一、深刻认识新能源多维集成融合的重要性、必要性 多维融合 集成破局 新能源高质量发展新路径 ——《关于促进新能源集成融合发展的指导意见》 解读 近日，国家能源局印发《关于促进新能源集成 融合 发展的指导意见》（以下简称《意见》）， 围绕加快推进新能源多维 度一体化开发、强化新能源与多产业协同、拓展新能源多元化非电利用等重点方向，明确统筹优化新能源发展方式和发展 布局的一系列任务举措，是推动新能源从 "单兵作战"向"集成融合"发展转变，全面提升新能源发展质量与效益的应时之 举。 三是推动一体化聚合运营，综合提升新能源可靠性和市场竞争力 。 在提升新能源可靠替代和安全运行能力方面，《意见》 提出了推动新能源在技术、调控、运维等领域实现全方位协同的系列务实举措，为提升新能源运营效率与市场竞争力提供 了全新视角。 在技术升级层面 ， 通过提升发电功率预测精度、采用先进构网型技术、推进多品种协同联合优化控制等， 提升新能源可观、可测、可调、可控能力，加快提升新能源电站的系统友好性能。 在高效运营层面， 创新运营模式，实现 新能源与配建储能的深度协同 和 一体化调用 ，探索新能源与煤电、水电等其他电源在特定条件下联营，整 ...

增持（维持） 证券研究报告·行业跟踪周报·公用事业 [Table_Tag] [投资要点 Table_Summary] 公用事业行业跟踪周报 首次提出新能源集成融合，至 2035 年实现风 光 36 亿千瓦目标 2025 年 11 月 17 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 行业走势 -9% 1% 11% 2024/11/18 2025/3/18 2025/7/16 2025/11/13 公用事业 沪深300 相关研究 《推进煤炭与新能源融合发展，碳中 和碳达峰的中国行动白皮书发布》 2025-11-10 《天气转冷美国&欧洲气价上涨，中 国供应充足气价微降》 2025-11-10 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：国家能源局：首次提出新能源集成融合，至 2035 年实 现风光 36 亿千瓦目标。11 月 12 日，国家能源局重磅发布《关于促进 新能源集成融合发展的指导意见》（以 ...

【博时市场点评11月13日】沪指续创十年新高，创业板涨超2.5% 每日观点 今日沪深三大指数上涨，沪指续创十年新高，创业板涨2.55%，两市成交重返2万亿以上。前期美国政 府关门后财政支出停滞，债券发行仍不断从市场抽水，导致资金淤积在政府存款中，使得货币市场流动 性压力提升，同时美联储的表态也使得12月降息预期产生了回摆。受此影响，美元指数近期有所走强， 对于新兴市场而言，美元指数走强一定程度影响了外资的流动和风险偏好。但我们认为，当前美国市场 的流动性紧张已经过了压力最大的阶段，后续美国政府重启后财政支出或将补发，同时12月美联储停止 缩表，流动性压力将相应缓解，而12月美联储降息概率仍然较大，因此美元指数近期的上涨或是短期回 摆而非长期趋势，因此对新兴市场外资流动的影响也偏短期。当前国内权益市场仍然处于政策和预期相 对真空阶段，或仍维持震荡整固，配置上建议均衡为主。 消息面 11月13日，A股三大指数上涨。截至收盘，上证指数报4029.50点，上涨0.73%；深证成指报13476.52 点，上涨1.78%；创业板指报3201.75点，上涨2.55%；科创100报1395.14点，上涨1.64%。申万一级行 ...

Group 1 - The A-share market indices opened lower but turned positive during the day, with the ChiNext 50 ETF (159682) rebounding and increasing by 0.28% with a trading volume exceeding 580 million yuan [1] - Leading stocks in the ChiNext 50 ETF include storage chips and energy storage concept stocks, with notable gains from companies like Jiangbolong, Beijing Junzheng, Yiwei Lithium Energy, and Ningde Times [1] - The ChiNext 50 ETF has seen a net inflow of funds for three consecutive days, totaling over 166 million yuan [1] Group 2 - The storage chip industry is entering a "super cycle," driven by the infinite demand for computing power from AI, particularly for high-bandwidth memory (HBM) due to large model training and inference acceleration [2] - Traditional DRAM and NAND supply tightness is leading to continuous price increases, with suppliers gaining pricing power and a fundamental change in industry dynamics [2] - SK Hynix and Samsung Electronics are strengthening their profitability in the HBM market, which is also driving growth in the upstream and downstream supply chains [2]

来源：股市直击 11月13日消息，三大指数集体低开，海南自贸区板块跌幅居前。截至今日开盘，沪指报3996.51点，跌 0.09%；深成指报13228.50点，跌0.09%；创指报3119.09点，跌0.09%。 消息面： 4、黄金市场热度持续攀升，11月12日国内品牌金饰价格迎来新一轮大幅上涨，多数品牌克价已突破 1300元/克关口，部分头部品牌报价更是超过1310元/克，创下单品价格新高。 5、首个具备"万辆级"产能的电动垂直起降飞行汽车工厂近日在广州进入试产阶段，这标志着在低空经 济领域，该类产品在国内首次进入规模化制造环节。 6、三星、SK海力士、铠侠、美光这四大存储龙头今年下半年都纷纷削减NAND闪存供应量。同时，三 星电子、SK海力士和铠侠等正在谋划推动NAND价格上调。 7、瑞幸回应重回美国主板上市：没有确定的时间表，现阶段的首要任务仍是聚焦发展。 8、北大医药公告，董事长徐晰人因涉嫌刑事犯罪，已被重庆市江北区人民检察院批准逮捕。 9、百济神州公告，前三季度净利润11.39亿元，同比扭亏为盈。世纪华通公告，拟5亿元至10亿元回购 股份，用于注销减少注册资本。 10、江波龙公告，第二大股东李志雄9月 ...

Industry Insights - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy, emphasizing the optimization of energy structure and storage configuration in "Shage Desert" renewable energy bases [1] - A rumor regarding the establishment of an alliance for photovoltaic silicon materials and components led to a significant drop in the photovoltaic sector, but both the China Photovoltaic Industry Association and JA Solar Technology have denied the claims, stating that relevant work is progressing steadily [4] Market Trends - OPEC's monthly oil market report indicates a potential oversupply in the global oil market by 2026, contrasting previous forecasts of sustained demand, resulting in a nearly 4% drop in Brent crude oil futures [2] - The A-share market is expected to maintain a volatile trend in the short term, with a potential peak in the spring of 2026, according to Shenwan Hongyuan [6] - Zhongyuan Securities suggests that the index is likely to consolidate around the 4000-point mark, with cyclical and technology sectors expected to perform alternately [7] Technological Developments - Significant advancements in perovskite light-emitting diodes have been reported, with efficiency reaching 45.5%, paving the way for large-scale commercial applications in the future [8] - The first flying car factory with a production capacity of "ten thousand units" has entered the trial production phase in Guangzhou, indicating a move towards commercialization in the eVTOL sector [8] - Waymo has launched the first highway Robotaxi service, marking a new phase in commercialization for autonomous vehicles, with domestic related industries likely to benefit [9]

四位拥有投票权的地方联储主席对12月再度降息并不积极 乌外交部：至少在年底前不会与俄方进行和平谈判 中方将继续延长实施对西班牙免签政策，便利人员往来 国家能源局发布促进新能源集成融合发展的指导意见 证监会：境外投资者持有A股市值超3.5万亿元 男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 众议院将于北京时间13日8:00就结束政府停摆的法案进行全院投票 白宫：10月非农与通胀数据可能永远不会公布 亚特兰大联储主席博斯蒂克意外宣布将退休 中国光伏行业协会声明：网络流传的小道消息均为不实信息 市场盘点 周三，因交易员们评估美国政府恢复运转后，大量经济数据公布将对美联储利率政策产生何种影响，美元指数先涨后跌，最终接近平收，报99.46；基准的 10年期美债收益最终收报4.075%，对美联储政策利率敏感的2年期美债收益率收报3.576%；美元兑日元一度站上155，为2月以来首次。 现货黄金在美盘时段强势上涨，日内涨近100美元并一度重回4200关口上方，但未能站稳此处，最终收涨1.65%，收报4194.40美元/盎 ...

Group 1: Company Developments - Marubi Biotechnology plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance capital strength and international competitiveness [1] - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [3] - BeiGene reported third-quarter revenue of 10.077 billion yuan, a year-on-year increase of 41.1%, and a net profit of 689 million yuan, marking a turnaround from loss [4] - Tencent Music announced third-quarter total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, with adjusted net profit rising by 27.7% [5] Group 2: Market Trends - Bilibili reported a 109% year-on-year increase in the number of clients advertising during the Double 11 shopping festival, with GMV for products priced over 1,000 yuan increasing by 63% [2] - The average new customer rate across all industries on Bilibili reached 55%, with certain sectors like watches and beauty exceeding 60% [2] Group 3: Industry Insights - The Bank of Korea's governor indicated that future interest rate changes will depend on upcoming data, maintaining a stance of monetary easing [6][7] - The National Energy Administration of China is exploring the construction of energy storage systems to enhance the integration of renewable energy [7] - The first electric vertical take-off and landing flying car factory in Guangzhou has entered trial production, marking a significant step towards large-scale manufacturing in the low-altitude economy [8]

Core Viewpoint - The National Energy Administration's recent guidelines aim to enhance energy efficiency and reduce costs in key industries by promoting the integration of energy storage facilities, particularly in sectors like petrochemicals, chemicals, steel, and non-ferrous metals [2][3]. Group 1: Policy Impact - The implementation of the new policy is expected to significantly drive the deployment of energy storage facilities in key industries, creating new development opportunities in the commercial energy storage market [3]. - A total of 10 companies, including CATL, Sungrow, and others, have made progress on commercial energy storage projects, with a cumulative scale exceeding 267 MWh [3]. Group 2: Company Projects - CATL has successfully connected an 89.44 MWh user-side energy storage project with Green Electric Storage, enhancing its market presence and operational capabilities [5][7]. - Sungrow and Zhonghuan New Energy have launched a 10 MW/20 MWh user-side energy storage station, projected to save approximately 81,000 yuan annually in electricity costs [10]. - Haibo Shichuang has completed a 28.5 MW/100 MWh user-side energy storage project, utilizing a liquid cooling system to optimize energy costs and enhance power stability [13]. - Hongzheng Energy has implemented a 1.875 MW/3.915 MWh commercial energy storage project, designed to improve energy efficiency across multiple factory sites [16]. - Pylon Technologies has deployed a 1 MWh energy storage system for a European steel plant, ensuring reliable power supply for high-energy production lines [19]. - New Energy has initiated a 1.8 MWh user-side energy storage project with Xiamen Meisu New Material Technology, featuring an integrated solution for efficient installation [22]. - Saibo Energy has begun construction on a 1 MW/2.088 MWh energy storage project, aimed at reducing electricity costs and enhancing power reliability [25]. - Tiensun Smart Energy has successfully connected a 20 MWh energy storage project for Cangzhou Four Star Glass, contributing to energy savings and carbon reduction [28]. - Hangwei Energy has completed a 5 MW/10 MWh energy storage station, the first of its kind in Jiangyou City, focusing on efficient energy management [31]. - Zhongneng Lianjian has finalized a 9.5 MW/18.39 MWh user-side energy storage project, enhancing energy utilization efficiency and supporting green development [34].