证券研究报告 豆鹏超 doupengchao@huayuanstock.com 公用事业 行业定期报告 hyzqdatemark 2025 年 07 月 27 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 6 月电力数据分析 储能容量电价政策有望陆续出台 投资评级： 看好（维持） ——大能源行业 2025 年第 30 周周报（20250726） 投资要点： 证券分析师 电力：6 月用电增速 5.4% 新能源装机环比骤降 用电量：6 月用电增速 5.4%，产业用电结构更迭持续 国家能源局于近日发布 2025 年 6 月全社会用电量数据，单月全社会用电量同比增长 5.4%。分产业看，6 月单月第一、二、三产业及城乡居民用电量分别同比增长 4.9%、3.2%、9.0%、10.8%。1-6 月全社会累 计用电量同比增长 3.7%，其中第一、二、三产业及城乡居民分别同 ...

中信证券：辽宁拟推出储能容量电价 看好后续其他省份政策催化 智通财经7月25日电，中信证券研报认为，本次辽宁省征求意见稿提出储能容量电价是对甘肃省国内首 个容量电价机制的延续。随着电力市场改革持续推进，储能容量电价机制将在各省份陆续确立，甚至有 望推出国家层面储能容量电价。在容量电价下，储能项目收益确定性将大幅增强，带动国内大储需求继 续保持高速增长。我们认为储能行业有望实现竞争格局优化，重点推荐储能产业链电芯、PCS、系统集 成等环节的头部厂商。 ...

整体观点： 1、光伏：根据硅业分会数据：本周多晶硅复投料成交区间4-4.9万元/吨；硅片价格涨幅较大，N型G10L单晶硅 片成交均价1.05元/片，环比上周+22.09%。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 3、固态电池：看好固态电池后续行情，近两周板块走势较弱主要在于前期涨幅较高；1）重点关注全固态电池 前、中道设备以及硫化锂等差异性环节，在锂电大厂启动新招标后有望充分受益；2）重点关注半固态电池或 极片、电解质改性的进展，液态或半固态电池亦可采用较多全固态电池工艺，且性能也有较好提升、落地更 快，预期差也较大。 4、储能：短期甘肃电化学大储容量电价政策出台是对容量租赁费用逐步取消所带来影响的对冲，有利于独立 储能IRR向好，预计其他部分省份也会效仿；中期大 ...

Economic Policy - The State Council's executive meeting emphasized strengthening the domestic circulation as a strategic move to promote stable economic growth, focusing on boosting consumption and optimizing policies to release domestic demand potential [1][2] - The Ministry of Commerce announced a policy to encourage foreign investors to reinvest distributed profits in China through tax incentives, aiming to stabilize investment expectations and reduce costs [4] Market Developments - The Hong Kong Stock Exchange is discussing shortening the settlement cycle for the stock market from T+2 to T+1, aligning with global trends where 88% of stock markets are expected to adopt T+1 or T+0 by the end of 2027 [2][3] - The national maximum electricity load reached a record high of 15.06 billion kilowatts, an increase of 0.55 billion kilowatts compared to last year [3] Automotive and Retail Sector - From July 1 to 13, retail sales of passenger cars in China reached 571,000 units, a year-on-year increase of 7%, while cumulative retail sales for the year reached 11.47 million units, up 11% [3] - The retail sales of new energy vehicles during the same period were 332,000 units, marking a 26% year-on-year increase, with a penetration rate of 58.1% [3] Company News - Taiji Group announced a share buyback plan of between 80 million and 120 million yuan, with a maximum buyback price of 28.03 yuan per share [5] - Postal Savings Bank plans to invest 10 billion yuan to establish a wholly-owned subsidiary, which will not significantly impact its financial status [5] - Wuzhou Zhongheng Group intends to acquire 100% equity of Huzhou South Taihu Power Technology Co., a mature enterprise in the cogeneration sector, for 1.457 billion yuan [6] - Shankai Intelligent's actual controller will change to the Wuhan New District People's Government, with stock resuming trading on July 17 [6] Industry Insights - CITIC Securities reports that with ongoing reforms in the electricity market and the establishment of a capacity pricing mechanism, investment certainty in domestic energy storage projects will significantly increase, leading to continued high growth in installed capacity [7]