Core Viewpoint - The article discusses the institutionalization and standardization of green electricity direct connection, highlighting its role in enhancing renewable energy consumption, reducing carbon footprints for export-oriented enterprises, and creating new application scenarios for innovative power entities [2]. Group 1: Project Planning and Construction - Green electricity direct connection enables distributed renewable energy to be used locally, but its decentralized nature may disrupt the load distribution of the larger power grid. Unregulated project construction could lead to mismatched power development timelines and redundant grid investments [3]. - The notification establishes a framework for planning and construction, emphasizing that new loads should be matched with renewable projects, particularly for export-oriented enterprises with carbon reduction needs [3]. Group 2: Investment and Operation Models - There is significant variation in investment and operation models for green electricity direct connection projects across regions, with some areas imposing restrictions that hinder market investment vitality and operational efficiency [4]. - The notification proposes several innovative measures, including removing restrictions on investment entities, allowing various operators to invest in projects, and setting a cap on the proportion of surplus electricity fed back to the grid [4]. Group 3: Safety and Economic Responsibilities - The safety and economic responsibilities of green electricity direct connection projects involve both internal project responsibilities and those related to the public grid. Clear delineation of responsibilities is necessary to manage the risks associated with integrating renewable energy into the grid [5][6]. - The notification clarifies the safety responsibility interface between direct connection projects and the public grid, ensuring that both parties fulfill their respective risk management duties [6]. Group 4: Market and Pricing Mechanisms - Establishing clear market and pricing mechanisms is crucial for the effective integration of green electricity direct connection projects with existing policies and for their broader application [7]. - The notification specifies that these projects should participate in the electricity market on equal terms and outlines the pricing mechanisms, including the payment of various fees related to transmission and distribution [7].

板块方面，有色金属、民爆、农药、海南等板块涨幅居前；美容护理、IP经济、稳定币概念等板块跌幅 居前。 盘面热点 盘面上，化工、有色等周期股逆势活跃，盛达资源等涨停。算力概念股一度冲高，美利云等涨停。ST 板块震荡走强，ST百利等10余股涨停。下跌方面，稳定币概念股集体调整，雄帝科技跌超10%。 个股方面，上涨股票数量超过2600只，逾60只股票涨停。 机构观点 巨丰投顾：周五市场震荡运行，贵金属板块涨幅居前。当前海外风险因素放缓而国内基本面整体修复之 下，市场中期向好趋势依旧，但波段上仍有不确定性。建议继续关注高景气度的半导体、消费电子、人 工智能、机器人、低空经济等领域的增量机会。 新华财经北京6月6日电（王媛媛）周五A股三大指数震荡整理，沪指微幅收涨，深成指和创业板指飘 绿。截至收盘，沪指报3385.36点，涨0.04%，成交4527亿元；深证成指报10183.70点，跌0.19%，成交 6993亿元；创业板指报2039.44点，跌0.45%，成交3229亿元。沪深两市全天成交额1.15万亿元，较上个 交易日缩量1384亿元。 消息面上 摩根士丹利策略师预计未来6-12个月中国股票将吸引更多资金流入 摩根 ...

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]

满足企业绿色用能需求，促进新能源就地消纳 为贯彻落实党中央、国务院关于加快绿色低碳发展和构建新型电力系统的决策部署，国家发展改革 委、国家能源局近日发布《关于有序推动绿电直连发展有关事项的通知》，培育绿色制造国际竞争 优势，提升新能源就近消纳能力。当前，我国绿电直连仍处于探索阶段，江苏等省份已经开始针对 电池企业展开实践，全国对创新新能源消纳形式需求迫切，《通知》出台恰逢其时，针对性强、可 操作性强，将为全国新能源发展注入新的动力。 一、政策出台背景 近年来，重点企业特别是出口型企业对绿色电力的直接采购需求显著增长。其动力主要来自国际， 欧盟已率先启动碳边境调节机制（ CBAM ）和电池法案，对本土和海外企业实行等同的碳排放监 管， 2026 年开始正式实施。我国大电网平均碳排放因子较高，产品进入欧盟需要按碳排放量购买 CBAM 证书，支付"碳税"。此外，越来越多的跨国企业、头部企业对供应链企业提出绿电使用要 求，比如特斯拉已要求供应商限期内实现全过程 100% 绿电生产，否则 5 年内不予采购。鉴于欧 盟对欧盟内外类似绿证的协议绿电认可度均不高，绿电直连成为大家都认可的一种物理连接直接提 供绿电的方式。 另 ...

国金证券：新能源车2025年4月持续超预期，中国和欧洲销量走势强劲。储能国内同比增速放缓，美国 维持相对高增。2025年，锂电板块景气度与新技术双轮驱动。格局角度细分赛道龙头仍是最佳配置策 略，成长角度看好固态电池等新技术，关注相关标的。 盘面上，贵金属、通信服务、贸易、民爆、草甘膦、算力租赁等板块和概念股涨幅居前；美容护理、医 疗服务、游戏、足球、体育产业、兵装重组等板块和概念股跌幅居前。 机构观点 银河证券：从用户侧来看，有助于满足终端用户，尤其是出口型企业的绿电消费、溯源需求，同时或可 在一定程度上助力企业降低用电成本。从发电侧来看，绿电直连有助于拓宽绿电，尤其是新能源的消纳 方式，同时有望通过签署多年期购电协议稳定收益预期。从配置上看，建议把握新能源发电拐点性机 会。 消息面上 新华财经北京6月6日电（胡晨曦）沪深两市三大股指6月6日早盘震荡调整，创业板指走势稍弱。盘面 上，算力概念股延续反弹，南凌科技、美利云、宁波建工等涨停；农药股继续走强，苏利股份、先达股 份、长青股份涨停；海南板块异动，海南瑞泽等涨停。下跌方面，体育概念股走低，金陵体育、康力源 跌超10%。 至午间收盘时，上证指数报3382.1 ...

Core Insights - The report highlights the gradual implementation of the 136 document details across provinces, with a focus on ensuring profitability for existing projects and clearer revenue expectations [3] - The report emphasizes the importance of mechanism electricity quantity and price, with specific guidelines from Shandong and Guangdong provinces, indicating a stronger support for existing projects compared to Inner Mongolia [3] - The national green electricity direct connection policy is seen as a significant step towards promoting green electricity consumption and reducing electricity costs for end-users, particularly export-oriented enterprises [4] Segment Summaries Thermal Power - Coal prices remain low, with the Qinhuangdao port 5500 kcal thermal coal price dropping to 610 RMB/ton as of June 3, 2025, and an average price of 688 RMB/ton year-to-date, a year-on-year decrease of 189 RMB/ton or 22%, which may mitigate the negative impact of long-term electricity price declines in 2025 [5] - Companies with a high market coal ratio and small electricity price reduction are recommended for attention [5] Hydropower and Nuclear Power - Current low interest rates enhance the investment value of hydropower and nuclear power [5] Renewable Energy - Continuous policy support for electricity price reform and green electricity consumption is expected to foster sustainable industry development, presenting a pivotal investment opportunity [5] - The report anticipates that provinces with stronger renewable energy consumption capabilities will set higher mechanism electricity quantity ratios, aligning with the 136 document's "new and old connection" approach [3] - The first bidding price in Shandong is capped at the previous year's settlement average price, with wind and solar prices at 0.357 and 0.346 RMB/kWh respectively, indicating a discount of 10% and 12% compared to coal benchmark prices [3] Electricity Consumption Trends - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with notable growth in new business sectors such as information transmission and electric vehicle charging services [5] - The report notes a decline in hydropower generation growth, while wind and solar generation growth accelerated [5]

Core Viewpoint - The article discusses the current market trends and investment opportunities, highlighting sector rotations and the importance of monitoring market volume for potential breakthroughs in index levels [3][4]. Market Overview - On June 6, the three major stock indices opened mixed, with the Shanghai Composite Index at 3,384.29 points, up 0.01%, the Shenzhen Component Index at 10,205.52 points, up 0.02%, and the ChiNext Index at 2,047.87 points, down 0.04% [2]. Expert Opinions - **Orient Securities**: Anticipates a rotation in market sectors in the second half of the year, suggesting that current levels present good investment opportunities. Close monitoring of market volume is essential for potential breakthroughs above 3,400 points [3]. - **HaiShun Securities**: Maintains a positive outlook for the market, indicating a possibility of further upward movement towards the 3,400-point key level. Emphasizes the need for precise market timing and sector focus for low-cost investments [3]. - **JinYuan Securities**: Recommends focusing on specific investment opportunities that align with the current market logic, noting that certain sectors are driving market sentiment and could attract more capital [4]. Sector Insights - **CITIC Securities**: Highlights that the L4 autonomous driving trend and the new vehicle cycle are key investment themes in the automotive sector. The market is catching up with industry trends, indicating potential upward momentum [7]. - **Galaxy Securities**: Points out the implementation of green electricity direct connection policies, which could benefit renewable energy consumption and help companies reduce electricity costs. This presents a pivotal opportunity in the renewable energy generation sector [9].

6月5日，多个电力板块迎来上涨。数据显示，南网电网系概念股涨4.52%，虚拟电厂概念股涨3.26%， 个股方面，南网能源（003035）（003035.SZ）涨停，协鑫能科（002015）（002015.SZ）涨3.86%。 《通知》显示，绿电直连项目以满足企业绿色用能需求、提升新能源就近就地消纳水平为目标。为此 《通知》规定，并网型项目整体新能源年自发自用电量占总可用发电量的比例应不低于60%，占总用电 量的比例应不低于30%，并不断提高自发自用比例，2030年前不低于35%，上网电量占总可用发电量的 比例上限则一般不超过20%。 在王永利看来，相比传统通过电网统筹调配的方式，绿电直连鼓励"就地生产、就地消纳"，可有效降低 输电损耗、提升绿电消纳水平，也满足企业日益增长的绿色用能需求，尤其适用于园区、数据中心、制 造基地等高负荷主体。 主营新能源电站一体化综合解决方案的晶科科技（601778）（601778.SH）今年5月曾在交流活动上表 示，公司在开发方面聚焦开发优势，拓展源网荷储一体化、海上风电、风光制氢、抽蓄调峰、数据中心 等园区绿电直连合作在内的新模式，积极储备项目资源，蓄力发展，也做积极变现。 贝 ...

Core Viewpoint - The article emphasizes the rapid development and significance of clean energy, particularly wind and solar power, in China's efforts to combat climate change and achieve carbon neutrality by 2060 [1][8]. Group 1: Industry Growth and Achievements - China's wind and solar power installed capacity reached 1.48 billion kilowatts, surpassing traditional coal power for the first time [1]. - By the end of 2023, China's wind and solar power installed capacity has increased tenfold compared to a decade ago, driven by strong government policies and technological advancements [2]. - The cost of solar power generation has decreased by 90% from 2010 to 2022, making it significantly cheaper than coal power [4]. Group 2: Technological Advancements - Innovations in technology have led to significant improvements in efficiency, with companies like JinkoSolar achieving world-leading conversion efficiencies for solar cells [3]. - The development of large-scale wind turbines, such as the 20MW offshore floating wind turbine with blades measuring 130 meters, showcases the technological progress in the wind energy sector [3][4]. Group 3: Economic and Environmental Impact - The wind and solar energy sectors are becoming key drivers of economic growth in regions like Hami, Xinjiang, where they account for over half of the energy structure [4]. - The use of green hydrogen, produced from renewable energy sources, is being promoted as a cleaner alternative to traditional hydrogen production methods, contributing to reduced carbon emissions [5]. Group 4: Future Prospects and Policy Framework - The Chinese government aims for renewable energy consumption to reach 80% by 2060, integrating it with new industrial, transportation, agricultural, and building systems [8]. - The introduction of "green electricity direct connection" policies aims to enhance the consumption of renewable energy and meet the green energy needs of enterprises [8].

数据显示，2024年公司经营性现金流创下15.96亿元的历史新高，同比增长26.75%。2025年第一季度， 公司实现营业收入8.74亿元，同比增长11.12%，净利润2亿元，同比增长10.62%。这一亮眼表现充分印 证了公司核心业务板块的强劲发展态势和精细化运营管理的卓越成效，同时为公司后续的战略布局、业 务拓展及债务偿付构筑了坚实的资金保障。 5月29日，旺能环境（002034）(002034.SZ)发布公告，在2025年4月1日-5月28日期间，公司控股股东美 欣达集团有限公司通过集中竞价交易方式累计增持公司股票1,928,700股，占公司目前总股本的0.44%。 截至目前，美欣达集团持股比例由此前的33.12%提升至33.57%；其与实际控制人单建明及其一致行动 人鲍凤娇合计持有公司股份达到230,307,292股，占公司总股本的53.07%。 美欣达集团增持股份，对旺能环境的发展具有深远意义。一方面，增持行为向市场传递出公司基本面良 好、未来发展前景广阔的积极信号，有助于提升公司在资本市场的形象，增强市场对公司的信心，为公 司后续的融资、并购等资本运作创造有利条件。另一方面，控股股东加大持股比例，能 ...