Group 1: Supercritical CO2 Power Generation Technology - The world's first commercial supercritical CO2 power generation unit, "Super Carbon No. 1," has successfully commenced operation in Liupanshui, Guizhou, marking a significant advancement in the commercialization of this technology [1] - This innovative thermal conversion technology can enhance power generation efficiency by over 85% compared to existing waste heat steam generation methods, while reducing space requirements by 50% [1] - The new system is expected to generate an additional 70 million kilowatt-hours of electricity annually [1] Group 2: AI in Power Systems - The NWHR power production model, China's first native power professional model, was unveiled, integrating "power + AI" for real-time sensing, precise calculation, and intelligent decision-making [2] - This model acts as a "smart brain" for the power grid, enabling smoother and safer operations by simulating grid states in milliseconds and translating physical laws into AI-understandable "traffic rules" [4] - The model has been successfully trialed at the Yunnan Dali Power Supply Bureau, improving the capacity for renewable energy consumption and laying a technological foundation for the seamless integration of distributed renewable energy [6] Group 3: Natural Gas Supply - The Zhongyuan Oilfield gas storage cluster has supplied over 100 million cubic meters of natural gas during the current winter heating season, playing a crucial role in ensuring natural gas supply in North China [7] - The gas storage cluster consists of five underground storage facilities with a total capacity exceeding 3.196 billion cubic meters, with peak daily gas extraction reaching 6.5 million cubic meters [9] Group 4: Consumer Goods Trade Fair - The first Import Expo Quality Goods Trade Fair, referred to as "Small Import Expo," is being held in Shanghai, showcasing over 700 enterprises from more than 60 countries and regions [10][12] - The event covers an exhibition area of over 53,000 square meters, featuring a wide range of products including food, consumer goods, agricultural products, health products, and automobiles [12] - A special display area for new innovative products has been created, featuring over a hundred selected items to facilitate faster access of global innovations to the Chinese market [14]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [2] Core Views - The new pricing policy for nearby consumption of renewable energy is expected to balance cost sharing and catalyze the development of green electricity direct connection projects. The policy will be implemented on October 1, 2025, requiring that renewable energy self-consumption accounts for at least 60% of total available generation and 30% of total consumption [5][10] - The recent surge in storage policies indicates a growing recognition of the value of regulatory power sources, with a target of adding over 100 million kilowatts of new storage capacity by 2027, leading to direct investments of approximately 250 billion yuan [5][10] - The implementation of AI in the energy sector is anticipated to create investment opportunities, with a focus on establishing a collaborative mechanism between computing power and electricity by 2030 [5][10] Summary by Sections Industry Views - The new policy for nearby consumption of renewable energy is expected to promote green electricity direct connection and address cost-sharing issues [5][10] - Storage policies are being introduced to enhance the value of regulatory power sources, with significant investment expected in new storage capacity [5][10] - The integration of AI in the energy sector is set to improve operational efficiency and create new investment avenues [5][10] Market Review - The Shanghai Composite Index closed at 3,870.60 points, up 1.52%, while the CSI 300 Index closed at 4,522.00 points, up 1.38%. The CITIC Power and Utilities Index closed at 3,077.52 points, up 0.90%, underperforming the CSI 300 Index by 0.49 percentage points [55][56] Key Company Recommendations - Recommended stocks include New天绿色能源 (H), 龙源电力, 中闽能源, and 吉电股份 in the green electricity sector, and 华能国际, 华电国际, and 宝新能源 in the thermal power sector [6][7]