Core Insights - Shenzhen Virtual Power Plant Management Center has officially launched its summer peak electricity protection work, aiming to stabilize the city's power grid amid increasing electricity load [1] - The virtual power plant has a maximum regulation capacity of 1.1 million kilowatts, utilizing distributed resources such as charging piles, air conditioning, electric vehicles, and energy storage for flexible grid support [1] - The center emphasizes the importance of digital technology in optimizing and integrating distributed resources to address supply-demand balance and local overload issues during peak summer [1] Group 1 - The summer air conditioning load accounts for over 40% of the grid's maximum load, significantly contributing to peak-valley differences [1] - Smart energy units, intelligent controllers, and measurement devices have been installed in air conditioning systems across various scenarios, enabling precise control and real-time load prediction using AI algorithms [1] - Shenzhen Hengshishengjing Company is identified as the largest virtual power plant operator in terms of aggregated air conditioning load [1] Group 2 - Shenzhen is developing into a world-class "supercharging city," with plans to establish 1,002 supercharging stations and over 410,000 charging piles by the end of 2024, alongside a growing electric vehicle ownership exceeding one million [2] - The virtual power plant has achieved "intelligent scheduling" of the massive charging pile load, enhancing the efficiency of electric vehicle charging [2] - As one of the first cities in China to implement large-scale vehicle-grid interaction applications, Shenzhen will strengthen organizational guidance for virtual power plants and conduct city-wide emergency drills for vehicle-grid interaction [2]

Overall Viewpoint - The European Commission is set to launch a four-week consultation for the first fusion energy strategy in June-July 2025, which is expected to strengthen Europe's leading position in the ITER project and enhance its competitive edge in fusion strategies against the US, Japan, and the UK, while attracting social investment and clarifying development paths [3] - The market remains highly focused on Document "136" and "Green Electricity Direct Connection," with electricity consumption and pricing mechanisms gradually unfolding across provinces. Recent data indicates a year-on-year decline in overall electricity prices, reflecting ongoing pressure in power supply and demand, particularly with low photovoltaic prices and stable wind power prices. The core logic of green electricity direct connection is to provide more consumption scenarios and facilitate green certification for exported products, although challenges in breaking the electricity grid monopoly remain [3] Investment Aspects - Virtual Power Plants: As a crucial component of demand-side response, they can effectively reduce peak electricity load curves through resource aggregation and digital technology control [4] - Wind Power: Document "136" reshapes the logic of new energy installations, with favorable output curves for wind power, leading to a potential recovery in wind power station sales and profit restoration for wind turbine manufacturing [4] - Energy Storage and Power Equipment: Continued focus on large-scale energy storage in Europe, industrial and commercial storage in Southeast Asia, and off-grid storage in Africa is expected to see high growth. Short-term attention should be on the month-on-month increase in household storage data [4] - Controlled Nuclear Fusion and Solid-State Batteries: The market may continue to speculate on these two fields, with a focus on domestic experimental pile bidding and US-China technological progress in controlled nuclear fusion, while solid-state batteries should focus on technological advancements from major battery manufacturers [4]

Market Overview - The market experienced fluctuations this week, with only the ChiNext index showing an increase. The ETF market continued to see net outflows, primarily from large-cap ETFs. The market is transitioning from wide fluctuations to narrower ones, with increased trading volume during this process, indicating potential consolidation in a weak market [4]. Copper Industry - In May, domestic waste copper production was 92,000 tons, a year-on-year decrease of 20% but a month-on-month increase of 5%. The negative impact of trade conflicts on the economy has not fully materialized, which continues to suppress copper price increases. Supply-side disturbances in copper mining have increased, while demand is weakening due to reduced export stocking effects and the domestic off-season [5]. Metal Prices - The price of London gold has reached a historical high. Sunac China’s offshore debt-to-equity swap plan received support from 82% of bondholders. In May, Sunac's total sales amounted to 4.9 billion yuan, a year-on-year increase of 128%, indicating strong performance [6]. Chemical Industry - Recent safety incidents in chemical parks have led to stricter approval and production regulations for high-risk chemical reactions. Leading companies in the chemical industry, with better safety management and advanced production technologies, are expected to benefit from stable production amid limited growth in high-risk products [7]. Construction Materials - The market performance showed a decline, with the CITIC building materials index down 2.16% and the CITIC construction index down 1.27%. The average price of PO42.5 cement was 365.70 yuan/ton, a slight increase, while glass prices decreased by 20 yuan/ton [8]. Agriculture and Livestock - In the pig farming sector, the industry capacity cycle has bottomed out, but high inventory levels continue to impact market dynamics. Recent policy-driven efforts are accelerating the reduction of inventory, which may lead to a rebalancing of supply and demand. Long-term, the end of inventory reduction could signal the start of a prolonged profit upcycle for the sector [9]. Renewable Energy - The nuclear fusion sector, while far from full commercialization, is seeing increased investment and research due to global military competition. Recent data from May indicates a downward trend in overall renewable energy prices, highlighting ongoing pressures in power supply and demand. Wind power, virtual power plants, and energy storage are identified as promising investment opportunities [10].

Investment Ratings - Electric Equipment New Energy: Buy (Maintain) [1] - Public Utilities: Buy (Maintain) [1] - Environmental Protection: Buy (Maintain) [1] Core Insights - The report maintains a positive outlook on investment opportunities in wind power, virtual power plants, nuclear fusion, and solid-state batteries, highlighting the potential for significant advancements and investments in these areas [3][4]. - The European Union's initiative to develop a fusion energy strategy is expected to enhance Europe's leadership in the ITER project and attract social investment, indicating a competitive edge in fusion technology development [3]. - The market remains focused on the "Document 136" and "Green Electricity Direct Connection," with a noted decline in overall electricity prices, particularly in photovoltaic sectors, while wind power prices remain stable [3]. Summary by Sections Electric Equipment New Energy - The report emphasizes the importance of high-quality assets in the context of "Document 136," recommending investments in wind power, virtual power plants, and energy storage [3][4]. - The wind power sector is expected to see a recovery in sales and profit margins due to improved output curves and the restructuring of new energy installation logic [4]. Public Utilities - The report notes stable coal prices, with domestic coal prices remaining unchanged at 618 CNY/ton as of June 13, 2025, while imported coal prices have slightly decreased [37]. - The focus on energy storage systems is highlighted, with several significant projects and tenders in the pipeline, indicating robust growth potential in this area [36]. Environmental Protection - The report suggests that the market may continue to speculate on controllable nuclear fusion and solid-state batteries, with a focus on domestic experimental projects and technological advancements in these fields [4]. - The report also indicates that the energy storage market is experiencing high growth, particularly in Europe and Southeast Asia, with a recommendation to monitor monthly data for household storage [4].

Core Viewpoint - The lithium battery industry is undergoing a significant transformation as leading companies like CATL and Ganfeng Lithium shift their focus towards virtual power plants, indicating a change in their business models from suppliers and manufacturers to energy platform service providers [1][2][4]. Group 1: CATL's Strategic Shift - CATL is deepening its strategic focus on the power system, collaborating with Hong Kong University to advance integrated energy solutions and virtual power plant applications [1][2]. - The company's commitment to "zero carbon" technology aligns with its research into virtual power plants and solid-state batteries, which are key areas of investment for this year [1][2]. Group 2: Market Demand and Policy Support - The need for effective management of distributed energy resources drives the demand for virtual power plants, which can aggregate and dispatch these resources [2]. - Recent policy changes in China have established the legal status of new operational entities like virtual power plants in the electricity market, facilitating their participation in power trading and ancillary services [2]. Group 3: Ganfeng Lithium's Developments - Ganfeng Lithium has integrated its subsidiary, Shenzhen Yichu Energy Technology, to focus on becoming a technology enterprise that combines virtual power plants and smart energy operations [3]. - The company has initiated the construction of 3.9 GWh of power station projects across seven locations in China and plans to expand its operational equipment to 10,000 units by 2025 [3]. Group 4: Competition from Tech Giants - The entry of internet giants into the virtual power plant sector introduces competition, with companies like Ant Group collaborating with various renewable energy firms to leverage AI and blockchain technologies [4]. - This competition is expected to accelerate the development of virtual power plant technologies and create a new dynamic between traditional energy companies and tech firms [4]. Group 5: Industry Transformation - The transition towards energy service platforms is becoming essential for companies like CATL and Ganfeng Lithium, as it is crucial for future growth opportunities [4]. - The competition surrounding virtual power plants represents a pivotal moment in the lithium battery industry's evolution, as it seeks to extend its value from manufacturing to service-oriented models [4].

Core Viewpoint - The lithium battery industry is undergoing a significant transformation as leading companies like CATL and Ganfeng Lithium shift their focus towards virtual power plants, indicating a change in their business models from suppliers and manufacturers to energy platform service providers [2][3][5]. Group 1: Industry Trends - CATL is deepening its strategic focus on the power system, collaborating with Hong Kong University to advance integrated energy solutions and virtual power plant applications [2][3]. - The recent policy developments in China have established the legal status of new operational entities like energy storage and virtual power plants in the electricity market, providing essential support for this transformation [3][5]. - The virtual power plant model is set to operate as an independent market entity, participating directly in electricity bidding and ancillary services, thus removing barriers to commercialization [5]. Group 2: Company Strategies - CATL's core advantage lies in its comprehensive understanding of battery technology, utilizing unique data assets from its manufacturing processes to enhance virtual power plant scheduling strategies [5]. - Ganfeng Lithium is also making significant moves in this space, fully integrating its subsidiary, Shenzhen Yichu Energy Technology, to focus on becoming a technology enterprise that combines virtual power plants and intelligent energy operations [5]. - Ganfeng plans to expand its operational equipment to 10,000 units by 2025, aiming to deepen its electricity sales and virtual power plant business, thereby creating its own energy management platform [5]. Group 3: Competitive Landscape - The entry of internet giants into the virtual power plant sector introduces new competition, with companies like Ant Group collaborating with various renewable energy firms to leverage AI and blockchain technologies [6]. - This competition will accelerate the development of virtual power plant technologies and create a new dynamic between traditional industry leaders like CATL and Ganfeng Lithium and tech companies [6]. - The shift towards energy service platforms is becoming a strategic necessity for CATL and Ganfeng Lithium, as it is crucial for their future growth and market positioning [6].

为此，特斯拉将与租赁公司Fuyo General Lease和福冈能源公司Global Engineering合作。 特斯拉将在日本全境扩建虚拟电厂业务。 此前，特斯拉已于2021年在冲绳县宫古岛启动了一个虚拟电厂。（日经新闻） ...

Core Viewpoint - Tesla is expanding its virtual power plant business across Japan, indicating a strategic move to enhance its energy solutions and market presence in the region [1] Group 1 - Tesla's expansion in Japan reflects its commitment to renewable energy and innovative energy management solutions [1] - The virtual power plant initiative aims to aggregate energy from multiple sources, potentially increasing efficiency and reliability in energy distribution [1] - This move may position Tesla as a key player in Japan's energy market, which is increasingly focused on sustainability and reducing carbon emissions [1]

2025 年 6 月 8 日 电力设备新能源、公用事业、环保 政策密集出台，新型电力系统将迎来突破式发展 ——电新公用环保行业周报 20250608 电力设备新能源 买入（维持） 公用事业 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：宋黎超 执业证书编号：S0930523060001 021-52523817 songlichao@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 联系人：邓怡亮 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 40% -20% 0% 20% 2024/6/7 2024/10/7 ...

Core Viewpoint - The recent notification from the National Energy Administration emphasizes the pilot projects for virtual power plants, which has led to increased market interest and investment opportunities in this sector [1][2]. Policy Developments - The notification outlines a clear path for the construction of virtual power plants, integrating distributed energy resources to enhance grid flexibility and support renewable energy consumption [1][2]. - The focus areas for pilot projects include grid-structured technology, friendly renewable energy stations, smart microgrids, and virtual power plants [2][3]. - The government aims for the national virtual power plant regulation capacity to reach over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030 [3]. Market Trends - The virtual power plant market is experiencing heightened interest, with 10 companies in this sector undergoing institutional research in the past month [6]. - Companies like Langxin Technology Group and Southern Power Grid Comprehensive Energy have made significant progress in their virtual power plant initiatives, attracting investor attention [6]. Technological Advancements - Companies are optimizing their virtual power plant platforms and algorithms for weather and power forecasting, actively participating in virtual power plant projects and electricity trading markets [6][7]. - The integration of advanced technologies such as "5G+quantum" for precise scheduling in virtual power plants has been successfully tested [4]. Business Strategies - Companies are encouraged to invest in core technologies related to communication, control, and load forecasting to enhance resource scheduling accuracy and platform stability [7]. - There is a focus on customizing solutions for specific scenarios like industrial parks and commercial complexes to expand market reach [7].