Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [12] Core Viewpoints - Renewable energy, particularly wind and solar, is central to China's dual carbon goals, but the industry faces challenges with rapid growth in generation capacity and increasing consumption pressure [4][7] - The report emphasizes the need for high-quality development in the renewable energy sector, focusing on enhancing supply and expanding utilization pathways [4][7] - The transition to a unified electricity market and the promotion of energy storage, ultra-high voltage transmission, and new business models are seen as critical for improving renewable energy consumption [8][22] Summary by Sections Power Utilization: Core Role of Storage, New Business Models, and Ultra-High Voltage - The contradiction of increased installed capacity and reduced utilization rates is expected to emerge by 2025, necessitating reforms in the electricity system to support renewable energy consumption [8][22] - Energy storage is anticipated to play a crucial role, with a three-part value system involving spot markets, ancillary services, and capacity pricing being established [9][22] - New business models supported by government policies are expected to facilitate local consumption of renewable energy [9][22] Non-Electric Utilization: Decreasing Costs of Green Electricity and Potential Growth of Green Hydrogen and Methanol - The report highlights the low current share of non-electric renewable energy utilization, which is less than 1% of total energy consumption, but anticipates significant growth in green hydrogen and methanol as costs decrease [10][22] - Green hydrogen is identified as a key intermediate process for deep decarbonization, with applications in agriculture and as a zero-carbon energy source [10][22] - The demand for green ammonia and methanol is expected to expand rapidly due to the establishment of environmental value systems domestically and internationally [10][22] Future Outlook: Comprehensive Market Entry and Maturity of the Unified Electricity Market - The next five years are critical for transitioning from scale development to high-quality development in the renewable energy sector, with a focus on enhancing consumption capacity [49][50] - The report outlines the importance of market-driven resource allocation and the establishment of a sustainable pricing mechanism for renewable energy [49][50] - The construction of a unified electricity market is expected to facilitate better resource allocation and promote renewable energy consumption [53][55]

电力市场是全国统一大市场的重要组成部分。2021年，习近平总书记在中央全面深化改革委员会第二十二次会议上指 出："要遵循电力市场运行规律和市场经济规律，优化电力市场总体设计，实现电力资源在全国更大范围内共享互济和优化 配置，加快形成统一开放、竞争有序、安全高效、治理完善的电力市场体系。"这是构建现代能源体系、推动能源高质量发 展的重大部署，同时也为构建全国统一大市场提供了重要基础。我们要以习近平经济思想为指引，加快建设全国统一电力 市场，促进电力资源优化配置、构建现代能源体系、推动能源高质量发展，为以中国式现代化全面推进强国建设、民族复 兴伟业提供有力支撑。 建设全国统一电力市场是建设全国统一大市场、推动高质量发展的探索实践 建设全国统一大市场是发挥我国超大规模市场优势的内在要求。习近平总书记在《关于构建新发展格局》中指出："从供给 看，我国基于国内大市场形成的强大生产能力，能够促进全球要素资源整合创新，使规模效应和集聚效应最大化发挥。"电 力是经济社会发展的基础性支撑，电力资源的优化配置关乎能源安全与高质量发展大局。建设全国统一电力市场是深化电 力体制改革的重要举措，有利于促进电力资源优化配置、保障电力供应 ...

央视网消息：全国统一电力市场，是全国统一大市场建设在能源领域的关键落子。"十四五"期间，我国建成了全球最大的电动 汽车充电网络，每5辆车就有2个充电桩。五年来，记者用镜头记录了电力市场化改革的一次次重大进展，从记者的观察里看我国电 力资源如何更加顺畅流动。 这里是浙江杭州梅林村国家电网的充电站。2021年记者来这里采访调研的时候，这里充电桩的数量只有4个，而现在这个数量翻了4 倍，达到了16个。另外一个重要的变化来自这里加装了光储充一体化的设备，车主在这里充电，可以直接使用屋顶光伏所发的绿 电。而另外值得关注的是充电时间，由于加装了超充和快充新的设备，这里车主充电的时间缩短了一半。 在这个公共充电站，每天11时到13时的谷电时间都是新能源车充电的高峰。在梅林村负责文化推广工作的项江南也是这里的常客。 他住在城里，工作在乡村，每天的驾驶里程都在近百公里。 从2021年"加快充电桩建设"写入"十四五"规划到2023年充电桩下乡等一系列配套政策的落地，杭州乡村里的充电桩明显多了起来。 "十四五"时期，杭州全市建成了公共充电圈，市区充电服务半径只有0.9公里，高速服务区超充站全覆盖，191个乡镇充电设施实现 乡乡通。 ...

Core Viewpoint - The construction of a unified national market is essential for establishing a new development pattern, as emphasized by General Secretary Xi Jinping in various writings, highlighting the need for a high-standard market system and effective market rules [1][2]. Group 1: Importance of a Unified National Market - The unified national market is a fundamental requirement for leveraging China's large-scale market advantages, facilitating resource integration and maximizing scale and agglomeration effects [2][3]. - A unified electricity market is a critical component of the national unified market, promoting the optimization of electricity resource allocation and ensuring energy security [2][3]. Group 2: Support for Domestic Circulation - The new development pattern is centered around domestic circulation, supported by a unified national market, which enhances the accumulation of social wealth and national strength [3][4]. - Electricity is vital for smooth domestic circulation; a fragmented electricity market can increase resource allocation costs and hinder the effectiveness of the unified market [3][4]. Group 3: Energy Security and Economic Stability - Accelerating the construction of a unified electricity market is crucial for maintaining energy security and economic stability amid complex international environments [4][5]. - The unified electricity market will enhance the resilience of the energy system and support the development of strategic emerging industries [4][5]. Group 4: Green and Low-Carbon Transition - The electricity sector plays a key role in achieving China's dual carbon goals, and a unified market is necessary for large-scale consumption of green electricity [6][7]. - The construction of a unified electricity market will facilitate the integration of carbon and electricity markets, promoting a green and low-carbon transition [6][7]. Group 5: Progress in Electricity Market Construction - The electricity market has seen significant growth, with market transactions increasing from 1.1 trillion kWh in 2016 to 6.2 trillion kWh by 2024, representing a rise from 17% to 63% of total electricity consumption [8]. - The market structure is evolving, with over 800,000 market participants and a growing number of new business models emerging [7][8]. Group 6: Future Directions for Market Development - The construction of a unified electricity market requires the establishment of unified rules, infrastructure, and regulatory mechanisms to ensure efficient operation and coordination [9][10]. - Expanding market openness and enhancing international cooperation in energy will strengthen China's position in global energy governance [11].

10月3日至9日，内蒙古绿电"出塞"首次到海南。来自内蒙古的风、光资源，跨越3000公里"电力天路"， 转化为海南岛的万家灯火，标志着内蒙古实现了清洁能源有史以来最远距离的跨省输送。 此次跨区域绿电输送由北京电力交易中心、广州电力交易中心共同组织，依托全国统一电力市场，利用 跨区跨省输电通道，完成了内蒙古电网与海南电网之间的跨经营区新能源交易。来自内蒙古西部的清洁 电能，经由华北、华中、广东及琼粤跨海联网通道，最终送达海南岛，实现纵贯南北的"削峰填 谷"与"负荷转移"。本次交易总电量达833.5万千瓦时，有效提升了"双节"期间海南的电力供应保障能 力。 内蒙古风光资源富集，风能技术可开发量14.6亿千瓦，约占全国的57%;太阳能技术可开发量94亿千瓦， 约占全国的21%。近年来，内蒙古充分发挥资源禀赋优势，能源结构绿色转型取得突破性进展，2024 年，新能源总装机在全国率先突破1亿千瓦，超过火电装机规模，占电力总装机的52%。 作为国家重要能源基地，内蒙古始终承担着"西电东送""北电南供"的重要使命，外送电量连续多年位居 全国首位。2024年，内蒙古外送电量3377亿千瓦时、占全国1/6，其中绿电外送超600 ...

央视网消息：全国统一电力市场，是全国统一大市场建设在能源领域的关键落子。"十四五"期间，我国建成了全球最大的电动汽车充电网络，每5辆车就有2 个充电桩。五年来，电力市场化改革有哪些重大进展，我国电力资源如何更加顺畅流动，跟随记者的镜头，一起来看。 总台央视记者 平凡：在浙江杭州梅林村国家电网的充电站，2021年我来这里采访调研的时候，这里充电桩的数量只有4个，而现在这个数量翻了4倍，达到 了16个。另外还有一个重大的变化就是这里加装了光、储、充一体化的设备，车主在这里充电，就可以直接使用屋顶光伏所发的绿电。而更加值得关注的是 充电时间，由于加装了超充和快充设备，这里车主充电的时间缩短了一半。 在这个公共充电站，每天11点到13点，都是新能源车充电的高峰，在梅林村负责文化推广工作的项江南也是这里的常客。他住在城里，工作在乡村，每天的 驾驶里程都在近百公里。从2021年加快充电桩建设写入"十四五"规划，到2023年充电桩下乡等一系列配套政策的落地，杭州乡村的充电桩明显多了起来。 杭州新能源车主 项江南：我工作范围内的这些村社有充电桩，我出去玩、去更偏一点的民宿里面，也都会有配套的一些充电桩。 "十四五"时期，杭州 ...

建设全国统一大市场是构建新发展格局的基础支撑和内在要求。习近平总书记高度重视全国统一大市场 建设，《习近平经济文选》第一卷中的多篇著作都对此作出重要论述。比如，《加快构建新发展格局， 把握未来发展主动权》指出："要深化要素市场化改革，建设高标准市场体系，加快构建全国统一大市 场"；《确保我国经济航船乘风破浪、行稳致远》指出："政府要有所为、有所不为，解决好缺位、越位 问题。有所为，就是要不断建设法治经济、信用经济，完善市场规则并带头遵守规则，通过坚决惩治腐 败、保障公共安全等优化市场环境，着力矫正市场失灵，规范竞争秩序，使全国统一大市场成为各类经 营主体公平竞争的大舞台"；等等。习近平总书记的重要论述，为我们以全国统一大市场建设支撑构建 新发展格局提供了科学指引。 电力市场是全国统一大市场的重要组成部分。2021年，习近平总书记在中央全面深化改革委员会第二十 二次会议上指出："要遵循电力市场运行规律和市场经济规律，优化电力市场总体设计，实现电力资源 在全国更大范围内共享互济和优化配置，加快形成统一开放、竞争有序、安全高效、治理完善的电力市 场体系。"这是构建现代能源体系、推动能源高质量发展的重大部署，同时也为 ...

Core Insights - The establishment of a national unified electricity market is a key step in building a comprehensive national market in the energy sector [1][17] - Significant advancements in the electricity market reform have been observed during the "14th Five-Year Plan" period, including the construction of the world's largest electric vehicle charging network [1][17] Charging Infrastructure Development - By 2023, the number of charging stations in Meilin Village, Hangzhou, increased from 4 to 16, a fourfold increase since 2021 [3] - The integration of solar, storage, and charging facilities has been implemented, allowing users to charge their vehicles with green electricity generated from rooftop solar panels [3][9] - The public charging network in Hangzhou has created a charging service radius of only 0.9 kilometers in urban areas, with comprehensive coverage in 191 townships [7] User Experience and Accessibility - The increase in charging stations has significantly improved the convenience for electric vehicle owners, enabling easier travel and access to charging facilities in rural areas [5][11] - The national public charging station total has reached over 300,000, a 303% increase since 2021, surpassing the number of gas stations [13] Energy Market Interaction - In the Guangdong-Hong Kong-Macao Greater Bay Area, electric vehicles are becoming flexible "mobile power sources," allowing owners to sell electricity back to the grid during peak demand [15] - The implementation of a national unified electricity market allows for real-time adjustments in charging behavior based on electricity supply and demand, effectively creating a distributed "virtual power plant" [15][16] Future Projections - By the end of 2025, the number of electric vehicles in China is expected to approach 45 million, which will enhance the capacity for peak shaving and create a vast distributed green energy consumption and trading network [16] - The national unified electricity market aims to transform millions of electric vehicle owners from mere consumers to active participants in the electricity market, contributing to the world's largest "electricity supermarket" [16][17]

Core Insights - Inner Mongolia has successfully delivered green electricity to Hainan for the first time, marking the longest distance for clean energy transmission in its history [1] - The total electricity transmitted during this transaction reached 8.335 million kilowatt-hours, enhancing power supply security during the holiday period [1] Group 1: Green Energy Resources - Inner Mongolia possesses abundant wind and solar resources, with a potential wind energy capacity of 1.46 billion kilowatts, accounting for 57% of the national total, and a solar energy capacity of 940 million kilowatts, representing 21% of the national total [1] - The region's energy structure has undergone a significant green transformation, with total installed renewable energy capacity expected to exceed 100 million kilowatts in 2024, surpassing thermal power capacity and constituting 52% of the total power generation [1] Group 2: Electricity Transmission and Trade - Inner Mongolia has been a key energy base in China, consistently leading the nation in electricity exports, with an expected total export of 337.7 billion kilowatt-hours in 2024, accounting for one-sixth of the national total, including over 60 billion kilowatt-hours of green electricity, which makes up one-third of the national green electricity exports [1] - The region has initiated green electricity trading trials and has established cooperative mechanisms for green electricity exports with eight provinces by September 2025, positioning itself as a leader in cross-provincial green electricity trading [2]

超3000公里北电南送—— 海南首次用上内蒙古清洁电能 海南日报讯(海南日报全媒体记者 邵长春 通讯员 卢欣 眭原 郑智峰)记者从南方电网海南电网公司 获悉，10月3日，在北京电力交易中心与广州电力交易中心联合组织下，海南电网公司与内蒙古发电企 业达成跨电网经营区电力交易，成交电量约700万千瓦时。 此次交易计划于10月3日至9日的用电高峰时段(每日18：00—次日4：00)将内蒙古西部地区的清洁 电能跨区域、分批次送入海南，保障国庆中秋期间海南电力平稳可靠供应。 本次交易通过全国统一电力市场，利用跨区跨省输电通道，内蒙古西部地区富余的风、光等清洁能 源发电将经由华北、华中、广东及琼粤跨海联网通道传输至3000余公里外的海南岛，实现纵贯南北 的"削峰填谷"与"负荷转移"，有效提升了跨电力经营区、跨省区、超大范围的供电稳定性和能源利用效 率。 广州电力交易中心交易组织部负责人表示，此次交易畅通衔接了跨电网经营区的送电机制，实现了 全国电力生产力布局的"南北贯通"，优化了电力资源跨经营区的配置，是全国统一电力市场建设的重要 实践和标志性成果。 "这批清洁电能进入海南后，将有效提升海南电力供应能力。'双节'期间，海 ...