中信证券认为11月光伏海外订单中异质结组件、BC组件等高效产品占比提升，反映出全球市场对高效 光伏产品的需求已进入规模化释放阶段。 光伏ETF（159857）是深市中跟踪中证光伏产业指数规模最大、流动性最好的ETF，最新规模为26.37亿 元，最新份额达31.10亿份。该ETF还配备了场外联接基金（C类：011103）。 消息面上，据每日经济新闻，2025第八届中国国际光伏与储能产业大会正式发布《"破除内卷式竞争 筑 牢全球能源安全基石"成都宣言》，并隆重发布《2025中国与全球新能源发展白皮书》，多维度推进行 业健康良性发展。为揭示优秀品牌成长之道，彰显中国光储品牌榜样力量，大会面向全球隆重发 布"2025中国光储品牌百强榜"，宁德时代、比亚迪、通威、阳光电源、隆基、华为数字能源、协鑫、特 变电工、正泰电器、晶科能源等100个优秀品牌上榜。 11月20日，指数高开低走，创业板指回落跌近0.4%，早盘一度涨近2%。 相关ETF方面，光伏ETF（159857）盘中成交额超1亿元，换手率近4%，溢折率0.06%。资金流向方 面，光伏ETF（159857）昨日获资金净流入超2100万元。 东莞证券认为，"光伏+储能 ...

Core Insights - Guangdong Province has initiated a comprehensive market mechanism for renewable energy pricing, allowing wind and solar projects to participate in both spot and long-term trading, marking a new phase in renewable energy integration [1][4] Group 1: Renewable Energy Capacity - As of September 2025, the installed capacity of wind and solar energy in Guangdong reached 77.43 million kilowatts, representing a year-on-year increase of 50.5%, surpassing coal power as the largest source of installed capacity in the province [2] - The province has been proactive in launching market-oriented reforms for renewable energy, with a pilot program for renewable energy participation in the electricity spot market starting in December 2022 [2][3] Group 2: Market Mechanism and Pricing - The new pricing mechanism distinguishes between existing and new renewable energy projects, with existing projects receiving a fixed price of 0.453 yuan per kilowatt-hour, while new projects will obtain pricing through competitive bidding [4] - The competitive bidding process for new projects allows for a 14-year price lock for offshore wind projects and a 12-year lock for solar projects, incentivizing participation and competition among renewable energy providers [4] Group 3: Digital Integration and Services - Guangdong Electric Power Company is enhancing its digital integration services to streamline the connection and service processes for renewable energy projects, improving customer experience and operational efficiency [3] - The company is implementing a centralized accounting model for electricity purchase settlements, facilitating data interaction across the entire value chain from marketing to finance [3] Group 4: Green Energy Certificates - The issuance and management of green energy certificates are being improved to meet the diverse needs of electricity consumers, with a closed-loop management system established for the lifecycle of these certificates [5] - As of early October, 5,444 new renewable energy projects have registered for the competitive bidding process, indicating strong interest and participation in the market [5]

7月17日，笔者从南方电网云南电网公司获悉，随着云南省楚雄州南华县20万千瓦/40万千瓦时共享储能 完成市场注册手续，云南省内21家并网投产集中共享储能企业全部完成电力市场注册，总容量达435.5 万千瓦/871万千瓦时，进一步优化了云南省内电力市场资源配置能力，增强了电力系统调节能力，推动 清洁能源实现高效利用。 近年来，云南省立足资源禀赋和发展实际，以光伏为主的新能源开发建设提速，目前累计装机已超6500 万千瓦，占全省电源总装机比例近40%，成为仅次于水电的第二大装机电源。源网荷储的协同发展，是 统筹新能源大规模开发与高水平消纳的关键。为推进省内新能源供给消纳体系建设，国家及云南省密集 出台政策，大力推动储能发展。自2024年8月云南省首个共享储能电站在楚雄州永仁县投运以来，云南 省新型储能装机已经达到501.64万千瓦。其中，集中共享储能装机达435.5万千瓦，占新型储能总装机的 87%。 据介绍，储能具有"低储高发"的独特特性。一方面能够有效提高风电、光伏等清洁能源的消纳能力，平 滑清洁能源出力波动，保障电力供应的稳定性和可靠性；另一方面，可灵活参与电能量交易和辅助服务 市场。在电能量交易中，通过合 ...