证券代码：000537 证券简称：中绿电 天津中绿电投资股份有限公司 投资者关系活动记录表 编号：2025-10 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 鲁创基金（孙浩喆） 时间 2025 年 11 月 21 日 10:00-10:30 地点 公司会议室 上市公司接待人 员姓名 总经理助理、董事会秘书 伊成儒 证券事务部（董事会办公室）投资者关系管理 马啸 形式 现场会议 交流内容及具体 问答记录 问题 1.公司在运装机规模及风光占比情况？ 答：截至 2025 年 6 月末，公司在运装机规模 1992.55 万千瓦，其中 风电占比约 19.75%，光伏占比约 79.24%。 问题 2.2025 年公司补贴款收回情况如何？ 答：2025 年前三季度公司累计收到可再生能源补贴款 18.88 亿元。 问题 3.136 号文出台后，公司的投资策略？ 答：随着 136 号文的出台，公司对新能源项目投资更加谨慎，更加注 重投资收益把控。同时为进一步优化产业结构，提升项目盈利能力，公司 也在稳步推进"两个转移"（由光伏向风电转移 ...

Core Viewpoint - The recent policies released by national authorities regarding renewable energy consumption and voluntary greenhouse gas reduction are expected to create a strong synergistic effect, promoting the development of China's green hydrogen industry [2][9]. Group 1: Policy Overview - The "Minimum Proportion Target for Renewable Energy Consumption" establishes a mandatory minimum proportion target for renewable energy consumption, including non-electric renewable energy consumption such as hydrogen production [4][5]. - Key energy-intensive industries, such as steel and chemicals, will likely need to procure or produce green hydrogen to meet regulatory requirements, thus creating a rigid market demand for green hydrogen [4][5]. Group 2: Demand-Side and Supply-Side Dynamics - The demand-side policy aims to create a strong market pull for green hydrogen by integrating it into a mandatory assessment system for energy consumption [4][5]. - The supply-side policy, through the "Voluntary Greenhouse Gas Reduction Project Methodology," provides a framework for quantifying the carbon reduction benefits of green hydrogen production, enhancing its economic viability [7][9]. Group 3: Economic Implications - The new policies will allow green hydrogen projects to generate additional revenue through carbon asset benefits, which can help offset the high production costs associated with green hydrogen [7][9]. - The combination of mandatory market demand and carbon value benefits is expected to accelerate the growth of China's green hydrogen industry, contributing to a cleaner and more efficient energy system [9].

Group 1 - The 15th National Games and Special Olympics fire collection ceremony took place in Nansha District, Guangzhou, with Southern Power Grid's Guangzhou Power Supply Bureau implementing the highest standard power supply guarantee mode to ensure the event's success [1] - Guangzhou's distribution network has achieved a self-healing restoration time of under 50 seconds, with an average annual power outage time of 10 minutes, reaching an internationally leading level [1] - A three-tier power supply guarantee system was established, including "dual-loop power supply + UPS uninterruptible power supply + emergency power generation vehicles," effectively eliminating power outage risks [1] Group 2 - Guangzhou's green energy development is rapidly advancing, with photovoltaic installed capacity reaching 3.7 million kilowatts [2] - The city has a leading position in the energy storage industry, with a national manufacturing innovation center for new energy storage established in Baiyun District, and a cumulative production of electrochemical energy storage capacity reaching 193,000 kilowatts / 422,000 kilowatt-hours [2] - Green electricity and green certificate trading have been actively promoted, with a transaction scale of 19.2 billion kilowatt-hours achieved this year [2]

Core Insights - Gansu's electricity spot market has successfully operated for over a year, establishing itself as a significant player in the national green energy landscape [1] - The market has achieved a historic breakthrough in market-oriented reforms, becoming the fourth provincial-level electricity spot market in China [1][2] - Gansu has pioneered the "quantity reporting and pricing" model for renewable energy, transitioning from a policy-driven to a market-driven approach [1][2] Group 1: Market Performance - Gansu's electricity spot market has been operational for 52 months, setting a national record for continuous settlement [1] - As of April 2025, Gansu's renewable energy installed capacity reached 67.2 million kilowatts, ranking second in the country [2] - The renewable energy generation in Gansu for 2024 was 82.1 billion kilowatt-hours, accounting for 35.8% of the total power generation [3] Group 2: Renewable Energy Development - 325 renewable energy companies have completed the "quantity reporting and pricing" modifications, representing 98.5% of the province's renewable installed capacity [2] - The installed capacity of renewable energy has increased from 42% in 2020 to 64.68% in 2024, a growth of 22.68 percentage points over four years [2] - Gansu's wind and solar power utilization hours have improved, with wind power reaching 1,620 hours and solar power 1,280 hours in 2024 [3] Group 3: Environmental Impact - The renewable energy generation in Gansu has replaced 25.45 million tons of standard coal, reducing carbon dioxide emissions by 66.17 million tons [4] - The province's renewable energy utilization rate is 93%, exceeding the national average of 85% by 8 percentage points [3] Group 4: Economic and Social Benefits - The shift in peak electricity load from evening to afternoon has resulted in a load reduction of approximately 2.3 million kilowatts, enhancing the consumption of renewable energy [5] - Gansu has reduced social electricity costs by over 1.5 billion yuan since 2024, achieving both economic and social benefits [5] - The province has become a hub for green electricity and green certificate trading, with significant growth in transaction volumes [5][6] Group 5: Energy Storage Development - Gansu has established a leading energy storage market participation system, with a cumulative installed capacity of 4.42 million kilowatts [6] - In 2024, energy storage contributed 976 million kilowatt-hours to the spot market, generating a price difference revenue of 121 million yuan [6] - The province's energy storage facilities have participated in frequency regulation services, contributing significantly to the grid [6]

Group 1: Green Development in Ningxia - Ningxia's green development is significantly driven by green finance, with the National Development Bank increasing green loan investments to support low-carbon infrastructure, ecological protection, and industrial transformation [1] - The transformation from a dry area to a green oasis is exemplified by the development of the "Green Electricity Town" in Minning, which features a shared energy storage station that has completed 36.08 million kilowatt-hours of charge and discharge as of August 6 [2][3] Group 2: Financing and Project Support - The National Development Bank's Ningxia branch has issued 1.44 billion yuan in loans to support innovative energy storage technologies, which help stabilize the grid and ensure 24-hour green electricity supply for Minning [3] - The Ningdong Energy Chemical Base has successfully integrated a 1.64 million kilowatt photovoltaic project, with nearly 1.9 billion yuan in loans provided by the bank, contributing to the region's industrial growth and reducing carbon emissions [4][5] Group 3: Water Resource Management - The construction of the Xiangshan Ecological Restoration and Irrigation Project aims to extend irrigation to 230,000 acres, providing water security for over 30,000 residents in the arid region of Zhongwei [6][7] - The Longcheng Water Supply Plant is undergoing a digital upgrade to enhance efficiency, with 14 million yuan in loans issued to support the project, which is expected to increase water supply by approximately 1.246 million cubic meters annually [8][9]

Core Viewpoint - The Shandong Provincial Development and Reform Commission has issued a market-oriented reform implementation plan for renewable energy grid pricing, focusing on improving the green electricity and green certificate trading mechanism [1] Group 1: Green Electricity Trading Mechanism - The plan aims to enhance the green electricity and green certificate trading mechanism, ensuring that the electricity volume included in the mechanism is protected by a mechanism price [1] - Electricity volumes under this mechanism will not participate in green electricity trading and will not receive duplicate green certificate benefits [1] Group 2: Pricing Policies - The policy specifies that the market declaration and transaction prices must clearly distinguish between the electricity price and the corresponding green electricity certificate price [1] - The green certificate revenue from green electricity trading will be determined based on the minimum of three factors: the monthly green electricity contract volume, the remaining grid-connected electricity volume after deducting the mechanism volume, and the electricity consumption of users [1] Group 3: Trading Organization - The provincial green electricity trading will not organize separate centralized bidding and rolling matching transactions [1]

Core Insights - China's cumulative installed capacity of renewable energy is expected to reach 1.41 billion kilowatts by the end of 2024, marking a year-on-year growth of 33.9%, surpassing coal power to become the largest power source in the system [1] - The installed capacity of wind power is projected to be 520 million kilowatts, while solar power capacity is expected to reach 890 million kilowatts, maintaining the world's leading positions for 15 and 10 consecutive years respectively [1] - Renewable energy generation is anticipated to contribute over 60% to the total power generation growth in 2024, with a total generation of 1.84 trillion kilowatt-hours, reflecting a year-on-year increase of 25% [1] Group 1: Installed Capacity and Growth - By the end of 2024, renewable energy's share of total installed capacity in China will reach 42%, with new installed capacity accounting for 83% of the total new power generation capacity [1] - The new installed capacity of renewable energy is expected to be 360 million kilowatts, which is 1.2 times that of 2023 [1] - The utilization rate of renewable energy has remained above 95% for seven consecutive years, supported by improvements in the power system and market [1] Group 2: Grid and Market Developments - China has built 42 ultra-high voltage transmission channels to enhance the capacity for renewable energy consumption, contributing to the energy transition and sustainable development [2] - The balancing and regulation capabilities of the power system are continuously improving, with a focus on deep peak regulation of thermal power and enhanced energy storage utilization [2] - The national unified electricity market is being accelerated, with market mechanisms being refined to support the consumption of renewable energy across provinces [3] Group 3: Future Projections - The scale of renewable energy development is expected to maintain a high growth trajectory, with annual new installed capacity projected to be between 430 million and 500 million kilowatts in the current year [4] - During the 14th Five-Year Plan period, renewable energy is expected to maintain an average annual growth of 300 million kilowatts [4] - By 2030, the installed capacity of renewable energy is anticipated to exceed 3 billion kilowatts, effectively doubling the current scale [4]

Core Insights - The report from the State Grid Energy Research Institute indicates that by the end of 2024, China's cumulative installed capacity of renewable energy will reach 1.41 billion kilowatts, a year-on-year increase of 33.9%, surpassing coal power to become the largest power source in the system [1] - Renewable energy generation capacity continues to grow rapidly, with wind power installed capacity at 520 million kilowatts and solar power at 890 million kilowatts, maintaining the world's leading position for 15 and 10 consecutive years respectively [1] - The share of renewable energy in total power generation has exceeded 18%, contributing over 60% to the growth in total power generation in 2024 [1] Installed Capacity and Generation - By the end of 2024, the newly added installed capacity of renewable energy will be 360 million kilowatts, accounting for 83% of the total new installed capacity in the country [1] - The total renewable energy generation in 2024 is projected to be 1.84 trillion kilowatt-hours, representing a 25% year-on-year increase [1] - Renewable energy utilization remains high, maintaining over 95% for seven consecutive years, supported by improvements in the power system and market [1] Grid Infrastructure and Market Adaptation - To enhance the optimization of renewable energy resources, China has strengthened the construction of grid integration and transmission projects, with 42 ultra-high voltage transmission channels completed by the end of 2024 [2] - The balancing and regulation capabilities of the power system have improved, with a focus on deep peak regulation of thermal power and enhanced energy storage utilization [2] - The construction of a unified national electricity market is accelerating, with market transactions for renewable energy reaching 956.9 billion kilowatt-hours in 2024, accounting for 52.3% of renewable energy generation [3] Future Growth Projections - The report anticipates that the scale of renewable energy development will continue to grow rapidly, with annual new installed capacity expected to reach between 430 million and 500 million kilowatts this year [4] - During the 14th Five-Year Plan period, renewable energy is projected to maintain an average annual growth of 300 million kilowatts [4] - By 2030, the installed capacity of renewable energy is expected to exceed 3 billion kilowatts, effectively doubling the current scale [4]