"去年5月31日之后，我们就暂停投资新的光伏项目。" 《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。 光伏机制电价的差距更为明显。上海高达0.4155元/度，比山东（0.225元/度）高了84%；北京为0.3598元/度，比宁夏（0.2595元/度）高了38%；浙江为 0.3929元/度，比辽宁（0.300元/度）高了31%。而新疆（2026年）则低至0.15元/度，与竞价最低限持平。 各地机制电价差距较大的原因是什么？机制电价是如何制定的？实行机制电价后，新能源电厂的收益会受到多大影响？企业的用电成本又会发生怎样的变 化？围绕这些问题，每经记者展开了深入调查。 地域价差显著：风光电价的"南北梯度"与"品类分化" "136号文"以2025年5月31日为界划分存量项目与增量项目。 国网能源研究院财会与审计研究所价格室副主任姚力接受每经记者微信采访时进一步透露，从已公布的省市细则来看，存量新能源项目的机制电价区间在 0.26元/度—0.45元 ...

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 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][4]. Core Insights - The report highlights significant regional differences in mechanism electricity pricing, with recent auction results approaching upper limits across multiple provinces, indicating strong demand and government support for renewable energy projects [4][10]. - Natural gas prices in Europe continue to decline, while U.S. prices have reached a new high for 2023, driven by increased heating demand due to cold weather [14][21]. - The report emphasizes the importance of refined operational strategies for power stations, as profitability varies significantly across regions and projects [11][12]. Summary by Sections 1. Electricity - Recent mechanism electricity auction results show prices close to upper limits in regions like Hebei and Ningxia, with significant volumes of wind and solar energy being auctioned [8][9]. - The report notes that the differences in mechanism electricity pricing reflect local consumption capabilities and policy directions [10][11]. 2. Natural Gas - U.S. Henry Hub spot prices reached $5.19/mmBtu, a 12.91% increase week-on-week, while European gas prices, such as TTF and NBP, have seen declines of 5.57% and 9.96% respectively [14][15]. - The report indicates a 1.3% year-on-year decline in China's apparent natural gas consumption in October, with expectations for growth in Q4 due to seasonal heating demands [31][33]. 3. Investment Recommendations - Recommendations include investing in hydropower companies like Yangtze Power and Guodian Power, as well as coal-fired power companies such as Guodian Power and Inner Mongolia Huadian [12]. - For natural gas, the report suggests focusing on integrated companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [33][34].

Investment Rating - The public utility industry maintains a "Recommended" investment rating [1] Core Insights - The growth rate of electricity consumption is accelerating, with significant regional differentiation in the results of competitive bidding for mechanism electricity prices [1] - The thermal power generation has shifted from decline to growth, with an increase in electricity consumption [6] - The competitive bidding results for mechanism electricity prices show notable regional disparities, with some areas experiencing price changes ranging from -90% to +63% [6] Summary by Sections Industry News - The report highlights the acceleration in electricity consumption growth and the regional differences in electricity pricing mechanisms [1][9] Industry Data - The report provides data on carbon trading market conditions, indicating a price of 70.14 and a growth of 14.80% [19] - It also includes electricity industry data showing a 10.4% increase in electricity consumption in October 2025, with specific figures for various categories [22] Investment Recommendations and Stock Pool - The report suggests investment opportunities based on the observed trends in electricity consumption and pricing mechanisms [6][7]

Core Insights - The traditional methods for assessing the profitability of renewable energy projects have become obsolete due to the comprehensive market entry of renewable energy, necessitating a shift in investment strategies towards outperforming peers [1][2] - The implementation of the "Mechanism Price" system under the "136 Document" allows renewable energy plants to participate in market pricing, which introduces new revenue structures and associated risks [1][2] Group 1: Market Changes - The "136 Document" mandates that renewable energy generation will fully enter the market, with prices determined by market forces, marking a significant shift in the industry [1] - The "new and old separation" and "mechanism price" systems are key components of the transition, with existing plants enjoying guaranteed purchase policies until May 31, 2025, while new plants will operate under a competitive pricing model [1] Group 2: Investment Strategies - Current revenue for renewable energy plants consists of market-based electricity sales and mechanism price revenues, both of which are subject to volatility, increasing investment risks [2] - To mitigate risks, renewable energy plants should aim to keep their generation costs at competitive levels, enabling them to adapt to market fluctuations [2] Group 3: Technological Integration - The integration of AI in the energy sector is seen as crucial for optimizing trading and operational efficiencies, with a growing demand for AI as markets transition to real-time trading [3] - AI's ability to combine market transaction data with weather forecasts is viewed as a competitive advantage for renewable energy plants [2][3] Group 4: Market Dynamics - The rapid growth of renewable energy installations has created challenges for grid capacity, leading to operational pressures on the grid [3] - The market-driven pricing mechanism is expected to better reflect the value of renewable energy generation, although concerns about potential oversupply in certain regions and types of renewable energy have been raised [3]

Core Viewpoint - The company reported significant declines in revenue and net profit for the third quarter of 2025, indicating ongoing financial challenges despite being a leader in the photovoltaic industry [1][6]. Financial Performance - In Q3 2025, the company achieved revenue of 16.154 billion yuan, a year-on-year decrease of 34.11%, and a non-GAAP net profit of -1.367 billion yuan, down 628.15% [1]. - For the first three quarters, total revenue was 47.986 billion yuan, a decline of 33.14%, with a non-GAAP net profit of -4.543 billion yuan, down 1053.61% [1]. Market Position - The company maintained its position as the global leader in photovoltaic module shipments, with a total shipment of 67.15 GW and module shipments of 61.85 GW in the first three quarters [3]. Cost Management - Sales expenses were 1.446 billion yuan, a slight decrease of 1.7%, while management expenses were 1.632 billion yuan, down 30.25%. Financial expenses were 626 million yuan, a decrease of 4.13%, and R&D expenses increased slightly by 1.09% to 649 million yuan [7][8]. Industry Dynamics - The photovoltaic industry is experiencing a crisis due to overcapacity, leading to increased competition and pressure on pricing [7]. - The introduction of mechanism electricity prices has caused a slowdown in demand, with new installations in August dropping by 55% year-on-year and 33% month-on-month [9]. Price Trends - There has been a significant increase in upstream prices for polysilicon and silicon wafers, with polysilicon prices rising by 56% from the bottom, indicating a potential recovery in the industry [12]. - The average bidding prices for photovoltaic modules have shown an upward trend, with recent bids indicating prices between 0.718 and 0.746 yuan/W [13]. Future Outlook - The company expressed confidence in achieving positive operating cash flow for the year, supported by rising raw material prices and the introduction of new product lines aimed at enhancing competitiveness [13].

Core Viewpoint - JinkoSolar reported a significant decline in revenue and net profit for Q3 2025, indicating ongoing challenges in the photovoltaic industry despite maintaining its position as the global leader in module shipments [1][3][4]. Financial Performance - In Q3 2025, JinkoSolar achieved revenue of 16.154 billion yuan, a year-on-year decrease of 34.11%, and a non-GAAP net profit of -1.367 billion yuan, down 628.15% [1]. - For the first three quarters, the company reported total revenue of 47.986 billion yuan, a decline of 33.14%, and a non-GAAP net profit of -4.543 billion yuan, down 1053.61% [1]. - The company maintained a total shipment of photovoltaic products at 67.15 GW, with module shipments at 61.85 GW, retaining the top global position in module shipments [3]. Cost Management - JinkoSolar's sales expenses were 1.446 billion yuan, a slight decrease of 1.7%, while management expenses were 1.632 billion yuan, down 30.25% [5]. - Financial expenses were 626 million yuan, a decrease of 4.13%, but R&D expenses increased slightly by 1.09% to 649 million yuan [5]. - The inability to significantly reduce costs amidst a revenue drop exceeding 30% has contributed to the widening losses [6]. Market Dynamics - The introduction of new pricing mechanisms has led to a cautious stance from end-users, with new installations in August dropping by 55% year-on-year and 33% month-on-month [7]. - JinkoSolar noted that the clarity of policies and pricing mechanisms requires time for market adjustment, impacting demand release [8]. - The industry is beginning to see positive effects from efforts to reduce overcapacity, but the benefits will take time to materialize [8]. Industry Trends - Prices for upstream materials like polysilicon and silicon wafers have shown significant increases, with polysilicon prices rising by 56% from the bottom [10]. - The average prices for silicon wafers and TOPCon cells have also increased, indicating a potential recovery in the supply chain [10]. - JinkoSolar's gross margin improved by 4.77 percentage points quarter-on-quarter, and the management expressed confidence in achieving positive operating cash flow for the year [10].

Core Viewpoint - The article discusses the recent implementation of a market-oriented pricing mechanism for renewable energy in Shandong, marking a significant step in China's energy market reform. This mechanism allows renewable energy sources to enter the market through competitive bidding, with specific prices set for wind and solar energy [2][3][5]. Summary by Sections New Energy Pricing Mechanism - The Shandong Provincial Development and Reform Commission announced the results of the 2025 renewable energy pricing auction, with wind power selected at 5.967 billion kWh at a bid price of 0.319 yuan/kWh and solar power at 1.248 billion kWh at 0.225 yuan/kWh [2]. - A total of 1,200 projects were awarded, with a combined installed capacity of 4.8566 million kW and a total auctioned mechanism electricity volume of 7.215 billion kWh [2][5]. Auction Process and Dynamics - The mechanism pricing is akin to a dynamic price insurance for power generation companies, providing compensation when market prices fall below the mechanism price and requiring refunds when they exceed it [5]. - The auction process was designed to ensure fairness, with a closed evaluation model and a focus on both quantity and price, allowing for a competitive environment [3][5]. Market Impact and Future Outlook - The shift to a market-based pricing model is expected to drive renewable energy companies to focus on cost control and technological innovation, moving from a scale competition to an efficiency competition [6]. - As of August 2023, Shandong has a total renewable energy installed capacity of 123.67 million kW, with solar power leading at 91.45 million kW and wind power at 27.49 million kW [5].

Core Insights - The recent auction results for renewable energy prices in Shandong Province have raised concerns among investors regarding the profitability of solar and wind projects, with solar prices dropping to 0.225 yuan/kWh and wind prices at 0.319 yuan/kWh, both significantly lower than expected [1][3][4] - The mechanism price is part of a new pricing system aimed at stabilizing revenue for renewable energy projects, but the low auction results indicate a potential shift in investment dynamics within the sector [1][2][3] Group 1: Auction Results and Market Reactions - The auction results revealed a mechanism price of 0.225 yuan/kWh for solar projects, with an 80% mechanism volume ratio, and 0.319 yuan/kWh for wind projects, with a 70% mechanism volume ratio, indicating a significant drop in expected returns [3][4] - Industry reactions to the low prices have been mixed, with some anticipating the price drop due to high competition among bidders, while others express disappointment as they had hoped for prices that would allow for profitability [3][4] - The mechanism price represents a 43% decrease for solar and a 19.2% decrease for wind compared to the benchmark coal price of 0.3949 yuan/kWh, highlighting the impact on new projects' profitability [4] Group 2: Policy Changes and Investment Dynamics - Recent policy changes from the National Development and Reform Commission and the National Energy Administration aim to accelerate the construction of the electricity spot market and promote new energy consumption, indicating a shift in investment models for renewable energy [2][5] - The low mechanism prices signal that the market may not require as many solar investors in the short term, suggesting a strategic shift towards wind energy projects [5] - The competitive landscape is changing, with many investors submitting low bids to secure project approvals, reflecting a challenging environment for maintaining profitability in solar energy investments [4][5] Group 3: Future Outlook and Strategic Adjustments - The current low mechanism prices may not become the norm, as the tight timeline for project approvals and the potential for even lower market prices could lead to greater losses for investors [5][6] - Industry experts suggest that to improve the situation, policies may need to allow for more flexible timelines and encourage companies to withdraw from unprofitable projects, which could fundamentally alter supply and demand dynamics [5][6] - The focus for future market development is expected to shift towards high-quality projects, with cost control becoming increasingly important for profitability in regions with less competitive solar markets [5][6]