（文章来源：每日经济新闻） 消息面上，近日在2025新型电力系统发展（崇礼）论坛上，相关业内人士表示，要把握好"十五五"战略 关键期，以加快构建新型电力系统为主题，以电力行业高质量发展为主线，统筹源网荷储各侧，科学规 划和实施一批重大战略任务、重大工程项目、重大改革举措，推动新型电力系统建设取得新的突破。 湘财证券表示，全国统一电力市场建设加速推进下，我们持续看好电力资产价值重估。推荐关注三条主 线：基本面稳健、长期有望受益统一电力市场建设的水电标的；成本下行情况下业绩有望改善且资产所 在区域供需格局好的火电标的；绿电存量项目盈利平稳过渡推动板块估值修复，在全面入市开启背景下 看好运营能力强的龙头企业和资源区位优质的标的。 9月26日，A股三大指数震荡回调，电力板块逆市上涨，风力发电概念开盘后持续拉升，相关ETF集体逆 市上涨，截至10:14，绿电ETF（562550）涨幅0.64%，公用事业ETF（159301）涨幅0.43%，电网设备 ETF（159326）涨幅0.38%，绿电ETF持仓股嘉泽新能涨停，上海电力、节能风电、龙源电力、甘肃能 源、太阳能等涨幅居前。 ...

9月12日，国家发展改革委、国家能源局联合印发《电力现货连续运行地区市场建设指 引》（以下简称《指引》），针对电力现货连续运行地区明确九大指引方向，重点围绕新能 源全面入市后的市场机制适配、系统调节能力提升等核心问题提出解决方案。 从9月11日-12日举办的2025电力市场秋季论坛了解到，《指引》中的多项机制设计与论 坛专家观点高度契合，与会专家围绕现货市场优化、新型主体激活、辅助服务完善等议题的 讨论，为《指引》落地提供了实践参考。 本次论坛由中国电机工程学会电力系统自动化专业委员会主办，联合中国电机工程学会 电力市场专委会、电力系统专委会，及国网浙江省电力公司、国网电科院、中国电科院、国 网能源院、能见科技等七家单位共同搭建行业交流平台。论坛以"加快统一电力市场建设促 进能源清洁低碳转型"为核心主题，深度破解电力市场建设中的顶层设计、实操难题、新型 主体培育、安全保供等关键议题。 现货机制精准化：锚定供需调节核心 《指引》明确提出"支持各地探索完善新能源全面入市下的现货市场机制，优化现货市 场出清机制，形成反映供需关系和调节成本的分时价格信号"，同时要求通过日前交易价格 激励用户参与系统调节，保障电力安全 ...

Group 1 - Xi Jinping emphasizes the need to promote the healthy and high-quality development of the private economy, addressing prominent issues faced by private enterprises and encouraging entrepreneurs to remain resilient [1] - The People's Bank of China plans to implement a moderately loose monetary policy, ensuring liquidity remains ample and aligning social financing and money supply growth with economic growth and price level expectations [1] Group 2 - Li Qiang calls for a robust push towards green and low-carbon industrial transformation, focusing on enhancing ecological diversity and stability while optimizing land development and protection [2] Group 3 - Southbound funds recorded a net purchase of HKD 35.876 billion on August 15, marking a historical high for single-day net purchases, with Xiaomi Group and Alibaba leading the inflows [3][4] - The top ten stocks with the highest net inflows from southbound funds include Xiaomi Group (HKD 31.43 billion) and Alibaba (HKD 27.26 billion) [3] Group 4 - The first batch of total control indicators for rare earth mining and separation for 2025 has been issued to China Rare Earth Group and Northern Rare Earth, although not publicly disclosed [4] Group 5 - The Shanghai Composite Index reached a peak of 3704.77 points, approaching the 3731.69 points high from February 18, 2021, marking a significant ten-year high [5][6] - Historical analysis shows that after reaching a ten-year high, the Shanghai Composite Index typically maintains a trend of oscillating upward over an extended period [6] Group 6 - Reports suggest that polysilicon companies may implement monthly production and sales restrictions starting in September, with a total annual capacity control of 2 million tons for 2026 [7] - The average transaction price for n-type polysilicon has increased from CNY 34,400 per ton in late June to CNY 47,400 per ton, reflecting a nearly 37.8% increase [7] Group 7 - The Shanghai Electric Power Company successfully executed a demand response call for virtual power plants, achieving a maximum response load of 1.1627 million kilowatts, setting a new record [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified national electricity market [13]

第二，电力现货市场即将实现基本全覆盖。现货市场有助于精准发现价格、实时反映和调节供需，既是 电力市场体系的关键环节，也是难点所在。王任飞透露，目前，25个省内市场均已开展现货交易，其中 6个实现正式运行，6个已实现连续结算运行，其他十余个省份也将在年内实现连续结算运行。"这对于 近段时间相关省份电力保供发挥了重要作用。" 第三，统一的电力市场基础规则体系基本建立。目前，已经形成以电力市场运行基本规则为基础，中长 期、现货、辅助服务交易规则为主干，市场注册、计量结算、信息披露为支撑的"1＋6"规则体系，未来 还会根据市场的发展不断丰富完善。 王任飞表示，下一步还将持续完善全国统一电力市场体系，进一步统一规则、破除壁垒、拓展功能、扩 大规模，为保障能源安全、低碳转型、经济增长提供更加有力的支撑。 中国经济网北京8月1日讯(记者王婉莹)近年来，电力市场建设取得重大进展。在今日召开的国家发展改 革委新闻发布会上，国家发展改革委体制改革综合司司长王任飞表示，今年上半年，我国跨省区交易电 量超过6700亿千瓦时，也就是说，电力市场每交易4度电，就有1度通过跨省区交易实现。 建设全国统一电力市场是深化电力体制改革的关键任务 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9][40] Core Viewpoints - The recent release of the renewable energy power consumption responsibility weight for 2025 is favorable for the consumption of new energy [7] - The report highlights the acceleration of the construction of a national unified electricity market, which is expected to lead to a revaluation of electricity asset values [9][40] - The report recommends focusing on three main lines: hydropower stocks with stable fundamentals, thermal power stocks with improving performance under cost reductions, and leading companies with strong operational capabilities in the green electricity sector [9][40] Industry Performance - The public utility sector (Shenwan) fell by 1.37% this week, underperforming the CSI 300 index by 2.46 percentage points [4] - Over the past 12 months, the public utility sector has seen a relative return of -17% compared to the CSI 300 [3] Key Data Tracking - The spot coal price has slightly increased week-on-week, with inventory levels rising [5] - Domestic natural gas prices have decreased slightly, with the LNG ex-factory price at 4455 RMB/ton, down 0.11% week-on-week [6] - The inflow to the Three Gorges Reservoir has significantly decreased, with the average inflow down 41.99% week-on-week [6] Investment Recommendations - The report suggests investing in companies such as Changjiang Hydropower, Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co., Ltd. due to their strong operational capabilities and favorable resource locations [9][40]

Core Viewpoint - The recent heatwave across China has led to a significant increase in electricity demand, creating a favorable environment for the power sector, with several stocks experiencing substantial gains [1][11]. Group 1: Electricity Demand and Market Performance - National maximum electricity load reached 1.465 billion kilowatts on July 4, an increase of 150 million kilowatts year-on-year [1][11]. - In the East China grid, the load reached 422 million kilowatts, with air conditioning accounting for 37% of this load [1]. - Several power stocks, including Huayin Power and Shaoneng Co., have seen significant price increases, with Huayin Power rising 116.8% since April [4][6]. Group 2: Company Performance - Huayin Power reported a revenue of 2.307 billion yuan in Q1, a year-on-year increase of 5.06%, and a net profit of 75.6749 million yuan, up 894.61% [7]. - The company anticipates a net profit of 180 million to 220 million yuan for the first half of the year, a significant increase compared to the previous year [8]. - The increase in profit is attributed to a 7.37% rise in power generation and a decrease in the benchmark coal price by 54.08 yuan per ton [8]. Group 3: Future Outlook - The National Energy Administration has released a new action plan for the construction of a new power system from 2025 to 2027, indicating structural opportunities for the power sector [12]. - Analysts predict a 5% increase in electricity consumption this summer due to high temperatures, which will further boost power generation [12]. - Recommendations for investment focus on hydropower assets, thermal power companies with improving performance, and strong operators in the renewable energy sector [13].