湖北电力现货市场转正式运行，4 月全国天然气表观消费量同比下降 2% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 6 月 7 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 信达证券股份有限公司 CINDA SECU ...

Group 1 - The release of the "Regulations on Government Data Sharing" marks a new phase of legal governance for data sharing in China, providing a legal framework for efficient data circulation and enhancing government digital governance capabilities [2][3] - The regulations address existing issues such as incomplete mechanisms and unclear responsibilities in government data sharing, aiming to eliminate "data silos" and improve the efficiency of data utilization [2] - The establishment of 10 national data element comprehensive pilot zones in various provinces aims to support the integration of the real economy and digital economy, fostering a robust data market ecosystem [3] Group 2 - A seminar on high-quality data set construction and standardization was held, focusing on guidelines, format requirements, and quality assessment for data sets, which will facilitate the application of artificial intelligence in central enterprises [4][5] - Guangzhou's "Digital Guangzhou Construction 2025 Work Points" outlines 32 key tasks for digital transformation, emphasizing the development of data resources and the establishment of a governance system for data circulation [5]

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大 ...

5月20日，中国人民银行授权全国银行间同业拆借中心公布了最新一期贷款市场报价利率（LPR）。1年 期和5年期以上LPR分别较此前下降10个基点至3%和3.5%。 同日，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行（601939）、交通 银行（601328）、邮储银行（601658）六家国有大型商业银行和部分全国性股份制商业银行宣布对人民 币存款挂牌利率进行调整，调整幅度在5个到25个基点不等。 业内人士认为，存贷利率同日下降，为实体经济和银行业自身高质量发展注入了强大动力。 LPR迎年内首次调整 继去年10月的调整后，LPR再度实现调降。 业内用"如期落地"来描述5月LPR报价的下降。"伴随着月初政策利率下调的落实，本月LPR报价下调已 成定局。"中国民生银行首席经济学家温彬表示。 5月7日，中国人民银行行长潘功胜在出席国新办举行的新闻发布会时宣布，自5月8日起，下调公开市场 7天期逆回购操作利率0.1个百分点。潘功胜表示，下调政策利率0.1个百分点，经过市场化的利率传导， 预计将带动LPR随之下行0.1个百分点。 受访专家表示，自7天期逆回购操作利率的政策利率地位明 ...

证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | 特定对象调研□分析师会议 | | --- | --- | | 类别 | | | | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（） | | 参与单位名称及 | 李广胜-嘉实基金 | | 人员姓名 | | | | 杨丹-银华基金 | | | 李明生-新华资产 | | | 殷中枢-光大证券 | | 时间 | 年 月 月 日 2025 6 4 日、6 5 | | 地点 | 北京 | | 上市公司参与人 | 投资者关系经理李浩轩 | | 员姓名 | 一、公司情况介绍 | | | 九洲集团创立于 1993 年，始终专注于智能配电网和网络能源领 | | | 域，是领先的新型电力和能源基础设施提供商。公司是国家重点高新 | | | 技术企业，于 2010 年在中国创业板成功上市（股票代码：300040）。 | | | 九洲集团为发电、输电、配电领域，以及交通电动化、新型储能、可 | | | 再生能源替代和多能转化等电力和能源 ...

Core Viewpoint - The large-scale cancellation of renewable energy projects is primarily attributed to tightened policies and regulatory measures in the industry [1][6][9]. Summary by Sections Project Cancellations - Multiple provinces in China, including Shanxi, Ningxia, Shaanxi, and Fujian, have announced the cancellation of numerous renewable energy projects due to non-compliance with new regulatory requirements [1][2][4][5]. - For instance, Shanxi's recent announcement included the cancellation of 14 projects totaling over 590,000 kilowatts [1]. - In Fujian, 10 solar projects were canceled, amounting to a total capacity of 114.3 megawatts, involving major energy companies [5]. Policy Changes - The National Development and Reform Commission and the National Energy Administration have implemented stricter policies regarding project approvals and timelines, requiring projects to be completed by specific deadlines or face cancellation [2][6]. - The "136 Document" introduced a market-driven pricing mechanism for renewable energy, shifting from guaranteed pricing to market-based pricing, which has altered investment dynamics in the sector [6][7]. Economic Viability - The decline in expected returns due to changing electricity pricing has made many projects economically unfeasible, leading companies to halt or cancel projects [7][8]. - Major companies like China Power Construction and State Power Investment Corporation have announced project terminations due to these economic pressures [7]. Industry Challenges - The rapid expansion of the renewable energy sector has led to issues such as blind expansion and project "occupying" without actual development, resulting in resource wastage [9][10]. - The industry faces significant pressure from the integration of large-scale renewable energy into the grid, necessitating a restructuring and optimization of project management [11].

Core Viewpoint - The energy revolution in China is reshaping the global energy landscape, driven by the dual goals of carbon neutrality and energy security, with significant implications for the power industry and its stakeholders [1]. Policy Breakthroughs - The National Development and Reform Commission and the Energy Administration have implemented key policies, including the "Basic Rules for Electricity Market Operation," which incorporates capacity pricing and ancillary service fees into the market pricing system [2]. - The establishment of a capacity pricing mechanism is seen as a critical driver for electricity market reform, with expectations that by 2025, market-based electricity trading will exceed 60% and green electricity trading will reach 1.2 trillion kilowatt-hours, equivalent to double Germany's annual electricity consumption [2]. Industry Restructuring - A major power giant is emerging with a 39% market share, surpassing the combined installed capacity of the US and EU by 1.2 times, and accounting for one-quarter of the national electricity consumption [5]. - The company has achieved breakthroughs in flexible direct current transmission technology and is expected to undertake 70% of the ultra-high voltage projects during the 14th Five-Year Plan [6]. - Significant capital movements are noted, with Morgan Stanley increasing its holdings for three consecutive quarters, and a leading insurance fund becoming the third-largest shareholder, while original shareholders have seen their holdings increase eightfold in value over three years [7]. New Energy Landscape - The share of wind and solar power installations has surpassed 40%, leading to the emergence of "energy storage system integrators" due to increasing challenges in energy consumption [8]. - The Southern Power Grid has initiated a significant investment in digital grid technology, with smart inspection robots and AI reducing fault location times from two hours to eight minutes [8]. - Virtual power plant trials in Jiangsu and Zhejiang have shown significant progress, aggregating over 5 million kilowatts of adjustable load, equivalent to the regulation capacity of a large thermal power plant [8]. Future Outlook - The energy revolution is expected to culminate in the creation of an "energy internet," where every building acts as a micro power plant and every electric vehicle serves as a mobile energy storage unit [10]. - Companies that successfully undergo digital transformation and master core technologies will dominate the trillion-dollar market, as today's installed capacity translates into tomorrow's pricing power [10].

插播 ：中国能建广东省电力设计研究院、联盛新能源、融和元储、弘正储能、精控能源、南瑞继保、永泰数能、华友能源、汇能科技、厦门国贸、永光新能源等工商 储主流参与方将汇聚6月10日的"2025年全球用户侧储能产业价值峰会暨应用示范展"，点击" 阅读原文 "了解详情 6月，作为年中的关键节点，正成为工商业储能从规模竞争到价值竞争转型的战略转折点。 6月1日，在新能源项目上网电量全部入市，分布式光伏的收益逻辑彻底改写、储能走上收益C位的同时，中国新型储能产业也正式告别强配储时 代，进入市场化驱动的新阶段。 6月1日，作为2024年底工商业储能装机第一大省的江苏分时电价新政正式实施， 峰谷价差收窄直接冲击工商业储能传统峰谷套利逻辑， 而这作为 电力系统全面市场化改革的缩影，将在全国掀起工商业分时电价规则的革新浪潮。 随着新政正式落地，低质低价竞争策略失效，工商业储能赛道正式进入"拼解决方案、比服务、重运营"的下半场角逐，在这场生死突围战中，企业 如何构建新的竞争壁垒？天合光能等光储龙头已率先锚定破局方向。 ■ 下半场运营之战，抢占价值链高地 6月1日新政密集落地不是终点，而是储能行业蜕变的起点。 天合光能指出，电力市场 ...

每经记者｜朱成祥 每经编辑｜文多 6月2日晚间，林洋能源（SH601222）公告称，拟将旗下5家公司的100%股权转让给广东粤水电能源投资集团有限公司（以下简称"粤水电能源集团"），合计 对价约4.71亿元，涉及的光伏电站装机容量合计236.5MW（兆瓦）。 据悉，标的资产的净资产账面值约4.71亿元，评估价值合计约4.84亿元，增值率约2.85%。 前期已建成的光伏电站回款周期较长 对于本次出售计划，林洋能源先是表示，公司新能源板块长期战略调整至建设平价电站和优质储能电站，本次转让项目回笼资金将用于支持和保障长期战略 规划调整。除此外，还有其他原因。 林洋能源拟出售光伏电站资产的当下，正值"5·31"节点刚过，新能源入网价格将正式按照市场化定价。那么，林洋能源为何计划出售这些因节点前已建好而 收益确定性较强的光伏电站资产？ 标的资产状况良好 当下，光伏行业最为瞩目的当属"5·31"节点。根据国家发展改革委、国家能源局发布的《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》，新能源入网定价新老划断，2025年6月1日以前投产的存量项目，通过开展差价结算，实现电价等与现行政策妥善衔接。 而202 ...

高山原野间、荒漠戈壁滩，白色风电机组与连绵光伏板奋力"追风逐日"，汩汩绿色电能注入电网。在北 京电力交易中心大屏幕上，风电与光伏两条电量曲线正快速上扬。各省市电力交易系统，一场场电力交 易正在展开。发电、售电、储能公司，电力用户乃至虚拟电厂"入场"，电力供给信息纷纷挂牌、电力零 售套餐即刻上架；电力交易员们快速敲击键盘，促成供需匹配的电力订单。 自6月1日起，新能源项目（风电、太阳能发电）上网电量原则上全部进入电力市场，上网电价通过市场 交易形成。 这一变化源于今年年初，国家发展改革委、国家能源局联合印发的《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》。该政策带来的不仅是市场效率的提升，更是能源治理的范式变革。 通过构建"中长期+现货+辅助服务"的多层次市场体系，中国正在探索一条既能保障能源安全又可以促 进低碳转型的新路径。 新能源发展见成效 市场化交易电量日渐提升 根据国家统计局发布的数据，2024年我国总发电量超10万亿千瓦时，同比增长6.7%。2024年风电和太 阳能发电的发电量增长迅猛，风电发电量从2023年的8858.7亿千瓦时增至9970.4亿千瓦时，占比从9.4% 提升至9.9 ...