21世纪经济报道记者费心懿 实习生余名伟 报道 今年1月，国家发展改革委、国家能源局联合印发《关于深化新能源上网电价市场化改革促进新能源高 质量发展的通知》（以下简称"136号文"）。 这一政策不仅终结了新能源电站传统"固定电价"的盈利模式，更推动电力市场从"政策驱动"迈向"市场 驱动"的新阶段。 如今，"136号文"落地已满半年，"半年考"节点下，新能源装机容量持续高增。今年上半年，全国可再 生能源新增装机2.68亿千瓦，同比增长99.3%，约占新增装机的91.5%。 同时，伴随电力市场化改革的深入，新能源资产后服务行业也面临着深刻的蝶变——从早期依附于发电 集团的"内部生产职能"，到运维服务成为独立赛道，再到当前对覆盖"运维+交易+数字化"全链条的资产 运营能力提出更高要求。 后服务市场马太效应放大 北京协合运维风电技术有限公司（以下简称"协合运维"）成立于2007年，拥有18年的新能源资产管理经 验。近日，协合运维董事长陆一川接受了21世纪经济报道记者采访。 协合运维也从集团内部的"服务部门"逐步转型为对外提供专业运营服务的企业。"2020年之后，业务定 位就开始以满足市场化的服务需求为主。"陆一川回顾 ...

Group 1 - The maximum national electricity load reached 1.465 billion kilowatts, setting a historical record, which accelerates the construction of a new power system and enhances response capabilities [1] - The National Development and Reform Commission reported that the power supply capacity is being improved, with the power supply and demand situation for the summer peak being better than last year, ensuring overall balance [1] - The State Grid is deepening the application of "AI + repair" to enhance efficiency in energy management and fault recovery [1] Group 2 - In 2025, the total investment in the two grids is expected to reach a historic high of 825 billion yuan, with a focus on transmission grid investments [2] - The State Grid has initiated reforms to support incremental distribution reform trials and is actively researching virtual power plants and new energy storage [2] Group 3 - The Southern Power Market has transitioned to continuous settlement trial operation, allowing for daily trading and real-time cross-province electricity transactions [3] - The market now includes 220,000 market participants with daily trading volume of 3.8 billion kilowatt-hours, indicating a shift towards a more diversified electricity trading environment [3] - The upcoming summer peak demand and the acceleration of the national unified electricity market construction are expected to positively impact the electricity sector [3] Group 4 - Relevant Hong Kong stocks in the electricity sector include China Huadian Corporation (01071), Huaneng International Power Development (00902), China Power International Development (02380), China Resources Power (00836), Datang International Power Generation (00991), and China General Nuclear Power (01816) [4] Group 5 - Key companies in the power equipment sector include Dongfang Electric (01072), Shanghai Electric (02727), and Harbin Electric (01133) [5]

Core Viewpoint - The company is proactively preparing for extreme weather conditions in Beijing, implementing emergency response measures to ensure the stability and safety of the power grid during thunderstorms and hailstorms [2][3][5]. Group 1: Emergency Preparedness - The company has activated its meteorological disaster warning response, enhancing monitoring of the power grid and mobilizing emergency personnel and equipment [2][3]. - Over 1,700 emergency repair personnel are on standby with 80 power generation vehicles, 700 repair vehicles, and various other equipment to ensure rapid response to power outages [3][5]. - The company is conducting special inspections of key facilities and surrounding environments to eliminate potential hazards [3]. Group 2: Technology Utilization - The company is utilizing "AI + Power" technology to monitor the power grid in real-time, improving decision-making for fault diagnosis and emergency response [5]. - The "Power Grid One Map" feature allows for immediate fault detection and location, reducing average repair time by approximately 20 minutes [5]. - The company employs a lightning monitoring system with over 90% detection efficiency and a precision of 500 meters to minimize the impact of lightning on transmission lines [5]. Group 3: Customer Communication and Safety - Customer service personnel are enhancing communication with critical clients, including government agencies and hospitals, to ensure their power supply needs are met [3]. - The company advises residents to minimize outdoor activities during severe weather and provides guidelines for safety around electrical facilities [7]. - The company offers multiple online channels for customers to purchase electricity, ensuring accessibility during adverse weather conditions [7].

Financial Performance - In Q1 2025, the company achieved revenue of 40,369.1 million RMB, a year-on-year increase of 26.47% [2] - The net profit attributable to shareholders was 29,159.5 million RMB, reflecting a growth of 6.25% compared to the previous year [2] - Excluding the impact of share-based payments, the net profit attributable to shareholders was 37,633.9 million RMB, with a growth rate of 37.13% [2][3] Future Performance Goals - The company has set performance targets for 2024 to 2026, aiming for net profit or revenue growth rates of 25%, 50%, and 75% respectively compared to 2023 [3] - The management maintains a positive outlook for the 2025 performance assessment [3] Dividend Policy - The company is committed to a sustainable and stable profit distribution policy, adhering to legal requirements and considering shareholder interests [3] - The proposed dividend for 2024 is 7.3 RMB per 10 shares (tax included), with a capital reserve conversion of 4 additional shares for every 10 shares held [4] Growth Drivers - The company’s revenue for 2024 was 80,749.78 million RMB, a year-on-year increase of 20.55%, with a net profit of 13,842.49 million RMB, reflecting a growth of 29.21% [5] - Key growth factors include product structure optimization, increased revenue from proprietary brands, and a focus on large customer development strategies [6] Market Strategy - The company has diversified its global marketing strategy to mitigate risks associated with the U.S. market, maintaining stable operations and production capacity in Vietnam [8] - The medical diagnostics and life sciences analysis instruments segment is a strategic focus, with plans to integrate AI technology into existing products [9][11] R&D Investment - R&D investment has increased from 47.17 million RMB in 2020 to 90.45 million RMB in 2024, with a compound annual growth rate of 19.4% [13] - The focus areas for R&D include integrating large model technology into smart instruments and expanding the product matrix to align with international standards [13]

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The photovoltaic industry is experiencing a surge in demand, with domestic component production expected to reach 50-55GW in March, a month-on-month increase of over 20% [3] - The report highlights the acceleration of the all-tab battery industrialization, with significant advancements in efficiency and technology [8] - The report emphasizes the positive changes and potential catalysts across various sectors within the power equipment industry, maintaining an overall "Recommended" rating for the sector [9] Summary by Sections Photovoltaic Sector - The report notes that the HJT companies have released a clear roadmap to improve component efficiency from 23.5% to over 25% [3] - The report anticipates a significant increase in distributed installation, expected to exceed 70% in the first half of the year [3] - It suggests focusing on companies like Tongwei Co., Aiko Solar, and Xinyi Solar due to their strong market positions [3] Energy Storage - The report indicates that the commercial energy storage market in China is projected to grow by 4GW/10GWh in 2025 [7] - It highlights the increasing acceptance of energy storage systems in Europe, driven by favorable policies and the need for self-sufficient power solutions [7] Wind Power - The report mentions that the first quarter of 2025 is expected to see a significant increase in wind turbine installations, driven by favorable policies and market conditions [6] - It suggests monitoring companies involved in wind turbine components, as they are likely to benefit from this growth [6] High Voltage Direct Current (HVDC) and Digitalization - The report discusses the ongoing development of HVDC technology and its integration into AI applications within the power sector [8] - It highlights the potential for increased demand for AI solutions in the energy sector, suggesting a focus on companies like Southern Power Grid Technology [8] Lithium Battery Sector - The report notes the rapid industrialization of all-tab batteries, with significant advancements in production efficiency and technology [8] - It emphasizes the trend towards fast-charging batteries, with major players like CATL and BYD leading the way [8]