与重大单体能源项目相比，分布式能源单体项目规模小，建设运营资金量小，社会投资门槛低，开发应 用场景多，运行智能化也更容易实现，社会投资长期活跃。同时，分布式能源发展可以为地方高载能产 业发展提供支撑，推动产业布局和能源布局协同，促进地方经济发展。但也要看到，分布式能源发展起 步较晚，面临着小型系统集成技术难度大、单位生产运营成本较高、配套体系不够完善等挑战。 发展分布式能源的重要意义： 分布式能源已经成为新型能源体系的重要组成部分，发展分布式能源对于优化能源结构、推动节能减 排、推进经济社会可持续发展具有重要意义。 一是更好推进碳达峰碳中和。 相较于化石能源，可再生能源能量密度低、较为分散，分布式开发利用比集中式更符合可再生能源的资 源和技术特性，同时也能因地制宜利用清洁燃料，降碳减排效果明显。 二是更好满足人民群众用能需求。 通过不同利用方式实现能源梯级利用，且运行模式灵活，可以满足不同场合用能需求。对偏僻山区、海 岛等地区，分布式能源可以更好就近布局、满足需求。对供电安全稳定性要求较高的医院、银行等用 户，以及用能需求多样的工业园区，分布式能源可提供高品质的综合能源服务。 三是有利于保障能源安全。 发展分 ...

一十届四中餐 名词卡片 分布式能源 "完善碳排放统计核算体系,稳步实施 地方碳考核、行业碳管控、企业碳管理、项 目碳评价、产品碳足迹等政策制度。发展 分布式能源,建设零碳工厂和园区。" "十五五"规划建议 降义 分布式能源是指在用户侧可以独立运行,以 小型设备充分利用可再生能源或天然气等清洁能 源,满足用户多种用能需求的小型能源系统。按 照利用燃料种类,包括分布式天然气能源站、分 布式光伏、分散式风电,以及其他利用生物质、 太阳能光热、小水电等可再生能源的分布式能源。 据《党的二十届四中全会《建议>学习辅导百问》 分布式能源已经成为新型能源体系的重要组成部分，发展分布式能源对于优化能源结构、推动节能减 排、推进经济社会可持续发展具有重要意义。 一是更好推进碳达峰碳中和。相较于化石能源，可再生能源能量密度低、较为分散，分布式开发利用 比集中式更符合可再生能源的资源和技术特性，同时也能因地制宜利用清洁燃料，降碳减排效果明显。 二是更好满足人民群众用能需求。通过不同利用方式实现能源梯级利用，且运行模式灵活，可以满足 不同场合用能需求。对偏僻山区、海岛等地区，分布式能源可以更好就近布局、满足需求。对供电安全稳 定性要 ...

投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺、证券事 务代表简杰； 四川蜀道清洁能源集团有限公司：副总经理郑宇 参与机构：联储证券有限责任公司、成都市通用工程技术有限 公司 时间 2025 年 11 月 20 日（星期四）上午 9:30-11:30 地点 四川蜀道清洁能源集团有限公司 240 会议室 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"公司"） 副总经理、董事会秘书陈思遥简要介绍了公司历史沿革、产业 现状和本次重组背景，同时介绍了控股股东蜀道集团三大主业 板块（含清洁能源板块）、发展规划和产业协同。四川蜀道清 洁能源集团有限公司（以下简称"蜀道清洁能源集团"）副总 经理郑宇介绍了蜀道清洁能源集团发展历程、竞争优势及产业 布局等。 二、问答环节 问 1：介绍蜀道清洁能源集团目前资源储备情况以及获取 资源的优势。 答： 目前，蜀道清洁能源集团在手资源储备超 ...

无论是国家政策的频密出台，还是企业端需求的快速变化，都在说明一个趋势：未来能源系统的核心不 再是单一的大型电源，而是通过分布式能源、储能、智能管理等多种资源形成的"整体协同"。如果说新 能源的大规模发展改变了电源结构，那么分布式能源的兴起，则正在重构整个终端能源使用方式。在过 去二十年里，燃气分布式能源、分布式光伏、分散式风电、多能互补系统、工商业储能、虚拟电厂等技 术路线不断成熟，从零星示范走向深度渗透，从单点应用转向系统集成，其战略意义已经远远超出 了"补充能源"的范畴。而当分布式能源遇上零碳园区建设浪潮，一场从技术创新到产业重构的系统性突 破正在发生——分布式能源正成为零碳园区时代不可或缺的关键引擎。 产业端需求的结构性变化：从"可选"到"必选" 当下的行业情势呈现出一个非常显著的特征：产业端需求发生了结构性变化。传统的"外购电+集中供 热"模式正在难以满足企业绿色化、数字化、低成本、高稳定的综合要求。与此同时，在园区和城市空 间中，新能源消纳、配网承载、负荷波动、极端天气等新的运行矛盾逐渐显现。 这些挑战推动着能源系统必须具备更强的本地化灵活性、更多的自主调节能力、更完善的数字化监测基 础，而这些能力 ...

记者从南方电网广西电网公司获悉，日前，220千伏中能建樟木风电项目顺利并入广西电网，广西 清洁能源装机容量正式突破8000万千瓦大关，清洁能源规模占比达72.15%。据了解，今年以来，广西 清洁能源发电量1277.1亿千瓦时，同比增长16.8%，占全部电量类型的66.3%。 "双碳"目标推动下，广西新能源发展亮点频出。全区新能源装机自2021年突破1300万千瓦后，仅4 年间便跃升至5572万千瓦，完成从千万级到五千万级的跨越。"十四五"期间，广西海上风电实现零的突 破——防城港海上风电示范项目A场址工程全容量正式并网发电，这一突破也让广西成为西部首个涵盖 水、火、核、陆风、海风、光等多种电源类型的省级电网。2025年，广西新增新能源装机规模累计达 1371万千瓦，单日发电量最高达3.02亿千瓦时，创历史纪录，新能源成为增量电源"主力军"。 "绿电+"发展呈现多元化格局。广西农业、渔业资源丰富，"分布式光伏+农光互补"项目化身"阳光 银行"，"水上漂"的漂浮式光伏电站也成为能源开发的新场景，构建起"光伏+水系治理+生态养殖+生态 修复+生态农业"的立体循环发展模式。以广西华昇水上漂浮式光伏电站为例，该电站于9 ...

Core Insights - Energy state-owned enterprises (SOEs) are accelerating their relocation to Xiong'an New Area, with major companies like China Huaneng and China Sinochem moving their headquarters, while others like China Datang and China Huadian are speeding up construction [1][3] - Over 100 subsidiaries or innovative business units of energy SOEs have gathered in Xiong'an, indicating a significant restructuring of industrial and innovation chains in the area [3] - The Hebei Huadian Xiong'an Park 3MW distributed photovoltaic project has generated over 4.5 million kilowatt-hours, showcasing the integration of clean energy systems with natural landscapes [3] Group 1 - Xiong'an New Area is facilitating the gathering of energy SOEs through high-quality services, leading to a noticeable agglomeration effect of headquarters economy and the formation of a green energy industry chain [1][3] - The establishment of a "one-stop" landing solution for energy SOEs is part of Xiong'an's strategy to streamline the relocation process, integrating various policies into a dedicated service for the energy sector [5][6] - A total of nearly 50 strategic departments from SOEs have been engaged in discussions to facilitate their business layout in Xiong'an, indicating proactive measures to address long decision-making cycles [5][6] Group 2 - The Xiong'an New Area Business and Investment Promotion Bureau is committed to providing a favorable environment for the high-quality development of relocated SOEs, focusing on supporting cutting-edge technology research and application [6]

Core Viewpoint - The article emphasizes the critical role of the distribution network in the power system, highlighting its function as the "capillary" that connects the transmission network to end users, and the expected significant investment growth in the distribution network driven by the rise of distributed photovoltaics and charging stations during the 14th Five-Year Plan period [2][3][4]. Distribution Network Overview - The distribution network is described as the key component responsible for the distribution and supply of electrical energy, connecting the transmission network to various users [6][9]. - It operates at lower voltage levels compared to the transmission network, which is characterized by high voltage and long-distance energy transport [10][9]. Investment Growth Drivers - The rapid development of distributed photovoltaics and charging stations is identified as the main driver for the growth of distribution network investments, with the current penetration rate of distributed photovoltaics at approximately 31.3%, indicating over twofold growth potential [3][28]. - The investment in the distribution network is projected to reach around 1.75 trillion yuan during the 14th Five-Year Plan, with an annual average investment of about 350 billion yuan, reflecting a growth rate of over 15% compared to the previous plan [3][48]. Equipment Update and Market Reform Opportunities - The article discusses the need for equipment updates in the distribution network to support the integration of high-capacity transformers and energy storage systems, driven by the requirements of distributed photovoltaics and high-speed charging stations [4][55]. - The market reform in the distribution network is expected to create financial service opportunities as more social capital enters the investment landscape, with banks potentially finding new clients among provincial grid companies [4][54]. Challenges in Integration - The article highlights the challenges faced by the traditional distribution network in accommodating the rapid growth of distributed photovoltaics, including mismatches in construction pace and existing equipment limitations [19][20]. - The integration of charging stations presents additional challenges, such as spatial imbalances and technological gaps, necessitating upgrades to the distribution network to handle increased load demands [33][35]. Policy and Regulatory Framework - The article outlines the recent policy initiatives aimed at enhancing the quality and capacity of the distribution network, including guidelines for integrating distributed energy sources and improving infrastructure [49][48]. - It notes that the government has set ambitious targets for the distribution network, including the ability to accommodate 500 million kilowatts of distributed renewable energy and 12 million charging stations by 2025 [48][47]. Financial Services and Investment Landscape - The article suggests that the financial services sector should adapt to the evolving landscape of distribution network investments, with opportunities arising from equipment updates and market reforms [54][69]. - It emphasizes the importance of developing comprehensive energy services to ensure the economic viability of new investments in the distribution network [79][69].

Core Insights - The article emphasizes the importance of virtual power plants (VPPs) as a key tool in building a new power system, highlighting their ability to aggregate distributed resources and provide flexible capacity to address the volatility of renewable energy sources [1][8] - The development of VPPs is transitioning from pilot projects to scalable, productized solutions, with clear legal status and market participation mechanisms established by national policies [2][3] - VPPs are seen as complementary to traditional power plants, enhancing grid flexibility and reliability rather than replacing conventional energy sources [4][8] Group 1: Policy and Development - The National Development and Reform Commission and the National Energy Administration have set targets for VPP capacity, aiming for 20 million kW by 2027 and 50 million kW by 2030 [1] - Recent policy breakthroughs have established VPPs as independent market entities, enabling them to participate in electricity market transactions with defined technical requirements [2] - Local governments are actively promoting the construction of city-level VPP platforms, integrating them into extreme weather power supply systems for real-time grid coordination [2] Group 2: Market Dynamics - The international development of VPPs follows three main models: the European model focusing on flexibility markets, the Australian model emphasizing home storage, and the North American model centered on commercial load aggregation [3] - In China, VPP development is characterized by user-side aggregation, park energy management, and integrated source-grid-load-storage systems, with a focus on optimizing local energy use and market benefits [3] Group 3: Economic Viability - VPPs must achieve economic sustainability by optimizing their internal systems and converting adjustable capacity into marketable services, balancing user economics with system value [5][6] - The revenue model for VPPs is evolving from reliance on subsidies to a diversified structure that includes self-use savings and market-based settlements, enhancing cash flow stability [2] Group 4: Technical and Operational Considerations - VPPs leverage distributed resources to provide rapid, flexible responses to grid demands, particularly during peak loads or extreme weather events, thus supporting grid stability [4] - The development of VPPs faces challenges such as high initial investment, complex technology integration, and the need for robust contractual and credit mechanisms to ensure performance reliability [4] Group 5: Market and Contract Design - Recommendations for improving VPP market design include differentiating pricing based on sustainable duration and incorporating non-energy attributes into procurement lists to enhance service reliability [7] - Pilot programs for urban-level VPPs could explore "availability contracts" to stabilize cash flows and align with public safety and resilience goals [7] Conclusion - VPPs represent a transformative approach to integrating fragmented energy resources into a cohesive system, providing enhanced flexibility and resilience for a high-renewable energy future [8]

Group 1 - The core issue raised by investors is the lack of progress on a conventional project over the past year [1] - The company, Deep Siger (000058.SZ), responded that the investment and construction of distributed photovoltaic projects involve various internal and external factors, and the project is still actively being promoted [1] - The company commits to timely information disclosure in accordance with the Shenzhen Stock Exchange's listing rules, and significant information will be published through designated media [1]

Core Insights - The policy shift towards dual control of carbon emissions is fundamentally changing the asset attributes and commercial return models of distributed photovoltaics, providing dual value beyond electricity itself: direct economic benefits from electricity cost savings and additional financial gains from carbon asset appreciation [1][3] - The national carbon trading market is expected to show unprecedented vitality in 2024, with trading volumes and values reaching historical highs, and carbon prices stabilizing at a high level of 97.49 yuan/ton by the end of 2024 [1][2] Distributed Photovoltaics in High Energy Consumption Industries - High energy-consuming industries such as steel, chemicals, and non-ferrous metals are facing tightening carbon emission quotas, making the installation of distributed photovoltaics a necessity rather than an option [3] - These industries can utilize their extensive rooftop resources to build photovoltaic power stations, which is the most direct and economical way to reduce carbon emissions [3] Innovations in Photovoltaic Applications - The combination of "photovoltaics + energy storage" and "photovoltaics + virtual power plants" is key to overcoming the bottleneck of electricity consumption and enhancing project value [4] - "Photovoltaics + energy storage" allows excess daytime electricity to be stored and used during peak hours, maximizing the utilization of rooftop resources and generating additional economic benefits [4] - "Photovoltaics + virtual power plants" aggregates distributed resources to provide grid support and create new value, transforming distributed photovoltaics into active grid-supporting resources [4] Scene-based Development of Photovoltaics - Photovoltaics are rapidly penetrating various sectors, creating new value forms through deep integration with different scenarios [5][6] - Applications include "photovoltaics + buildings" (BIPV), "photovoltaics + transportation" (charging stations), "photovoltaics + agriculture" (dual-use land), and "photovoltaics + municipal services" (reducing operational costs in public facilities) [6][7] Refinement in Household Photovoltaics - The household photovoltaic market is transitioning from explosive growth to a new development stage focused on refined operations, emphasizing high-quality service throughout the entire lifecycle [8] - Companies that can provide comprehensive, high-quality, and digital solutions will establish a strong brand moat in both existing and emerging markets [8] Future Outlook - Distributed photovoltaics will become a standard for corporate energy transformation, essential for cost reduction, compliance, and value addition in a future with increasingly stringent carbon constraints [9]