每经记者｜周逸斐 每经编辑｜魏文艺 "去年5月31日之后，我们就暂停投资新的光伏项目。" 山东某分布式光伏项目负责人周博（化名）算了一笔账：即便他已投产的存量光伏项目，按0.3949元/度的燃煤标杆电价作为机制电价，回本周期也从6.5 年拉长至8年。上网卖电收益明显下滑，让他决定暂停投建光伏电站，转身投入到光伏EPC（工程总承包）行业。 周博之所以改变投资计划，源于去年2月国家发展改革委与国家能源局联合印发的 《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》 （以下简称"136号文"） 。该文件要求新能源发电全面参与电力市场交易，取代以往的保障性收购制度，并设立"机制电价"作为新能源增量项目的保障， 需通过省级出台细则，并由各省市竞价确定。 根据"国家电网新能源云"数据，2025年9月至12月期间，山东、上海、江苏、河北等20余个省份已公布当地机制电价结果。 《每日经济新闻》记者（以下简称"每经记者"）梳理发现，从东部沿海到西北内陆，新能源新增项目的最高与最低电价差距超过一倍——新增风电项目的 机制电价中，新疆最低仅0.195元/度，而重庆、湖北、浙江等地接近0.40元/度。 光伏机制电价的差 ...

二、预计26年国内电动车持续增长，海外电动化长期向好 2.1 国内新能源车：预计2026年国内新能源汽车销量有望达到1656万辆，同比 +13.8% 2025 年 1-10 月国内新能源车销量保持稳定增长，新能源渗透率持续提升。根据中汽协数 据，10 月我国新能源汽 车销量 171.5 万辆，同环比+20.0%/+6.92%, 新能源车渗透率 51.6%, 同环比 +3.9/+1.9pcts ； 10 月 我 国 新能源 汽 车 产量 177.2 万辆 ， 同 环比 +21.1%/+9.6%。1-10 月我国新能源汽车累计销量 1294.3 万辆，同比+32.7%，新能 源车 渗透率 46.7%，同比+7.1pct；1-10月我国新能源汽车累计产量1301.5万辆，同比+33.1%。 新 能 源 车 出 口 持 续 保 持 较 高 增 长 。 10 月 新 能 源 汽 车 出 口 25.6 万 辆 , 同 环 比 +99.9%/+15.4%，其中， 纯电汽车出口 16.6 万辆，插混汽车出口 9.0 万辆；10 月汽车整 体出口 66.6 万辆，同环比+22.9%/+2.1%。1-10 月 新能源汽车累计出口 ...

专题：2025《中国企业家》影响力企业家年会 12月5日-7日，由《中国企业家》杂志社主办的"2025（第二十三届）《中国企业家》影响力企业家年 会"（原中国企业领袖年会）在北京举行，主题为"涌现·无限——共创智能商业新形态"。英利集团董事 长苗青出席并演讲。 谈及未来新能源行业会以什么样的形态展示，苗青表示，过去是非常同质化的，但是未来，新能源一定 是更加市场化的、更加多层次的发展。 她解释到，当前通过平衡现有的电力需求，以及用电节奏，我们可以让电网更加安全，更加稳定，更加 高效。同时，也可以增加输配电的利用比例，也减少全社会用电的综合成本。 苗青介绍到，英利是一个老牌企业，是中国最早进入到新能源建设的开拓者之一，参与建设的周期已达 三十年。 她提到，过去英利有一个自己的愿景，就是想生产老百姓用得起的绿色电力。它一定要比化石能源更便 宜，同时也要更加绿色。"经过大家的共同努力，这个目标我们现在已经实现了。" 专题：2025《中国企业家》影响力企业家年会 12月5日-7日，由《中国企业家》杂志社主办的"2025（第二十三届）《中国企业家》影响力企业家年 会"（原中国企业领袖年会）在北京举行，主题为"涌现·无限 ...

文 | 华夏能源网 今年新能源行业的大事，决定着新能源行业未来的机制电价，已经在全国近半省区落地了。 华夏能源网统计，截至目前，已有16个省区完成了机制电价首轮竞价。让外界颇感惊奇的是，竞价既跑出了0.19元/千瓦时（甘 肃）的超低价，也涌现了0.41元/千瓦时（上海）的最高价。两者之间的差距竟有两倍多！ 上海0.41元的机制电价，与上海的燃煤基准电价拉齐；甘肃0.19元的机制电价，则比照当地燃煤基准电价大幅下滑了37%。非但 如此，甘肃甘肃0.19元的机制电价，已经向当地新能源现货市场的低价大幅靠拢了。 上述甘肃与上海的冰火两重天，其实并非个案。16省首轮机制电价竞价的结果显示，另有安徽、云南、海南、福建、广东、天 津、江西等地，其机制电价保持了高水平（保持在当地燃煤基准电价附近）；同时，也有山东、黑龙江、青海等地机制电价比 照燃煤基准电价大幅下滑。 "136号文"设计机制电价的出发点，是为了在新能源全面入市后保障新能源企业的合理收益，但是如果机制电价比照燃煤基准电 价低太多的话，机制电价的保障力度就会大打折扣了。 这一高一低的对比之间，暴露了机制电价需要修订的诸多细节问题。 三高与三低：没有对比就没有伤害 ...

Core Insights - The article discusses the electricity pricing mechanisms and allocation of renewable energy projects across different regions in China, highlighting the disparities in pricing and policies based on local resources and economic conditions [3][4]. Pricing Mechanisms - High electricity price regions include Southern China (Guangdong at 453), Central China (Hunan at 450), and Eastern China (Shanghai at 415.5, Zhejiang at 415.3), driven by high demand and limited local energy resources [3][4]. - Low electricity price regions are found in Northwestern China (Xinjiang with subsidy projects at 250, Qinghai at 227.7) and Inner Mongolia (282.9), where abundant renewable resources lead to lower costs [3][4]. - Mid-range pricing is observed in North and Southwest China, with prices generally between 330 and 390, reflecting a balance of supply and demand [3][4]. Project Allocation and Support - Supportive projects, such as poverty alleviation solar and distributed generation, often receive 100% of the allocated electricity, ensuring stable returns for these initiatives [4][5]. - Distributed projects tend to have higher allocation ratios compared to centralized projects, with examples like Jiangxi providing 95% for distributed and 85% for centralized [4][5]. - Market-driven projects face more restrictions, with allocation ratios influenced by production time and trading conditions, as seen in Hainan where newer projects receive progressively lower allocations [4][5]. Regional Policy Variations - Eastern China has higher electricity prices with a mix of guaranteed and restricted allocations, while Southern China features a wide price range and detailed allocation rules based on voltage levels and production timelines [5]. - Northwestern and Northeastern regions have lower prices, with allocation policies tailored to local resource availability, such as Xinjiang's differentiation between subsidy and market-based projects [5].

同时，广西持续优化绿电交易机制，今年以来共组织绿电交易61批次，交易绿电电量达150.55亿千瓦 时，平均交易价格同比下降28.85%。 此外，依托全国统一电力大市场，广西拓展新能源消纳渠道，持续扩大新能源外送规模，共组织"桂电 送沪""桂电送华东"等跨经营区交易17批次，累计交易电量50.35亿千瓦时，开展"点对点""桂电送琼"绿 电交易，成交电量871万千瓦时。 新华社南宁11月13日电（记者王楚然）记者13日从广西电力交易中心获悉，今年截至11月13日，广西新 能源市场化电量达526.88亿千瓦时，是去年同期的2.39倍，其中风电交易电量389.08亿千瓦时，光伏交 易电量137.8亿千瓦时。 电力市场是优化资源配置、推动能源转型、实现新能源高水平利用的重要载体。广西电网电力大数据显 示，截至10月底，广西新能源发电装机容量达到5634.7万千瓦，占全区电力总装机的49.5%，是广西第 一大电源和发电量增量主体。 为适应新能源大规模发展需要，广西积极打造适应新型电力系统的清洁能源消纳市场体系，全面推动集 中式新能源发电企业全电量入市，293个新能源场站参与中长期交易，并将294家集中式风电、光伏厂站 纳 ...

Market Overview - A-shares experienced a strong afternoon rally with the ChiNext Index rising over 1%, while Hong Kong stocks gradually stopped falling, with the Hang Seng Index briefly turning positive [1] - The Shanghai Composite Index closed up 0.23% at 3969.25 points, the Shenzhen Component Index rose 0.37% to 13223.56 points, and the ChiNext Index increased by 1.03% to 3166.23 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 189.45 billion yuan, a decrease of approximately 44 billion yuan from the previous day, remaining below 200 billion yuan for two consecutive days [1] New Energy Sector - The new energy sector saw a collective surge, with companies like YN Power, Shuangjie Electric, and others hitting the 20% limit up [3] - Sunshine Power, with a market capitalization exceeding 400 billion yuan, rose over 7% with a total trading volume of 233.7 billion yuan, leading the A-share market in trading volume [3] - The global demand for energy storage is expected to grow significantly, driven by the increase in new energy penetration and the decline in energy storage system costs, with a projected acceleration in domestic energy storage demand starting in 2026 [4][5] Hainan Free Trade Zone - The Hainan Free Trade Zone concept was active, with stocks like Intercontinental Oil and Gas and Hainan Development hitting the limit up [7] - The construction of the Hainan Free Trade Port is approaching a significant milestone, with full island closure operations expected by 2025, marking a shift in investment focus from B2C consumption to B2B industrial upgrades and high-value-added services [8] Coal Sector - The coal sector saw strong gains, with companies like Antai Group and Baotailong hitting the limit up, and others like Daya Energy and Zhongmei Energy rising over 3% [10] - The domestic coal production growth rate is gradually slowing due to safety regulations and overproduction checks, with expectations of a supply gap in December due to increased winter storage demand [11] - Analysts predict that the average price of thermal coal at ports may rise by over 15% quarter-on-quarter in Q4, with potential price peaks exceeding 850 yuan per ton [12]

Group 1: Energy Storage - The energy storage market is recovering, and the global trend remains positive, driven by the economic turning point in domestic energy storage and strong investment due to renewable energy marketization and capacity pricing [1][2] - The cumulative penetration rate of energy storage in China is still below 10%, with an expected increase in new installations to 300 GWh next year [2] - The largest overseas opportunity comes from data centers, which are generating significant storage demand, with leading companies already securing large orders [2] - Energy storage is projected to drive lithium battery demand growth exceeding 30% next year, presenting investment opportunities across materials, batteries, and integration [1][2] Group 2: Lithium Batteries - Energy storage represents the most elastic segment under non-linear growth, as the industry is currently experiencing supply shortages and profitability at the bottom [2] - Demand for lithium materials is expected to grow by over 25% in 2026, leading to price increases in materials, despite current market skepticism regarding demand and pricing [2] - The focus is on the upcoming peak production season, where supply-demand imbalances in materials and energy storage batteries are expected to drive prices higher [2] Group 3: Photovoltaics - The cost of silicon materials is expected to support prices strongly, with anticipated production cuts leading to rising average industry costs [3] - Key observations for the photovoltaic sector include the pricing situation in the component segment and the progress of silicon material capacity consolidation, with positive changes expected in November [3] - The sector's top recommendation is BC batteries, which could lead to a recovery in profitability for leading photovoltaic companies if progress in reducing internal competition is achieved [3] Group 4: Power Equipment - Recent developments include NVIDIA's release of an 800V HVDC white paper, indicating trends in the HVDC/SST industry, and increased interest in supporting equipment [3] - High-voltage equipment tenders are expected to revive, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, with a notable increase in domestic transformer exports [3] - The power equipment sector remains a high-certainty area with ample orders on hand, and attention is drawn to high-voltage tenders and IDC supporting opportunities [3] Group 5: Hydrogen Energy - Hydrogen energy is positioned as a forward-looking industry in the 14th Five-Year Plan, with significant potential for growth over the next decade [3] - The focus is on identifying which downstream hydrogen energy applications will develop commercial models first, serving as key investment signals for the sector [3] Group 6: Robotics - Elon Musk anticipates the release of the Optimus V3 mass production prototype in early 2026, with plans to establish a production line for 1 million units by the end of 2026 [4] - The focus is on leading companies in the supply chain and the expected significant growth in shipments from domestic players [4]

Group 1 - The company reported a total operating revenue of 500 million yuan for the first three quarters of 2025, representing a year-on-year growth of 36.97%, and a net profit of 69 million yuan, up 59.97% year-on-year [1] - In Q3 alone, the revenue was 179 million yuan, showing a year-on-year increase of 27.12%, while the net profit reached 26 million yuan, marking a 72.14% year-on-year growth [1] - The growth in revenue and profit is primarily driven by the company's core business in power forecasting, with the "Kuangming" model updated to version 3.0, enhancing its capabilities in long-term trend prediction and extreme situation response [1] Group 2 - The release of the implementation plan for market-oriented reform of renewable energy pricing in Fujian Province marks a transition from subsidy dependence to market competition, expected to benefit the company's innovative business areas such as electricity trading, energy storage, and microgrids [2] - The company maintains a strong performance in its main business and anticipates positive prospects for its innovative business following policy changes, projecting revenues of 695 million, 895 million, and 1.17 billion yuan for 2025-2027, with corresponding net profits of 133 million, 160 million, and 195 million yuan [2] - The expected earnings per share (EPS) for the same period are projected to be 1.01 yuan, 1.21 yuan, and 1.47 yuan, with price-to-earnings (PE) ratios of 58.3, 48.5, and 39.9 respectively, maintaining a "buy" rating [2]

Core Viewpoint - The deep-sea wind power development is expected to become the main area for wind power development in China over the next five years, with significant potential for annual installations starting from 2027 [2] Group 1: Market Potential - The chairman of Mingyang Smart Energy predicts that if the national wind power development reaches 120 million kilowatts annually, the deep-sea wind power installations will exceed 60 million kilowatts each year starting from 2027 [2] - The technical exploitable capacity of China's deep-sea wind energy resources is over 1.2 billion kilowatts, with global offshore wind energy resources exceeding 710 billion kilowatts, of which deep-sea accounts for over 70% [4] Group 2: Cost Reduction Strategies - Mingyang Smart Energy aims to reduce the cost of electricity generated from offshore wind power to below 0.25 yuan per kilowatt-hour in Guangdong and below 0.3 yuan per kilowatt-hour in the Bohai Sea region [2] - The company has developed floating wind power products that can achieve costs as low as 10,000 yuan per kilowatt, significantly lower than the current best domestic models priced at 25,000 to 30,000 yuan per kilowatt [3] Group 3: Development Challenges - The deep-sea wind power sector faces challenges such as typhoons that can damage turbines, high construction costs, and maintenance difficulties [4] - The "Shago Desert" areas require significant infrastructure for power transmission due to local consumption limitations, while low-wind-speed areas have the best consumption conditions but lower power generation [4] Group 4: Innovation and Market Dynamics - The industry needs continuous technological innovation to expand resource availability and improve the feasibility of previously undevelopable wind farms [4] - Marketization of the renewable energy sector is seen as a driver for innovation rather than merely a reduction in electricity prices, emphasizing the need for innovative applications and technologies [5]