements and Future Plans - NARI Group has established a comprehensive innovation framework and formed seven dedicated research teams to tackle long-term challenges [4] - The company has received 123 provincial and ministerial-level science and technology awards and has filed 197 new invention patents this year [4] - Future plans include focusing on core technologies in the energy internet sector and supporting the goal of achieving 3.6 billion kilowatts of green installed capacity by 2035 [5] Group 4: Technological Innovations - The 16 innovations presented include technologies for oscillation suppression in power systems, emergency control for high-proportion renewable energy grids, and advanced protection technologies for transformers [6] - Other notable innovations involve AI-enabled flexible interaction technologies for high-penetration renewable energy areas and integrated hydrogen production technologies [6]

李高在致辞中指出，中国始终是全球气候治理的积极参与者和重要贡献者。中国提供的高质量、低成本 的清洁能源技术和产品显著降低了全球绿色低碳转型成本。生态环境部愿与各方务实合作，共建清洁美 丽世界，为推动构建人类命运共同体作出贡献。 COP30中国代表团团长李高、中国气候变化事务特使刘振民，国家电网公司副总经理季明彬在活动中致 辞，国际可再生能源署（IRENA）总干事卡梅拉致辞并作主旨演讲，中国工程院院士舒印彪，巴西国 家电力监管局主席桑多瓦尔·费托萨，国家电网公司一级顾问欧阳昌裕通过现场或视频方式作主旨演 讲。 刘振民在致辞中表示，中国以年均3.4%的能源消费增速，支撑了超过6%的经济增长，成为全球能耗强 度降低最快的国家之一。面向未来，中国将继续坚定不移实施积极应对气候变化国家战略，共同推动全 球能源转型和绿色发展。 卡梅拉认为，全球能源转型已从共识走向行动，中国建成全球最大的可再生能源体系，持续加大能源基 础建设投资，提升能源系统数字化、智能化水平，为全球提供了可借鉴的转型样本。 季明彬表示，国家电网公司始终以"赋能美好生活、推动能源革命"为己任，愿与各国同行携手，推动构 建清洁低碳、安全高效的能源体系，为《 ...

Summary of Conference Call Records Industry Overview - The new power system is witnessing a decline in domestic thermal power proportion, with an increase in independent energy storage demand. The overseas energy storage market, particularly in Southeast Asia, Australia, and Europe, shows promising prospects. In the U.S., the utilization hours of energy storage in AI data centers are expected to increase, potentially driving storage products to evolve towards 6-8 hours [1][2]. Key Insights and Arguments - **Energy Storage Demand**: The demand for energy storage is expected to exceed expectations, with growth rates revised from approximately 15% to over 20%, potentially nearing 30%. This is primarily driven by energy storage needs, which may lead to a continued shortage of battery cells and a tight supply-demand situation lasting until mid-next year [1][4]. - **Price Increases in Battery Materials**: Key battery upstream materials such as lithium hexafluorophosphate, VC additives, iron lithium, and needle coke are entering a price increase cycle. Manufacturers of aluminum foil, separators, and copper foil are also considering price hikes, indicating a broader trend in material costs [1][5]. - **Integration of New Energy Development**: The development path for new energy includes integration with traditional and emerging industries, such as coal, oil and gas development, computing power, and hydrogen production. Concepts like zero-carbon factories, zero-carbon parks, and virtual power plants are also highlighted as important supplements to new energy demand [1][6]. - **Photovoltaic and Wind Power Industry**: The photovoltaic industry is advised to pay attention to policy changes, while the wind power sector should focus on offshore wind, particularly deep-sea wind-related segments, which are expected to develop significantly under policy support [1][7]. Noteworthy Companies - In the energy storage integrated products and battery cell sectors, companies such as Sungrow Power Supply, HIBOR, Canadian Solar, CATL, EVE Energy, and Xinwangda are recommended for continued observation. Additionally, companies involved in non-electric utilization pathways, such as China Tianying, China Shipbuilding Technology, and Shuangliang Eco-Energy, are also highlighted [2][3][8]. Additional Important Insights - **Chemical Industry Upstream**: The chemical industry is seeing growth in upstream materials like iron phosphate and sulfur. The phosphate market is expected to remain tight due to insufficient new mining projects, while sulfur prices have surged due to increased demand from the energy sector [9][10]. - **Lithium Carbonate Market Dynamics**: The price of lithium carbonate has risen significantly, with expectations of further increases due to improved storage demand. The overall growth of power batteries is projected to reach 10-15% next year [19][20]. - **Future Supply and Demand for Lithium**: The supply-demand balance for lithium is expected to remain tight, with risks of shortages increasing in the coming years due to limited new projects and rising demand from downstream sectors [20][21]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state and future outlook of the energy storage and related industries.