智通财经APP获悉，中信证券发布研究报，根据中电联数据，单9月用电量同比增长4.5%，增速较8月的 5.0%下滑0.5个百分点。分部门看，9月二产用电需求持续修复至5.7%，三产用电需求增速依旧保持韧 性。推荐配置经营具备稳定性且估值重新具备安全边际的水电；兼具业绩弹性及低估值的H股龙头火 电；存在补贴发放预期改善且深度破净的H股绿电；受益数字化和新型电力系统日益融合的新场景及新 模式等，如虚拟电厂、微电网、综能服务、功率预测等。 中信证券主要观点如下： 二产用电持续回升，9月用电增长4.5%。 根据中电联数据(下同)，单9月用电量同比增长4.5%，增速较8月的5.0%下滑0.5个百分点。分部门看，9 月二产用电需求持续修复至5.7%，三产用电需求增速依旧保持韧性；9月气温环比下降明显，叠加去年 同期居民用电量基数较高导致居民单月用电同比增速转负；四大高耗能行业用电需求增速分化，其中黑 色金属行业用电需求同比高增、而非金属行业用电需求较为平淡。分区域看，9月高耗能地区用电增速 为5.8%，维持高位增长；受益出口的带动作用，沿海地区用电同比增速提升至7.2%。 1~9月国内累计新增风电/光伏分别为6,109/2 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the new energy sector, particularly in the electric grid equipment ETF (159326), which has seen a strong increase in trading volume and stock prices of its holdings [1][2] - As of November 6, the electric grid equipment ETF has experienced a net inflow of 1.114 billion yuan over nine consecutive trading days, reaching a total scale of 1.578 billion yuan, marking a record high since its inception [1] - The report from Goldman Sachs indicates that global electricity demand for data centers is expected to surge by 160% by 2030, posing a challenge for AI development due to power supply constraints [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, and cable components [2] - The holdings in the ETF have a high concentration in ultra-high voltage equipment, accounting for 64% of the total weight, which is the highest in the market [2]

东莞证券表示，"十五五"规划建议提出加快建设新型能源体系，持续提高新能源供给比重，推进化石能 源安全可靠有序替代，着力构建新型电力系统，建设能源强国。坚持风光水核等多能并举，统筹就地消 纳和外送，促进清洁能源高质量发展。加强化石能源清洁高效利用，推进煤电改造升级和散煤替代。全 面提升电力系统互补互济和安全韧性水平，科学布局抽水蓄能，大力发展新型储能，加快智能电网和微 电网建设。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。持仓股特高压权重占比高达64%，充电桩含量超61%，"核聚变"含量超 15%，均为全市场最高。 （文章来源：每日经济新闻） 11月6日午后，电网设备板块小幅回落。截至14:34，全市场唯一的电网设备ETF（159326）涨幅 1.83%，成交额达7.84亿元，创上市以来新高，持仓股正泰电器、华通线缆、保变电气等股涨停，中能 电气、中国西电、伊戈尔、思源电气、中天科技、特变电工等股跟涨。 从资金流向来看，电网设备ETF近期 ...

Core Viewpoint - The company, Shuangjie Electric, reported that the bidding situation for its distribution network equipment is generally in line with expectations, with an overall scale improvement compared to previous years [1] Policy and Market Demand - The "14th Five-Year Plan" clearly emphasizes the need to enhance the electrification level at the terminal and accelerate the construction of smart grids and microgrids, providing direction for future development in the power grid equipment sector [1] - There is a continuous growth in electricity demand both domestically and internationally, particularly driven by advancements in the AI sector, which places higher demands on power supply [1] - Electricity has become a critical factor limiting the development of certain industries, indicating a significant market opportunity [1] Market Outlook - Given the combined effects of policy guidance and market demand, the power and related equipment market is expected to have broad and sustainable development potential [1]

Core Insights - The electric equipment industry is experiencing steady growth in revenue and profit, driven by high domestic grid investment and surging overseas demand [1] - New growth areas such as supercapacitors and energy storage are emerging for some companies [1] - The recent policy push for accelerated development of smart grids and microgrids presents both short-term performance boosts and long-term development opportunities for the industry [1] Company Performance - Major companies like State Grid NARI, Siyuan Electric, China XD Electric, XJ Electric, and Pinggao Electric have reported varying growth rates, but the overall growth trend is clear [1] - The core drivers of growth are domestic grid investment and breakthroughs in overseas markets [1]

Core Viewpoint - Jinko Power Technology Co., Ltd. (Jinko Technology) demonstrates robust growth in its Q3 2025 report, highlighting the company's long-term value resilience with significant increases in revenue and net profit [1][2]. Financial Performance - In Q3, Jinko Technology achieved operating revenue of 998 million yuan and a net profit attributable to shareholders of 233 million yuan, marking a year-on-year increase of 76.49% [1]. - For the first three quarters, the net profit attributable to shareholders reached 356 million yuan, up 61.82% year-on-year, surpassing the total net profit for the previous year [1]. Cash Flow and Operational Efficiency - The company reported a net cash flow from operating activities of 3.273 billion yuan, a remarkable increase of 454.05% compared to the same period last year, indicating enhanced cash generation capabilities [2]. - As of the end of Q3, Jinko Technology's cash and cash equivalents amounted to 5.394 billion yuan, reflecting an increase of approximately 360 million yuan from the end of the previous year, showcasing improved operational efficiency [2]. Strategic Developments - Jinko Technology is actively expanding into new business areas such as integrated solar storage, electricity sales, virtual power plants, and microgrids, leveraging its advantages in power generation and customer base to enhance service offerings and revenue potential [2]. - The company is implementing a "rolling development" light asset operation strategy, with the Antequera solar project nearing completion and expected to commence commercial operations in Q4 2025 [2]. Energy Storage Business - The energy storage sector is identified as a core strategic focus for Jinko Technology in 2025, with significant progress made since entering the market in 2022, including the establishment of multiple storage application scenarios across various provinces [3]. - In 2023, Jinko Technology added 6 GWh of new energy storage capacity, with 3 GWh of projects either operational or under construction [3]. - The successful grid connection of the 100 MW/200 MWh energy storage project in Feidong marks a significant milestone, contributing to local grid services and supporting market-driven electricity consumption [3]. - The company plans to adopt a mixed commercial model for its energy storage business, aiming for rapid scaling while balancing ownership and transfer strategies, positioning energy storage as a new profit growth point [3].

Core Insights - The article discusses the transformation of China's power system, particularly in the renewable energy sector, highlighting the significant increase in electricity consumption and the rise of green energy sources [1][2] - It emphasizes the emergence of a "new power system" that integrates AI technology to enhance energy management and control [2][7] Group 1: Changes in the Power Industry - By July 2025, China's monthly electricity consumption is expected to exceed 1 trillion kilowatt-hours for the first time, equivalent to Japan's annual consumption [1] - As of June 2025, renewable energy installed capacity in China reached 2.159 billion kilowatts, with renewable energy accounting for nearly 40% of total electricity generation [1] - The transition from traditional energy sources to renewable energy is driving the need for a new power system that can manage real-time electricity demands effectively [6][18] Group 2: AI's Role in the Power Sector - AI development requires substantial electricity, creating a significant demand for power management solutions [6][7] - The integration of AI into the power sector can enhance real-time monitoring and control, addressing the challenges posed by high-frequency and variable energy sources [7][28] - The "virtual power expert" project initiated by the company aims to leverage AI to improve power monitoring and management for small and medium-sized users [7][29] Group 3: International Power Market Observations - Differences between domestic and international power systems are noted, particularly in terms of stability and economic considerations [8][10] - Recent large-scale power outages in Europe and North America highlight the challenges faced by traditional power systems transitioning to renewable energy [8][10] - The article discusses how the economic focus in Western countries can sometimes compromise the reliability of their power systems [8][10] Group 4: Stages of China's Power Development - China's power system has evolved through three stages: focusing on power generation, then on grid construction, and now on integrated energy management [16][18] - The current phase emphasizes the integration of power sources, grids, loads, and storage to achieve a more flexible and efficient energy system [16][18] Group 5: Challenges and Innovations in Renewable Energy - Despite the low cost of renewable energy, its intermittent nature poses challenges for stable supply, necessitating advanced grid management solutions [20][24] - The article outlines the evolution of renewable energy integration into the grid, moving from guaranteed grid access to localized consumption strategies [19][21] - New policies are being introduced to support the development of virtual power plants and energy storage solutions, enhancing the overall efficiency of the power system [23][24]

Core Insights - The photovoltaic industry is undergoing a significant transformation from scale expansion to value cultivation, with a focus on enhancing the lifecycle value of power plants and exploring post-market potential [1] - The integration of AI technology is becoming a key driver for improving energy production efficiency and optimizing energy management [1] - The Chinese government has set ambitious goals for AI in the energy sector, aiming for a leading position in AI-specific technologies and applications by 2030 [1] Group 1: AI-Driven Solutions - The company launched a comprehensive "AI + Microgrid" solution that integrates AI design, operation, management, and trading systems to enhance operational efficiency and value creation for microgrid projects [1] - The AI intelligent design platform "Taizhi Hui" significantly improves design efficiency by 600%, utilizing over 1.8 million design experiences [2] - The platform employs drone surveying for high-precision geographic information and smart modeling to create accurate 3D models of rooftops [2] Group 2: Digital Operation and Maintenance - The AI operation and maintenance system supports remote monitoring, intelligent diagnostics, fault warnings, and data visualization, creating a digital operation lifecycle for photovoltaic power plants [3] - The system enables 24/7 remote monitoring of microgrid operations, ensuring precise tracking of key performance indicators such as generation efficiency and equipment health [3] - AI algorithms automatically identify common faults and provide timely alerts, facilitating a rapid response from maintenance personnel [4] Group 3: Energy Management and Trading - The integration of IoT, big data, and AI algorithms creates a smart energy management platform that optimizes the coordination of photovoltaic, storage, and load resources [5] - The platform allows for real-time monitoring and analysis of energy consumption, generating detailed reports to support energy efficiency benchmarking [6] - The automated trading engine, combining "virtual power plants" with AI, enhances the ability to participate in various electricity markets, optimizing pricing and maximizing revenue [6][7] Group 4: Future Outlook - The deep integration of AI and the photovoltaic industry is a necessary evolution driven by industry demands and technological advancements [8] - The shift in the photovoltaic industry's development logic from scale expansion to technological innovation and value creation is crucial for companies to secure higher returns in a market-driven environment [8] - The company aims to continue enhancing the integration of microgrids and AI technology, providing efficient digital solutions to partners and promoting the intelligent upgrade of the photovoltaic industry [8]

Core Viewpoint - Jiangsu Liyang has transformed into a billion-dollar power battery industry city, achieving significant production and sales in the new energy sector, particularly in power batteries, with a projected output of 151.5 billion yuan in 2024, accounting for approximately 1/7 of the national market [1][4]. Industry Development - Liyang has established a "3-kilometer industrial circle" for power batteries, with over 100 upstream and downstream enterprises clustered together, facilitating efficient logistics and production [3][4]. - The city has five lithium battery production lines, producing one battery cell every second and one battery pack every 150 seconds, with power battery production and sales accounting for 36.2% and 37.4% of Jiangsu's total, respectively [2][4]. Technological Advancements - Liyang has made significant strides in technology development, with 14 innovation platforms and breakthroughs in 37 key core technologies, including the establishment of a physical research center in collaboration with the Chinese Academy of Sciences [3][7]. - The city has successfully filled a global gap in the production line for sulfide solid electrolytes over 100 tons, breaking foreign monopolies [3]. Economic Growth - The power battery industry in Liyang has experienced an average annual compound growth rate of 42% over the past three years, with industrial output value reaching 43.05 billion yuan in the first half of the year, a year-on-year increase of 21.5% [4][6]. Strategic Initiatives - Liyang is expanding into the "power + energy storage" sector, with plans to establish a new energy storage industrial park by December 2024, aiming for an annual production capacity of 2.5 GWh and an output value of approximately 5 billion yuan [9]. - The city is also developing smart energy networks and microgrid scenarios, enhancing its infrastructure with solar power installations to reduce electricity costs for businesses [10].

Core Viewpoint - The article highlights the successful implementation of a flexible microgrid system in Tai'an, Shandong, which utilizes solar energy and energy storage to enhance energy efficiency and reduce carbon emissions in industrial parks [1][2]. Group 1: Microgrid Technology - The microgrid system integrates energy routers, flexible interconnection devices, and intelligent control technologies to provide clean and stable power supply [1]. - The system employs direct current (DC) power supply from solar energy, eliminating traditional AC-DC conversion, thus improving safety and efficiency [1]. - The microgrid has achieved a 100% utilization rate of green electricity, saving over 5 million yuan in electricity costs and reducing CO2 emissions by over 9,300 tons annually [1]. Group 2: Collaboration and Innovation - The Tai'an Group collaborates with Tsinghua University to develop energy routers based on third-generation semiconductors, overcoming key technical challenges and achieving international leading standards [1]. - The microgrid system is designed to enhance flexibility and controllability, integrating zero-carbon buildings, medium and low-voltage interconnections, and energy storage solutions [1]. Group 3: Broader Implications and Future Plans - Tai'an City is promoting the expansion of microgrid technology from single-point demonstrations to comprehensive coverage, establishing a technical innovation alliance in the microgrid field [2]. - The city has implemented 21 demonstration projects, with 10 already operational, collectively consuming approximately 26 million kilowatt-hours of green electricity and reducing carbon emissions by about 20,000 tons [2]. - Future plans include building a unique industrial ecosystem combining green equipment manufacturing, green power production, and carbon asset management to support high-quality development of smart microgrids [2].