"这么热的天，你们上门检查设备、排查负荷，既帮我们优化了运行方式、节能降损，又让我们摸清了负荷特性、增 加了需求侧响应资源。现在新能源车越来越多，充电站用电负荷节节攀升，有你们专业'把脉问诊'，我们心里特别踏 实！"7月17日，甘肃综合能源公司桃树村智慧能源综合示范站电气负责人杨经理紧握着国网兰州供电公司客户经理的手 说道。 自5月起，甘肃省启动新一轮电力负荷资源专项摸排行动，旨在深挖负荷侧灵活调节潜力，精准掌握全省电力负荷调 节能力，为电力供需平衡和保供工作夯实基础支撑。各市（州）供电公司迅速响应，创新举措高效推进排查工作。国网 白银供电公司落实"负检一体"工作机制，在完成138户企业可调负荷规模核查的同时，第一时间向客户反馈排查发现的用 电设备安全隐患，实现用电检查与负荷管理深度融合；国网武威供电公司构建"线上分析+线下走访"立体化排查体系，按 区域分行业开展重点企业调研，已完成61家高压用户负荷资源建档，新增可调节负荷资源7.31万千瓦；国网兰州新区供电 公司对新装增容客户严格落实"四同步"要求，在供电方案答复后同步开展负荷资源摸排，确保符合条件的用户"应接尽 接"；国网兰州供电公司组建"1个市级专班+ ...

Group 1 - The unprecedented power outage in Europe has raised alarms about global energy security, prompting discussions on how China can prevent similar incidents [1] - The State Grid of China is actively researching ways to enhance grid resilience and is focusing on improving stability management, predictive capabilities for renewable energy, and fault defense mechanisms [1][3] - The transition of China's power system is significant, with a notable increase in renewable energy sources leading to changes in grid characteristics and operational theories [1][3] Group 2 - A recent large-scale power outage in Spain, Portugal, and southern France affected over 50 million people, highlighting the risks associated with high proportions of renewable energy in the grid [2] - The investigation into the outage identified three main causes: insufficient voltage regulation, voltage fluctuations, and improper disconnection of power plants, with blame being shared between grid operators and power plants [2] - In 2023, Portugal generated 61% of its electricity from renewable sources, while Spain's renewable energy generation reached 56% of total consumption in 2024, indicating a trend towards higher renewable energy integration [2] Group 3 - The increasing integration of renewable energy sources like wind and solar is causing significant challenges in frequency and voltage regulation, raising the risk of grid failures and large-scale outages [3][4] - As of now, renewable energy installations in the State Grid's operational area exceed 1,325 GW, accounting for 46.9% of total capacity, while in the Southern Grid, renewable capacity is approaching 50% [3][4] - The National Energy Administration has issued guidelines to enhance the safety management of renewable energy integration into the grid, addressing the challenges posed by the rapid increase in renewable energy installations [3][4] Group 4 - The characteristics of the new power system, defined by high proportions of renewable energy and power electronic devices, pose risks to grid stability due to the lack of inertia and voltage support from renewable sources [4][6] - Accurate forecasting of renewable energy output is essential for mitigating the rapid changes in voltage and frequency caused by high renewable penetration [4][6] Group 5 - To effectively integrate high levels of renewable energy, the flexibility of the power system must be improved, which includes enhancing the capabilities of coal-fired power plants and developing pumped storage hydropower [7][8] - As of the end of 2023, the total installed capacity of flexible power sources in China was approximately 496 GW, representing only 16.9% of total capacity, which is below the target of 24% by 2025 [8] - Pumped storage hydropower is expected to reach a total capacity of around 66 GW by the end of 2025, but its growth is limited by geographical constraints and long construction cycles [8][9] Group 6 - Demand-side response capabilities are crucial for managing power supply and demand balance, particularly during peak load periods, and have been recognized as a key element in the new power system [11][12] - The demand-side response can help alleviate peak loads, such as those caused by air conditioning, which accounted for 40% of peak load in Zhejiang province during extreme heat [11][12] - Industries like textiles, steel, and aluminum have significant demand-side flexibility, with potential adjustable loads reaching up to 35% and 20% respectively, indicating opportunities for enhancing grid resilience [15]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10][3] - As of the end of April, the total installed power generation capacity in the country was 3.49 billion kilowatts, a year-on-year increase of 15.9% [10] - The report suggests focusing on the value of flexible adjustment resources due to the rapid growth of new energy installations, which is expected to accelerate in the first half of the year [10] Summary by Sections Industry Trends - In April, the total electricity consumption increased by 4.7%, with the first industry growing by 13.8%, the second industry by 3.0%, and the third industry by 9.0% [10] - The report notes that the overall electricity demand from the second industry is weak, affecting the overall growth rate, while the first and third industries show resilience [10] Power Generation Data - In April, the total power generation increased by 0.9%, with significant growth in wind and solar power generation [10] - The report indicates that thermal power generation decreased by 2.3% year-on-year, while nuclear power increased by 12.4%, wind power by 12.7%, and solar power by 16.7% [10] Key Stocks - The report recommends focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment companies like Qingda Environmental Protection [3][7] - It also suggests prioritizing undervalued green power sectors, particularly in Hong Kong, and recommends stocks like Xintian Green Energy and Longyuan Power [3][7] Market Performance - The report notes that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18% [56] - The CITIC Power and Utilities Index closed at 2,925.81 points, up 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]

电力 年底电力现货市场全覆盖，重视灵活调节电源价值 本周行情回顾：本周（4.28-4.30）上证指数报收 3,279.03 点，下跌 0.49%， 沪深 300 指数报收 3770.57 点，下跌 0.43%。中信电力及公用事业指数 报收 2846.13 点，下跌 1.68%，跑输沪深 300 指数 1.24pct，位列 30 个 中信一级板块涨跌幅榜第 23 位。 本周行业观点： 今年年底电力现货市场基本全面覆盖，电力市场化不断加深，辅助服 务需求有望进一步提升，建议重视灵活调节电源配置价值。 ➢ 国常会新核准核电 10 台机组，成长确定性再加码。4 月 27 日，经 国务院常务会议审议，决定核准 5 个核电项目，合计 10 台机组。具 体为中核三门核电 5/6 号机组、中广核广西防城港核电 5/6 号机组、 广东台山核电 3/4 号机组，国家电投海阳核电 5/6 号，以及华能霞浦 核电 1/2 号机组。其中，华龙一号机组 8 台，CAP1000 机组 2 台。 2019 年-2025 年，我国核准核电机组数量分别为 6/4/5/10/10/11/10 台，已经连续 4 年核准 10 台及以上，7 年累计核 ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]