Core Insights - The collaboration between Guoxuan High-Tech and Edison Power has successfully developed a storage power station that passed Japan's primary frequency regulation market comprehensive testing, demonstrating the ability to respond to grid demands in seconds and quickly adjust output power to maintain system frequency stability [1] - Guoxuan High-Tech becomes the first Chinese energy storage manufacturer to enter this market, marking a significant milestone for Chinese energy storage systems in Japan's core electricity ancillary services market [1] Company Summary - Guoxuan High-Tech has established a partnership with Edison Power to develop a storage power station [1] - The successful testing indicates Guoxuan High-Tech's capability to provide essential services in the Japanese energy market [1] Industry Summary - The achievement signifies the entry of Chinese energy storage systems into Japan's critical electricity ancillary services market, highlighting the growing international presence of Chinese companies in the energy sector [1]

文 | 人民日报 近日，"绿领"人才成新宠， "双碳"领域人才需求近百万人引发一波关注。 数据显示，目前"双碳"领域的相关从业者仅10万人左右，仍存在较大的人才缺口。 "绿领"究竟包含哪些职业？为何有越来越多年轻人选择做"绿领"？ 2024年7月，人力资源和社会保障部发布的19个新职业中，绿色职业占据三席， 储能电站运维管理员就是其中之一 。人力资源和社会保障部 今年发布的新职业、新工种中，也包括风电场叶片维修工、氢燃料电池测试员等"绿色"新工种。 如今，这类带有鲜明"绿色低碳"标签的岗位，正被人们形象地称为"绿领"。复合型"绿领"人才也日益成为企业竞相争抢的对象。 人 才 缺 口 近 百 万 近年来，随着绿色发展理念的深入人心，我国"双碳"人才需求持续增长，相关从业者的收入也很可观。 "绿领"职业的收入因地区、经验和具体行业而异， 通常初级职位年薪在10万至25万元之间 ，资深职位则更高。 数据显示， "双碳"领域的人才需求近百万人，但目前相关从业者仅十万人左右。 除了技术人才缺口大，"双碳"领域对于管理、咨询等岗位的人 才需求也十分迫切。 据德勤中国研究预测，中国通过主动绿色转型，在2050年将创造380 ...

Core Insights - Zhejiang's electricity load has reached a historical high of 126 million kilowatts as of July 16, 2023, driven by increased demand due to high temperatures and industrial activity [1][3] - The province is facing significant challenges in electricity supply, being the largest increase in electricity consumption nationwide, with the highest utilization rate of power generation equipment and the largest proportion of external electricity supply [3][4] Group 1: Electricity Supply and Demand - The peak electricity load in Zhejiang reached 121.73 million kilowatts on July 4, 2023, 15 days earlier than the previous year [3] - Forecasts predict that the summer peak loads will reach 133 million kilowatts and 117 million kilowatts during afternoon and evening peaks, respectively, representing a year-on-year increase of 7.8% [3] - Zhejiang's energy investment reached 75.4 billion yuan in the first five months of 2023, a year-on-year increase of 23%, with total installed power generation capacity exceeding 170 million kilowatts, up over 21% [5][6] Group 2: Energy Projects and Infrastructure - Key power projects, including three high-efficiency coal power units, have been successfully commissioned, significantly contributing to the province's summer peak electricity supply [5] - By the end of 2024, Zhejiang's total installed power generation capacity is expected to reach 150 million kilowatts, a 47% increase from the end of 2020 [6] - The province has also expanded its external electricity supply, with the maximum external purchased electricity resources reaching 43.4 million kilowatts, an increase of about 10% compared to 2024 [6] Group 3: Renewable Energy and Storage Solutions - As of June 2023, Zhejiang's photovoltaic installed capacity reached 60.26 million kilowatts, making it the largest power source in the province, with renewable energy accounting for over 50% of the total installed capacity [5] - The province's grid-side energy storage capacity reached 2.36 million kilowatts, with a maximum output exceeding 2 million kilowatts, helping to alleviate supply pressure during peak periods [8] - The establishment of virtual power plants in Zhejiang marks a significant step towards integrating new energy systems, with the first market response involving 19 virtual power plants aggregating 265 secondary users [9]

Core Viewpoint - China Life Insurance is committed to the "333 strategy" and aims to enhance its role in supporting the economy and improving people's livelihoods through long-term investments in infrastructure and green finance [1][3]. Group 1: Investment Activities - The event held in Qinghai from June 18 to 20 was part of the "One China Life, One Life Protection" series, focusing on how insurance funds can better support the development of the real economy [3][4]. - China Life has invested a total of 170 billion yuan in the Qinghai Yellow River Company, with 80 billion yuan in 2017 and 90 billion yuan in 2019, to support various infrastructure projects [12][70]. - As of June 2025, China Life Asset Management Company manages over 6.5 trillion yuan in assets, with more than 4 trillion yuan directly supporting the real economy [12][78]. Group 2: Impact on Local Economy and Environment - The Dragon Yuxia Hydropower Station, known as the "First Dam of the Yellow River," generates an average of 6 billion kWh annually and significantly reduces flood risks for downstream areas [10][17]. - The irrigation guarantee rate for downstream areas has increased from 56% to 80% due to the regulation provided by the Dragon Yuxia Reservoir, benefiting food supply across nine provinces [11][66]. - The Qinghai Yellow River Company has developed a "photovoltaic + ecological" model, transforming barren land into productive grazing areas, which has improved local livelihoods [44][91]. Group 3: Regulatory and Strategic Framework - The State Council's guidelines emphasize enhancing the insurance industry's service quality to the real economy, focusing on major national strategies and key areas [12][18]. - China Life is actively involved in various sectors, including renewable energy, infrastructure, and social welfare, aligning its investments with national development goals [54][60]. - The company has established a comprehensive investment mechanism to ensure that insurance funds are directed towards social welfare projects, aiming for both social and economic benefits [55][78].

Core Insights - The maximum electricity load in China surpassed 1.5 billion kilowatts for the first time on July 16, indicating robust economic resilience despite high temperatures [1][2] - The increase in peak load has heightened supply challenges, but the electricity system has shown improved stability compared to previous years [1][6] - The interplay between the electricity system and industrial transformation is becoming increasingly evident, with emerging industries like electric vehicles and artificial intelligence contributing to the new energy ecosystem [1][11] Electricity Load Trends - The national maximum electricity load reached 15.06 million kilowatts, equivalent to lighting 150 billion 100-watt bulbs simultaneously, marking a new historical record [2] - Since the beginning of summer, 16 provincial power grids have broken historical load records 36 times, with Guangdong being the first province to exceed 1.6 million kilowatts [2][4] - The electricity demand is significantly influenced by industrial usage, particularly in manufacturing, as evidenced by Guangdong's electricity consumption growth [2][4] Supply and Demand Management - The electricity supply system has transitioned from rigid supply to flexible response, enhancing the ability to manage peak loads [6][7] - New energy storage solutions and cross-regional electricity sharing are critical in addressing supply challenges, with examples like Jiangsu's large-scale energy storage initiatives [6][8] - The establishment of a national electricity dispatch model allows for efficient resource allocation from surplus areas to load centers, mitigating regional imbalances [9] Industrial and Technological Integration - New energy storage facilities, such as the two rivers dragon energy storage station, play a vital role in balancing supply and demand by storing excess energy during low-demand periods [10] - Electric vehicle companies like NIO are integrating renewable energy solutions into their operations, contributing to the new energy ecosystem [11] - Data centers (IDCs) are evolving to not only consume energy but also provide flexible support to the grid, enhancing overall system resilience [11][12] Future Considerations - Experts warn that if macroeconomic growth exceeds expectations, electricity demand may surge, posing new challenges for supply management [12] - The future of electricity supply during peak seasons will require addressing issues such as clean energy absorption, market-driven demand response, and reducing energy consumption per unit of GDP [12]

文 | 新华社 联盟官微 关注政策、项目、企业、市场活动 联盟官方小秘书 7月14日从国网宁夏电力有限公司获悉，今年上半年，宁夏新能源统调发电量达到367.59亿千瓦时，新能源发电量占比34.66%，同比 增加4.5个百分点。与此同时， 宁夏储能保持快速增长，111.5万千瓦/287万千瓦时储能电站并网，通过储能充电增发新能源电量16.2 亿千瓦时，提升新能源利用率4个百分点。 入会、入群、产业交流、活动对接 宁夏是全国首个新能源综合示范区，今年下半年，宁夏预计新增新能源装机超1700万千瓦，预计新能源总装机将达到6700万千瓦， 装机占比将达到65%，这使得新能源消纳压力进一步增大。宁夏将全力提升并网管理质效，加快储能建设、提高储能利用效率，多措 并举提高新能源利用率。 相关阅读 宁夏：废止两项储能政策，涉及新能源配储/调峰补偿等 青海调用储能调峰0.3247元/kWh，宁夏虚拟电厂调峰上限0.19元/kWh！西北明确电力辅助服务市场价格机制 居全国第4！宁夏储能装机规模达541万千瓦 位于宁夏银川市永宁县闽宁镇的储能电站。（受访者供图） 据介绍，今年上半年，宁夏持续推进储能高效利用， 增发、提率两项效用均 ...

Summary of Key Points Core Viewpoint - The company Zhejiang Wanliyang Co., Ltd. has approved a guarantee for its wholly-owned subsidiary Foshan Wanliyang New Energy Technology Co., Ltd. to secure a credit limit of up to RMB 400 million from banks and non-bank institutions for a period of 8 years, subject to shareholder approval [1][2][7]. Group 1: Guarantee Overview - The board of directors approved a guarantee for Foshan Wanliyang New Energy Technology Co., Ltd. to apply for a credit limit not exceeding RMB 400 million [1][2]. - The guarantee will be effective for 8 years from the date of approval by the shareholders' meeting [1][2]. - The controlling shareholder, Wanliyang Group Co., Ltd., will provide a full joint liability guarantee under the same conditions [1][7]. Group 2: Subsidiary Information - Foshan Wanliyang New Energy Technology Co., Ltd. was established on May 22, 2024, with a registered capital of RMB 50 million [2]. - The company is 100% owned by Wanliyang Energy Co., Ltd. and focuses on technology services and energy technology research [2][3]. - Recent financial data shows total assets of RMB 63.53 million and total liabilities of RMB 13.92 million as of June 30, 2025 [2]. Group 3: Financial Data of Controlling Shareholder - Wanliyang Group Co., Ltd. has total assets of RMB 1,645.39 million and total liabilities of RMB 826.75 million as of December 31, 2024 [3]. - The group reported a net profit of RMB 25.15 million and operating income of RMB 635.03 million for the same period [3]. Group 4: Guarantee Agreement Details - The guarantee amount is determined based on the operational needs of Foshan Wanliyang and will allow for the actual guarantee amount to be reused within the approved limit [4][5]. - The guarantee will be a joint liability guarantee, and the specific terms will be finalized in the actual guarantee agreement [4][5]. Group 5: Business Operations and Future Plans - Wanliyang Energy Co., Ltd. is engaged in the investment and operation of energy storage power stations and aims to provide flexible power regulation capabilities [6][7]. - The company has operational energy storage projects in Guangdong and Zhejiang provinces, with plans for further development in various regions [4][6]. - The company is also involved in providing services related to power market operations and carbon asset management [5][6].

Investment Rating - The report rates the electrical equipment industry as "Positive" [3] Core Insights - The report expresses an optimistic outlook for the energy storage sector, predicting significant growth in installed capacity in China, with a projected increase of 43.7 GW/109.8 GWh in 2024, representing year-on-year growth of 103%/136% [1][13] - It argues that the energy storage industry is just beginning its exponential growth phase, with a cumulative grid connection of 42.4 GWh and a tendering capacity of 176.6 GWh in the first half of 2025, showing year-on-year increases of 166%/281% [1][13] - The report emphasizes the importance of long-term demand assessments and the industry's lifecycle position over short-term growth rates, suggesting that the energy storage market has 8.6 times growth potential before reaching its peak demand [2][10] Summary by Sections 1. Prerequisites for Energy Storage Demand - Energy storage demand arises primarily from two conditions: issues with photovoltaic (PV) consumption and the affordability of energy storage costs [17][25] - The report highlights that the most critical task for energy storage is to address the daily consumption issues of PV energy, especially as PV generation becomes a larger part of the energy mix [18][22] 2. Long-term Demand Forecast for Energy Storage - The report forecasts that global annual new installations of energy storage will peak between 2030 and 2035, with an expected annual addition of 264 GW and a total capacity exceeding 1.5 TWh [2][35] - It notes that the current energy storage penetration rate in China is only 4.9%, indicating significant room for growth as the industry matures [12][45] 3. Importance of Industry Lifecycle Position - The report stresses that understanding the industry's lifecycle position is crucial for investment decisions, as short-term demand predictions can often underestimate growth potential [40][43] - It draws parallels with the solar industry, which has seen consistent growth beyond initial forecasts, suggesting that energy storage may follow a similar trajectory [41][42] 4. Investment Recommendations - The report suggests focusing on companies with strong technological leadership in key areas such as electrochemistry, power electronics, and grid support [47] - It also recommends looking for companies with global order acquisition capabilities and those that can expand production capacity internationally to mitigate geopolitical risks [48]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 核绿电量延续优异表现，上半年业绩展望稳健 报告要点 [Table_Summary] 机组大修损失同比减少以及漳州 1 号年初商运共同拉动上半年核电发电量同比增长 12.01%， 单二季度核电发电量同比增长 10.77%。在电量优异表现的带动下，二季度及上半年公司核电 板块预计实现稳健的业绩表现。装机持续扩张拉动上半年新能源电量同比增长 35.76%，但考 虑增资引战后公司对中核汇能的持股比例降低，二季度及上半年新能源的归母业绩贡献或仍面 临一定压力。整体来看，上半年公司发电量同比增长 15.65%，即使考虑市场化交易、新能源股 比稀释等影响，预计公司二季度业绩仍将实现稳健增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...