人民财讯8月25日电，贵州省发展和改革委员会公开征求《贵州省关于深化新能源上网电价市场化改革 实施方案(试行)》意见，其中提出，集中式光伏、集中式风电、分布式光伏、分散式风电等所有风电、 太阳能发电项目，上网电量全部进入电力市场，上网电价通过市场交易形成。参与跨省跨区交易的新能 源电量，上网电价和交易机制按照国家跨省跨区送电相关政策执行。 ...

（文章来源：第一财经） 贵州省发展和改革委员会就《贵州省关于深化新能源上网电价市场化改革实施方案（试行）》公开征求 意见。其中提到，集中式光伏、集中式风电、分布式光伏、分散式风电等所有风电、太阳能发电项目， 上网电量全部进入电力市场，上网电价通过市场交易形成。参与跨省跨区交易的新能源电量，上网电价 和交易机制按照国家跨省跨区送电相关政策执行。 ...

Core Viewpoint - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. is undergoing significant asset restructuring, planning to exit the maglev and bridge component business while acquiring a 60% stake in Sichuan Shudao Clean Energy Group, focusing on the clean energy power generation sector. Company Overview and Financial Indicators - The company reported a revenue of approximately 704.20 million yuan, a decrease of 37.53% compared to the previous year [2] - The net profit attributable to shareholders was approximately -67.71 million yuan, an improvement of 62.91% year-on-year [2] - The total assets at the end of the reporting period were approximately 14.15 billion yuan, down 4.95% from the previous year [2] Industry Analysis - The rail transit equipment industry has high entry barriers and fewer competitors, making it a key focus for national infrastructure investment [3] - As of June 30, 2025, there were 58 cities in mainland China operating urban rail transit lines totaling 12,381.48 kilometers, with an increase of 220.70 kilometers in the first half of 2025 compared to 194.06 kilometers in the same period last year [3] - The bridge component industry is closely related to railway and highway construction, which is significantly influenced by national fixed asset investment policies [3] Business Introduction - The company's rail transit business primarily focuses on urban rail vehicle manufacturing and repair, mainly serving the Chengdu market [3] - The bridge component business is implemented by a wholly-owned subsidiary, producing essential components such as bridge bearings and expansion devices [3] Product Overview - The rail transit products include subway vehicles, modern trams, and embedded medium-low speed maglev systems [4][5] - The bridge component products consist of bridge bearings, expansion devices, and prestressed anchorage devices [6][10] Competitive Advantages - The company has established strong technical cooperation with leading research institutions, enhancing its product development capabilities [12] - It has a well-recognized brand in the bridge component industry, having received numerous awards and certifications [14] - The company maintains a robust quality control system, ensuring high product quality and stability [14] Future Outlook - The company aims to enhance its research and development capabilities in rail transit products to improve market competitiveness [12] - The clean energy sector is expected to grow, with the company positioning itself to capitalize on this trend through its acquisition of a stake in Sichuan Shudao Clean Energy Group [3]

Core Viewpoint - The company is advancing its "new energy equipment manufacturing + zero-carbon industrial development" dual-driven strategy, focusing on strategic transformation and global expansion despite a decline in revenue and profit in the first half of 2025 [2] Financial Performance - In the first half of 2025, the company reported revenue of 2.19 billion, a year-on-year decrease of 3.1%, and a net profit attributable to shareholders of 51.83 million, down 77.8% year-on-year [2] - Revenue breakdown includes: 210 million from marine engineering, 810 million from tower manufacturing, 360 million from blade production, and 690 million from power generation [2] Marine Engineering Projects - The company expects to complete the delivery of several marine engineering projects, including the Three Gorges Qingzhou 5 and 7, and CGN Fan Stone 1, by the third quarter [3] - Future domestic market expansion will focus on Jiangsu and Guangdong, while international efforts will leverage the German base to target the European market for large monopile foundations [3][4] Offshore Base Operations - The offshore base in Sheyang will primarily focus on large monopiles, with ship segmenting as a secondary activity, targeting projects in Jiangsu and Shandong [4] - The actual production capacity of offshore bases is typically 70%-80% of nominal capacity, influenced by the construction rhythm of marine projects [3] Land-based Tower and Zero-carbon Business - The land-based tower business experienced a significant decline in gross margin due to lower capacity utilization and high fixed costs, leading to a strategic contraction starting in 2024 [5] - The company has made substantial progress in green certificate trading and aims to continue developing its zero-carbon business [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with wind power prices stabilizing [6] - The company reported a revenue of 8.57 billion USD (61 billion RMB) in H1 2025, a year-on-year decline of 12.8%, and a net profit attributable to shareholders of 1.64 billion USD (11.68 billion RMB), down 10.9% year-on-year [8] - The decline in performance is attributed to the Korean and Chinese photovoltaic projects, while wind power profits remained stable [8] - The company has reduced capital expenditures, with only 110,000 kW of new photovoltaic installations in H1 2025, reflecting a strategy to pursue high-quality development [8] - The introduction of a price difference settlement mechanism is expected to stabilize revenue expectations and lead the industry into a healthier development cycle [8] Financial Summary - Revenue projections for 2025-2027 are adjusted to 13.398 billion RMB, 13.562 billion RMB, and 13.775 billion RMB respectively, with corresponding net profit estimates of 1.598 billion RMB, 1.690 billion RMB, and 1.806 billion RMB [7][8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are projected at 5.9, 5.6, and 5.3 respectively, with dividend yields of 4.2%, 4.4%, and 4.8% based on a 25% payout ratio [8]

Industry News - China's monthly electricity consumption has surpassed 1 trillion kilowatt-hours for the first time, reaching 1.0226 trillion kilowatt-hours in July, a year-on-year increase of 8.6% [4][4] - In July, the electricity consumption by different sectors was as follows: primary industry at 17 billion kilowatt-hours (up 20.2%), secondary industry at 593.6 billion kilowatt-hours (up 4.7%), tertiary industry at 208.1 billion kilowatt-hours (up 10.7%), and urban and rural residential electricity consumption at 203.9 billion kilowatt-hours (up 18.0%) [4][4] - In the first seven months, China's railway transported 1.196 billion tons of coal, including 816 million tons of electricity coal, contributing to a high level of coal storage for power plants [4] Company News - China Petroleum & Chemical Corporation announced the discovery of a new large shale gas field with proven reserves of 165.025 billion cubic meters, which has been approved by the Ministry of Natural Resources [5] - China Shenhua Energy's subsidiary received approval for the expansion of the Guoneng Wanzhou Power Plant, which involves an investment of 6.655 billion yuan to build two 1 million kilowatt ultra-supercritical coal-fired generating units [7] - Longyuan Power Group reported a decline in revenue for the first half of the year, with total revenue of 15.657 billion yuan, down 18.61% year-on-year, and net profit attributable to shareholders of 3.375 billion yuan, down 13.79% [7] - China XD Electric Co., Ltd. reported a 30.08% increase in net profit for the first half of the year, reaching 598 million yuan, with total revenue of 11.331 billion yuan, up 8.91% [8] Local News - Shanxi Province has released a draft for the implementation plan of the market-oriented reform of renewable energy grid prices, focusing on both existing and new renewable energy projects [9] - Jiangsu Province has expanded the scope of "time-of-use electricity pricing" to include most commercial electricity users, significantly reducing electricity costs during off-peak hours [9] International News - Former President Trump reiterated that the U.S. will not approve solar or wind projects, stating that the era of approving such projects has ended [10] - Russia's First Deputy Prime Minister indicated the potential for exporting liquefied natural gas to India, alongside ongoing oil and coal supplies [10]

Core Viewpoint - The article discusses the implementation of a market-oriented pricing mechanism for renewable energy in Shanxi Province, aimed at promoting high-quality development of the renewable energy sector and enhancing market efficiency [22][23]. Group 1: Reform Measures - The plan encourages all renewable energy projects (wind and solar) to participate in market transactions, with a focus on "reporting quantity and pricing" to form grid connection prices [26]. - A sustainable pricing settlement mechanism for renewable energy is established, where the difference between market transaction prices and the mechanism price will be settled by grid companies [27]. - The mechanism pricing for existing projects will be linked to the current coal-fired power benchmark price, set at 0.332 yuan/kWh (including tax) [7][29]. Group 2: Mechanism Pricing and Quantity - For existing projects, the mechanism quantity will be determined based on the proportion of non-market electricity from July 2022 to May 2025 [5][28]. - New projects starting from June 1, 2025, will have their mechanism quantity determined through competitive bidding, with the total annual mechanism quantity calculated based on expected production scale and reasonable utilization hours [11][12][15]. - The mechanism price for new projects will be determined through competitive bidding, with a price ceiling set at 0.332 yuan/kWh and a floor at 0.199 yuan/kWh [15][29]. Group 3: Execution Period and Lifecycle - The mechanism price will take effect from January 1, 2026, and will be determined based on the remaining lifecycle utilization hours of the projects [8][63]. - The reasonable utilization hours for wind projects are set at 36,000 hours, while solar projects vary between 22,000 to 26,000 hours depending on the resource zone [9][24]. Group 4: Competitive Bidding and Constraints - Competitive bidding for new projects will be organized annually, with a requirement that the total declared mechanism quantity must be at least 1.2 times the approved total scale to ensure effective competition [20][31]. - Projects that do not meet the declared production date will have their mechanism quantity automatically invalidated prior to actual production [19][32]. Group 5: Supporting Measures - The article outlines various supporting measures, including the establishment of a price monitoring system for the electricity market and the optimization of trading mechanisms for renewable energy [35][45]. - It emphasizes the need for a comprehensive approach to ensure that renewable energy can participate fairly in the electricity market, including adjustments to auxiliary service market mechanisms [40][42].

8月7日，山东省发改委、国家能源局山东监管办公室、山东省能源局联合印发《山东省新能源上网电价 市场化改革实施方案》(以下简称《方案》)，标志着《关于深化新能源上网电价市场化改革促进新能源 高质量发展的通知》在山东正式落地。 《方案》按要求分类施策。对存量项目，以每千瓦时0.3949元(含税)燃煤基准价兜底，确保改革对存量 项目收益不造成较大影响。对增量新能源项目，通过价格竞争方式确定机制电价与单个项目机制电量， 引导新能源企业充分竞争，降低全社会用能成本。 山东是改革前全国仅有的两个允许现货市场出现负价的省份之一。2025年"五一"假期期间，省内负荷低 迷叠加日间新能源大发，实时与日前市场分别出现46小时与50小时的负电价。面对愈演愈烈的负电价争 议以及可能因负电价增加机制差价结算费用的压力，山东敢于正视负电价背后供过于求的真正问题，坚 持通过市场化方式提高系统消纳率。改革保留了负电价，激励用户主动改变用电习惯削峰填谷，从"按 需用电"转为"按价用电"。同时，负的价格下限，足以抵消省内新能源电量送至全国任一省份的输配电 价与网损费用，甚至从山东返送至西北地区，仍具备经济性。 山东是东部沿海地区新能源装机规模率 ...

中国能源新闻网记者 杜敏 近日，新能源大省山东连续出台多项政策文件，落实国家发展改革委、国家能源局《关于深化新能源上 网电价市场化改革 促进新能源高质量发展的通知》（发改价格〔2025〕136号，以下简称"136号文"） 要求，在深化新能源上网电价市场化改革上迈出实质性步伐。 ——深化新能源上网电价市场化改革的山东实践 8月7日，山东省发展改革委、山东能源监管办、山东省能源局印发《山东省新能源上网电价市场化改革 实施方案》（以下简称《实施方案》）。紧随其后，8月8日，《山东省新能源机制电价竞价实施细则》 （以下简称《实施细则》）正式出台，这是我国首个机制电价竞价实施细则。 作为绿色低碳高质量发展先行区，山东在推动新能源高质量发展上持续发力。"十四五"以来，山东新能 源和可再生能源装机规模以年均25%的速度快速增长，2024年6月便成为东部沿海首个装机破亿的省 份，光伏发电装机连续8年稳居全国首位。截至2024年底，山东新型储能在运规模达到717.7万千瓦，超 前完成"十四五"规划目标。 在全国统一电力市场加快建设的背景下，按照136号文"价格市场形成、责任公平承担、区分存量增量、 政策统筹协调"的要求，《实施 ...

8月7日，山东省发展改革委、山东能源监管办、山东省能源局印发《山东省新能源上网电价市场化改革 实施方案》（以下简称《实施方案》）。紧随其后，8月8日，《山东省新能源机制电价竞价实施细则》 （以下简称《实施细则》）正式出台，这是我国首个机制电价竞价实施细则。 新能源上网电价全部由市场形成 近日，新能源大省山东连续出台多项政策文件，落实国家发展改革委、国家能源局《关于深化新能源上 网电价市场化改革 促进新能源高质量发展的通知》（发改价格〔2025〕136号，以下简称"136号文"） 要求，在深化新能源上网电价市场化改革上迈出实质性步伐。 作为绿色低碳高质量发展先行区，山东在推动新能源高质量发展上持续发力。"十四五"以来，山东新能 源和可再生能源装机规模以年均25%的速度快速增长，2024年6月便成为东部沿海首个装机破亿的省 份，光伏发电装机连续8年稳居全国首位。截至2024年底，山东新型储能在运规模达到717.7万千瓦，超 前完成"十四五"规划目标。 在全国统一电力市场加快建设的背景下，按照136号文"价格市场形成、责任公平承担、区分存量增量、 政策统筹协调"的要求，《实施方案》明确，推动新能源上网电价全部由市场 ...