欧美当年用来限制我们的环保紧箍咒，为何练着练着反倒给中国练出了一个全球第一的王炸？ 连续两个月，国家能源局发布了一个数字，一个足以让全世界所有能源部长都彻夜难眠的数字：1万亿千瓦时。这是7、8月份中国全社会用电量，也是人类 历史上首次有国家跨过这道门槛。 1万亿度电是什么概念？它相当于整个日本，或是德国与法国这两个欧洲经济火车头一整年的用电量，我们1个月的用电量就达到了它们1年的水平。但绝大 多数人，包括正在看文章的你，对此毫无感觉。 还记得吗？就在十年前，情况完全不同，那时"拉闸限电"还是每年夏天都会登上新闻热搜的常客。2010年，华东、华中多个省份因缺煤，上海、江苏等经济 核心地带都被迫拉闸限电。 但今天，哪怕是史无前例的高温，哪怕全国19个省级电网的用电负荷几十次刷新历史记录，我们绝大多数人依然是空调照开、电车照充、工厂24小时不停 工。 而在大洋彼岸，人工智能专家从中国开完会回到美国，直言美国AI发展天天都在为"电够不够用"争吵，而在中国这根本不是问题。 甚至不久前，西班牙、葡萄牙这些新能源占比很高的欧洲国家，还发生了持续10小时的大停电。 稳定、充足甚至便宜的电力，在今天的地球上明明是奢侈品，而我们 ...

倒计时43天 2025（第十五届）高工锂电年会 上游电芯供应紧张，一线电芯厂纷纷满产，下游需求排队，订单排队至2026年，一线企业产能告急，腰尾部产能被迫补位。 据产业链反馈，储能供需紧张，已经引发部分企业开始上调价格。也有企业表示，价格上调与7月末开始碳酸锂价格开始回升相关。 不过，储能价格涨幅不会太高，有企业披露近期涨价0.01元/Wh，储能系统集成端价格压力依旧存在。这种价格压力将进一步利好具备成本优势的 储能大电芯发展。 但在产能稀缺情况，如何维稳电池供应成为关键问题。对于系统集成商拿到优质储能电芯产品难度上升；对于专注储能领域的电池企业而言，电池材 料供应链也将成为考验。 整体看来，储能缺芯潮正催化上游电池产业供需扭转。需求爆发、价格震荡、供应链再分配，电池产业正走向新的供需平衡。 储能需求全面爆发 储能需求的超预期爆发，是缺芯潮的直接根源。 储能收益率的显现进一步巩固储能的确定性。新能源配储的调用率和经济性正在提升。136号文后电力市场化推进激发储能市场活力。 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： ...

Group 1 - The core viewpoint of the article highlights the evolution of China's electricity market, emphasizing the shift from a monopolistic structure to a more competitive environment following the 2002 reform [2] - The article outlines the significant increase in national electricity demand, with total electricity consumption reaching 83,128 billion kilowatt-hours in 2021, a year-on-year growth of 10.3% [4] - The article discusses the regional distribution of electricity sales companies, noting a concentration in the eastern coastal and southern provinces, where economic activity and electricity demand are high [6] Group 2 - The competitive landscape of China's electricity sales market is analyzed, identifying leaders such as State Grid, Southern Power Grid, Guodian Power, and Huaneng International, all with revenues exceeding 100 billion yuan and growth rates above 10% [8] - The article provides insights into the performance of challengers like Guangdong Power, Guangzhou Development, and Inner Mongolia Huadian, which have revenues over 10 billion yuan and growth rates exceeding 20% [8] - The article includes a heat map of the electricity sales company industry chain, indicating the geographical distribution of these companies across China [7]

Core Viewpoint - The trend of declining electricity prices in China is becoming more pronounced as the proportion of market-based electricity trading increases, impacting the profitability of power generation companies [1][5]. Summary by Sections Electricity Price Trends - In the first half of this year, the on-grid electricity prices have decreased to varying degrees, affecting net profit margins of power generation companies. The decline is attributed to factors such as policy changes, supply and demand dynamics, costs, and the spot market [2][6]. - Shandong province has announced the results of its 2025 renewable energy pricing auction, marking a significant milestone in the marketization of the renewable energy sector. The auction revealed that the photovoltaic mechanism price was set at 0.225 CNY/kWh, which is 43% lower than the coal-fired benchmark price [2][10]. Impact on Investment Decisions - The decline in electricity prices is significantly influencing investment decisions among power generation companies. Some companies are reconsidering investments in photovoltaic projects in Shandong due to the competitive pricing environment [4][13]. - Companies are advised to enhance their operational capabilities and actively engage with electricity market rules rather than passively adapting to price changes [4][12]. Financial Performance of Power Generation Companies - Longyuan Power reported an average on-grid electricity price of 399 CNY/MWh in the first half of the year, a decrease of 23 CNY/MWh compared to the same period in 2024. Wind power prices averaged 422 CNY/MWh, down 16 CNY/MWh, while photovoltaic prices were 273 CNY/MWh, down 5 CNY/MWh [6][11]. - Datang New Energy noted a decline in net profit margin from 29.90% in 2024 to 27.89% in the first half of this year, primarily due to falling electricity prices [6]. Market Dynamics and Policy Changes - The implementation of the "136 Document" has significantly influenced the electricity market, allowing renewable energy to participate in market trading without discrimination, leading to price reductions driven by supply and demand [6][7]. - The marketization of electricity trading has accelerated, with market trading volume reaching 2.95 trillion kWh in the first half of the year, a year-on-year increase of 4.8%, and market trading accounting for 60.9% of total electricity consumption [9][10]. Future Outlook and Strategies - As the proportion of renewable energy increases, the volatility of electricity prices is expected to rise. Companies are encouraged to adapt their investment strategies to focus on cost control, project site selection, and enhancing trading capabilities [12][14]. - Long-term power purchase agreements are suggested as a strategy for power generation companies to stabilize revenue expectations amidst price fluctuations [14].

（原标题：电力市场化改革涉深水区，电价下行如何影响行业格局？） 随着电力市场化交易比重提高，国内电价下行的趋势越来越明显。 龙源电力披露的数据显示，今年上半年，公司所有发电业务的平均上网电价为399元/兆瓦时（不含增值税），较2024年同期下降23元/兆瓦时。 其中，风电平均上网电价422元/兆瓦时（不含增值税），较2024年同期下降16元/兆瓦时，主要是由于风电市场交易规模扩大，平价项目增加以及 结构性因素导致。光伏平均上网电价人民币273元/兆瓦时（不含增值税），较2024年同期下降5元/兆瓦时。 中广核新能源则提到，上半年，中国风电项目的发电量轻微上升，电价在激烈的市场竞争下轻微下跌，与此同时，由于市场竞争激烈，太阳能项 目电价下跌。大唐新能源也提到，今年上半年，公司净利润率较2024年同期的29.90%下降至27.89%，主要是受电价下滑等因素影响。 《国家发展改革委 国家能源局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》（下称"136号文"）是今年出台的对电力市场 影响最深刻的政策之一。 多家发电企业发布的数据显示，今年上半年，上网电价出现了不同幅度的下降，对净利润率等指标产生了一定 ...

2025.09. 24 本文字数：2421，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 继7月全社会用电量首次突破万亿千瓦时后，8月用电量再度创下新高，连续两个月突破万亿。 国家能源局最新数据显示，8月份全社会用电量10154亿千瓦时，同比增长5.0%。其中全国制造业用 电量同比增长5.5%，是今年以来月度最高增速。1-8月，全社会用电量累计68788亿千瓦时，同比增 长4.6%。 中国电力企业联合会统计与数智部副主任蒋德斌分析，全国全社会用电量规模的高企，一方面与夏季 高温天气直接相关。另一方面，在国家"两新""两重"以及"反内卷"稳工业增长等一系列政策拉动下， 宏观经济保持回暖态势，各行业产能持续释放。 今年夏季我国电力负荷不断创新高，但电力基本保持平稳运行，充分反映出能源供应保障能力与韧性 已经达到较高水平。国家能源局局长王宏志24日在《学习时报》发表署名文章指出，"十五五"是我国 如期实现碳达峰目标的决胜期，在全国能源电力消费总量保持较高速度增长的情况下，保安全、促转 型任务艰巨，要持续扩大新能源供给，稳步提升新能源电量占比，统筹就地消纳和外送消纳，加快推 动第二、第三批大型风电光伏基地建设。 新 ...

随着电力市场化交易比重提高，国内电价下行的趋势越来越明显。多家发电企业发布的数据显示，今年 上半年，上网电价出现了不同幅度的下降，对净利润率等指标产生了一定冲击。业内人士认为，电价下 行主要是受到政策、供需、成本以及现货市场等因素影响。 日前，山东省公示了2025年度新能源机制电价竞价出清结果，既是全国首个公布机制电价的省份，也是 新能源市场化交易的关键节点，为后续省份竞价提供了重要参考。不过，本次竞价中，光伏机制电价仅 为0.225元/kWh，较煤电基准价下浮43%，这一情况也引发了业内警觉。 电价变动正深刻影响发电企业的投资决策行为。针对山东的竞价情况，一位业内人士向记者感慨，可能 会放弃在该地区投资光伏项目。也有主营光伏电站的上市公司表示，将重构光伏发电项目的测算模型。 业内人士建议，发电企业要充分发挥自身的主观能动性，主动理解并参与电力市场规则，不断强化自身 的运营能力，而不是被动地适应电价变化。 电价下行侵蚀 发电企业收益 龙源电力披露的数据显示，今年上半年，公司所有发电业务的平均上网电价为399元/兆瓦时（不含增值 税），较2024年同期下降23元/兆瓦时。 其中，风电平均上网电价422元/兆瓦时 ...

8 月全国规上工业发电量同比增长 1.6%，天然气生产量同比增长 5.9% [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 邮 箱：lichunchi@cindasc.com 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 9 月 21 日 15666646523.tcy 证券研究报告 行业研究——周报 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] 8 月全国规上工业发电量同比增长 1.6%，天然气生 产量同比增长 5.9% 2025 年 9 月 21 日 本期内容提要: ...

中长期市场是电力市场的 "压舱石"，其成熟度决定了电力市场的稳定度与可持续性，截至2024年底，全国 大多数省份中 长期市场交易已常态化开市，交易频次和周期趋近运行日。为实现精细化管理、进一步衔接现货市场，《指引》在交易组 织、签约期限与比例、限价等方面提出具体要求。 一是 交易组织。截至 2024年底，山西、山东、吉林等19个地区最小交易周期已达到D-2日，云南已达到D-1日，为 进一 步推动中长期市场和现货市场在交易时间尺度的有效衔接，更好体现电力市场全电量分时价值， 《指引》提出加快推动 D-2连续开市与中长期交易分时段组织等精细化安排，更好适配新能源时段性出力特性，同时有利于引导用户侧响应价格 信号、错峰用电。 二是 签约期限与比例。对于新能源和核电企业，为稳定投资预期、同时考虑用户侧绿色电力消费需求，支持相关企业与电 力用户签订多年期协议。具体在签约比例上，考虑电力保供要求、 电力 市场 建设进展 等因素，建立中长期签约比例动态 调整机制，适时调整相关要求。 中央财经委员会第六次会议强调，纵深推进全国统一大市场建设。《关于全面加快电力现货市场建设工作的通知》指出， 全面加快电力现货市场建设，2025 ...

Core Viewpoint - The decline in on-grid electricity prices has significantly impacted the performance of major power generation companies, exceeding expectations [1] Group 1: Financial Performance of Major Power Companies - All five major power generation companies reported a year-on-year decline in revenue for the first half of the year, compared to only three companies experiencing a decline in the same period last year [1] - Huaneng International (600011.SH) reported revenue of 112.032 billion yuan, a decrease of 5.7% year-on-year, primarily due to a drop in both electricity volume and price, with an average on-grid price of 485.27 yuan/MWh, down 2.69% [2] - Guodian Power (600795.SH) saw revenue of 77.655 billion yuan, down 9.52% year-on-year, attributed to a decrease in the selling price of electricity, with an average on-grid price of 409.7 yuan/MWh, down 6.72% [2] - Huadian International (600027.SH) reported revenue of 59.953 billion yuan, a decrease of 8.98%, mainly due to reduced power generation and lower electricity prices, with an average on-grid price of 516.8 yuan/MWh, down approximately 1.44% [2] - Datang Power (601991.SH) had operating revenue of 57.193 billion yuan, down 1.93%, with an average on-grid settlement price of 444.48 yuan/MWh, a decrease of about 3.95% [2] - China Power (02380.HK) reported main business revenue of 23.858 billion yuan, down 9.87%, with wind power average price at 410.66 yuan/MWh, down 8.05%, and solar power at 376.80 yuan/MWh, down 5.97% [3] Group 2: Market Dynamics and Price Trends - The decline in on-grid electricity prices is attributed to the accelerated construction of a unified national electricity market, increasing market-based trading volumes, and the entry of renewable energy sources, which have led to intensified competition and lower prices [4][8] - During peak output periods for renewable energy, aggressive pricing strategies are employed to ensure power clearance, with some regions reporting prices as low as 0.04 yuan/kWh, and instances of negative pricing [4][5] - The current market environment has resulted in a competitive landscape where renewable energy sources are prioritized for dispatch due to their lower marginal costs, leading to a homogenized competition pattern across different power sources [5] - The performance of nuclear power companies has also been affected, with China General Nuclear Power (003816.SZ) reporting revenue of 39.167 billion yuan, down 0.53%, and China Nuclear Power (601985.SH) seeing a decline in net profit margins due to falling electricity prices [6] - The overall electricity supply has outpaced demand growth, contributing to the downward pressure on prices, with total installed capacity reaching 3.65 billion kW, a year-on-year increase of 18.7% [7] Group 3: Regulatory Changes and Future Outlook - Recent regulatory changes, including the issuance of documents promoting market-oriented pricing for renewable energy, are expected to further influence electricity pricing dynamics [8] - The transition to a spot market for electricity trading is anticipated to enhance price discovery and reflect supply-demand relationships more accurately, potentially leading to continued price declines [8][9] - The current trend of declining electricity prices may persist unless new supportive policies are introduced to stabilize the market [9]