记者11日从国家发展改革委获悉，近日，国家发展改革委、国家能源局印发《关于跨电网经营区常态化 电力交易机制方案的复函》，明确今年将实现跨电网经营区交易常态化开市，有力支撑度夏期间电力保 供，并探索达成多年期绿电交易签约。(新华社) ...

7月11日，国家发展改革委、国家能源局正式批复《跨电网经营区常态化电力交易机制方案》（以下简称《方案》），引发市场较大关注。 长期以来，国家电网和南方电网两大经营区相对独立运营，形成了事实上的市场分割，限制了电力资源在全国范围内的流动。根据国家发展改革委的规划， 到2025年，全国统一电力市场体系初步建成。《方案》的出台，将资源配置范围从国家电网、南方电网等单一经营区扩展到覆盖全国主要区域的更大范围， 扩大了经营主体在电力市场中的交易规模。 跨经营区常态化交易机制具体是什么？哪些电源类型能参加交易？分布式能源发电企业能否参与交易？此举又是否会影响电价？ 围绕这一系列问题，《每日经济新闻》记者（以下简称每经记者）采访了多位专家、电网企业及电力交易中心相关负责人，请他们对此进行了深入解读。 绿电资源可在全国范围开展交易和可靠溯源 中国电力企业联合会规划发展部副主任韩放接受《每日经济新闻》记者书面采访时表示，跨电网经营区常态化交易机制的建立，意味着在国家电网、南方电 网分别组织电力交易的基础上，建立了一个覆盖全国范围的"网上电力商城"。两个电网的经营主体能够基于一套统一的制度和规则实现跨经营区交易，实现 了电力资源 ...

据宏烨新能源有限公司生产技术部主任胡乐盈介绍，项目已并网容量超80万千瓦(一期、二期)，2024年 发电16亿度，相当于节约煤炭65万吨，减排二氧化碳130万吨。项目建成后，每年可提供近30亿kWh绿 电，节省煤炭130万吨，减排二氧化碳260万吨。 齐鲁晚报.齐鲁壹点记者王颖颖实习生袁垚鑫7月9日，"责任山东.民企担当"全国主流媒体调研采风行团 队走进山东魏桥创业集团有限公司(以下简称"魏桥创业集团")，实地探访这家拥有国内外18个生产基 地、10万名员工、3050亿元总资产的特大型企业。 水上发电水下养虾，盐碱地上建"蓝海" 一排排光伏板在水面上整齐排列，盐碱滩涂变身清洁能源与生态渔业共生的"生态圈"，滨州市沾化区汇 宏新材料有限公司总经理焦光建笑称："虾池子上建光伏"。这便是国家电投集团与魏桥创业集团战略合 作的重点工程——宏烨2GW渔光互补光伏发电项目。该项目总投资约90亿元，占地约4.5万亩，总装机 容量200万千瓦，配套全国最大的220kV升压站。 据悉，宏烨2GW渔光互补光伏发电项目实现了规模大、质量高、产业融合好，已经成为全国"渔光互 补、风光同场、源网荷储"的良好示范，这种创新的产业模式，已 ...

2025 年 07 月 11 日 工业硅：关注仓单注册情况 多晶硅：政策扰动，盘面波动放大 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2509收盘价（元/吨） | 8,470 | 330 | 460 | 1,055 | | | | Si2509成交量（手） | 1,468,586 | 315,140 | 272,044 | 1,028,365 | | | | Si2509持仓量（手） | 381,237 | -17,792 | 397 | 225,610 | | | 工业硅、多晶硅期货市场 | PS2508收盘价（元/吨） | 41,345 | 2,075 | 6,295 | - | | | | PS2508成交量（手） | 1,014,567 | 220,103 | 532,504 | - | | | | PS2508持仓量（手） | 98,601 ...

证券研究报告 | 2025年07月11日 | 晨会纪要 | | --- | | 数据日期:2025-07-10 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3509.68 | 10631.12 | 4010.02 | 12093.58 | 3053.44 | 979.98 | | 涨跌幅度（%） | 0.47 | 0.46 | 0.46 | 0.28 | -0.01 | -0.31 | | 成交金额（亿元） | 6131.60 | 8809.87 | 3478.36 | 3072.32 | 4194.52 | 221.67 | 【常规内容】 行业与公司 电力设备新能源行业点评：多家企业上调硅片报价，国家新增重点行业 绿电消费比例 电力设备新能源行业点评：三部委推动国家级零碳园区申报，节能风电 拟投建 500MW 工业园区铁合金绿电消纳项目 豪鹏科技(001283.SZ) 财报点评:Q2 盈利能力持续提升，AI 端侧客户开 拓顺利 金融工程 金 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report The report offers short - term trend forecasts for various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. These forecasts are influenced by factors such as tariffs, supply - demand dynamics, and macro - economic policies [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: Facing disturbances from tariff issues, with a trend strength of - 1, indicating a bearish outlook [2][5][9]. - **Silver**: In a high - level oscillation, with a trend strength of 1, suggesting a bullish outlook [2][5][9]. Base Metals - **Copper**: Inventory is continuously increasing, putting pressure on prices. The trend strength is 0, showing a neutral outlook [2][11][13]. - **Zinc**: Operating within a range, with a trend strength of 0, indicating a neutral outlook [2][14]. - **Lead**: Showing a mid - term upward trend, with a trend strength of 0, suggesting a neutral outlook [2][16][17]. - **Tin**: Prices are weakening, with a trend strength of 0, indicating a neutral outlook [2][19][23]. - **Aluminum**: The price center is moving up. Aluminum has a trend strength of 0, alumina has a trend strength of 1, and casting aluminum alloy follows the trend of electrolytic aluminum [2][24][26]. - **Nickel**: There is a game between macro and fundamental factors, resulting in an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][27][33]. - **Stainless Steel**: There is a game between reality and macro - expectations, leading to an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][28][33]. Energy and Chemicals - **Carbonate Lithium**: Inventory accumulation is accelerating, but the number of warehouse receipts is relatively small. The oscillating pattern may continue, with a trend strength of 0, indicating a neutral outlook [2][34][36]. - **Industrial Silicon**: Attention should be paid to the registration of warehouse receipts, with a trend strength of 0, indicating a neutral outlook [2][37][40]. - **Polysilicon**: Policy disturbances are amplifying market fluctuations, with a trend strength of 0, indicating a neutral outlook [2][38][40]. - **Iron Ore**: Expectations are fluctuating, resulting in wide - range oscillations, with a trend strength of 0, indicating a neutral outlook [2][41]. - **Rebar and Hot - Rolled Coil**: Due to sector sentiment resonance, they are in a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][44][48]. - **Silicon Ferrosilicon and Manganese Silicide**: Cost expectations may rise, leading to a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][50][53]. - **Coke**: Oscillating with an upward bias, with a trend strength of 0, indicating a neutral outlook [2][55][58]. - **Coking Coal**: Affected by news, oscillating with an upward bias, with a trend strength of 1, suggesting a bullish outlook [2][56][58]. - **Steam Coal**: Daily consumption is recovering, and the market is stabilizing with oscillations, with a trend strength of 0, indicating a neutral outlook [2][60][63]. Agricultural Products - **Palm Oil**: Driven by macro - sentiment, but the fundamental upside is limited [2][62]. - **Soybean Oil**: There is insufficient speculation on US soybean weather, lacking upward drivers [2][62]. - **Soybean Meal**: Waiting for the USDA report, with a rebound and oscillation trend [2][64]. - **Soybean**: Spot prices are stable, and the market is oscillating [2][64]. - **Corn**: Undergoing oscillating adjustments [2][66]. - **Cotton**: The expectation of tight old - crop inventory continues to support futures prices [2][68]. - **Egg**: As the peak season approaches, attention should be paid to the expected difference [2][70]. - **Live Pig**: Spot sentiment is weakening, and there is a divergence between futures and spot prices [2][71]. - **Peanut**: There is support at the lower level [4].

中信证券研报认为，2025年非水可再生能源消纳责任权重增幅较大，预计可支撑约4,600亿度绿电消 纳，对本年度绿电消纳形成较好支撑；责任权重增幅分化较为明显，三北地区责任权重提升或停滞进而 影响差价结算机制电量，或将推动当地装机增速放缓与行业投资回归理性；继电解铝后，钢铁、水泥、 多晶硅等高耗能行业纳入绿电消费比例考核，有望为绿电消纳再添保障并助力绿电&绿证市场发展；受 益于沿海消纳增量空间较大且用户降碳需求增长，绿电直连模式有望快速发展。 ...

Investment Rating - The investment rating for the electric equipment and renewable energy industry is "Outperform the Market" (maintained) [1] Core Insights - The National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Energy Administration have jointly issued a notice to promote the construction of national-level zero-carbon parks, encouraging local departments to recommend suitable parks for this initiative [3] - The energy-saving wind power company has approved an investment of 2.09 billion RMB to construct a 500MW green power supply project in Inner Mongolia, which is expected to connect to the grid by the end of December 2026 [4] - The national encouragement of zero-carbon parks and green electricity direct connection projects will benefit the demand for distribution equipment at the park level and incremental distribution network equipment, particularly for DC technology [1][3] Summary by Sections National-Level Zero-Carbon Park Initiative - The notice requires local departments to recommend up to two parks for national-level zero-carbon park construction by August 22 [3] - It emphasizes the development and utilization of renewable energy in and around the parks, supporting the matching of parks with nearby non-fossil energy generation resources [3] Investment Projects - The energy-saving wind power project will install 50 wind turbines with a capacity of 10MW each and includes the construction of a 220kV booster substation and a 75MW/300MWh energy storage system [4] - The generated electricity will be consumed by two ferroalloy companies in the Beijing-Mongolia cooperation industrial park [4] Company Recommendations - Investment suggestions include companies such as Teruid and Sifang Co., with projected net profits for 2024 at 9.2 billion RMB and 7.2 billion RMB respectively [2][6]

今日投资机会解析 绿电需求持续明朗 近日，国家发改委办公厅、国家能源局综合司联合印发《关于2025年可再生能源电力消纳责任权重及有 关事项的通知》。此次《通知》明确，2025年各省（自治区、直辖市）非水电消纳责任权重目标值为 10.7%—30%，较预期值提升幅度在0.00—9.26pct。 银河证券指出，2025年，在电解铝行业的基础上，新增纳入钢铁、多晶硅、水泥、数据中心等高耗能行 业，其中钢铁、多晶硅、水泥行业2025年绿色电力消费比例和电解铝行业保持一致，国家枢纽节点新建 数据中心绿色电力消费比例均设置为80%。对于2026年，电解铝、钢铁、多晶硅、水泥行业的绿色电力 消费比例较2025年目标值的提升幅度在0—2.1pct，国家枢纽节点新建数据中心保持80%。对特定高耗能 行业实施绿色电力消费比例目标，有助于进一步明确绿电消费主体，同时也有望催生绿电+不同产业的 新模式、新业态，有望改善部分行业当前所面临的消纳、电价、补贴回款等痛点，助力价值重估。 该机构表示，新能源全面市场化背景下，具备成本、资源、区位优势的企业有望从竞争中胜出。在此基 础上，随着越来越多的行业被纳入绿色电力消费比例考核之列，绿电+不 ...

绿电直连自发自用部分如何合理缴纳费用? 绿电直连自发自用电量虽然需要缴纳输配电价、政策性交叉补贴等各项费用，但预计能够节省部分中间 环节的成本及费用。1)线损费用：绿电直连模式通过专线供电，度电线损率低于大电网线损率，可通过 降低线损节省费用；2)输配电费：自发自用电量未使用大电网资源，相应成本为专线建设及运营成本， 显著低于从大电网购电输配电价；3)政策性交叉补贴：参考过去自备电厂交叉政策及实际情况，以及部 分省份对终端直接消纳绿电模式的支持政策，预计自发自用将免征政策性交叉补贴；4)系统运行费用： 虽然自发自用电量减少了向大电网购电规模，但仍享受电网的调节能力，因此应缴纳相应费用；5)政府 性基金及附加：目前用户侧仍缴纳的包含重大水利工程建设基金、大中型水库移民后期扶持基金、可再 生能源电价附加，预计自发自用电量将按政策要求缴纳。该行参考各省各项中间费用的征收标准及实际 情况，测算出江苏、浙江、山东、广东110kV用户绿电直连自发自用电量能够节省的度电中间环节电费 在0.09~0.13元/kWh，降本效果显著。 智通财经APP获悉，中信证券发布研报称，绿电直连模式具备保障发电侧利用率&帮助用户侧降碳等作 ...