注：相对收益与沪深 300 相比 证券研究报告 2025 年 8 月 24 日 湘财证券研究所 行业研究 公用事业行业周报 1-7 月风光新增装机加快，全国累计发电装机达 36.7 亿千瓦 相关研究： 《2025年可再生能源电力消纳责任权 重发布，利好新能源消纳》2025.07.20 《新疆、蒙西"136号文"承接方案发 布，存量平稳过渡》 2025.06.29 《广东"136号文"征求意见，增量项 目保障比例不超过90%》 2025.05.18 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -7 -12 -29 绝对收益 -1 0 3 分析师：孙菲 证书编号：S0500524010002 Tel：(8621) 50293587 Email：sf06902@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 行情回顾：本周公用事业(申万)上涨 1.89%，跑输大盘 2.29pct 根据 wind，截至 8 月 22 日，本周沪深 300 上涨 4.18%，公用事业(申万)上 涨 1.89%，跑输沪深 300 指数 2.29pc ...

晨 会 纪 要 [2025]第 154 号 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：汪炜 研究所今日晨会要点如下: 一、行业公司 1、公用事业行业（孙菲） 行情回顾：本周公用事业(申万)下跌 0.55%，跑输沪深 300 指数 2.92pct 根据 wind，截至 8 月 15 日，本周沪深 300 上涨 2.37%，公用事业(申万)下跌 0.55%，跑 输沪深 300 指数 2.92pct，在申万一级行业中排名第 27 位。子板块中，燃气上涨 0.47%，热力 服务上涨 0.32%，光伏发电下跌 0.09%，风电下跌 0.92%，水电下跌 1.02%，电能综合服务下 跌 1.14%，火电下跌 2.66%。 重点数据跟踪 本周现货煤价周环比小幅上升，库存回升： 国内现货：根据 wind，截至 8 月 14 日，秦皇岛动力煤(Q5500,山西产)平仓价 695 元/吨， 周环比+17 元/吨，增幅 2.51%；截至 8 月 15 日，秦皇岛煤炭库存量 567 万吨，周环比+20 万 吨，增幅 3.66%。 进口端：根据 wind，截至 ...

行 华福证券 公用事业 2025 年 08 月 16 日 业 研 究 行 业 定 期 报 公用事业 第 33 周：初步构建完成电力市场"1+6"规则体 系，CCER 第三批方法学征求意见启动 投资要点： 行情回顾：8 月 11 日-8 月 15 日，燃气板块、环保板块、水务板块分 别上涨 2.49%、1.77%、0.29%，电力板块下降 1.04%，沪深 300 指数上升 2.37%。 告 《电力市场计量结算基本规则》印发，初步构建完成电力市场"1+6" 规则体系：2025 年 8 月 6 日，国家发展改革委、国家能源局发布《电力市 场计量结算基本规则》，标志着我国以《电力市场运行基本规则》为基础， 电力中长期、现货、辅助服务规则为主干，信息披露、准入注册、计量结 算规则为支撑，涵盖电力市场各品种各环节的"1+6"基础规则体系初步构建 完成。电力市场的计量结算环节存在跨省交易成本高、效率低；数据不透 明，难以监督；结算周期差异大，市场协同运行有难度等问题。《规则》 共 6 章 56 条，涵盖计量管理、结算管理、监督管理等方面。明确了计量结 算的定义与适用范围，覆盖电能量交易、辅助服务交易等所有电力市场类 型， ...

Core Points - The official issuance of the "Basic Rules for Metering and Settlement in the Electricity Market" marks the completion of the national unified electricity market's "1+6" rule system, transitioning from framework design to efficiency release [1][3] - The electricity market reform initiated in 2015 has evolved from a centralized purchasing and selling model to a multi-competitive market, addressing challenges posed by renewable energy sources and regional market fragmentation [1][2] - The gradual establishment of a unified electricity market framework has been supported by the revision of long-term trading rules and the introduction of spot market rules, facilitating a more competitive trading environment [2][3] Summary by Sections Rule Development - The 2016 and 2020 revisions of the "Basic Rules for Medium and Long-term Electricity Trading" laid the foundation for standardized market operations and expanded market transactions [2] - The 2023 introduction of the "Basic Rules for the Spot Electricity Market (Trial Operation)" aims to standardize practices in regions already operating and reduce trial and error costs in others [2] Key Rules Introduced - The "Basic Rules for Electricity Market Operation" provides a comprehensive framework for national electricity market operations, clarifying the logic behind cross-provincial trading and settlement [2][3] - The "Basic Rules for Electricity Market Information Disclosure" enhances transparency and real-time data sharing among all market participants, breaking down information silos [2][3] - The "Basic Rules for Electricity Market Registration" facilitates nationwide registration and information sharing, combating local protectionism [2][3] Future Outlook - The completion of the basic rules framework is expected to enhance the efficiency and coordination of various market categories, transforming regulatory frameworks into market vitality [3] - The ongoing evolution of the new energy system and unified electricity market construction will provide significant momentum for green energy transition and high-quality development [3]

全国统一电力市场正在加速推进。随着煤电、新能源、工商业用户全面参与电力市场，各地计量管理要 求不规范、电费结算不及时等问题逐渐凸显，已成为制约市场效率与公平的瓶颈，亟需国家层面统一规 范。 近日，国家能源局发布了《电力市场计量基本规则》，统一全国电力市场的计量、结算"语言"。多位业 内人士向21世纪经济报道记者表示，计量和结算环节是统一电力市场建设的基础。结算时效性差、周期 不统一是影响市场主体现金流和运营成本的瓶颈。需通过国家层面的顶层设计，统一计量标准、规范结 算流程并严格时序要求，推动全国统一电力市场高质量建设。 统一各地结算"语言" 统一电力计量与结算标准，是破除区域壁垒、推动跨省跨区电力交易的关键基础。根据中国能源研究 会、自然资源保护协会等单位联合发布的《提升区域电力互济能力 促进新能源高比例发展》，跨省跨 区绿电交易的核心障碍之一是区域市场分割（如各省准入标准、交易品种、结算规则差异），需要通过 顶层设计推动规则统一。 "市场化交易和非市场化交易最为复杂的事情就是结算环节，而计量是结算中最基础和最重要的数据来 源。"华北电力大学电气与电子工程学院副教授郑华在2025电力低碳转型年会上向21世纪经 ...

Core Viewpoint - The introduction of the "Basic Rules for Electricity Market Measurement and Settlement" is a significant step towards enhancing the operational effectiveness of the national unified electricity market, aligning with the directives from the Party's 20th Central Committee and the State Council [3][4]. Summary by Sections 01 Significance of the Rules - Since the new round of electricity system reform in 2015, various regulatory documents have been issued to establish a solid foundation for the healthy development and standardized operation of the electricity market [4]. - The current practices in electricity market measurement and settlement need to be unified and clarified to meet the evolving demands of market participants [5]. - The establishment of these basic rules is crucial for the implementation of the Party's directives and for adapting to the requirements of a new type of electricity system [5]. 02 Highlights of the Rules - The rules standardize the processes for data collection, transmission, verification, and validation, clarifying the rights and obligations of all market participants [6]. - They establish uniform timelines for settlement processes, including the issuance of settlement bases and electricity bills, aiming to shorten the payment timelines [6]. - The rules define the electricity payment processes among generation companies, electricity users, and grid companies, enhancing the efficiency of payment transactions [6]. - They cover all market participants, including new types of operational entities, ensuring comprehensive applicability [6]. - For the first time, the rules outline procedures for handling disputes and objections regarding settlement bases and electricity bills, improving service for market participants [7]. 03 Conclusion - The formal introduction of these rules marks the establishment of a comprehensive regulatory framework for the national unified electricity market, laying a solid institutional foundation for its preliminary establishment by 2025 [8]. - The Beijing Electric Power Trading Center will leverage the implementation of these rules to promote the standardization and intelligence of the electricity market measurement and settlement system, supporting the high-quality development of the national unified electricity market [8].

截至6月底，全国电力市场经营主体数量97.3万家，同比增长23.8%。今年以来，在各方共同努力下，全国统一电力市场 建设进一步提质增速，取得一系列新进展新成效。 国家能源局微信公众号是国家能源局新闻宣传、信息公开、服务群众的重要平台。 · 公开 政务信息 · 发布 行业动态 ·提供 公众服务 一是跨经营区常态化电力交易机制取得新突破。国家发展改革委、国家能源局建立协同工作机制，指导国家电网、南方电 网组建工作专班，编制形成跨经营区常态化交易机制方案，并于7月1日联合批复，推动跨电网交易常态化开市。 二是区域电力市场建设迈上新台阶。南方区域电力市场于今年6月28日成功转入连续结算试运行，在全国范围内首次实现多 省区电力资源统一优化配置，是全球集中统一出清电量规模最大的电力市场，对于构建全国统一大市场、打破省间壁垒具 有重要意义。长三角电力市场创新探索省市间抽蓄、皖电、绿电交易机制，在6月成立了市场管理委员会，为长三角一体化 发展贡献力量。 三是省级电力现货市场建设实现新加速。国家发展改革委、国家能源局联合印发了《关于全面加快电力现货市场建设工作 的通知》，对全年现货市场建设作出系统安排，各地也形成了阶梯式、加快 ...

Core Viewpoint - The article highlights the significant progress in China's energy sector in the first half of the year, showcasing a robust increase in renewable energy generation, improved energy security, and the acceleration of green energy consumption initiatives [1][2][3] Group 1: Energy Supply and Production - Renewable energy generation reached nearly 1.8 trillion kilowatt-hours, accounting for almost 40% of the total national power generation [1] - The production of raw coal, crude oil, and natural gas increased by 5.4%, 1.3%, and 5.8% year-on-year, respectively [1] - Daily average industrial power generation increased by 1.3% year-on-year, with the maximum national power load reaching a historical high of 1.508 billion kilowatts [1] Group 2: Power Generation Capacity - Over 200 million kilowatts of new power generation capacity was added in the first half of the year, including 30 million kilowatts from renewable sources [2] - Renewable energy generation accounted for nearly 40% of total power generation, surpassing the combined electricity consumption of the tertiary industry and urban-rural residents [2] - By the end of June, the total installed capacity of renewable energy reached 2.159 billion kilowatts, representing 59.2% of the total installed capacity [2] Group 3: Green Certificate Market - A total of 348 million green certificates were traded in the first half of the year, reflecting a year-on-year increase of 118% [3] - The average price of green certificates rose to 5 yuan per certificate, with June's average reaching 6.5 yuan, a 4.4-fold increase from the lowest price this year [3] - The establishment of a unified national electricity market has progressed, with new mechanisms for cross-regional electricity trading and the launch of continuous settlement trials in the southern region [3]

二是区域电力市场建设迈上新台阶。南方区域电力市场于今年6月28日成功转入连续结算试运行，在全 国范围内首次实现多省区电力资源统一优化配置，是全球集中统一出清电量规模最大的电力市场，对于 构建全国统一大市场、打破省间壁垒具有重要意义。长三角电力市场创新探索省市间抽蓄、皖电、绿电 交易机制，在6月成立了市场管理委员会，为长三角一体化发展贡献力量。 三是省级电力现货市场建设实现新加速。国家发展改革委、国家能源局联合印发了《关于全面加快电力 现货市场建设工作的通知》，对全年现货市场建设作出系统安排，各地也形成了阶梯式、加快推进的良 好态势。其中，蒙西、湖北连续试运行一年以上，在经历新能源大发、极端天气等多场景考验后，分别 于2月、6月转入正式运行；陕西、安徽、辽宁、河北南网已进入连续结算试运行。 新华财经北京7月31日电（记者安娜） 国家能源局综合司副司长张星7月31日说，今年上半年，全国电 力市场运行总体平稳，各电力交易中心累计完成市场交易电量2.95万亿千瓦时，同比增长4.8%。 张星是在当日国家能源局举行的新闻发布会上提供上述数据的。据他介绍，今年上半年，全国市场化交 易电量规模和市场主体数量均延续稳步增长态势 ...

Core Viewpoint - Envision Technology Group has successfully implemented a full-process closed loop for green electricity trading, delivering power from Inner Mongolia to Shanghai, marking a significant step in the national unified electricity market construction [1] Group 1: Green Electricity Trading - The recent cross-regional green electricity transaction is a practical application of the newly released "Cross-Grid Operating Area Normalized Electricity Trading Mechanism Plan" [1] - This transaction validates the feasibility of connecting the national green electricity market [1] - The green electricity transaction represents Envision's proactive exploration of the "self-operated wind power terminal consumption model" [1] Group 2: Transaction Details - The transaction involved a bidding process where Envision's wind farm project in Mengxi submitted the supply side, while its subsidiary, Jingrong Green Energy Technology Co., Ltd., represented the demand side [1] - The successful matching of supply and demand not only facilitates direct resource allocation but also provides a clear path for cross-regional green electricity configuration and large-scale trading [1] Group 3: Technological Integration - The transaction utilized AI to predict power output curves and user load curves, enabling effective matching and clearing of electricity [1]