Core Viewpoint - The electricity sector has shown strong performance recently, driven by dual attributes of dividends and computing power, with a notable surge in stock prices due to new policies and market dynamics [1][5]. Group 1: Market Performance - The electricity sector experienced a significant rally, with stocks like Huitian Thermal Power and Minjiang Energy hitting their daily limit up [1][2]. - The electricity ETF rose over 0.7% in early trading, indicating strong investor interest despite a generally weak market [1][2]. - Huitian Thermal Power was highlighted as the strongest stock in a weak market, closing at its limit up price [2]. Group 2: Policy and Regulatory Changes - The recent implementation of the 136 document, which promotes market-oriented pricing for renewable energy, is expected to enhance the profitability of electricity companies [5][6]. - Various regions are introducing policies for profit-sharing among electricity retailers, with notable differences in implementation across provinces [5][6]. - The new policies aim to stabilize electricity pricing expectations and reduce risks for electricity retailers, promoting a more balanced pricing mechanism [6]. Group 3: Industry Trends and Projections - Industrial electricity generation in October saw a year-on-year increase of 7.9%, with thermal power outperforming other energy sources [4]. - The integration of electricity and energy storage is anticipated to drive up electricity valuations, with significant growth in commercial energy storage projects [4]. - The electricity sector is expected to benefit from improved long-term pricing expectations and increased demand during the winter season, leading to a recovery in industry profitability [6].

2025年12月3日，电力、能源板块震荡上行，截至10:32，国证绿色电力指数上涨0.15%，成分股闽东电 力上涨10.02%，中闽能源上涨5.20%，华能国际上涨1.65%，甘肃能源上涨1.51%，申能股份上涨 1.35%。 国盛证券指出，近日国家发展改革委、国家能源局正式发布《关于促进新能源消纳和调控的指导意 见》，明确到2030年每年要实现2亿千瓦新能源的合理消纳，既明确了"十五五"新能源坚持规模化开发 目标，又作为纲领性政策重构新能源消纳与调控重点。 数据显示，截至2025年11月28日，国证绿色电力指数前十大权重股分别为三峡能源、长江电力、中国核 电、国投电力、上海电力、中国广核、川投能源、国电电力、华能国际、华能水电，前十大权重股合计 占比55.83%。 中邮证券表示，绿电和储能的价值有望先后得到重估，新能源作为绿色的波动性电源，其内在价值量应 减去"波动"的负外部性，并加上"绿色"的正外部性，绿色价值的重估有望稳定绿电综合收益。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 MACD金叉信号形成，这些股涨势不错！ 绿色电力ETF(159625)紧密跟踪国证绿色电力指 ...

国盛证券指出，近日国家发展改革委、国家能源局正式发布《关于促进新能源消纳和调控的指导意 见》，明确到2030年每年要实现2亿千瓦新能源的合理消纳，既明确了"十五五"新能源坚持规模化开发 目标，又作为纲领性政策重构新能源消纳与调控重点。 绿电ETF（159669）跟踪的是绿色电力指数（399438），该指数从中证全指样本中选取业务涉及水 电、风电、光伏及核电等清洁能源发电领域的上市公司证券作为指数样本，以反映绿色电力相关上市公 司证券的整体表现。指数成分股主要聚焦具备低碳属性的电力企业，兼具政策支持力度大、行业成长性 突出及市场防御性较强等特征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或 ...

Core Insights - The hydrogen energy industry is transitioning from demonstration and exploration to large-scale development, driven by a series of continuous and targeted policies [2] - The "14th Five-Year Plan" has identified hydrogen energy as a future industry, indicating a focus on expanding application scenarios and tackling core technologies [2] - The production of green hydrogen through onshore and offshore wind power is a key pathway for energy transition, with significant projects already demonstrating commercial viability [3] Policy and Industry Development - The "Hydrogen Industry Development Mid-Long Term Plan" of 2022 has established a strategic positioning for hydrogen energy, completing the top-level design for industry development [2] - The "14th Five-Year Plan" has laid the groundwork for the intensive layout of green methanol, which is expected to become a significant decarbonization option in various sectors [5] Renewable Energy Utilization - Onshore and offshore wind power hydrogen production are core directions for green hydrogen preparation, addressing issues like wind power curtailment and enhancing hydrogen supply for multiple sectors [3] - The successful implementation of projects like Zhangjiakou Chongli has demonstrated stable hydrogen supply capabilities [3] Green Methanol and Ammonia - Green ammonia is expanding its fuel properties, with expectations of significant growth in production and demand driven by carbon neutrality policies [5] - By 2050, domestic green ammonia is projected to exceed 70% of the market, supported by decreasing green electricity costs [5] Investment Recommendations - Companies to focus on include Jin Feng Technology, Fu Ran Energy, He Mei Group, and Ji Dian Co., with specific attention to hydrogen production, refueling stations, and fuel cells [6] - Key players in hydrogen production include Hua Guang Huaneng, Hua Dian Ke Gong, Donghua Technology, and Aerospace Engineering [6]

面对分布式光伏快速发展带来的管理挑战，各地正通过数字化、智能化手段，着力提升电网对新能源的 精准感知与灵活调控能力。 在广西来宾，区域分布式光伏装机容量自2023年起连续两年实现"翻番"增长，目前装机容量已超144万 千瓦。为破解分布式光伏高渗透率运行难题，南方电网广西来宾供电局创新实施"直采直控+智能调 控"策略。一方面，推进中压分布式光伏用户加装边缘网关及自动化开关接入电网，实现"直采直控"； 另一方面，选取部分低压分布式光伏用户为试点，通过加装微型断路器和规约转换器，实现对低压分布 式光伏的刚性开断或柔性调节。 与此同时，南方电网广西来宾供电局还在配网一体化调度自动化系统（OCS）主站加装了分布式光伏调 度运行管理模块，并完成了来宾地调OCS系统分布式新能源发电自动控制（AGC）主站功能部署，提 升了群调群控与省地协同能力；定期开展分布式光伏调控能力"晨操"测试，及时发现、整改电网侧及用 户侧各系统、硬件及通信通道存在的问题，确保调控有效性。 国网四川电力在电源侧推动新能源场站技术升级，让新能源场站从被动符合要求转向主动支撑电网，培 育"友好型电源"特性，为优化调度打下基础；同时在电网调度运行的"中枢" ...

Core Viewpoint - The hydrogen energy market is currently dominated by gray hydrogen, while green hydrogen faces challenges in production costs, infrastructure, and application scenarios [1][2][10]. Industry Overview - The Gansu province is actively developing its hydrogen energy industry, leveraging its rich renewable energy resources to promote green hydrogen production across the entire industry chain [1][3][8]. - Gansu has established multiple hydrogen energy projects, including the integration of green hydrogen production with ammonia and methanol production [1][3][5][8]. Production and Infrastructure - Gansu's hydrogen production capacity includes 1.4 million tons of gray hydrogen and 2,000 tons of green hydrogen annually, with ongoing projects to increase green hydrogen capacity [4][9]. - The province has seen the establishment of various hydrogen projects, including a natural gas-hydrogen blending project that has successfully integrated hydrogen into natural gas pipelines [3][4]. Technological Development - The industry is focusing on technological breakthroughs, particularly in off-grid hydrogen production and high-pressure hydrogen storage technologies [9][11]. - Companies are exploring innovative hydrogen production methods, such as the successful implementation of off-grid hydrogen production at the Dunhuang wind-solar-hydrogen storage test site [9]. Market Challenges - The green hydrogen sector is still in its infancy, facing high production costs and insufficient infrastructure, which limits its large-scale development [10][12]. - The current market for industrial hydrogen is stable but primarily supplied by cheaper gray hydrogen, which poses a challenge for green hydrogen adoption [12]. Policy Support and Future Goals - Gansu province has introduced policies to accelerate the development of renewable hydrogen projects, aiming for an annual production capacity of 200,000 tons of green hydrogen by 2030 [8][9]. - Industry experts emphasize the need for increased policy support and technological advancements to overcome existing challenges and expand hydrogen applications in various sectors [12].

Core Insights - The mechanism electricity price bidding results for each province are expected to be released by the end of 2025, with overall mechanism prices being lower than the coal benchmark price, and solar prices being lower than wind prices [1] - The full market entry will exert pressure on both electricity volume and prices, with solar energy facing greater impact due to concentrated output compared to wind energy [1] - Currently, there is significant pressure on the consumption of new energy, and integrating developments with green hydrogen, ammonia, and computing power is expected to promote efficient utilization of new energy, opening up a second growth space [1] - It is recommended to focus on leading companies with excellent operational capabilities, as well as those with geographical and cost advantages [1]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The National Development and Reform Commission has revised the pricing methods for transmission and distribution costs, aiming to promote the consumption of renewable energy and enhance power supply security [4]. - The highest electricity load during the heating season is expected to reach a historical peak, indicating a balanced energy supply and demand overall [4]. Industry Data Tracking - **Electricity Price**: The average electricity purchase price in November 2025 was 401 RMB/MWh, a year-on-year decrease of 2% and a month-on-month increase of 2.8% [33]. - **Coal Price**: As of November 28, 2025, the price of thermal coal at Qinhuangdao port was 816 RMB/ton, a year-on-year decrease of 0.49% [43]. - **Water Conditions**: The water level at the Three Gorges Reservoir was 173.41 meters, with inflow and outflow rates increasing by 2.7% and 36.44% year-on-year, respectively [53]. - **Electricity Consumption**: Total electricity consumption from January to October 2025 was 8.62 trillion kWh, a year-on-year increase of 5.1% [13]. - **Power Generation**: Cumulative power generation from January to October 2025 was 8.06 trillion kWh, a year-on-year increase of 2.3% [20]. - **Installed Capacity**: As of September 30, 2025, the cumulative installed capacity of thermal power reached 1.5 billion kW, with a year-on-year increase of 5.7% [47]. Investment Recommendations - **Thermal Power**: Focus on undervalued investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, recommending companies like Jingtou Energy, Jingneng Power, and Datang Power [4]. - **Charging Pile Equipment**: Suggesting attention to companies like Teruid and Shenghong Shares [4]. - **Photovoltaic Assets**: Emphasizing the potential for value reassessment in photovoltaic and charging pile assets, recommending companies like Southern Power Grid Energy and Longxin Group [4]. - **Green Electricity**: Anticipating improvements in asset quality and growth potential in green electricity, recommending companies like Longyuan Power and China Minmetals Energy [4]. - **Hydropower**: Highlighting the benefits of marketization and low-cost advantages, recommending Changjiang Power [4]. - **Nuclear Power**: Noting the growth potential and expected increases in profitability and dividends, recommending China Nuclear Power and China General Nuclear Power [4].

Overall Viewpoint - The National Development and Reform Commission (NDRC) has acknowledged the achievements in the development of energy storage and hydrogen energy, emphasizing the importance of market-oriented mechanisms for ensuring reasonable returns in energy storage [4] - The Ministry of Industry and Information Technology (MIIT) has highlighted the need for regulatory compliance to address irrational competition in the battery manufacturing industry [4] Investment Aspects - Energy Storage: Domestic energy storage is expected to see continued growth, with local investment entities taking a more active role. The bidding data for November is anticipated to remain strong, and independent energy storage bidding in 2026 is projected to maintain favorable levels seen in 2025. The complete revenue model for independent storage will be achieved through energy markets, capacity markets, and ancillary service markets [5] - Hydrogen Energy: With the dual benefits of future industry development in China and the EU carbon tariff in 2026, hydrogen energy is expected to attract more investment as a key direction for new energy consumption and green electricity applications beyond electricity [5] - Lithium Battery: The market is currently focused on the bidding expectations for domestic energy storage in 2026 and the sales performance of new energy vehicles. The supply side of the lithium battery industry is also experiencing a trend of "anti-involution," indicating an improvement in supply-demand dynamics. Short-term expectations for lithium hexafluorophosphate are high, and various segments are entering long-term contract signing phases. Mid-term investment opportunities may arise in lithium mines with significant supply variability and in separators where profitability does not support capacity expansion [5]

Investment Rating - The report maintains a "Recommended" investment rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index increasing by 1.59% and the public utility index by 0.89% [5][10] - The coal industry is experiencing a decline in production, with national raw coal output decreasing by 3.8%, 3.2%, and 1.8% in July, August, and September respectively [5] - The report highlights the introduction of new pricing regulations for transmission and distribution, encouraging the exploration of capacity pricing for cross-regional projects [8][50] - The report suggests focusing on investment opportunities in the power sector, particularly recommending companies like Guodian Power and Anhui Energy [5] Summary by Sections Key Event Interpretations - New transmission and distribution pricing regulations have been released, promoting capacity pricing for cross-regional projects [8] - The oil and gas extraction sector has been included in the carbon market, incentivizing methane reduction [9] Market Review - Both the environmental and public utility sectors have seen increases, with the environmental sector outperforming the market with a cumulative increase of 16.94% in 2025 [10] - The power sector has lagged behind, with a cumulative increase of only 2.43% [10] Key Data Tracking - As of November 28, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 820 CNY/ton, remaining stable week-on-week [24] - The average price of LNG at the port is 10.94 USD/million BTU (4026 CNY/ton), down 4.42% from the previous week [37] - The weighted average electricity price in Guangdong reached a peak of 252.14 CNY/MWh on November 24, 2025, an increase of 10.7% [41] Industry Key Events - The Hebei Development and Reform Commission has issued a work plan for long-term electricity trading in 2026 [49] - The National Development and Reform Commission has published new pricing methods for cross-regional transmission projects [50]