Core Viewpoint - The recent revisions to the pricing and cost auditing methods for electricity transmission and distribution aim to enhance the regulatory framework, promote the consumption of renewable energy, and potentially lower electricity prices while ensuring reasonable returns for grid companies [2][5]. Group 1: Regulatory Changes - The National Development and Reform Commission has revised four key pricing methods to improve the regulatory system for electricity transmission and distribution [2]. - New standards for loan interest rates will more accurately reflect the actual financing costs of grid companies [2]. - The revised methods will allow for adjustments in the return on equity for provincial grid companies to ensure balanced development and fair pricing across regions [3]. Group 2: Pricing Mechanisms - The new regulations propose a single capacity pricing mechanism for projects that facilitate the nearby consumption of renewable energy, clarifying the responsibilities of grid companies, power generation companies, and users [3]. - The synchronization of cost audits for cross-provincial and regional projects aims to enhance efficiency in cost and price regulation [4]. - The sharing of transmission revenue from actual line loss rates will now be handled monthly, allowing for more dynamic adjustments based on performance [4]. Group 3: Investment Recommendations - The report recommends focusing on high-quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as hydropower companies like Yangtze Power and Guotou Power [5]. - The investment outlook for the thermal power sector is optimistic due to expected increases in capacity pricing and the potential for revaluation of thermal assets [8]. - The report highlights the importance of national thermal power enterprises over regional ones, citing better profit distribution and growth potential [9]. Group 4: Market Sentiment and Performance - The public fund's heavy holdings in the utility sector have reached a historical low, indicating a potential undervaluation and opportunity for investment [11][12]. - The thermal power sector has seen a decrease in holdings due to market risk appetite shifting towards more aggressive sectors, despite some companies still attracting institutional interest [12]. - The hydropower sector has experienced a decline in holdings, but long-term value remains strong, particularly for companies with attractive dividend yields [13]. Group 5: Sector-Specific Insights - The nuclear power sector has seen a decrease in holdings due to weak performance in mid-year reports and market sentiment, but its long-term value is expected to remain stable [14]. - The renewable energy sector has faced challenges, but there is a focus on undervalued companies with strong alpha characteristics, indicating a shift towards high-quality development [13].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10]. Core Insights - The recent revision of the pricing methods for transmission and distribution aims to enhance the consumption of renewable energy, with a focus on establishing a fair cost-sharing mechanism among grid companies, power generation enterprises, and users [2][6]. - The new regulations are expected to lower transmission and distribution costs, thereby making electricity pricing more reasonable while promoting the utilization of renewable energy [12]. Summary by Sections Pricing Method Revisions - The National Development and Reform Commission has revised four pricing methods related to transmission and distribution, adapting to the new requirements of the power system and focusing on renewable energy consumption [6]. - Key changes include the introduction of a single capacity pricing system for grid companies serving renewable energy projects, enhancing regulatory oversight throughout the process [7]. Cost Monitoring - The new methods provide a more accurate reflection of financing costs for grid companies by establishing a loan interest rate based on the average financing rate of the group [6]. - Changes in cost parameters for materials and management fees aim to ensure that costs do not exceed previously established limits, thus improving the accuracy of cost monitoring [6][7]. Provincial and Cross-Regional Pricing - The revised methods allow for adjustments in the return on equity for provincial grid companies, ensuring a balance between reasonable returns and user affordability [7]. - For cross-regional projects, the report suggests exploring two-part or single capacity transmission pricing, which is expected to facilitate the consumption of renewable energy across provinces [8]. Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Investment Power [12]. - It also highlights opportunities in the renewable energy sector, suggesting investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [12].

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report highlights the continued prosperity of the energy storage industry chain, with hydrogen and ammonia expected to be developed in a coordinated, large-scale, and advanced manner [2][3]. - The National Development and Reform Commission (NDRC) has recognized the achievements in energy storage and hydrogen energy development, emphasizing the importance of market-oriented mechanisms for reasonable returns [2]. - The investment outlook for energy storage, hydrogen energy, and lithium batteries remains positive, with expectations for sustained demand and favorable bidding data in the domestic market [3][4]. Summary by Sections Energy Storage - Domestic energy storage is expected to maintain a good level of independent storage bidding in 2026, supported by a complete revenue model through energy, capacity, and ancillary service markets [3]. - Overseas energy storage demand is anticipated to rise, particularly in the U.S. due to ongoing electricity shortages, and in regions like the Middle East and Ukraine [3][6]. - The report notes a continuous high level of bidding and production in domestic energy storage, with significant projects being awarded [6][7]. Wind Power - The report states that China's onshore wind power installed capacity is projected to grow by 9.68% year-on-year in 2024, while offshore wind power capacity is expected to decrease by 40.85% [8]. - The bidding capacity for domestic wind power projects has seen a significant increase, with a 90% year-on-year growth in 2024 [11]. - The profitability of wind turbine manufacturers is expected to improve due to rising order deliveries and ongoing cost reductions [18]. Lithium Batteries - The lithium battery supply chain is experiencing strong demand, particularly in the electric vehicle and energy storage markets, with expectations for a favorable supply-demand balance [19][22]. - The report suggests focusing on investment opportunities in lithium mines and components that are not yet supporting production expansion [22]. - The pricing dynamics for lithium carbonate and other battery materials are expected to remain strong due to tight supply conditions [21][23].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][9]

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The report highlights that the decline in port coal prices and the implementation of new transmission and distribution pricing regulations are significant developments in the utility sector [2][3] - It emphasizes the expectation of sustained high growth in electricity consumption and a turnaround in thermal power growth from negative to positive [6] - The report suggests that low-position utility assets are worth attention due to their defensive attributes [7] Summary by Sections Electricity Prices - The average clearing price of the electricity market in Guangdong province decreased by 14.3% year-on-year, while Shanxi province saw a significant drop of 47.9% year-on-year [10][10] Coal Prices - Port coal prices are gradually declining, with the Qinhuangdao port's Q5500 thermal coal price at 816 RMB/ton, down 2.2% week-on-week [13] - The report notes that coal inventories are rising, indicating increased selling pressure on coal traders [7][23] Regulatory Changes - New transmission and distribution pricing regulations aim to promote the consumption of renewable energy, with a focus on reducing transaction costs for renewable energy [7] Market Performance - The utility sector index rose by 0.9%, underperforming the CSI 300 index by 0.7 percentage points [36] - The report indicates that the utility sector is still considered a quality dividend asset for long-term investment [7] Investment Recommendations - The report recommends focusing on the utility sector, particularly thermal power, hydropower, and nuclear power, as they show strong growth potential [7] - Specific stocks mentioned include Guodian Power (600795), Huadian International (600027), and Huaneng International (600011) for thermal power [7]

Core Viewpoint - The recent regulatory changes by the National Development and Reform Commission are expected to enhance the utilization of renewable energy, ensure power supply security, and improve cost efficiency for grid companies, thereby addressing the "abandonment of wind and solar" issue and boosting the energy storage sector [1] Group 1: Market Performance - The ChiNext New Energy ETF (159368) increased by 0.21%, with notable stock performances: Hunan YN Energy rose over 7%, Maiwei Co. increased by over 6%, and Penghui Energy gained over 4% [1] Group 2: Regulatory Changes - The National Development and Reform Commission revised several pricing regulations, including the cost supervision and audit methods for transmission and distribution pricing, which will facilitate renewable energy consumption and enhance grid efficiency [1] Group 3: Industry Implications - The new regulations are anticipated to attract companies to strategically invest in energy storage solutions, leading to a stabilization of returns in the energy storage industry and a potential release of demand across the related supply chain [1] Group 4: ETF Characteristics - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, with a scale of 829 million yuan as of October 31, 2025, and a daily average trading volume of 90.05 million yuan over the past month [1] - The ETF has a storage content of 59% and a solid-state battery content of 32%, aligning with current market trends [1]

文 | 国家发展和改革委员会 11月27日，国家发展改革委修订输配电成本监审和定价办法。 其中《输配电定价成本监审办法》再次明确，抽水蓄能电站、 新型储能电站、电网所属电厂成本费、独立核算的售电公司的成本费用等 不得计入输配电定价成本。 此次修订，一是 促进新能源消纳利用。通过在输配电价中引入容量机制， 明确对新能源发电就近消纳等新业态实行单一容量制电价， 对以输送清洁能源电量为主的跨省跨区专项工程探索实行两部制或单一容量制电价， 降低新能源交易成本，从而促进新能源更大范围、 更高水平利用。 《省级电网输配电价定价办法》则明确：电动汽车充换电服务等辅助性业务单位及"三产"资产，和抽水蓄能电站、 新型储能电站、电厂 资产，不得纳入可计提收益的固定资产范围。 《跨省跨区专项工程输电价格定价办法》：跨省跨区专项工程输电价格实行单一电量电价制。适应新型电力系统和全国统一电力市场建 设需要，对以输送清洁能源电量为主或以联网功能为主的跨省跨区专项工程，可探索通过两部制或单一容量制形成输电价格，加强全过 程监管。探索实行输电权交易，以进一步提升专项工程利用率、促进电力资源优化配置。 《区域电网输电价格定价办法》：区域电网准 ...

储能赛道发展提速。国家能源局公布的数据显示，截至今年三季度末，我国新型储能装机规模超过1亿 千瓦，与"十三五"末相比增长超30倍，装机规模占全球总装机比例超过40%，跃居世界第一。 储能作为光伏、风力等新能源发电的重要消纳方式，已经成为光伏龙头企业重点布局的赛道。 近日，陕西省市场监督管理局网站发布的信息显示，隆基绿能科技股份有限公司（以下简称"隆基绿 能"）拟通过股权收购、增资入股及表决权委托等多重方式，取得苏州精控能源科技股份有限公司约 61.9998%的表决权，实现对这家储能"独角兽"企业的单独控制。 至此，去年光伏组件全球出货量排名前五的光伏龙头企业已经全部入局储能赛道。 而晶科能源股份有限公司（以下简称"晶科能源"）、晶澳太阳能科技股份有限公司（以下简称"晶澳科 技"）、天合光能股份有限公司（以下简称"天合光能"）等龙头亦早已入局储能赛道。Infolink数据显 示，晶科能源位列2024年全球光伏组件出货榜榜首，晶澳科技和隆基绿能并列第二，天合光能位列第 四，通威股份位列第五。 "光储融合已成为能源转型的必然趋势，也是构建新型电力系统的关键路径。"万联证券投资顾问屈放在 接受《证券日报》记者采访时表 ...

Overall Viewpoint - Hydrogen ammonia and methanol, along with wind power, are expected to attract more investment due to the dual benefits of China's future industries and the EU carbon tariff in 2026. The global shipping industry is accelerating its decarbonization, and the International Maritime Organization (IMO) is promoting green fuel policies, which may keep green methanol prices high amid rising demand and limited supply. The current market expectations for the hydrogen ammonia and methanol sector are low, which can resonate with the wind power sector [4] - The ongoing electricity shortage in the U.S. is highlighted, with Nvidia's current shipment scale corresponding to data center power levels. The gap between actual power supply and grid capacity in the U.S. is a key focus for market speculation. Short-term fluctuations in stock prices are influenced by interest rate expectations and short-selling, but technology remains the main trend, with a focus on opportunities for rebounds in the overseas energy storage and SST sectors [4] Domestic Energy Storage - Heilongjiang Province has released a special implementation plan for large-scale new energy storage construction (2025-2027), aiming for an installed capacity of over 6GW by 2027. The first batch involves 1.45GW, with a reliable capacity compensation mechanism being established. Provinces are improving capacity price compensation mechanisms to ensure financing for independent energy storage. It is anticipated that independent energy storage bidding in 2026 will maintain a good level similar to 2025, and as the industry develops, independent storage will achieve a complete revenue model through energy, capacity, and ancillary service markets. After 2027, the growth of independent energy storage installations will align closely with load growth [5] Lithium Battery - The market is currently speculating on the production expectations for domestic energy storage in 2026, with short-term positive expectations remaining unchallenged. Growth expectations for power batteries and overseas energy storage are consistent. Additionally, the lithium battery supply chain is experiencing a "reverse involution" logic, indicating a trend of supply-demand improvement. From the perspective of supply-demand tightness in the supply chain, lithium hexafluorophosphate is the most constrained, followed by separators, copper foil, high-pressure lithium iron phosphate, and anodes. Short-term expectations for lithium hexafluorophosphate are already high, and subsequent stages are gradually entering long-term contract signing. Mid-term investment opportunities should focus on lithium mines with significant supply variability and separator segments where profitability does not support expansion [5]