（文章来源：证券日报） 证券日报网1月8日讯 ，南网储能在接受调研者提问时表示，储能电站进入电力现货市场后，充电电价 和放电电价都是按照所在节点交易出清形成的。 ...

证券日报网1月8日讯 ，南网储能（600995）在接受调研者提问时表示，电力现货市场中电价差的形成 受多种因素综合影响，包括未来供需形势、拟入市站点的容量、接入位置、储能利用小时数等因素。 ...

记者 潘俊田 大地量子位于北京的办公室里，放着一块白板，上面密密麻麻写着一串串公式。 "这是电力市场最基础的公式。"大地量子创始人王驰向记者介绍。随即，他向记者展示了某地发布的最新电力市场规则里的公式——更长更复杂。 王驰说，有些公式他目前也看不懂。正逢年底，各省电力交易中心都在出台新一年的电力交易规则。每份文件他都会学习，然后在公司的微信公众号上发布 自己的研究成果。 今年以来，电力现货市场建设全面加速，除西藏等个别地方，连续开展现货交易的省份达到28个，其中7个已转入正式运行。在这个仍在摸索期的电力市 场，每个地区都会不断遇到新的问题，市场规则也需要不断调整。因此，每个省份会发布一系列的规则文件，来指导本省的电力现货市场。 绝大部分文件王驰都看过。 研究政策能赚钱，这是王驰每天翻看一堆文件的最大动力。"我们认为，每一个地方的电力市场都会经历三个阶段，首先是看懂政策就能赚钱，然后是靠数 据能取得收益，最后是靠量化技术和市场博弈。目前，国内大部分市场还停留在看懂政策阶段。"王驰说。 王驰认为，对于电力交易，未来5年，紧跟政策动态的变化，都将是从业者工作中不可或缺的一部分。 从农业到电力交易 王驰本科毕业于上海 ...

Core Viewpoint - The article discusses the newly released "Basic Rules for the Medium and Long-term Electricity Market," which aims to establish a unified national electricity market, regulate medium and long-term trading behaviors, and adapt to the needs of electricity reform and development [3]. Group 1: Market Structure and Trading Mechanism - The medium and long-term electricity market prices will be determined by market participants without third-party interference, except for government-regulated prices [29]. - The rules promote the integration of medium and long-term electricity markets with spot markets, ensuring a smooth connection in trading sequences, clearing, and market settlement [12]. - The market will allow for flexible and continuous trading to accommodate the volatility of renewable energy outputs and promote long-term power purchase agreements [12][29]. Group 2: Market Participants and Rights - All electricity users participating in the medium and long-term market can purchase their entire electricity volume through wholesale or retail markets, but cannot participate in both simultaneously [2]. - The rights of power generation companies include participating in the market according to rules, signing contracts, and receiving fair access to grid services [16]. - Electricity users have the right to participate in the market, sign contracts with power generation companies, and receive fair grid access services [20]. Group 3: Pricing Mechanism - The pricing mechanism for the medium and long-term market will be based on market formation, with no artificial price levels set for peak and valley periods for direct market participants [30]. - Green electricity trading prices will consist of energy prices and green environmental values, with specific regulations on how these values are treated in pricing [29]. - The government will set upper and lower limits on reported prices to prevent market manipulation and unhealthy competition [30]. Group 4: Transaction Organization and Execution - Cross-grid medium and long-term transactions will be organized by designated electricity trading centers, with a focus on integrating provincial and cross-regional trading [32]. - The trading platform will support continuous operations and must meet the requirements for daily trading activities [41]. - Transactions must be announced in advance, with specific timelines for different types of trading [43]. Group 5: Contract Management and Settlement - Market participants must sign medium and long-term trading contracts, which will serve as the basis for execution [64]. - The settlement process will occur monthly, with daily clearing and reference points established for market transactions [72]. - Green electricity trading will involve separate settlements for energy and environmental values, ensuring clarity in financial transactions [78].

点击注册小程序 查看完整报告 本周SW公用事业一级板块上涨0.83%，在31个SW一级板块中排名第20；沪深300上涨1.95%，上证综指上 涨1.88%，深证成指上涨3.53%，创业板指上涨3.9%。细分子板块中，火电上涨2.45%，水电下跌0.77%， 光伏发电上涨0.55%，风力发电上涨0.37%，电能综合服务上涨0.82%，燃气上涨2.59%。本周公用事业涨 幅前五的个股分别为京能电力（+15.95%）、德龙汇能（+12.85%）、上海电力（+11.47%）、大连热电 （+7.61%）、皖能电力（+7.43%）；周跌幅前五的个股分别为恒盛能源（-21.47%）、新奥股份 （-5.47%）、闽东电力（-2.17%）、华通热力（-2%）、华能水电（-1.92%）。 本周数据更新： 本周国产、进口动力煤价格持续下行。其中，秦皇岛港5500大卡动力煤（中国北方，平仓价）周环比下跌 33元/吨。进口动力煤中，防城港5500大卡动力煤（印度尼西亚，场地价）本周周环比同比下跌20元/吨； 广州港5500大卡动力煤（澳洲优混，场地价）本周周环比下跌15元/吨。 本周重点事件： 1.广东2026年度交易总成交电量359 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Jiantou Energy, is a leading thermal power operator in Hebei, emphasizing shareholder returns through a commitment to a 50% dividend payout ratio over the next three years [5][6]. - The company has a significant operational capacity with a total installed capacity of 12.2271 million kilowatts by the end of 2024, primarily from thermal power [6]. - The report forecasts substantial growth in net profit, projecting RMB 1.71 billion for 2025, with a remarkable year-on-year growth rate of 221.87% [5][6]. Financial Summary - Revenue projections for the company are as follows: RMB 18.946 billion in 2023, increasing to RMB 24.559 billion in 2025, reflecting a growth rate of 4.43% [5]. - The expected net profit for 2025 is RMB 1.71 billion, with a corresponding earnings per share (EPS) of RMB 0.95 [5][6]. - The company’s return on equity (ROE) is projected to reach 15.15% in 2025, indicating strong profitability [5][7]. - The price-to-earnings (P/E) ratio is expected to decline from 29.91 in 2024 to 9.29 in 2025, suggesting the stock may become more attractive to investors [5][7].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued the "Basic Rules for the Medium and Long-term Electricity Market," aiming to enhance the construction of the medium and long-term electricity market and the spot electricity market, ensuring a stable operation of the electricity market and accommodating the characteristics of renewable energy output fluctuations [1][5]. Group 1: Market Structure and Functionality - The medium and long-term electricity market is defined as a market where registered entities conduct transactions for electricity products or services for future delivery, covering various time frames from years to months [3][4]. - The rules emphasize the importance of integrating medium and long-term trading with spot market operations, facilitating flexible and continuous trading to stabilize long-term consumption space [5][6]. Group 2: Market Participants and Responsibilities - Market participants include power generation companies, electricity sales companies, electricity users, and new business entities, all of which must adhere to market rules and avoid price manipulation [4][5]. - Responsibilities of power generation companies include compliance with market rules, timely completion of electricity payment settlements, and provision of necessary operational information [8][9]. Group 3: Trading Mechanisms and Pricing - The medium and long-term trading includes various delivery cycles such as multi-year, annual, and monthly transactions, with specific trading methods like centralized trading and bilateral negotiations [13][15]. - Pricing mechanisms are determined by market forces, with the government setting overall principles for price formation, ensuring that prices reflect supply and demand dynamics [16][17]. Group 4: Transaction Organization and Management - The organization of cross-regional and provincial electricity trading will be managed by designated electricity trading centers, ensuring a structured approach to market operations [19][20]. - The trading platform must support continuous operations and provide functionalities for registration, transaction clearing, and market monitoring [37][38]. Group 5: Information Disclosure and Compliance - Market information must be disclosed periodically, ensuring transparency and allowing stakeholders to access relevant data for decision-making [35][36]. - Compliance with the rules is mandatory for all market participants, with penalties for violations to maintain market integrity [40][41].

Investment Rating - The report maintains an optimistic outlook for the global energy storage industry in 2026, expecting a significant growth in installed capacity and battery shipments [49]. Core Insights - The energy storage industry is projected to see a new installed capacity of 388 GWh in 2026, representing a year-on-year growth of 45%. Battery shipments are expected to reach 825 GWh, with a year-on-year increase of 39% [49][51][52]. - The report identifies five key changes to monitor in the energy storage sector for 2026, which include the dynamics of electricity spot market price differences, the progress of capacity compensation mechanisms, developments in AIDC projects in the U.S., innovations in large storage mechanisms in Europe, and the reciprocal impact of upstream prices on storage demand [26][30][38][42][46]. Summary by Sections Section 1: Electricity Spot Market Price Differences - The report emphasizes the importance of monitoring the price differences in electricity spot markets across provinces, as these will reflect local renewable energy consumption and system adjustment needs. The market will dictate whether to prioritize energy storage or photovoltaic construction based on supply and demand dynamics [26][28][30]. Section 2: Capacity Compensation Mechanisms - Capacity compensation is expected to become a significant revenue source for independent energy storage stations, second only to spot market income. While national policies are still in development, some provinces have begun pilot programs, and broader implementation is anticipated in the next two years [30][33][37]. Section 3: AIDC Projects in the U.S. - The report highlights the potential for AIDC projects to drive unexpected growth in the U.S. energy storage market. The demand for storage is expected to increase significantly due to the new power supply architecture that incorporates storage as a standard feature [38][39]. Section 4: Innovations in European Storage Mechanisms - Europe is poised to become the largest incremental market for energy storage outside of China, driven by innovative policies and market mechanisms. Countries like Italy and the UK are implementing measures to support long-term contracts and investment incentives for energy storage [42][44]. Section 5: Upstream Prices and Storage Demand - The report discusses the interdependence between lithium carbonate prices and the economic viability of energy storage. It notes that while the industry has crossed an economic threshold, many independent storage projects still have fragile revenue models [46][47].

近期，吉林省遭遇持续低温天气，全省平均气温降至零下18.1摄氏度，较去年同期大幅下降。寒冷天气 带动电网用电负荷快速攀升，12月2日，吉林省发受电量达33652.1万千瓦时，同比增长12.94%；次日， 最大发受电电力达到1521.1万千瓦，同比增长11.94%，电力、电量双双突破历史最高纪录。 电网运行方面，吉林电力科学安排运行方式，加强重要断面及重载设备实时监控，及时调整运行策略， 严防过载、越限等情况；滚动校核、优化运行方式，完成220千伏金富线、220千伏富程线及富民储能电 站投产，确保过渡期电网稳定运行。同时，密切监控直调电厂机组运行状态与电煤库存，确保供电、供 热双安全。 当前，吉林省已进入迎峰度冬保供关键阶段，吉林电力将持续关注天气变化与负荷走势，总结本轮极寒 天气保供经验，优化负荷预测模型与电力平衡策略，深化电力现货市场与省间互济协同，全力保障今冬 明春电力安全稳定供应。 面对此轮低温大负荷考验，国网吉林省电力有限公司提前谋划、科学部署，依托市场化机制与技术手 段，有效化解严寒保供压力，全力保障电网稳定运行。 吉林电力密切跟踪气象变化，精准做好负荷及新能源预测，每日开展用电负荷深度复盘，结合气 ...

Core Insights - The electricity spot market is a key focus for high-quality development, with nuclear power and coal power transformation competing within the same ecological niche [1][2] - The primary driver for the growth of renewable energy is the Nationally Determined Contributions (NDC), while technological advancements play a secondary role [3] Group 1: Electricity Reform - There is no perfect template for electricity reform; a new type of production relationship is needed, with green electricity consumption as the main line and safety as the bottom line [1] - The issue of "energy trilemma" must be addressed, as water, wind, and solar all derive from the sun and require extensive mutual consumption [1] - A national unified electricity market needs to be established to facilitate this [1] Group 2: Electricity Spot Market - The electricity spot market is crucial for the high-quality development of renewable energy and ultra-high voltage systems [2] - The pricing system is shifting from a multi-track to a single-track system, with a transition from scalar to vector [2] - Key thresholds include: 15% renewable energy generation as a critical point for system cost increases, 15% as a point for grid prosperity, and 20% as a point for increased demand for flexible resources [2] Group 3: Growth of Renewable Energy - The growth of renewable energy primarily stems from NDC, followed by technological progress [3] - Investment recommendations include: 1. Secondary equipment from a grid safety perspective 2. Flexible resources such as nuclear power, coal power transformation, gas turbines, solar thermal, hydroelectric transformation, pumped storage, new energy storage, and user-side adjustments (virtual power plants, V2G, demand response) competing within the same ecological niche [3] 3. The construction of the electricity spot market requires improved metering infrastructure, including both electricity and carbon measurement [3]