将投中网设为"星标⭐"，第一时间收获最新推送 这是一只新能源版的"准基础设施并购基金"。 作者丨 陶辉东 编辑丨 王庆武 来源丨 投中网 在AI数据中心、减碳和能源安全等多重因素趋势驱动下，当前全球正掀起新一轮基础设施建设热潮。在海外，黑石、KKR等领先的PE机构正纷纷加大对 基础设施的投资布局，将其视为"下一个50年的增长引擎"，认为其规模将远远超过传统的PE投资。 在国内，在"双碳"目标纵深推进、能源结构持续优化的宏观背景下，市场对专业化、规模化的资产整合工具需求日益凸显。仅仅是分布式工商业光储这 一细分领域，2022年以来累计并网容量已突破200GW，其中蕴藏的投资机会可谓天文数字。 一级市场上，一个巨大的新兴投资机会正在浮现。 近日，碧澄能源、投中资产和洛能资本三方合作，在厦门设立了一只特别的并购基金，基金名称为厦门洛祺私募投资基金合伙企业（有限合伙）（下称 厦门洛祺并购基金），并已顺利完成募集与首批资产的投资交割。据了解，该基金规模超5亿元，吸引了浙商财险、财信人寿等多家保险资金，以及厦 门金圆、厦门翔业、厦门市政等国资投资机构。 它的特别之处在于，其并购标的是分布式工商业光储电站资产，而非传统意义 ...

以类REITs为突破口，构建"资源获取- 管理提效-资本退出"的完整资管闭环。 近日，港华智慧能源（01083.HK）在深交所成功发行8.12亿元"零碳智慧3期"类REITs，优先级票面利率维持在2.3%的低位。这是继2024年底发布全市场 首单光储碳中和类REITs后，港华在不到一年内落地的第三期产品，累计融资规模近18亿元，50亿元储架发行额度已完成超过三成。 长期以来，工商业分布式光伏因点多面广、确权复杂、现金流分散，长期被视为难以证券化的非标资产。港华能源不仅率先打通路径，更将其转化为常态 化融资模式。目前，市场上碧澄（原保碧）、天合富家、越秀新能源等头部企业纷纷布局类似金融产品，分布式光伏资产证券化由此也成为行业年度热 词。 资产荒背景下，港华为何能成为行业先行者？其"能源+AI+金融"的组合拳，究竟为分布式能源行业发展带来了哪些可复制的经验与深层思考？ 能源场景 ：双重核心优势， 筑牢优质资产底座 港华能源分布式光伏类REITs的持续落地，核心逻辑在于底层资产的高质量运营与现金流的稳定可控——这也是资产证券化的核心生命线。 港华能源母公司香港中华煤气拥有163年历史， 以"港华燃气"品牌深耕内地市 ...

（来源：江苏省可再生能源行业协会） 工商业分布式产业逻辑重构当前，我国分布式能源产业正经历从"规模扩张"向"价值深耕"的关键转型期。随着电力市场化改革持续深化、绿电交易机制逐 步完善，以及"双碳"目标对清洁能源高质量发展提出新要求，传统的投资开发逻辑正在被重塑。 近日，碧澄能源总裁田大勇在第九届分布式能源嘉年华的演讲中指出，工商业分布式赛道正在经历产业定位、价值模型、金融属性和运营逻辑四个层面的 重构。"全球资本正在寻找新一代基础资产。继房地产、物流地产和数据中心之后，新能源有望成为全球公认的第四代核心资产。"田大勇表示，碧澄能源 不只是做项目，更将工商业分布式电站当作资产来运营，致力于将其打造为具备金融属性、全球可流通的标准化、规模化资产类型。 基于这样的产业定位，分布式能源资产的价值模型也从单一、明晰走向多元、复杂。"如果你能精准测算出电站收益率，那你一定算错了。"正如田大勇多 次强调的那样，当下的电站价值模型至少包含五个维度——即以发电收益为核心，同时拓展消纳收益、电力交易收益、多能协同收益和绿色权益，每一重 价值都对应不同的市场机制与运营能力，共同构成了一个动态的价值区间。 其三，科技升维层面，碧澄能 ...

Group 1 - The core theme of the article is the rising correlation between distributed energy and AI stocks, with distributed energy being one of the best-performing themes in 2023, showing a 56% increase year-to-date [3][4]. - Funds with the largest exposure to distributed energy include Swedbank Robur New Energy Fund and First Trust Nasdaq Clean Edge Smart Grid Infrastructure ETF, both having over 50% allocation to related stocks [4][6]. - Among over 2,000 tracked clean energy, climate, sustainability, and ESG funds, only 5% have significant exposure to distributed energy stocks, with 108 funds having over 15% allocation [3][4]. Group 2 - The article highlights that distributed energy stocks are highly sensitive to AI themes, with the beta coefficient rising from 0.63 in December 2024 to 0.75 in September 2023 [12]. - Notable companies in the distributed energy sector with high beta coefficients related to AI include Eos Energy, T1 Energy, and QuantumScape [12]. - The article indicates that distributed energy is one of the top ten themes with the highest beta coefficients in relation to AI, outperforming stocks with lower beta coefficients [12].

"发展分布式能源，建设零碳工厂和园区"，是党的二十届四中全会审议通过《中共中央关于制定国民经 济和社会发展第十五个五年规划的建议》中提出的明确指引。 国家能源局最新数据显示，截至今年9月底，我国分布式光伏装机容量已超5亿千瓦，占光伏总装机容量 的45.16%，近乎"半壁江山"，已成为电力系统的重要组成部分。 "在'十五五'绿色转型的关键窗口期，分布式能源将从补充能源向主力能源转变，成为实现'双碳'目标的 重要路径。"中国能源研究会监事长韩水表示，分布式能源若要超越单纯装机增长，真正释放其系统价 值，还需要直面并网消纳难、商业模式不成熟、标准体系不完善、金融支持不足等现实挑战。 多重瓶颈掣肘 记者在2025（第二十一届）分布式能源大会现场了解到，去年，全国参与绿电交易的分布式项目不足两 成，资产利用率低于40%，巨大的潜力仍在沉睡。 北京电力交易中心研究室主任张圣楠指出，我国中东部地区对绿电需求较大，但本地分布式能源的绿电 价值并未得到充分体现。另外，负荷侧丰富的可调节资源，大多停留在"临时征调"的试点阶段，无法常 态化参与市场交易。 分布式能源规模化进阶遇阻 分布式能源的崛起之势毋庸置疑，但也面临着"成长的烦 ...

2025年，是中国新能源发展迎来剧烈变化的一年。一方面，136号文与分布式光伏管理办法的正式修 订，正引导分布式光伏回归自发自用的发展本质，深挖场景化用电负荷；另一方面，中国光伏开发投资 企业正大规模的进入海外市场，中国光储解决方案进一步渗透到全球各国。 从国内市场来看，未来分布式光伏+储能的潜力正逐步被认可，但下一步市场的重点将侧重在如何挖掘 各产业+新能源的潜力，助力高耗能企业真正实现降本增效，同时提高全社会绿电使用比例，成为分布 式光储新周期的强劲动力。 与此同时，随着分布式光储出海队伍的愈发壮大，中国企业在海外项目的开发、建设与投资以及资源交 易需求愈发旺盛。 可以预期的是，随着市场的变化，分布式能源市场的广度与深度都在进一步拓展。从广度来看，此前的 光伏+模式开始逐步向产业+光伏演化，依托于高耗能产业的用电需求，分布式光伏的市场空间将全面 开花；就从深度而言，分布式光伏如何与储能、虚拟电厂、零碳园区、绿电直连以及源网荷储等新模式 与新路径深度融合，也将是下一步的探索重点。 2025年12月9-10日，由光伏們、储能与电力市场联合主办的第九届分布式能源嘉年华将在广东广州举 办，围绕分布式能源发展的新趋 ...

Core Viewpoint - The development of distributed energy is crucial for optimizing energy structure, promoting energy conservation and emission reduction, and advancing sustainable economic and social development [7][8]. Group 1: Importance of Distributed Energy - Distributed energy is an essential component of the new energy system, significantly contributing to carbon peak and carbon neutrality goals by utilizing renewable energy more effectively than centralized systems [7]. - It meets diverse energy needs of the public through flexible operation modes, especially benefiting remote areas and high-demand facilities like hospitals and banks [7]. - The development of distributed energy enhances energy security by increasing clean energy supply and reducing reliance on large energy systems [7]. Group 2: Economic and Industrial Impact - Distributed energy projects have lower investment thresholds compared to large-scale energy projects, encouraging social investment and supporting local economic development [8]. - It can drive the development of high-energy-consuming industries and promote coordinated energy and industrial layout [8]. Group 3: Development Focus Areas - Key areas for development include constructing zero-carbon parks, promoting zero-carbon rural areas, integrating photovoltaic systems into buildings, and enhancing the synergy between clean energy and transportation [9][10]. - The establishment of distributed natural gas energy stations is also emphasized for peak shaving and backup purposes [10]. Group 4: Implementation Considerations - It is important to avoid blind expansion of scale, ensure proper integration of supporting infrastructure, and prevent unfair competition in the distributed energy market [11].

Core Insights - The Chinese energy system is undergoing profound and systematic changes, driven by the new energy revolution and industrial restructuring, with a shift from centralized supply to diversified, distributed, and digitalized energy systems [1][2] - The rise of distributed energy is reshaping the entire terminal energy usage, moving from a supplementary role to becoming a key engine in the zero-carbon park era [1][3] Structural Changes in Industry Demand - There is a structural change in industrial demand from "optional" to "essential," as traditional energy supply models struggle to meet the comprehensive requirements for greening, digitization, low cost, and high stability [2][3] - Localized flexibility, autonomous regulation, and enhanced digital monitoring capabilities are becoming essential, which are inherent advantages of distributed energy systems [2] Parks as the Main Battlefield for Energy Transition - Over 60% of industrial enterprises in China are concentrated in various industrial parks, making these parks the main battleground for energy transition [3] - Distributed energy can be directly integrated into park load sides, providing multiple benefits such as reduced energy costs, increased green electricity proportion, and enhanced supply stability [3] Market Reforms Creating New Value Spaces - Recent market reforms have opened unprecedented value spaces for distributed energy, shifting from subsidy-driven to value-driven models [4] - Distributed energy assets can now participate in the market and generate diverse revenue streams, redefining the boundaries of energy systems [4] Transition from Local Innovation to Systemic Leap - Distributed energy has transitioned from "local innovation" to "systemic leap," becoming a core component of new power system flexibility, resilience, and stability [5] - This transformation signifies a comprehensive change across systems, mechanisms, policies, markets, enterprises, and cities [5] Future Competitiveness of Parks - The competitiveness of future parks will depend not only on industrial chains and cost factors but also on the greenness, cost levels, and digital capabilities of their energy systems [6] - Distributed energy serves as the foundational technology for building these capabilities, highlighting the need for a comprehensive understanding of policies, markets, and technologies [6] Upcoming Distributed Energy Conference - The 21st Distributed Energy Conference (DEC2025) will be held on December 4, 2025, in Beijing, focusing on the theme of "Developing Distributed Energy · Building a Zero-Carbon Future" [7] - The conference will address key issues such as systematic paths for zero-carbon park construction, deep coupling of distributed energy with electricity market reforms, and collaborative logic of various technologies [7]

Core Viewpoint - The company is optimistic about the long-term development of "computing power + AI" and aims to seize opportunities in "computing power + new energy" through strategic transformation [1] Investment and Partnership - The company has jointly invested RMB 10 million with Zhejiang Lisan Technology Co., Ltd. to establish a holding subsidiary, Zhejiang Nenghui Lisan Technology Co., Ltd., with the company holding a 51% stake [1] - The investment structure includes a registered capital of RMB 5.1 million contributed by the company [1] Strategic Focus - Zhejiang Lisan is an AI computing power operator specializing in integrated services in the "AIDC + MEC" field, leveraging its core team's expertise in industrial digitalization and AI cloud computing [1] - The company's strengths in "distributed energy + energy storage" solutions can meet the energy needs of small and medium-sized AIDC and MEC applications [1] Synergy and Competitive Advantage - The establishment of the joint venture is expected to leverage both parties' technological and resource advantages in the new energy and computing power sectors, promoting collaborative development [1] - This move aligns with the company's strategic transformation needs and is anticipated to enhance its core competitiveness positively [1]

Core Viewpoint - The article discusses the significant increase in IPO applications at the Beijing Stock Exchange (BSE), leading to a potential backlog in the approval process, while highlighting the slower pace of IPO approvals and the improved quality of companies applying for listings [2][10][12]. Group 1: IPO Application Trends - As of July 27, 2023, there are 305 companies in the IPO review process across A-shares, with 183 of them (60%) at the BSE [2]. - In June 2023 alone, the BSE received 97 IPO applications, setting a new monthly record, surpassing the previous record of 92 applications in June 2022 [2]. - Despite the high number of applications, only 6 companies have successfully listed on the BSE this year, compared to 14 on the Shanghai Main Board and 22 on the ChiNext [2]. Group 2: Approval Process and Timelines - The average waiting time for IPO approvals at the BSE has increased, with median times from application to listing rising from 218 days in 2022 to 306 days in 2024 [4]. - For the 115 IPO applications received in 2025, the average time from application to first inquiry is 26 days, longer than the 15 days for the ChiNext and 21 days for the Sci-Tech Innovation Board [5]. - The longest waiting time for a company currently in the review process is over three and a half years for Yangde Environmental Energy, which has faced additional scrutiny due to investigations into its controlling shareholder [7][8]. Group 3: Company Quality Improvement - The quality of companies applying for IPOs at the BSE has improved, with 113 companies currently under review having an average revenue of 738 million yuan and an average net profit of 95.06 million yuan [11]. - 36 companies, or 31.86%, have reported net profits exceeding 100 million yuan, indicating a trend towards higher-quality applicants [11]. - The increase in company quality is attributed to better performance of new three-board companies and enhanced support from investment banks in selecting and preparing companies for listing [12].