行 业 研 究 2025 年 07 月 21 日 投资评级：看好（维持） 相关研究报告 《绿电消纳考核范围拓宽，有望持续 提升绿电环境溢价—行业投资策略》 -2025.7.14 《水电商业模式稳定，低利率时代价 值凸显—行业投资策略》-2025.5.31 《高耗能行业绿电消纳要求有望提振 绿 电 环 境 价 值 — 行 业 投 资 策 略 》 -2025.5.18 火电商业模式迎来拐点，盈利稳定性有望提高 ——行业投资策略 | 周磊（分析师） | 黄懿轩（联系人） | | --- | --- | | zhoulei1@kysec.cn | huangyixuan1@kysec.cn | | 证书编号：S0790524090002 | 证书编号：S0790125070014 | huangyixuan1@kysec.cn 证书编号：S0790125070014 "十五五"期间或呈现全国"宽电量"、"紧电力"的供需格局 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-07 2024-11 2025-03 电力 沪深300 从电力供需平衡表来看，"十五五"期间或呈现全国电量（ ...

新疆电力现货市场运行期间，不再开展与现货市场并行的调峰服务交易。 文 | 国家能源局新疆监管办公室 7月11日，国家能源局新疆监管办公室 印发《新疆电力辅助服务市场实施细则》。本细则中电力辅助服务市场品种包括调峰服务、调频服务、备用 服务。 经营主体包括发电企业、售电企业、电力用户和新型经营主体。新型经营主体： 新疆省调及以上电力调度机构直调，参与疆内电力电量平衡的独立 储能电站。 其中，获得容量电费的经营主体原则上应当参与辅助服务市场申报。逐步推进虚拟电厂、智能微电网、车网互动运营企业等新型经营主体参与辅助 服务市场。 调峰服务市场： 现阶段调峰辅助服务市场包括实时调峰交易、启停调峰交易。当疆内新能源存在弃电情况时，即可启动调峰服务市场。 实时调峰交易 实时调峰交易的辅助服务提供方包括火电机组、 独立储能，辅助服务受益方包括新能源场站、 出力未达到调峰基准的火电机组、发电上网的自备 电厂、放电上网的独立储能。 独立储能： 其中，火电机组应参与实时调峰交易申报， 独立储能自愿 以充电状态参与实时调峰交易。 经营主体参与实时调峰交易， 须能够按照 电力调度机构指令，满足一定调节速率要求，可平 滑稳定地调整出力。 ...

Core Viewpoint - The article discusses the adjustments made to the peak shaving auxiliary service market price mechanism in Qinghai, as outlined by the Qinghai Electric Power Market Management Committee, emphasizing the integration of auxiliary services with the spot market [1][4]. Group 1: Adjustment of Peak Shaving Auxiliary Service Market Price Cap - The price cap for peak shaving auxiliary services has been adjusted based on the principle of not exceeding the on-grid electricity price of local grid-connected renewable energy projects. The new price caps for deep peak shaving in thermal power are as follows: - Shaanxi: 0.3545 CNY/kWh - Ningxia: 0.2595 CNY/kWh - Qinghai: 0.3247 CNY/kWh [2][10][13]. - The peak shaving trading cap for virtual power plants in Ningxia remains at 0.19 CNY/kWh, while other types of peak shaving trading will follow the deep peak shaving price cap for thermal power [2][13]. Group 2: Strengthening Integration with the Spot Market - During the period when the electricity spot market is not operational, the peak shaving auxiliary service market will operate according to market rules. During the trial settlement period, no compensation will be provided for peak shaving services [4][10]. - Once the spot market is continuously operational, the peak shaving auxiliary service market will generally cease to operate, encouraging market participants to respond to spot market price signals for peak shaving and valley filling, thereby integrating the functions of the peak shaving market into the spot market [4][10].

文 | 青海电力交易中心 宁夏虚拟电厂调峰交易上限暂保持0.19元/kWh， 其他类型的调峰交易申报价格上限参照火电深度调峰交易执行。 青海储能调峰交易中电网调用储能的调峰价格暂定0.3247元/ kWh 。 二、 加强辅助服务市场与现货市场衔接 6月11日，青海电力市场管理委员会发布《关于投票表决电力辅助服务市场价格机制等相关事项的通知》。 通知指出，国家能源局西北监管局 对电力辅助服务市场价格机制 等相关事项进行了明确（审议稿）： 调整了调峰辅助服务市场价格上限，提 出加强辅助服务市场与现货市场衔接。 一、调整调峰辅助服务市场价格上限 按不高于当地平价新能源项目的上网电价原则 调整调峰辅助服务市场价格上限。 陕西、宁夏、青海辅助服务市场中调峰交易不再分档，火电深 度调峰申报价格上限调整如下： | 省(区) | 小】 八 日 一 机组负荷率 | 申报价格上限(元/千瓦时) | | --- | --- | --- | | 陕西 | (0,50%) | 0. 3545 | | 宁夏 | (0,50%) | 0. 2595 | | 青海 | (0,50%) | 0. 3247 | 电力现货市场未运行期间 ，电力调 ...

Core Viewpoint - The release of the "Basic Rules for the Electricity Auxiliary Service Market" marks a significant advancement in China's electricity auxiliary service market, transitioning from a planned compensation model to a market-driven approach, which is essential for supporting the new power system and energy transition [1][10][24]. Group 1: Importance of the Rules - The rules effectively ensure the safety and stability of the electricity system, promoting the development of the electricity auxiliary service market [3][4]. - They implement the requirements for a unified national electricity market system, providing guiding principles and frameworks for local auxiliary service market construction [3][4]. - The rules align with the development trends of the new power system, supporting the large-scale growth of renewable energy and ensuring its stable integration [4][10]. Group 2: Highlights of the Rules - The rules establish a legal and policy foundation for market system construction, clearly defining the concept and scope of electricity auxiliary services [6]. - They broaden the range of market participants, including new entities like energy storage companies and virtual power plants, while standardizing the entry and exit processes for market participants [6][29]. - The rules provide detailed guidance for local implementation, ensuring uniformity and completeness in market regulations [6][30]. Group 3: Market Mechanisms and Structures - The rules clarify the pricing principles for auxiliary services, establishing a fair and efficient cost-sharing mechanism based on the principle of "who benefits, who bears the cost" [7][20]. - They enhance the integration of the auxiliary service market with the energy market, ensuring smooth connections in registration, trading sequences, and clearing processes [8][20]. - The rules specify the measurement and settlement of auxiliary service costs, ensuring transparency and fairness in market operations [8][31]. Group 4: Risk Management and Regulatory Framework - The rules outline a comprehensive risk prevention mechanism for the auxiliary service market, addressing various risks such as supply-demand imbalances and market power monopolies [20][30]. - They emphasize the importance of precise monitoring and regulatory oversight throughout the market operation process to ensure fairness and transparency [31].

2015年，中发9号文印发，提出构建以电力现货市场为核心的市场体系，至今，现货市场建设已取得显 著成效。然而，辅助服务市场化建设尚缺乏引领性的指导。《电力辅助服务市场基本规则》（以下简称 《规则》）的出台，标志着我国电力市场改革从"电能市场"向"电能+辅助服务等多维市场"的迈进，为 新型电力系统构建提供了关键制度保障。 《规则》核心思想 （2）"厂网分开"计划阶段，2002年国发5号文提出厂网分开重组竞价上网，2006年电监市场42号文提出 按照"补偿成本和合理收益"的原则对提供有偿辅助服务的并网发电厂进行补偿，各区域在此基础上制定 出"两个细则"，我国电力辅助服务进入计划补偿阶段，辅助服务费用在发电侧以"零和"模式进行交叉补 偿。 （3）市场化探索阶段，随着新能源的发展，其不确定性和波动性导致常规发电机开停机更加频繁，尤 其在保障跨区跨省之间的国家指令性计划和政府间协议安全稳定运行的执行过程中，各区域电网开停机 调峰问题更为突出，亟须利用市场化手段提高奖罚力度，以更大的补偿力度激励发电企业等调节资源参 与电力辅助服务。国外成熟电力市场一般通过电力现货市场实现调峰资源的优化配置，而当时我国尚未 启动电力现货市 ...

Core Viewpoint - The release of the "Basic Rules for the Electricity Auxiliary Service Market" marks a significant step towards optimizing resource allocation through market mechanisms, ensuring the safe and stable operation of the power system [1][2] Summary by Relevant Sections Importance of the Rules - The rules are crucial for ensuring the safety and stability of the power system and advancing the development of the electricity auxiliary service market [2] - Market-oriented reforms will enhance energy resource allocation and encourage participation from various stakeholders, including power generation and sales entities, thereby improving power supply security [2] - The rules align with the national unified electricity market system and summarize lessons learned from local auxiliary service market developments [2] Highlights of the Rules - The rules establish a legal and policy foundation for market system construction, defining the concept and scope of electricity auxiliary services [3] - They expand the range of market participants to include new entities such as energy storage companies and virtual power plants, while standardizing the entry and exit processes for market participants [3] - Detailed guidance is provided for local implementation, ensuring uniformity and completeness of market rules across regions [3] Compensation and Market Efficiency - The rules stipulate that auxiliary service prices are determined by market forces, establishing a fair cost-sharing mechanism based on the principle of "who benefits, who bears the cost" [4] - They facilitate the integration of the auxiliary service market with the energy market, ensuring orderly development and clear connections between different market segments [4] - The rules also define the settlement methods for auxiliary service costs, promoting transparency and fairness in market operations [4] Risk Management - The rules identify various risk types within the auxiliary service market and outline protocols for risk monitoring and emergency response [5] - In the event of market risks, power dispatch agencies are required to prioritize safety and document emergency measures taken [5]

Core Insights - The release of the "Basic Rules for the Power Auxiliary Service Market" signifies a shift from "planned compensation" to a "market-driven" approach in China's power auxiliary services, providing institutional support for the construction of a new power system [1][5] Group 1: Key Challenges Addressed - The power auxiliary service market aims to tackle three critical challenges in energy transition: the shortage of flexible resources, insufficient regulation capacity, and the dual randomness of the new power system [1] - The market is expected to enhance the flexibility of coal power plants, increasing their peak regulation capacity from an average of 40% to 60%, with some units reaching 70%-80% [1] - The market facilitates the efficient consumption of renewable energy, promoting an annual increase of 1.2 trillion kilowatt-hours in renewable energy generation, which corresponds to a reduction in the curtailment rate of wind and solar energy by 5.2 percentage points [1] Group 2: System Security Enhancement - A multi-variety collaborative approach is established to ensure grid stability, with the grid frequency compliance rate projected to reach 99.999% by 2024, and the unplanned outage rate expected to decrease by 45% [2] - The North China region successfully addressed a power shortfall of 3 million kilowatts caused by severe weather through the cross-province reserve market [2] Group 3: Mechanism Innovation - The "Basic Rules" outline six pillars for constructing a unified national power auxiliary service market, focusing on breaking down traditional market barriers and promoting clean energy transition [3] - Clear entry requirements for auxiliary service providers are established, ensuring they possess measurable and controllable capabilities [3] - The market construction mechanism is defined, with the power dispatching agency responsible for assessing market demand and developing technical specifications [3] Group 4: Market Structure and Risk Management - The auxiliary service market will include various service types such as peak regulation, frequency regulation, and reserve services, aimed at maintaining system stability [4] - A cost transmission mechanism is established based on the principle of "who benefits, who bears the cost," ensuring that auxiliary service costs are shared among users [4] - A comprehensive risk prevention system is created to address supply-demand imbalances, market monopolies, price volatility, technical failures, and cybersecurity risks [4] Group 5: Future Outlook - The auxiliary service market is positioned as the "value center" of the new power system, playing a crucial role in ensuring energy security, promoting green transition, and facilitating industrial upgrades [5] - Continuous improvement of market mechanisms and technological support is necessary to achieve safe, economical, and efficient operation of the power system under the dual carbon goals [5]

Core Viewpoint - The article discusses the "Basic Rules for the Electricity Auxiliary Service Market," which aims to establish a unified and standardized electricity auxiliary service market system to enhance safety, promote consumption, and assist in the transition of the energy sector [1][2][3] Group 1: Market Management - The rules clarify the responsibilities of various government departments and operating institutions, enhancing the full-process control of demand verification, risk prevention, and emergency response [1] - The construction of the electricity auxiliary service market requires demand analysis, scheme formulation, and implementation after public consultation, ensuring that parameters are reasonably determined [2] Group 2: Regional Adaptation - The rules consider regional resource allocation and market development characteristics, promoting tailored electricity auxiliary service markets that fit local conditions [2] - Cross-province and cross-region transactions are encouraged to ensure fair cost-sharing for auxiliary services, optimizing electricity resource allocation [2] Group 3: Market Participants - New types of operating entities, such as energy storage companies and virtual power plants, are included in the auxiliary service market, allowing for equal participation and enhancing the flexibility of resource adjustment [2] - The rules aim to address the insufficient adjustment capacity on the generation side and the lack of user-side resources in system regulation [2] Group 4: Market Variety - The rules introduce market mechanisms for ramping auxiliary services, with service fees calculated based on bid capacity, bid time, and clearing prices, guiding regions to expand and optimize market varieties [2] Group 5: Market Integration - The rules emphasize the integration of the auxiliary service market with existing mechanisms, ensuring consistent information disclosure and facilitating the connection with the spot market [3] - The rules promote the joint clearing of auxiliary services with the energy market when conditions permit, fostering collaborative development [3] Group 6: Risk Prevention - A comprehensive risk prevention mechanism is introduced, addressing various risks such as supply-demand, market power, price anomalies, and cybersecurity, with requirements for early warning and emergency response [3] - The rules mandate reporting to relevant authorities during risk events, ensuring effective safety measures [3] Group 7: Market Regulation - The rules strengthen market regulation through process control, parameter disclosure, monitoring, and clear regulatory responsibilities, ensuring fair and transparent market operations [3] - The aim is to promote the healthy and orderly development of the electricity auxiliary service market while safeguarding the legal rights of market participants [3]

Group 1 - The core viewpoint of the article highlights the accelerated construction of the main grid and the upgrade of distribution networks, driving multi-dimensional development in the power grid equipment industry [1] - The second batch of winning bids for State Grid's transmission and transformation equipment reached 17.64 billion, marking a year-on-year increase of 13%, and setting a new record for a single batch [1] - Cumulatively, the first two batches of bids have seen a year-on-year growth of 17% [1] Group 2 - In the distribution network sector, the State Grid has announced four batches of procurement for distribution transformers and five batches for integrated products, with an expected total amount exceeding 6.5 billion [1] - The National Development and Reform Commission and the Energy Administration have issued the "Basic Rules for the Electricity Auxiliary Service Market," indicating that the market-oriented reform of auxiliary services has entered a systematic implementation phase [1] - The overall industry is characterized by "accelerated main grid construction, upgraded distribution networks, and deepened market-oriented reforms" [1] Group 3 - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (code: HSCAUPG), which reflects the overall performance of listed companies in the electric grid equipment sector in China [1] - Investors without stock accounts can consider the Guotai Hang Seng A-Share Electric Grid Equipment ETF Initiated Link A (023638) and Link C (023639) [1]