21世纪经济报道记者费心懿 实习生余名伟 报道 今年1月，国家发展改革委、国家能源局联合印发《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"）。 这一政策不仅终结了新能源电站传统"固定电价"的盈利模式，更推动电力市场从"政策驱动"迈向"市场 驱动"的新阶段。 如今，"136号文"落地已满半年，"半年考"节点下，新能源装机容量持续高增。今年上半年，全国可再 生能源新增装机2.68亿千瓦，同比增长99.3%，约占新增装机的91.5%。 同时，伴随电力市场化改革的深入，新能源资产后服务行业也面临着深刻的蝶变——从早期依附于发电 集团的"内部生产职能"，到运维服务成为独立赛道，再到当前对覆盖"运维+交易+数字化"全链条的资产 运营能力提出更高要求。 后服务市场马太效应放大 北京协合运维风电技术有限公司（以下简称"协合运维"）成立于2007年，拥有18年的新能源资产管理经 验。近日，协合运维董事长陆一川接受了21世纪经济报道记者采访。 协合运维也从集团内部的"服务部门"逐步转型为对外提供专业运营服务的企业。"2020年之后，业务定 位就开始以满足市场化的服务需求为主。"陆一川回顾 ...

7 月全社会用电量同比增长 8.6%，LNG 进口量同比下降 7.8% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 8 月 23 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 7 月全社会用电量同比增长 8.6%，LNG 进口量同比 下降 7.8% [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 李 ...

Core Insights - The integration of artificial intelligence (AI) with the energy sector is transforming the operational logic of the electricity industry, enhancing efficiency and redefining the value of electricity [1][7] - AI technologies are being utilized to optimize energy generation and consumption, particularly in the context of renewable energy sources like wind and solar, which present challenges due to their intermittent nature [2][3] Group 1: AI and Energy Integration - The recent launch of the AI Super Storage and Charging Network by Envision Group combines energy storage, charging, AI scheduling, and electricity trading, forming a smart energy ecosystem [1] - AI's role in the energy sector includes improving operational efficiency through data processing, predictive analytics, and decision support, particularly in site selection and maintenance of renewable energy facilities [2][3] Group 2: AI Applications in Power Generation - In China's northwest region, the application of intelligent algorithms has successfully reduced wind abandonment rates to below 3% [3] - AI models are being developed to enhance load forecasting systems, analyzing diverse data sources to optimize grid scheduling and minimize energy waste [3] Group 3: Challenges and Innovations in AI - The energy sector faces challenges in real-time integration of vast heterogeneous data, especially under extreme weather conditions, necessitating advanced AI capabilities [3][5] - The development of specialized time-series models is essential for accurately predicting energy loads and prices, as traditional language models may not meet the precision and reliability required in energy applications [5][6] Group 4: Enhancing Grid Efficiency - AI is crucial for optimizing grid operations, enabling self-regulation and self-optimization, which enhances the grid's ability to handle complexity and uncertainty [7] - The Southern Power Grid has implemented an AI load forecasting ecosystem that achieved short-term prediction accuracies of 85% for wind power and 91% for solar power in 2023, supporting a significant increase in non-fossil energy usage [7] Group 5: Value Maximization through AI - AI enhances intelligent scheduling and optimization of electricity transmission and generation, contributing to economic efficiency in grid operations [8] - The future value of electricity will encompass not only energy pricing but also services like power response and frequency regulation, necessitating real-time optimization through algorithms [8]

Group 1 - The company reported a revenue of 4.357 billion yuan for the first half of 2025, representing a year-on-year increase of 17.33% [5] - The net profit attributable to shareholders was 559 million yuan, showing a significant year-on-year growth of 52.62% [5] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling approximately 108.79 million yuan, which is 19.48% of the net profit [56][57] Group 2 - The electricity consumption in China reached 4.84 trillion kilowatt-hours in the first half of 2025, with a year-on-year growth of 3.7% [3] - The installed power generation capacity in the country was 3.65 billion kilowatts, reflecting a year-on-year increase of 18.7% [3] - Renewable energy sources, including wind and solar, accounted for 89.9% of the newly added power generation capacity [3] Group 3 - The company has maintained its core competitiveness without significant changes during the reporting period [4] - The company is focused on optimizing its financial investments and enhancing asset operation efficiency [7] - The company’s subsidiary, Meizhou Commercial Bank, reported total assets of 43.095 billion yuan and a net profit of 195 million yuan for the first half of 2025 [7]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the domestic power sector is expected to see profit improvement and value reassessment following multiple rounds of power supply-demand tensions. The ongoing market reforms are likely to lead to a slight increase in electricity prices, benefiting coal power enterprises [5][6] - In the natural gas sector, the report indicates that with the decline in upstream gas prices and the recovery of domestic gas consumption, the city gas business is expected to stabilize its gross margin and achieve high sales growth [5][6] Summary by Sections Market Performance - As of August 15, the utility sector declined by 0.5%, underperforming the broader market, while the electricity sector fell by 0.78% and the gas sector rose by 1.75% [4][12][14] Electricity Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) increased by 17 CNY/ton week-on-week, reaching 695 CNY/ton as of August 15. The inventory at Qinhuangdao port rose by 200,000 tons to 5.67 million tons [4][22][32] - The daily coal consumption in inland provinces decreased by 12.61% week-on-week, with available days increasing to 23.9 days [4][34] Natural Gas Industry Data Tracking - As of August 15, the LNG ex-factory price index in China was 4,172 CNY/ton, down 15.60% year-on-year and 1.14% month-on-month. The domestic natural gas production in July was 21.6 billion cubic meters, up 7.8% year-on-year [5][58] - The EU's natural gas supply in week 29 of 2025 was 6.08 billion cubic meters, a year-on-year increase of 4.2% but a week-on-week decrease of 2.8% [5][65] Key Industry News - In July, the national industrial electricity generation was 926.7 billion kWh, a year-on-year increase of 3.1%. The natural gas production in July was 21.6 billion cubic meters, reflecting a growth of 7.4% year-on-year [5][6] Investment Recommendations - For the electricity sector, it is recommended to focus on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as hydropower operators like Yangtze Power and State Power Investment Corporation [5][6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions, with recommended stocks including Xin'ao Co. and Guanghui Energy [5][6]

Group 1 - The domestic renewable energy installation has seen rapid growth in the first half of the year, with new wind and solar power installations doubling compared to the same period last year, indicating an accelerated green low-carbon transition [1] - Companies like China Shipbuilding Technology (600072) and Jiaze New Energy (601619) have announced significant investments in wind power projects, with China Shipbuilding planning to invest approximately 5.712 billion yuan in a 1.3 million kilowatt wind power project in Xinjiang [1] - An industry expert noted that wind power has a greater potential for profit compared to solar power in most provinces, as wind energy can better align with peak electricity demand times [1] Group 2 - The ongoing electricity market reform is increasing the emphasis on the advantages of wind power, as it can better meet the demand for stable power supply, thus gaining a competitive edge in the market [2] - The recognition of wind power in overseas markets is rising, and the decreasing costs of wind energy in China are enhancing the competitiveness of domestic wind power companies internationally [2] - As green electricity direct connection moves from local trials to nationwide standardization, energy storage will become a crucial option for enhancing self-consumption ratios in renewable energy projects [2]

Group 1 - The article discusses a series of research methodology seminars held simultaneously in Beijing, Shanghai, and Shenzhen on August 15, focusing on various industries such as construction materials, real estate, steel, and transportation [3][6][7]. - The seminars cover topics including cyclical manufacturing research methods, urban cycle studies in real estate, and frameworks for analyzing the steel industry [6][7]. - Specific sessions include discussions on the cooling agent market cycle, petrochemical industry analysis, and the impact of market reforms in the electricity sector [7]. Group 2 - The article emphasizes the importance of understanding financial cycles in real estate and the implications for investment strategies [7]. - It highlights the need for a comprehensive analysis of the construction materials sector and its consumption trends [7]. - The article also notes the significance of fiscal funding in exploring infrastructure trends and the potential for a super bull market in shipping [7].

Group 1: Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.19%, while the Hang Seng Tech Index and the National Enterprises Index fell by 0.01% and 0.08% respectively [2] - The total market turnover decreased to HKD 200.9 billion, with short selling amounting to HKD 29.6 billion, representing a high ratio of 16.79% of total turnover [2] - Southbound trading saw a net inflow of HKD 0.38 million, with major stocks like Xiaomi Group and Huahong Semiconductor seeing the most net buying, while XPeng Motors and Tencent Holdings faced the most net selling [2] Group 2: Industry Insights - The lithium battery sector experienced a surge due to news of a mining suspension by CATL, with stocks like Ganfeng Lithium and Tianqi Lithium rising by 20.91% and 18.19% respectively [3] - The "fruit chain" concept stocks continued their upward trend, with companies like Hong Teng Precision and Lens Technology showing significant gains [4] - The paper, cement, and photovoltaic sectors also performed well, with notable increases in stock prices for companies like Lee & Man Paper and China Tianrui Group Cement [4] Group 3: Company Analysis - Xiehe New Energy (182.HK) - Xiehe New Energy reported a decline in revenue and profit for H1 2025, with net profit dropping by 44% to RMB 280 million and revenue decreasing by 6.6% to RMB 1.4 billion [9][13] - The company's core power generation business saw a slight revenue decline of 2.1% to RMB 1.34 billion, attributed to stable power generation volume and a slight decrease in electricity prices [9] - The company aims to enhance its market trading capabilities and reduce financial costs, with a focus on high-return projects and maintaining a low financing cost of 3.63% [13][12] Group 4: Future Outlook - Xiehe New Energy plans to prioritize quality in new project development, focusing on stable return projects rather than merely increasing scale [11] - The company has a projected new installed capacity of 1 GW for the year, with a total of 4.778 GW of renewable energy capacity as of June 2025 [11] - The ongoing acceleration of domestic electricity market reforms is expected to improve the company's trading capabilities and overall market adaptability [12]

Core Insights - China's pumped storage capacity has ranked first in the world for nine consecutive years, with Japan and the United States following in second and third place respectively [1] - The rapid growth of renewable energy sources like wind and solar power has led to significant decarbonization in the electricity system, but it also presents new technical challenges that require advanced solutions like pumped storage [1] - The development of pumped storage is crucial for supporting the transition to a new power system and achieving high-quality growth in the sector [1] Industry Development - As of the end of 2024, China's total installed capacity of pumped storage power stations is expected to reach 58.69 million kilowatts, with the East China region having the largest capacity [1] - The total approved and under construction capacity of pumped storage stations nationwide is approximately 200 million kilowatts [1] - The report highlights that China has a unique advantage in pumped storage resources, with a total potential capacity of about 160 million kilowatts identified across various provinces [2] Market Mechanism - Regions like Guangdong and Shandong have initiated pilot projects for pumped storage to participate in electricity market trading, indicating a shift towards market-oriented operations [2] - The current electricity market is evolving, with auxiliary service markets starting to develop, but challenges remain for pumped storage to fully engage in the market [2] - Recommendations include establishing differentiated pilot projects and improving market mechanisms to enhance operational capabilities and ensure orderly implementation of plans [2] Pricing Mechanism - A reasonable pricing mechanism is essential for the sustainable development of the industry, with the current two-part pricing policy supporting investment returns and rapid growth [3] - As the national electricity market reform progresses, there is a need to transition the pricing policy towards market-based mechanisms, potentially adopting a "benchmark capacity price + difference contract" model [3] - Emphasis on technological advancements is crucial for enhancing the competitiveness of pumped storage, with a focus on innovation and cost reduction throughout the project lifecycle [3]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notification to promote the development of green electricity direct connection, marking the first time a national-level framework for this model has been established [1] Group 1: Green Electricity Direct Connection - Green electricity direct connection refers to the supply of renewable energy such as wind, solar, and biomass directly to a single electricity user without going through the public grid, allowing for clear physical traceability of the supplied electricity [2] - The policy aims to address the challenges of renewable energy consumption, promote low-carbon transformation in industries, and meet the growing demand for green energy from enterprises, especially in the context of international carbon barriers [2][3] - The notification emphasizes the need for nearby consumption of renewable energy to better meet the green energy needs of enterprises, particularly in light of China's rapid growth in the photovoltaic industry [2] Group 2: Market Mechanism and Structural Changes - Green electricity direct connection is expected to bring structural changes to the electricity industry, shifting from large-scale centralized development to a combination of centralized consumption and distributed local consumption [4] - This model allows companies to directly purchase low-cost green electricity, thereby reducing energy costs and changing energy consumption patterns [4] - The introduction of green electricity direct connection is seen as a key step in China's electricity market reform, impacting transaction mechanisms, price formation, and the cultivation of new business entities [4][5] Group 3: Implementation Challenges and Solutions - Several provinces, including Jiangsu, Yunnan, and Qinghai, have begun to implement plans to promote green electricity direct connection, focusing on operational management and source-load matching [6] - Challenges such as the sustainability of business models and the efficiency of operational modes need to be addressed for broader application of green electricity direct connection [6] - A coordination mechanism is necessary to balance the relationship between green electricity direct connection projects and grid companies, ensuring that the revenue of grid companies is not adversely affected while maintaining the price advantage of direct connection [7]