2025 年 11 月 24 日 10 月全社会用电量同比高增 气价涨跌互现 申万公用环保周报(25/11/17~25/11/21) 本期投资后示 若研究报 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傳浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 电力: 10 月全社会用电量同比高增。根据国家能源局数据, 10 月单月全社会用电量 8572 亿千瓦 时，同比增长 10.4%。其中第一、二、三产业和城乡居民生活用电量分别同比增长 13.2%、 6.2%、17.1%、23.9%。从用电贡献度角度来看，受三产及城乡居民用电增速显著提升影响，三产 及城乡对增量用电贡献分别达 29%及 28%，而占比最高的第二产业用电增量贡 ...

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 2025 年 11 月 24 日 10 月全社会用电量同比高增 全球 气价涨跌互现 看好 ——申万公用环保周报(25/11/17~25/11/21) 证 券 - ⚫ 电力：10 月全社会用电量同比高增。根据国家能源局数据，10 月单月全社会用电量 8572 亿千瓦 时，同比增长 10.4%。其中第一、二、三产业和城乡居民生活用电量分别同比增长 13.2%、 6.2%、17.1%、23.9%。从用电贡献度角度来看，受三产及城乡居民用电增速显著提升影响，三产 及城乡对增量用电贡献分别达 29%及 28%，而占比最高的第二产业用电增量贡献仅占 41%。累计 数据来看，1-10 月，第一、二、三产业和城乡居民生活用电量分别同比增长 10.5%、3.7%、8.4% 和 6.9%。今年第三产业用电增速较高，其中大数据分析、人工智能服务有关的互联网数据服务业 用电量同比增长 46%。10 月单月受国庆和中秋假期带动，住宿和餐饮业用电量同比增长 18.4%。 而居民生活用电量的快速增长主要与气温因素有关。10 月份，我国气温呈现"北冷南暖"的特 征，江南、华南 ...

Core Viewpoint - The article emphasizes the importance of low-carbon transformation in industrial parks and the promotion of green electricity consumption, highlighting the establishment of zero-carbon parks as a key initiative supported by national policies [2]. Group 1: Policy and Initiatives - The "14th Five-Year Plan" aims to establish around 100 national-level zero-carbon parks, with provinces actively applying for national and provincial-level zero-carbon park construction [2]. - The government is accelerating the increase of green electricity consumption in key energy-consuming sectors, encouraging the creation of green electricity factories and parks that achieve 100% green electricity consumption [2]. - The "Notice on Promoting Green Electricity Direct Connection" encourages export-oriented enterprises to utilize surrounding renewable energy resources for green electricity direct connection projects [2]. Group 2: Training Details - A training seminar on green electricity direct connection and zero-carbon park creation will be held from November 21 to 22 in Chengdu, organized by China Energy News and supported by the China Energy Economic Research Institute [3]. - The training targets various stakeholders, including power companies, renewable energy enterprises, energy service companies, and professionals interested in zero-carbon park construction [3][4]. Group 3: Course Modules - The training will cover topics such as green electricity direct connection policies, application scenarios, pricing mechanisms, project planning, investment and returns, and the integration of renewable energy stations [5]. - It will also address zero-carbon park creation policies, evaluation indicators, construction status, investment analysis, key technology paths, and certification processes [5]. Group 4: Financial Information - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

11月12日，远景在2025赤峰零碳产业大会上发布全球最大、由能源大模型驱动的AI电力系统，为推动新工业绿色转型提供系统级源网荷储/ 绿电直连解决方案。 大会吸引了超 150家来自钢铁、化工、新材料、有色金属等行业高载能企业积极参加，其中不乏万华化学、旭阳集团、牧原集团等行业龙头 企业，围绕远景赤峰在绿电直连上的成功实践，共商绿色新能源赋能绿色新工业解决方案。 绿电直连 "远景方案" 赋能绿色电池材料产业链 随着全球碳关税机制逐步落地、中国能源转型加速建设，源网荷储 /绿电直连已成为产业零碳转型的必由之路。依托自研的"远景天枢""远景 天机"大模型，远景AI电力系统为化工、钢铁、有色、新材料、新农业等提供更经济、更稳定、更绿色的电力，将新能源转化为新工业发展的 绿色驱动力。 在内蒙古乌兰察布，远景与旭阳集团旗下翔福科技携手打造的源网荷储一体化项目，已成为绿电直连建设的标杆实践。 该项目为 20万吨负极 材料产能配 备 了 58 万千瓦 绿电供应，绿电使用比例超过 60% ， 不仅成功构建 "绿电-负极材料-电池制造"的绿色产业链闭环， 更 显著 降本增效并提升 产品 出口 的绿色 竞争力 。 项目通过部署 " ...

Core Viewpoint - The article emphasizes the importance of green electricity consumption and the establishment of zero-carbon parks as key components in the low-carbon energy transition, with a goal of creating around 100 national-level zero-carbon parks during the "14th Five-Year Plan" period [2]. Group 1: Policy and Initiatives - The "Notice on the Construction of Zero-Carbon Parks" outlines the conditions, key tasks, and organizational measures for building zero-carbon parks, indicating a shift from concept to project implementation [2]. - The government aims to increase the proportion of green electricity consumption in key energy-consuming sectors and encourages the establishment of green electricity factories and parks that achieve 100% green electricity consumption [2]. - Various provinces are actively organizing applications for national-level zero-carbon parks and promoting the construction of provincial-level parks [2]. Group 2: Training Program Details - A training seminar on green electricity direct connection and zero-carbon park creation will be held from November 21 to 22 in Chengdu, organized by China Energy News and supported by the China Energy Economic Research Institute [3]. - The training targets a wide range of participants, including power companies, renewable energy enterprises, energy service companies, and professionals involved in zero-carbon park construction [3][4]. Group 3: Course Modules - The training will cover various modules, including discussions on green electricity direct connection policies, application scenarios, pricing mechanisms, investment and returns, and the integration of renewable energy stations [5]. - It will also address the evaluation index system for zero-carbon parks, construction status, investment analysis, key technology paths, and certification processes [5]. Group 4: Financial Information - The training fee is set at 3,900 yuan per person, which includes the training cost, while travel and accommodation are to be self-managed [5]. - Payment can be made via bank transfer, with specific banking details provided for participants [5]. Group 5: Contact Information - Contact details for inquiries are provided, including two representatives from the organizing body [6].

Core Viewpoint - The article emphasizes the importance of green electricity consumption and the establishment of zero-carbon parks as key components in the low-carbon transition of energy utilization in industrial parks. It highlights the government's initiative to create approximately 100 national-level zero-carbon parks during the "14th Five-Year Plan" period, moving from concept to project implementation [2]. Group 1: Policy and Initiatives - The "Notice on the Construction of Zero-Carbon Parks" outlines the construction conditions, key tasks, and organizational measures for zero-carbon parks [2]. - Various provinces are actively applying for national-level zero-carbon parks and promoting provincial-level zero-carbon park construction [2]. - The government aims to increase the proportion of green electricity consumption in key energy-consuming units and industries, encouraging the establishment of green electricity factories and parks with 100% green electricity consumption [2]. Group 2: Training Details - A seminar and training on green electricity direct connection and zero-carbon park creation will be held from November 21 to 22 in Chengdu [3]. - The training is organized by China Energy News and supported by the China Energy Economic Research Institute, targeting various stakeholders including power companies, renewable energy enterprises, and consulting institutions [3][4]. Group 3: Course Modules - The training will cover topics such as green electricity direct connection policies, application scenarios, pricing mechanisms, project planning, investment and returns, and the integration of renewable energy stations [5]. - It will also address the evaluation index system for zero-carbon parks, construction status, investment analysis, key technology paths, and certification processes [5]. Group 4: Financial Information - The training fee is set at 3,900 yuan per person, excluding transportation and accommodation costs [5].

Core Viewpoint - The recent measures introduced by the State Council aim to create a better environment for private capital to participate in key investment areas, particularly in energy, infrastructure, and technological innovation [1][3][5]. Group 1: Policy Measures - The document outlines 13 specific measures focusing on "expanding access, removing obstacles, and strengthening guarantees" to address issues like "difficult access" and "financing challenges" [3][5]. - Key projects requiring national approval, such as nuclear power and hydropower, will now have a feasibility study for private capital participation, encouraging shareholding ratios to exceed 10% [3][5]. - By 2025, the shareholding ratio for private capital in nuclear power projects is expected to increase from 10% to between 10% and 20% [3][5]. Group 2: Investment Environment - The energy sector has seen a shift towards a supportive system for private investment, with private enterprises becoming key players in traditional and emerging sectors [6][8]. - Private companies now account for nearly 60% of the electricity sales market, and the number of oil and gas transporters has surged from 5 in 2019 to 1005 [6][8]. - Policies promoting green electricity direct supply have enabled private renewable energy companies to supply electricity directly to users, enhancing local consumption [6][8]. Group 3: Investment Models and Innovations - The participation model of private capital in the energy sector is evolving from a focus on production to a comprehensive solution involving "technology + products + services" [10]. - Companies are encouraged to strengthen their technological capabilities and innovate their business models to transition from traditional suppliers to integrated service providers [10]. - Long-term planning is emphasized as essential for companies to navigate market cycles, with significant investments in R&D and technology innovation being crucial for future competitiveness [10][13]. Group 4: Financing Solutions - Infrastructure REITs have emerged as a vital tool to address financing challenges for private investment projects, with 105 REITs projects recommended and 83 listed, raising a total of 207 billion yuan [12]. - REITs provide a "exit channel" for private capital, facilitating a cycle of investment, operation, exit, and reinvestment [12]. - The energy sector will enhance mechanisms for private capital participation in major projects, refining shareholding requirements and promoting fair competition [12].

Core Viewpoint - The article emphasizes the growing demand for green electricity in China's computing power centers, highlighting the need for collaboration between energy and computing sectors to achieve sustainability goals by 2030 [1][8]. Green Electricity Consumption - Current green electricity consumption in domestic computing power centers is low, with significant growth potential to reach the national average consumption level of 40% by 2030 [1][8]. - Bloomberg New Energy Finance predicts that the demand for green electricity in domestic computing power centers will reach 72 TWh by 2026 [1][8]. Energy Infrastructure Development - The Dazhong Park of Qineng Technology features a 300 MW wind power, 200 MW solar power, and a 50 MW/100 MWh energy storage station, with a planned IT capacity of 1000 MW [3]. - The park aims to achieve grid connection for green electricity by 2024, reflecting the shift from real estate-driven growth to energy-driven development in the computing industry [3][4]. Policy and Market Dynamics - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the synergy between renewable energy and computing facilities [3]. - The core customers for green electricity consumption include steel, chemical, and computing centers, with the latter showing stable electricity usage and significant growth potential [4]. Global and Domestic Energy Trends - The International Energy Agency reports that global data center electricity consumption is expected to rise from 415 TWh in 2024 to 945 TWh by 2030, with China and the U.S. contributing nearly 80% of the increase [6]. - By 2030, China's data center electricity load is projected to reach 100 million kW, with annual consumption rising to between 400 TWh and 600 TWh, increasing its share of national electricity consumption from under 2% to 6% [6]. Green Electricity Connection Models - There are three main methods for green electricity consumption: direct connection, green microgrids, and power purchase agreements [9]. - The direct connection model allows renewable energy sources to supply electricity directly to users, bypassing the public grid, which is encouraged by recent government policies [9]. Regional Development Initiatives - Various provinces are launching plans for green electricity parks, with Shanxi Province planning to establish 13 pilot parks across multiple cities [10]. - The selection of sites for green electricity parks is critical, with proximity to renewable energy sources being a key factor for economic viability [12]. Cost Management Strategies - The "green electricity direct connection" model faces high initial investment costs, requiring infrastructure such as solar and wind farms, substations, and backup power systems [16]. - Companies are focusing on lifecycle cost management and vertical integration to optimize resource development and reduce costs [16][17].

Core Viewpoint - The article emphasizes the importance of low-carbon transformation in industrial parks and the promotion of green electricity consumption, highlighting the establishment of zero-carbon parks as a key initiative supported by national policies [2]. Group 1: Policy and Initiatives - The "14th Five-Year Plan" aims to establish around 100 national-level zero-carbon parks, with provinces actively applying for national and provincial-level zero-carbon park construction [2]. - The government is accelerating the increase of green electricity consumption in key energy-consuming sectors, encouraging the development of green electricity factories and parks that achieve 100% green electricity consumption [2]. - The "Notice on the Orderly Promotion of Green Electricity Direct Connection" encourages export-oriented enterprises to utilize surrounding renewable energy resources for green electricity direct connection [2]. Group 2: Training Details - A seminar and training on green electricity direct connection and zero-carbon park creation will be held from November 21 to 22 in Chengdu, organized by China Energy News and supported by the China Energy Economic Research Institute [3]. - The training targets various stakeholders, including power companies, renewable energy enterprises, energy service companies, and professionals interested in zero-carbon park construction [3][4]. Group 3: Course Modules - The training will cover topics such as green electricity direct connection policies, application scenarios, pricing mechanisms, project planning, investment and returns, and the relationship between green electricity direct connection and energy storage [5]. - It will also address zero-carbon park creation policies, evaluation indicators, construction status, investment analysis, key technology paths, and certification processes [5]. Group 4: Financial Information - The training fee is set at 3,900 yuan per person, excluding transportation and accommodation costs, with payment options available through bank transfer [5].

Core Viewpoint - The article emphasizes the importance of green electricity consumption and the establishment of zero-carbon parks as key components in the low-carbon transition of energy utilization in industrial parks. It highlights the government's initiative to create approximately 100 national-level zero-carbon parks during the "14th Five-Year Plan" period, moving from concept to project implementation [2]. Group 1: Policy and Initiatives - The "Notice on the Construction of Zero-Carbon Parks" outlines the construction conditions, key tasks, and organizational measures for zero-carbon parks [2]. - Various provinces are actively applying for national-level zero-carbon parks and promoting provincial-level zero-carbon park construction [2]. - The government aims to increase the proportion of green electricity consumption in key energy-consuming units and industries, encouraging the establishment of green electricity factories and parks with 100% green electricity consumption [2]. Group 2: Training Details - A seminar and training on green electricity direct connection and zero-carbon park creation will be held from November 21 to 22 in Chengdu [3]. - The training is organized by China Energy News and supported by the China Energy Economic Research Institute, targeting various stakeholders including power companies, renewable energy enterprises, and consulting firms [3][4]. Group 3: Course Modules - The training will cover topics such as green electricity direct connection policies, application scenarios, pricing mechanisms, project planning, investment and returns, and the integration of renewable energy stations [5]. - It will also address the evaluation index system for zero-carbon parks, construction status, investment analysis, key technology paths, and certification processes [5]. Group 4: Fees and Contact Information - The training fee is set at 3,900 yuan per person, excluding transportation and accommodation costs [5]. - Payment can be made via bank transfer, and contact information for inquiries is provided [5].