智通财经APP获悉，中原证券发布研报称，基于电力公用事业行业发展前景，及业绩增长预期和估值水 平，维持电力及公用事业行业"强于大市"的投资评级。电价市场化改革加速推进，市场电价波动将为发 电企业业绩带来不确定性影响。相比之下，水电电价最低，有较强竞争优势，存在长期上涨空间。近期 我国长期国债收益率维持较低水平，有利于高股息、低估值的红利资产。电力及公用事业行业的盈利主 要来自发电企业，该行重点关注电力运营商在二级市场的投资价值。结合基本面、盈利能力、分红比例 等因素，该行建议重点关注大型水电运营商。 中原证券主要观点如下： 电力及公用事业防御性强，业绩稳健增长 2024年，行业营业收入和归母净利润实现双增长;2025年一季度，行业营收下降但归母净利润逆势增 长。截至2025年6月15日，电力及公用事业指数上涨2.25%，跑赢沪深300指数(-1.80%)4.05个百分点。截 至2025年6月15日，在30个中信一级行业中，电力及公用事业指数涨幅排名第14。 水电业绩最稳健、分红比例最高，核电受市场电价下行影响 投资主线 水电：水电作为红利资产的代表，行业发展成熟，天生的自然垄断性使其行业护城河极深。由于特有的 ...

Group 1 - The core viewpoint of the news is that Citic Bank is enhancing its financial services to support technology enterprises, particularly in the early stages of their development, through a comprehensive service system that covers the entire lifecycle of these companies [1][2] - Citic Bank has provided a customized long-term loan of 80 million yuan to Beijing Parallel Technology Co., Ltd. for the purchase of new domestic servers, marking a significant step in the bank's penetration into high-tech asset financing [1] - Beijing Parallel Technology is the first listed company in A-shares focused on computing power services and is recognized as a national-level "little giant" enterprise, indicating its importance in the tech sector [1] Group 2 - Citic Bank has established a multi-layered service support system for enterprises, facilitating various financial products and services, including liquidity loans, asset securitization, and public REITs issuance [2] - The bank's "Technology Achievement Transformation Loan" aims to address the financing challenges faced by technology startups, focusing on evaluating technology, patents, and teams rather than traditional financial metrics [2] - The bank's "Set Sail Plan - Empowering Technology Achievement Transformation Action" aims to create a financial product matrix that supports key stages such as achievement transformation, capacity expansion, and mergers and acquisitions [3] Group 3 - Citic Bank emphasizes the importance of understanding technology and embracing uncertainty as a responsibility of financial institutions in the new era [4]

Core Insights - The proportion of renewable energy used for electricity generation in Israel has increased from less than 20% before the war to 40% currently [1] Group 1 - The significant rise in renewable energy usage indicates a shift in Israel's energy strategy [1]

Group 1: Concept and Significance of Green Certificates - Green electricity refers to electricity generated from renewable energy sources such as wind and solar power, which is certified by a green certificate (green certificate) issued by the government or third-party organizations [2][17]. - The green certificate serves as the only proof of the environmental attributes of renewable energy electricity in China, facilitating the transition to green energy and supporting the achievement of carbon neutrality goals [2][21]. - Implementing the green certificate system helps guide green electricity consumption, promotes the development and utilization of renewable energy projects, and supports the connection between electricity and carbon markets [2][21]. Group 2: Issuance and Style of Green Certificates - The green certificates in China are issued by the National Energy Administration and are based on a national green certificate issuance and trading system [3][25]. - Each green certificate corresponds to 1,000 kilowatt-hours of electricity, and the certificates are issued monthly with a validity period of two years [3][18]. - The certificate includes essential information such as project name, electricity generation, and has both Chinese and English versions for verification [3][32]. Group 3: Trading Models of Green Certificates - Green certificate trading includes two models: separate trading and green electricity trading, with the former allowing nationwide trading without physical grid constraints [4][41]. - The trading price of green certificates is determined by the market without upper or lower limits, and transactions can be conducted through listing or bilateral negotiation [4][41]. - Foreign entities may purchase Chinese green certificates under certain conditions, and trading can be facilitated through authorized agencies [4][39]. Group 4: Application Scenarios of Green Certificates - Holders of green certificates can declare their consumption and apply for cancellation, with no difference in application between tradable and non-tradable certificates [5][54]. - Green certificates can be integrated into energy consumption control systems, and the traded electricity is counted towards energy-saving assessments [5][61]. - In the international context, Chinese green certificates are similar to the EU's Guarantees of Origin (GO) and are actively seeking international recognition [5][71]. Group 5: Cancellation and System of Green Certificates - The cancellation of green certificates is crucial for ensuring the uniqueness of their environmental attributes, with certificates being canceled after their validity period or upon consumption declaration [6][79]. - A green certificate account is used to manage green certificate assets, with each entity allowed only one account, while provincial accounts are managed by local authorities [6][84]. - The national green certificate issuance and trading system is linked to the registration system, allowing users to access and manage their certificates online [6][93].

盛夏已至，面对迎峰度夏"大考"，安徽省能源集团新能公司以"时时放心不下"的责任感，聚焦高温环境下设备运行等关键环节，多举措并行、全方位发力， 扎实推进迎峰度夏各项工作，全力筑牢夏季电力保供的安全防线。 迎"峰"而上，奋战当"夏"。目前，安徽省能源集团新能公司已全面进入迎峰度夏备战状态。下一步，公司将全方位筑牢安全防线，以更严密的部署、更扎实 的行动，深化安全生产管理与隐患排查治理，全力保障迎峰度夏期间电力安全可靠供应，为新能源产业高质量发展保驾护航。 司、湖南公司、和县功桥电站等开展"四不两直"督查，层层压实责任，以查促改、以改提效。各场站积极响应迎峰度夏与"安全生产月"部署，全面排查整治 隐患，防止设备"带病"运行。滁州海发风电场开展安全专项检查和风机年度检修工作，重点排查治理设备隐患；肥东余六电站利用无人机飞检和智慧管控平 台，精准定位并处理设备隐患；山东枣庄普照电站修复电站加固防洪工程，高效完成本侧架空线路隐患治理工作，全力保障设备安全运行。 应急演练，提升处置能力。公司积极组织演练观摩和应急演练，提升团队应急响应速度与协同处置能力。组织本部及各场站200余名员工线上观摩"光明守护 —2025"电力应急 ...

风、光等新能源发出的绿色电力如何抵达用户？"先连接到输电网，再走配电网输送"是惯常路径。 近日，国家发展改革委、国家能源局印发《关于有序推动绿电直连发展有关事项的通知》（以下简 称《通知》），鼓励建设绿电直连项目。 简单地说，就是新能源发电不接入公共电网，直接点对点输送至电力用户。为什么要开展绿电直 连？哪些主体可以参与绿电直连？点对点的输电线路由谁来建？ 什么是绿电直连？ ——新能源不直接接入公共电网，通过直连线路向单一电力用户供给绿电，可实现供给电量清晰、 物理溯源准确 要理解绿电直连，不妨先了解电力输送的基本流程。 以电站型电源为例，风、光等新能源和煤炭等传统能源发的电，通常要经过升压接入电网。而后， 这些电"搭乘"电网输送至用电地区，再将电压降至适合用户使用的等级，经配电网分配至各电力用 户。在这种输电流程中，电力来源比较丰富，用户也较难分清自己用的是煤电还是绿电、各类电源 占了多大比例。有人打比方，这就是各种来源的电力"拼团"。 而绿电直连，就是为绿色电力架起一条专属通道。国家能源局有关负责人介绍，直连是指电源不直 接接入公共电网，而通过与用户直接连接的电力线路向单一用户供电，供应的电量可以清晰物理 ...

文 | 中关村储能产业技术联盟 5月份以来，各地陆续下发136号文的省级承接文件。目前，蒙东的文件正式下发（详见《 蒙东136号 文配套细则正式方案：存量项目机制电价为煤电基准价，新增项目暂不安排机制电量 》），山东、广东 出台征求意见稿（详见《 山东：136号文后首个省级配套细则出台，531前投产项目机制电价0.3949 元/度！ 》、《 广东136号文配套细则：机制电量≤90%，机制电价最长执行14年 》） 近日，湖南省发改委关于印发《湖南省深化新能源上网电价市场化改革实施细则（暂行）》的通知文件 流出（详细内容参考附件）。该文件为相关部门内部讨论稿，仅供参考。 2025年6月1日前全容量并网的存量项目： 电量规模： 光伏扶贫项目扶贫容量对应的上网电量 全部纳入 机制电量规模；扶贫容量以外的其他分 布式光伏项目、接入电压等级35千伏及以下风电和集中式光伏项目纳入机制电量的规模 按照其上网电 量的80%确定 。 机制电价： 纳入机制电量的机制电价为 0.45元/千瓦时 。 执行期限： 按2025年5月底项目剩余全生命周期合理利用小时数对应年份与投产满 20年 对应年份较 早者确定。 2025年6月1日后全容 ...

今天是第31个世界防治荒漠化和干旱日，今年的主题是"恢复土地，释放机遇"。 防沙治沙是全社会共同的事业，需要全社会共同努力，不能只靠政府唱"独角戏"。这就必须建立合理的 利益联结机制，让企业有动力投入、群众有热情参与、社会资本有信心跟进。新疆维吾尔自治区阿克苏 地区按照"谁建设、谁管护，谁投资、谁受益"的原则，发展梭梭、沙枣、酸枣、肉苁蓉等种植业，引进 加工企业延长产业链；内蒙古自治区在鄂尔多斯、阿拉善盟等地规划了防沙治沙和风电光伏一体化项 目，由新能源企业牵头，联合新能源装备制造、生态治理企业等组建联合体负责建设，实施主体要拿出 一定比例收益开展沙化土地综合治理；内蒙古自治区锡林郭勒盟建立"党委领导、政府统筹、部门联 动、社会参与"的多元治理机制，确定"谁的草场谁申请、谁治理，谁管护、谁受益"的原则，通过以工 代赈、先建后补等机制，充分调动农牧民的积极性，让他们成为防沙治沙的主角……这一系列措施的实 施，让治沙者获得实惠，使治沙成为可持续的产业，产业治沙的路径也就越走越宽。 尽管成效显著，但当前我国产业治沙仍面临不少挑战。比如，面对水资源的刚性约束，产业选择必须坚 持节水优先、适度发展；部分地区产业仍以初级 ...

风、光等新能源发出的绿色电力如何抵达用户？"先连接到输电网，再走配电网输送"是惯常路径。 近日，国家发展改革委、国家能源局印发《关于有序推动绿电直连发展有关事项的通知》(以下简称 《通知》)，鼓励建设绿电直连项目。简单地说，就是新能源发电不接入公共电网，直接点对点输送至 电力用户。 谁能开展绿电直连？ 为什么要开展绿电直连？哪些主体可以参与绿电直连？点对点的输电线路由谁来建？ 什么是绿电直连？ ——新能源不直接接入公共电网，通过直连线路向单一电力用户供给绿电，可实现供给电量清晰、物理 溯源准确 要理解绿电直连，不妨先了解电力输送的基本流程。 以电站型电源为例，风、光等新能源和煤炭等传统能源发的电，通常要经过升压接入电网。而后，这些 电"搭乘"电网输送至用电地区，再将电压降至适合用户使用的等级，经配电网分配至各电力用户。在这 种输电流程中，电力来源比较丰富，用户也较难分清自己用的是煤电还是绿电、各类电源占了多大比 例。有人打比方，这就是各种来源的电力"拼团"。 而绿电直连，就是为绿色电力架起一条专属通道。国家能源局有关负责人介绍，直连是指电源不直接接 入公共电网，而通过与用户直接连接的电力线路向单一用户供电，供 ...

ReNew Energy Global (RNW) Q4 2025 Earnings Call June 16, 2025 08:30 AM ET Company Participants Anunay Shahi - SVP - Corporate Finance & Investor RelationsSumant Sinha - Founder, Chairman & CEOKailash Vaswani - CFOVaishali Sinha - Cofounder - Renew & Chairperson - Sustainability Conference Call Participants Justin Clare - MD & Research AnalystMaheep Mandloi - Director, Senior Clean Energy Equity Research Analyst Operator Thank you for standing by, and welcome to the Renew Power Private Limited Q4 and FY 'twe ...