全国统一电力市场建设又迎新进展。 值得关注的是，《规则》首次明确了电网企业核对结算依据的职责，并规范了核对流程。 在推动电力市场计量结算业务统一方面，《规则》特别加强了计量业务管理。按照《规则》要求，市场 经营主体应具备独立计量条件，计量装置应满足最小结算单元要求并安装在产权分界点，计量数据要满 足结算最小时段和周期要求。 在结算方面，《规则》明确了市场经营主体、电力交易机构、电力调度机构、电网企业等各类市场成员 结算方面的权利与义务；规范了结算准备、结算依据和电费账单编制与发布、电费收付、追退补和清算 等结算全业务流程和时限要求；统一了度量单位和结算科目式样；统一了结算周期，原则上现货市场连 续运行地区采用"日清月结"的结算模式。 在结算风险管理方面，《规则》要求交易机构组织开展结算风险评估，市场经营主体也需要按规定交纳 履约保函、保证金等结算担保品，电网企业则需对逾期未付款的市场经营主体，向交易机构提出结算担 保品使用申请。 8月6日，国家发展改革委、国家能源局印发《电力市场计量结算基本规则》(下称《规则》)通知。 《规则》明确了电力市场计量结算的依据、适用范围、计量装置管理要求等。 国家能源局有关负责人 ...

Core Viewpoint - The article discusses the recent progress in the construction of a national unified electricity market in China, highlighting the issuance of the "Basic Rules for Electricity Market Measurement and Settlement" by the National Development and Reform Commission and the National Energy Administration [2][3]. Summary by Sections Overview of the New Rules - The new rules clarify the basis for electricity market measurement and settlement, applicable scope, and management requirements for measurement devices [3]. - The rules aim to address issues such as inconsistent measurement management, unclear responsibilities between grid companies and trading institutions, and delays in electricity bill settlements [3]. Structure of the Electricity Market - The establishment of a "1+6" foundational rule system for the electricity market is completed, which includes basic operational rules and various trading rules [3]. - The settlement process involves two main steps: the trading institution forming the settlement basis and the grid company conducting the electricity bill settlement [4]. Responsibilities and Processes - The rules specify the responsibilities of grid companies in verifying settlement bases and standardize the verification process [5]. - Market participants must meet independent measurement conditions, and measurement devices should be installed at property boundary points [5]. Settlement Management - The rules outline the rights and obligations of various market members regarding settlement, including preparation, issuance of settlement bases, and payment processes [5]. - A unified measurement unit and settlement subject format are established, with a general settlement cycle of a natural month [5]. Risk Management in Settlement - The rules require trading institutions to conduct settlement risk assessments and mandate market participants to provide performance guarantees [6]. - The rules also standardize the payment processes between power generation companies and grid companies, including VAT invoice issuance and payment agreements [6].

Group 1 - The core point of the article is that Silver Star Energy announced the approval of several resolutions during its 11th temporary meeting of the 9th Supervisory Board, including the reappointment of Ernst & Young Hua Ming as the auditing firm for the company's 2025 financial report [2]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q2 2025 were $1.73, reflecting an 8% growth year over year when normalized for asset sales and retirements [10] - For 2025, adjusted EPS was $4.42, representing an increase of 48% on the same basis [10] - Adjusted EBITDA for Q2 was $900 million, while adjusted net income was $339 million [22] - Free cash flow before growth was $914 million for Q2 and $1.207 billion for 2025, exceeding the same periods in 2024 by $251 million [25][26] Business Line Data and Key Metrics Changes - Texas segment produced $512 million of adjusted EBITDA in Q2 2025, an improvement of over 1320% from the same period in 2024 [24] - East segment contributed adjusted EBITDA of $99 million in Q2 2025, driven by higher margins from the natural gas business [24] - Smart Home business achieved an adjusted EBITDA of $255 million in Q2 2025, with record customer retention at over 90% [25] Market Data and Key Metrics Changes - The company announced long-term retail power agreements with a data center operator for an initial 295 megawatts, with potential growth to one gigawatt [8][14] - The Texas residential virtual power plant (VPP) program exceeded expectations, increasing the 2025 target from 20 megawatts to 150 megawatts of curtailable capacity [20] Company Strategy and Development Direction - The company is focused on expanding its footprint in attractive power markets, including PJM and ERCOT, through acquisitions and strategic partnerships [11][12] - The T.H. Wharton project is on track for mid-2026 completion, supporting reliability and strengthening the Texas grid [17] - The company is actively working to expand its data center agreements and has over 4 gigawatts of joint development agreements and letters of intent across multiple sites [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value to shareholders and reaffirmed full-year financial guidance across all key metrics [7][29] - The management highlighted the strong execution in each segment, driven by expanded margins and favorable weather [23] - The company is optimistic about the long-term demand for additionality in power supply, particularly for data centers [92] Other Important Information - The company closed the Rockland acquisition during the quarter, integrating Texas assets into its portfolio [11] - The Texas Senate Bill 6 was signed into law, providing new tools to support reliability and improve long-term planning in the ERCOT market [18] Q&A Session Summary Question: Can you talk about the structure of the 295 megawatts agreement? - Management views it as a C&I contract with premium margins, longer duration than average C&I contracts, and various mechanisms to protect margins [35] Question: What is the line of sight to convert the four gigawatts to actual ESAs? - Management is optimistic but does not want to predict specific timelines due to complexities involved [48] Question: How is the VPP opportunity shaping up? - Early results show strong uptake, but management is cautious about making long-term projections based on initial momentum [82] Question: What is the difference between the new contract and other C&I contracts? - The new contract offers a longer duration and premium pricing, providing assurance for customers [62] Question: What is the current outlook for power prices in Texas? - Management sees potential upward movement in power prices driven by large industrial loads and tight grid conditions [93]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for Q2 2025 were $1.73, reflecting an 8% growth year over year when normalized for asset sales and retirements [8] - For 2025, adjusted EPS was $4.42, representing a 48% increase on the same basis [9] - Adjusted EBITDA for Q2 was $900 million, while adjusted net income was $339 million [21] - Free cash flow before growth was $914 million for Q2 2025, exceeding the same period in 2024 by $251 million [24] Business Line Data and Key Metrics Changes - The Texas segment produced $512 million of adjusted EBITDA in Q2 2025, an improvement of over 1320% from the same period in 2024 [23] - The East segment contributed adjusted EBITDA of $99 million in Q2 2025, driven by higher margins from the natural gas business [23] - The Smart Home business achieved an adjusted EBITDA of $255 million in Q2 2025, with record customer retention at over 90% [24] Market Data and Key Metrics Changes - The company announced long-term retail power agreements with a data center operator for an initial commitment of 295 megawatts, with potential growth to 1 gigawatt [7] - The Texas residential virtual power plant (VPP) program exceeded expectations, increasing the 2025 target from 20 megawatts to 150 megawatts of curtailable capacity [20] Company Strategy and Development Direction - The company is focused on expanding its footprint in attractive power markets, particularly through acquisitions and partnerships in the data center sector [11][12] - The T.H. Wharton project is on track for mid-2026 completion, supporting reliability and strengthening the Texas grid [17] - The company is actively working to expand its data center agreements and has over 4 gigawatts of joint development agreements and letters of intent across multiple sites [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong results for the remainder of the year, citing exceptional first-half performance [27] - The management team highlighted the importance of disciplined execution and long-term value creation [20] - The company is optimistic about the demand for additionality in the market, particularly from data centers [90] Other Important Information - The company reaffirmed its full-year financial guidance across all key metrics and is trending at the high end of the ranges [6][25] - The acquisition of a 13-gigawatt natural gas generation portfolio is expected to enhance the company's ability to serve large loads and accelerate long-term earnings growth targets [11] Q&A Session Summary Question: Can you talk about the structure of the 295 megawatts agreement? - Management views it as a C&I contract with premium margins, longer duration than average C&I contracts, and various mechanisms to protect margins [32] Question: What is the outlook for converting the 4 gigawatts of LOIs to actual contracts? - Management is optimistic but does not want to predict specific timelines due to the complexities involved [47] Question: How is the Texas residential VPP performing? - The program is exceeding expectations, with adoption rates significantly higher than initial targets [20] Question: What is the margin structure for the new data center agreement? - The margin is well protected and structured to maintain levels as initially priced, though specific details are confidential [88] Question: How are power prices in Texas expected to trend? - There is an upward movement in off-peak prices driven by large industrial loads, with potential for further increases as load data becomes available [92]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes the economic growth, inflation, and related price trends in multiple industries. It shows that steel inventory is accumulating faster, power plant daily consumption is rising moderately, and there are various changes in the prices of agricultural products, industrial products, and energy commodities [1][3]. Summary by Related Catalogs 1. Economic Growth: Faster Accumulation of Steel Inventory 1.1 Production: Moderate Increase in Power Plant Daily Consumption - Power plant daily consumption increased moderately. On August 5, the average daily consumption of 6 major power - generation groups was 89.0 tons, up 0.9% from July 29. On August 1, the daily consumption of power plants in eight southern provinces was 223.1 tons, up 0.3% from July 24 [5][12]. - Blast furnace operating rate fluctuated at a high level. On August 1, the national blast furnace operating rate was 83.5%, unchanged from July 25; the capacity utilization rate was 90.2%, down 0.6 percentage points from July 25. The blast furnace operating rate of Tangshan steel mills was 93.3%, up 1.3 percentage points from July 25 [15]. - Tire operating rate declined slightly. On July 31, the operating rate of truck full - steel tires was 61.1%, down 3.9 percentage points from July 24; the operating rate of car semi - steel tires was 74.5%, down 1.4 percentage points from July 24. The operating rate of looms in Jiangsu and Zhejiang was weakly stable [17]. 1.2 Demand: Faster Accumulation of Steel Inventory - New home sales in 30 cities turned negative month - on - month. From August 1 - 5, the average daily sales area of commercial housing in 30 large and medium - sized cities was 162,000 square meters, down 20.1% from July, 21.2% from August last year, and 40.6% from August 2023 [23]. - The auto market retail was stable and relatively strong. In July, retail sales increased by 7% year - on - year, and wholesale sales increased by 12% year - on - year [24]. - Steel prices corrected. On August 5, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 2.3%, - 2.0%, - 1.4%, and + 0.4% respectively compared with July 29 [5][31]. - Cement prices declined at a low level. On August 5, the national cement price index fell 0.6% from July 29. The cement prices in East China and the Yangtze River region fell 1.3% and 0.2% respectively [32]. - Glass prices fell further. On August 5, the active glass futures contract price was 1,073 yuan/ton, down 9.2% from July 29 [36]. - The container shipping freight index continued to decline. On August 1, the CCFI index decreased by 2.3% and the SCFI index decreased by 2.6% compared with July 25 [38]. 2. Inflation: Agricultural Product Price Index at the Second - Lowest Level in the Same Period of the Past 5 Years 2.1 CPI: Agricultural Product Price Index at the Second - Lowest Level in the Same Period of the Past 5 Years - Pork prices remained weak. On August 5, the average wholesale price of pork was 20.3 yuan/kg, down 0.8% from July 29. In August, the average wholesale price of pork decreased month - on - month and the year - on - year decline widened [45]. - The agricultural product price index was at the second - lowest level in the same period of the past 5 years. On August 5, the agricultural product wholesale price index rose 0.7% from July 29. By variety, vegetables (+2.5%) > chicken (+0.9%) > beef (+0.4%) > pork (-0.8%) > eggs (-1.0%) > mutton (-1.1%) > fruits (-2.4%) [49]. 2.2 PPI: Oil Price Decline - Oil prices declined. On August 5, the spot prices of Brent and WTI crude oil were 69.6 and 65.2 dollars/barrel respectively, down 2.7% and 5.9% from July 29 [54]. - Copper and aluminum prices fell. On August 5, the prices of LME 3 - month copper and aluminum decreased by 1.4% and 1.6% respectively compared with July 29 [58]. - Most industrial product prices rose. Since August, most industrial product prices increased month - on - month, and most of them increased year - on - year. The prices of cement and glass decreased month - on - month, while other industrial products generally increased [62].

（文章来源：证券日报） 证券日报网讯 8月6日晚间，陕西能源发布公告称，公司第二届监事会第十八次会议审议通过了《关于 向中国证监会及银行间交易商协会申请注册发行公司债券及非金融企业债务融资工具的议案》。 ...

点击 关注 / 一图读懂 / E 万市场计量结算基本规则 为贯彻落实党中央、国务院进一 步深化电力体制改革、加快建设 (44 L == 理,维护电力市场秩序和市场成 员合法权益,国家发展改革委、 国家能源局联合印发《电力市场 计量结算基本规则》。 | 基本概念 计量是指为满足电力市场结算需求, 对市场经营主体的电能量、功率等数 据进行测量、记录,并提供相关数据 的行为。 结算包括形成结算依据和电费结算。 形成结算依据是指电力交易机构根据 政策文件和市场规则要求,向市场经 营主体和电网企业提供电力市场结算 依据和服务的行为。 电费结算是指电网企业受市场经营主 体委托,根据政策文件和结算依据 等,对市场经营主体电费进行计算, 编制发行电费账单,并进行电费收付 的行为。 | 适用范围 各类电力市场的计量结算 全国统一大市场的有关精神,加 器全国统一电力古扬斗晶结管管 | 基本原则 依法依规、公平公正 | 结算周期 自然月为周期 现货市场连续运行地区"日清月结" | 计量结算单位 | 权利与义务 市场华宇青体 参与交易、签订与履行合同、披露与 提供数据、核对结算依据和电费账 单、用电信息查询、提交结算担保 ● 电量: ...

8月6日，国家发展改革委、国家能源局联合印发《电力市场计量结算基本规则》正式挂网，标志着我国以《电力市场运行 基本规则》为基础，电力中长期、现货、辅助服务规则为主干，信息披露、准入注册、计量结算规则为支撑，涵盖电力市 场各品种各环节的"1+6"基础规则体系初步构建完成。 自此，我国电力市场化改革完成了从区域分散探索向全国统一规范运行的重大历史性跨越，为全国统一电力市场规范有序 运行提供坚强的制度支撑，从顶层设计上统一了电力市场"度量衡"。 破壁筑基 一场以构建"全国统一电力市场体系"为目标的深层次制度变革，正深刻重塑我国电力行业格局。 统一电力市场体系的十年求索 党的十八大以来，党中央、国务院擘画的全国统一大市场宏图，正以前所未有的力度加速推进。 从2022年3月，中共中央、国务院印发《关于加快建设全国统一大市场的意见》，到2024年7月，中国共产党第二十届中 央委员会第三次全体会议通过《中共中央关于进一步全面深化改革 推进中国式现代化的决定》，两份纲领性文件都将"统 一市场基础制度"置于构建全国统一大市场的首要位置。 今年7月份召开的中央财经委员会第六次会议强调，纵深推进全国统一大市场建设，基本要求是"五统 ...

（原标题：中信证券资产管理有限公司增持中广核电力(01816)1641.5万股 每股作价3.0050港元） 智通财经APP获悉，香港联交所最新资料显示，8月5日，中信证券资产管理有限公司增持中广核电力 (01816)1641.5万股，每股作价3.0050港元，总金额约为4932.71万港元。增持后最新持股数目约为 12.29634亿股，最新持股比例为11.01%。 ...