2025 年 09 月 14 日 环保及公用事业 政策定调，储能迎来产业空间和盈利空间 8 月 30 日-9 月 12 日上证指数上涨 0.33%，创业板指数上涨 4.51%，公用事业指数上涨 2.01%，跑赢上证综指 1.68pct,环保指 数上涨 0.73%，跑赢上证综指 0.4pct。 市场信息跟踪： 1）电价跟踪：根据江苏省电力交易中心数据，2025 年 9 月，江苏集 中竞价交易成交电价 319.48 元/MWh,较标杆电价下浮 18.29%,环 比下降 18.87%。根据广东省电力交易中心数据，2025 年 9 月,广 行业周报 证券研究报告 新型储能规模化建设专项行动方案发布，电力中长期市场基本规则 完善，储能产业和盈利空间进一步提升。9 月 2 日和 12 日，《电力中 长期市场基本规则（征求意见稿）》公开征求意见的通知及《新型储 能规模化建设专项行动方案（2025—2027 年）》相继发布。前者首次 将储能与发电企业等定义为同等地位的经营主体，并进一步明确储能 双重身份参与电力中长期市场交易，储能交易规则和价格机制进一步 完善。后者明确 2025-2027 年全国年均装机至少 85GWh、对 ...

Group 1 - The core viewpoint of the report indicates that the photovoltaic industry is experiencing steady policy advancement, with rising prices for silicon materials, silicon wafers, and batteries, while the sector remains undervalued [1][2]. Group 2 - The National Energy Administration is promoting the implementation of the "Document 136" to enhance the ability of renewable energy to participate in the market, addressing issues such as irrational competition and power consumption conflicts [2]. - Silicon material prices have continued to rise, with stable long-term transactions and some companies controlling production, leading to price increases [2]. - The average price of polysilicon dense material is 42.0 RMB/kg, up 5.0 RMB/kg; N-type 182 silicon wafers average 1.10 RMB/piece, up 0.10 RMB/piece; PERC battery 182 averages $0.037/W, up $0.003/W [3]. Group 3 - The photovoltaic sector's recent weekly performance shows a 2.61% increase, outperforming the CSI 300 index by 0.70 percentage points, while the year-to-date performance is a 3.32% increase, underperforming the CSI 300 index by 4.57 percentage points [4]. - As of July 25, 2025, the TTM overall valuation of the photovoltaic sector is 20.23 times, ranking in the lower middle compared to other sectors [4]. - The valuation trend indicates a continuous decline from the end of 2021 to the end of 2023, with a gradual increase starting in early 2024 [4].

Core Viewpoint - The article discusses the institutionalization and standardization of green electricity direct connection, highlighting its role in enhancing renewable energy consumption, reducing carbon footprints for export-oriented enterprises, and creating new application scenarios for innovative power entities [2]. Group 1: Project Planning and Construction - Green electricity direct connection enables distributed renewable energy to be used locally, but its decentralized nature may disrupt the load distribution of the larger power grid. Unregulated project construction could lead to mismatched power development timelines and redundant grid investments [3]. - The notification establishes a framework for planning and construction, emphasizing that new loads should be matched with renewable projects, particularly for export-oriented enterprises with carbon reduction needs [3]. Group 2: Investment and Operation Models - There is significant variation in investment and operation models for green electricity direct connection projects across regions, with some areas imposing restrictions that hinder market investment vitality and operational efficiency [4]. - The notification proposes several innovative measures, including removing restrictions on investment entities, allowing various operators to invest in projects, and setting a cap on the proportion of surplus electricity fed back to the grid [4]. Group 3: Safety and Economic Responsibilities - The safety and economic responsibilities of green electricity direct connection projects involve both internal project responsibilities and those related to the public grid. Clear delineation of responsibilities is necessary to manage the risks associated with integrating renewable energy into the grid [5][6]. - The notification clarifies the safety responsibility interface between direct connection projects and the public grid, ensuring that both parties fulfill their respective risk management duties [6]. Group 4: Market and Pricing Mechanisms - Establishing clear market and pricing mechanisms is crucial for the effective integration of green electricity direct connection projects with existing policies and for their broader application [7]. - The notification specifies that these projects should participate in the electricity market on equal terms and outlines the pricing mechanisms, including the payment of various fees related to transmission and distribution [7].