时政要闻 国务院：规范政务应用程序管理，不得强制下载使用政务APP 近日，国务院办公厅印发《政务移动互联网应用程序规范化管理办法》（以下简称《办法》），统筹为 基层减负和赋能，防治"指尖上的形式主义"和政务服务中的"面子工程"，规范政务移动互联网应用程序 （以下简称"政务应用程序"）管理。 《办法》明确，政务应用程序是指各级行政机关、群团组织、事业单位开发建设，或依托各类互联网平 台搭建，运行在移动智能终端上，为内部工作人员办公、管理、学习提供支撑服务的应用软件，包括移 动客户端（App）、小程序、快应用等。 商务部：以服务业为重点，有序扩大电信、医疗、教育等领域自主开放 1月26日，商务部外国投资管理司负责人王亚表示，2026年是"十五五"的开局之年，商务部将坚定不移 扩大高水平对外开放，着力塑造吸引外资新优势。深化外商投资促进体制机制改革，擦亮"投资中国"品 牌，全面深入实施自贸试验区提升战略，为"十五五"良好开局贡献力量。具体来看，商务部将重点做好 四方面工作： 一是以服务业为重点扩大市场准入和开放领域。有序扩大电信、医疗、教育等领域自主开放，推动试点 项目尽早落地，支持服务业外资企业延伸价值链，实现专 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The discussion revolves around the **energy storage capacity pricing policy** in China, particularly its implications for **energy storage**, **pumped storage**, and **thermal power** industries. Core Insights and Arguments 1. **Capacity Pricing Policy Impact** The capacity pricing policy is a positive signal for energy storage, but its effectiveness will depend on the implementation details set by each province. Provinces with high renewable energy or lacking regulatory power may set higher benchmarks, while those with sufficient regulatory power may implement changes more slowly [1][2] 2. **Pumped Storage and Thermal Power** The new policy has a moderate impact on pumped storage, ensuring cost control for projects at average levels, while high-cost projects face risks. For thermal power, the removal of a 20% lower limit and the relaxation of long-term contract signing ratios will help stabilize revenues and enhance overall profitability [1][5] 3. **Market Mechanism and Stability** The capacity pricing policy aims to stabilize coal power revenues through market mechanisms, which is significant for the coal power industry in the long term. However, coal price fluctuations in 2026 pose risks, especially with substantial price drops in some provinces in 2025 [1][8] 4. **Energy Storage Project Viability** Current policies support energy storage projects for up to 6 hours, with longer projects being economically unfeasible due to potential upper limits on capacity pricing calculations. Provinces may adjust their policies based on local conditions, but significant changes are unlikely [1][9] 5. **Investment Climate** Despite rising lithium carbonate prices increasing project costs, investment enthusiasm remains strong. The establishment of a capacity pricing mechanism provides stable expectations for investors, which is crucial for long-term investment [3][17] 6. **Implementation of Capacity Pricing** The capacity pricing for energy storage is calculated based on local coal power capacity prices, adjusted by specific ratios. For example, if the coal power capacity price is 165 RMB/kW-year, the energy storage capacity price would be calculated based on the duration of full power discharge relative to the peak load duration [4] 7. **Future of Energy Market** The new policy aligns with previous expectations and will have varying impacts on different stakeholders. The overall measures aim to enhance revenue stability and address challenges posed by declining utilization hours in the energy market [6][7] 8. **Regional Policy Variations** Provinces like Gansu and Ningxia are advancing in establishing unified capacity mechanisms, while others may follow suit but with different timelines and specifics. The second phase of the reliable capacity compensation mechanism will integrate thermal power and energy storage into a unified calculation formula [13][25] 9. **Dynamic Balance of Energy Sources** The growth of renewable energy sources like wind and solar must be balanced with energy storage to ensure system stability. The rapid increase in energy storage capacity will significantly enhance reliable capacity, but if not managed, it could lead to reduced unit capacity prices [26][27] 10. **Investment Strategies and Market Adjustments** Provinces will tailor policies to attract investment based on local demand for services like frequency regulation. However, if installed capacity grows too quickly, it could lead to oversupply and reduced profitability, necessitating careful policy adjustments [24] Other Important but Potentially Overlooked Content - The approval process for new energy storage projects is simplified, which could lead to rapid growth but also requires cautious management to avoid increased social costs [11] - The current energy market primarily focuses on energy quantity, with auxiliary services still underutilized. New models are being tested, but challenges remain in accurately predicting storage states [20][21] - The potential for simultaneous revenue generation from energy and frequency regulation services exists but is not yet widely adopted in China [22] This summary encapsulates the critical insights from the conference call regarding the energy storage capacity pricing policy and its implications for various stakeholders in the energy sector.

Core Viewpoint - The new pricing mechanism for pumped storage hydropower aims to promote high-quality development and transition from a scale-oriented approach to a quality-oriented approach, aligning with the goals of the 20th National Congress of the Communist Party of China [1][6]. Group 1: Market and Pricing Mechanism - The new mechanism enhances the market and pricing framework for pumped storage, integrating it with other resources like coal and gas power, marking a significant leap in the pricing formation mechanism [2][3]. - It emphasizes the strategic role of pumped storage in ensuring grid safety and stability, maintaining policy continuity for existing plants while promoting market-oriented development for new projects [3][5]. Group 2: Industry Development and Management - The new mechanism supports the healthy and orderly development of the pumped storage industry by providing positive price signals and ensuring that existing plants continue to operate under government-approved capacity prices [3][4]. - It encourages improved operational management of pumped storage plants, enhancing their peak output capabilities to address safety challenges posed by large-scale integration of renewable energy [3][4]. Group 3: Market Competition and Efficiency - The mechanism fosters market competition by allowing pumped storage plants to participate in energy and ancillary service markets, with revenues shared based on market performance [4][5]. - It sets a unified provincial capacity pricing mechanism for new plants, incentivizing investment through optimized design and management practices, ultimately benefiting end-users [4][5]. Group 4: Resource Allocation and Planning - The new mechanism guides the scientific layout of pumped storage projects, ensuring that new projects are economically viable and strategically located based on grid needs [5][6]. - It establishes a fair burden-sharing principle for shared capacity resources, facilitating rational investment decisions and promoting competitive development within the industry [5][6].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for pumped storage power plants, emphasizing the need for a structured approach to pricing based on operational costs and market participation [1] Group 1: Pricing Mechanism - The capacity pricing for pumped storage power plants that commenced construction before the issuance of the 633 document will continue to be government-regulated, with pricing determined by provincial pricing authorities [1] - For power plants that start construction after the 633 document, provincial pricing authorities will set a unified capacity price every 3-5 years based on average operational costs, following the cost parameter rules outlined in the 633 document [1] Group 2: Market Participation - Pumped storage power plants are allowed to participate in energy and ancillary service markets, with a portion of the market revenue shared with the plants, while the remaining revenue will offset system operating costs and be shared by users [1]

秦岭深处，国网新源陕西镇安抽水蓄能电站静卧群峰之中，为陕西乃至西北地区新能源消纳、电力 保供注入强劲动能。 "这座电站就像一个安放在秦岭的'超级充电宝'。"陕西镇安抽水蓄能有限公司总经理徐宏伟说，"我 们利用新能源富余的绿电抽水蓄能，在用电高峰时再放水发电。每一度电，都承载着清洁与高效的使 命。" 该电站可实现年均节约标煤约11.7万吨，减排二氧化碳约30.5万吨、二氧化硫约0.28万吨，节能减 排效益显著。 "十四五"时期是陕西省生态环境质量改善成效最大的时期，也是陕西绿色低碳转型发展步伐最大的 时期。 五年来，陕西始终牢记"国之大者"，坚持走生态优先、绿色发展之路，筑牢生态安全"三大屏障"， 制定实施产业、能源、供热、交通运输结构调整方案，煤电机组全部实现超低排放，全省可再生能源装 机达6318万千瓦，是2020年末的2.6倍，连续两年在全国污染防治攻坚战成效考核中获得优秀等次。 祖脉巍然，万物和鸣 10余年穿梭山林，王德贵每次带回的影像都充满惊喜——金钱豹夜巡、金丝猴嬉戏……"再辛苦也 值得。"王德贵说。 护林员是周至保护区保护网的"神经末梢"。此外，在人迹罕至的区域，279台红外相机、智能巡护 终端与 ...

Core Viewpoint - The Guangxi Guigang Pumped Storage Power Station, the first of its kind in a city center in western China, has commenced construction, aiming to ensure stable electricity supply and promote clean energy consumption in the region [1][3]. Group 1: Project Overview - The Guigang Pumped Storage Power Station will install four 300,000 kW units, with a total regulation capacity of 2.4 million kW, designed to meet peak load demands in close proximity to the urban center [3]. - The total investment for the project is approximately 8.1 billion yuan, with an expected completion date by the end of 2029. It is projected to consume 25.2 billion kWh of clean energy annually, reducing carbon dioxide emissions by about 2.2 million tons [3]. - The power station will support the stable delivery of green electricity from 8 million kW of wind power, 4.7 million kW of solar power, and 6.9 million kW of nuclear power in southern Guangxi [3]. Group 2: Environmental and Urban Integration - The project is strategically located in a mountainous area with a height difference of 420 meters, allowing for effective integration into the urban landscape while adhering to strict environmental standards [7]. - Environmental investments for the project are expected to reach 340 million yuan, accounting for over 4% of the total project cost, focusing on sustainable construction practices [7]. - The power station is expected to attract over 200,000 visitors annually, integrating power regulation with educational and tourism functions, enhancing the local economy [9][12]. Group 3: Strategic Importance - The construction of pumped storage power stations in urban centers is becoming a new paradigm in China's energy strategy, promoting efficient utilization of energy regulation functions [12]. - The project aligns with the "14th Five-Year Plan" which emphasizes the scientific layout of pumped storage facilities, aiming to minimize energy loss and maximize resource utilization [5].

Core Viewpoint - The development of pumped storage hydropower in China has transitioned from being viewed as a luxury to an essential component of the energy system, with significant advancements in capacity and technology during the 14th Five-Year Plan period [2][3][11]. Group 1: Capacity Growth - By the end of 2025, the first unit of the Zhejiang Tiantai pumped storage power station will be operational, featuring a single unit capacity of 425,000 kilowatts and a rated water head of 724 meters, setting new domestic and global records [1]. - The installed capacity of pumped storage in China increased from 31 million kilowatts at the beginning of the 14th Five-Year Plan to 66 million kilowatts by its conclusion, effectively doubling the capacity [1][3]. - In 2021, the National Energy Administration set a target for a total installed capacity of 120 million kilowatts by 2030, with a focus on 340 key projects [3][11]. Group 2: Technological Advancements - The industry has seen a significant technological revolution, with the development of a new type of variable-speed pumped storage unit that can adjust power output efficiently, marking a shift from following to leading in technology [7][8]. - The successful launch of the first domestic large-scale variable-speed pumped storage unit's excitation system in July 2025 represents a breakthrough in overcoming previous technological barriers [7][8]. - The Zhejiang Tiantai pumped storage power station's unit, with the highest rated water head globally, signifies China's leading position in high-head pumped storage technology [8]. Group 3: Market Dynamics - The policy framework for pumped storage has been enhanced, with the introduction of a two-part electricity pricing mechanism that stabilizes revenue expectations and attracts diverse investment [11][12]. - Non-traditional power investors, including local energy groups and social capital, have increasingly entered the pumped storage sector, reflecting a significant market reform [12][13]. - The implementation of the Energy Law and management guidelines for pumped storage projects aims to ensure a balanced national approach while accommodating local differences [12][13]. Group 4: Future Outlook - The pumped storage sector is expected to continue its rapid growth, with projections indicating a total installed capacity of around 120 million kilowatts by 2030, aligning with the development of renewable energy [13]. - The integration of smart construction technologies, such as IoT and AI, is transforming traditional hydropower projects into modernized benchmarks of efficiency and effectiveness [9].

Group 1 - The core viewpoint emphasizes the importance of the recent provincial meeting in guiding the development direction of Boli County, focusing on the "eight key efforts" and the development paths of "agriculture-led, industry-strong, green-promoting, and characteristic-rich" [1] Group 2 - Boli County plans to showcase new initiatives and inject new momentum into the revitalization of Heilongjiang by constructing a modern industrial system, with a focus on major projects like the 8.045 billion yuan Jiulong pumped storage power station [2] - The county aims to stabilize grain production at over 1 billion jin while promoting the development of specialty products such as the Boli blue indigo fruit and black sweet grapes, enhancing the local agricultural economy [2] - Key reforms will be implemented to enhance county development vitality, including deepening state-owned enterprise reforms and completing the "management committee + company" reform [2] Group 3 - Environmental improvements will be prioritized, including the upgrade of sewage treatment plants and the restoration of historical mining sites, to ensure compliance with environmental standards [3] - The county will focus on enhancing urban functionality and quality of life through initiatives like the renovation of old neighborhoods and the establishment of community service centers [3] - Efforts will be made to improve public services and social governance, aiming to increase the sense of gain, happiness, and security among residents [3]

Core Viewpoint - Pumped storage power stations are crucial for stabilizing modern power systems and ensuring energy security, especially in the context of rapid clean energy development [1][3]. Group 1: Project Overview - The Taizi River pumped storage power station in Benxi, Liaoning, is a key project under China's 14th Five-Year Plan, representing the largest pumped storage facility in Northeast China [1][3]. - The total investment for the Taizi River pumped storage power station is 12.145 billion yuan, with an installed capacity of 1.8 million kilowatts [3]. - Upon operation, the station is expected to generate 36.14 billion kilowatt-hours annually, saving approximately 698,000 tons of standard coal and reducing carbon dioxide emissions by 1.641 million tons [3]. Group 2: Digital Transformation - The construction of the Taizi River pumped storage power station incorporates a modern management system that emphasizes digitalization to enhance safety, quality, and reliability [3][4]. - A digital command and scheduling platform integrates various elements such as BIM models, GIS information, construction progress, material resources, and personnel density into a visual system [6]. - Real-time data management for materials and personnel has improved transparency and efficiency, allowing for better organization and operational flow [8][9]. Group 3: Safety and Quality Management - A comprehensive video monitoring and environmental monitoring system has been established to ensure real-time safety assessments, shifting from reactive to proactive safety management [11]. - Quality management is enhanced through mobile inspections and 3D laser scanning, ensuring that every aspect of the project is documented and verifiable [11]. - The digitalization efforts have created a new governance structure for the project, making it transparent, controllable, and traceable [11][12]. Group 4: Strategic Implications - The digitalization of the Taizi River pumped storage power station project represents a shift towards systematic, transparent, and verifiable infrastructure development [12][14]. - The methodologies and data assets developed during this project can be replicated and applied to future pumped storage and clean energy infrastructure projects, contributing to the industry's overall growth [14].

Market Overview - A-shares trading volume reached a historical high of nearly 4 trillion yuan, with a total transaction amount of 3.99 trillion yuan on January 14 [4] - The two financing balances in A-shares reached a record high of 2.67 trillion yuan as of January 13 [4] Stock Index Performance - The Shanghai Composite Index closed at 4126.09 points, down 0.31%, while the Shenzhen Component Index rose by 0.56% to 14248.60 points, and the ChiNext Index increased by 0.82% to 3349.14 points [3][4] Regulatory Changes - The Shanghai and Shenzhen stock exchanges announced an increase in the minimum margin ratio for financing from 80% to 100% for new financing contracts, aimed at guiding market expectations and preventing excessive speculation [10] Company Developments - Guizhou Moutai announced a market-oriented operation plan for 2026, which includes a dynamic pricing mechanism and a restructuring of the traditional pricing system, signaling significant changes in the liquor industry [16]