证券代码：601619 证券简称：嘉泽新能 公告编号：2026-041 1 结算电量 22,133.476 万千瓦时，其中：用户就地消纳结算电量 14,482.097 万千 瓦时，余电上网电量为 7,651.379 万千瓦时； 2、上表数据暂不含储能数据。公司 2025 年度嘉泽同心县 150MW/300MWh 储 能电站项目结算电量 7,336.76 万千瓦时。 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 2025年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息 披露》之《第三号—电力》的要求，嘉泽新能源股份有限公司（以下 简称公司）现将 2025 年度主要经营数据（经审计）公告如下： | | 第四 季度 发电量 （万千瓦 | | 本年度发电量 (万千瓦时) | | 第四 季度 上网电量 （万千瓦 | | 本年度上网电量 (万千瓦时) | | 上网电价 加权均价 (元/千瓦 | | --- | --- | --- | - ...

Core Insights - The National Energy Administration has announced the first batch of pilot projects for the construction of a new power system, signaling a significant acceleration in the development of a new energy system and new energy power system during the 14th Five-Year Plan period [2][3] - The pilot projects include 43 initiatives across various technologies, such as system-friendly renewable energy stations, virtual power plants, and new energy storage projects, providing clear guidance for industry technology selection and investment layout [3][4] - The pilot projects aim to enhance core capabilities in high-proportion renewable energy integration, grid flexibility, and collaborative development of energy sources, networks, loads, and storage [3][4] Pilot Project Details - The pilot projects encompass a wide range of initiatives, including wind-solar-thermal storage integration, large-scale offshore wind power, and flexible direct current transmission projects [3][4] - The selected pilot cities are distributed across multiple provinces, ensuring a balanced representation of different regions and resource endowments [5][6] - The pilot projects are expected to provide case studies and data accumulation for future large-scale promotion of new energy systems [4][5] Investment and Economic Impact - The State Grid's fixed asset investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with an expected annual addition of 200 million kilowatts of renewable energy capacity [6][7] - The overall investment in the new power system is anticipated to reach a scale of 10 trillion yuan, indicating significant growth potential for the industry [6][7] - The dual drive of national policy and substantial funding is expected to create a favorable cycle for the entire power equipment industry chain, establishing a long-term high prosperity development trend [7][8] Industry Opportunities - The advancement of the new power system is expected to support energy security and stability while facilitating the transition to low-carbon energy sources, aligning with national carbon neutrality goals [8] - The related industries, particularly in energy storage, high-voltage transmission, and smart grid technologies, are projected to experience substantial growth opportunities as a result of increased investment and demand [8][9] - The focus on grid-side energy storage is anticipated to see explosive growth, as it is crucial for ensuring grid safety and addressing system stability challenges [8][9]

Core Viewpoint - Guangdong Zhensheng Energy Technology Group Co., Ltd. has submitted an application for public stock issuance to unspecified qualified investors and plans to list on the Beijing Stock Exchange, with Guolian Minsheng Securities as the sponsor [1]. Company Overview - Zhensheng Energy is a technology-driven digital and intelligent distributed green energy carbon service provider, focusing on creating a closed energy ecosystem that includes distributed green energy development, smart microgrids, intelligent operation and maintenance, and virtual power plants [4]. - The company serves well-known enterprises in the industrial sector, covering 21 provinces in China, and includes 9 Fortune Global 500 companies and 33 A-share listed companies among its clients [4]. - Zhensheng Energy facilitates the green and low-carbon transformation of high-energy-consuming industries such as construction materials, automotive manufacturing, electrical equipment, furniture, ceramics, and food and beverage [4]. Financial Performance - In 2023, Zhensheng Energy achieved a revenue of 524 million yuan, which increased to 661 million yuan in 2024, and reported 123 million yuan for the first four months of 2025 [5]. - The net profit attributable to the parent company was 39.81 million yuan in 2023, rising to 79.03 million yuan in 2024, with 19.66 million yuan reported for the first four months of 2025 [5]. - Key financial metrics for 2025 (January-April) include a revenue of 122.72 million yuan and a net profit of 20.70 million yuan, with a gross margin of 39.65% [6]. - The company has invested 5.01 million yuan in R&D for the first four months of 2025, representing 4.08% of its revenue [6].

Core Insights - Jiangsu province has been recognized for its leadership in the construction of a new power system, with Changzhou selected as one of the 10 pilot cities nationwide [1] - The construction of a new power system is crucial for achieving carbon peak and carbon neutrality goals, promoting green transformation, and ensuring national energy security [1] - The "14th Five-Year Plan" emphasizes the acceleration of building a new energy system and a strong energy nation [1] Group 1 - Changzhou is the only city in Jiangsu to be selected as a pilot city, taking on the responsibility of pioneering the new power system [1] - Changzhou has already been designated as a national carbon peak pilot and has two other national pilot identities, focusing on breakthroughs in smart grid scheduling and high-proportion renewable energy integration [1] - The first batch of pilot projects includes the Guoneng Changzhou No. 4 unit phase II reheat project, which has a planned coal consumption for power generation that meets world-leading standards [2] Group 2 - Suzhou has established over 10 virtual power plants and platforms, leading the nation in adjustment capabilities, with its Guodian Investment virtual power plant project selected to enhance its demonstration role [2] - The Xuzhou project focuses on intelligent microgrid construction and operation through source-network-load-storage collaborative control [2] - The Yancheng project represents a new generation of coal power projects, aiming to meet technical requirements for clean carbon reduction, safety, reliability, efficient adjustment, and intelligent operation, with completion expected by the end of 2027 [2]

Group 1 - The first batch of pilot cities for the construction of a new power system has been announced, with Changzhou being selected as one of the top 10 cities nationwide, showcasing Jiangsu's leading capabilities in new energy system construction [1] - The construction of a new power system is a key measure to achieve carbon peak and carbon neutrality goals, promote comprehensive green transformation of economic and social development, and ensure national energy security [1] - Changzhou will take on the role of a pioneer in the new power system, having already been designated as a national carbon peak pilot and a pilot for large-scale application of vehicle-grid interaction [1] Group 2 - The Guoneng Changzhou No. 4 Unit Phase II reheating project, included in the first batch of pilot projects, is designed to achieve world-leading coal consumption levels, providing a solid foundation for Changzhou's selection as a national pilot [2] - Suzhou, as a pioneer in virtual power plant development, has established over 10 virtual power plants and platforms, with its project included in the pilot list to enhance its demonstration role in the field [2] - The Xuzhou project focuses on intelligent microgrid construction and operation through source-network-load-storage collaborative regulation, exploring new models for smart microgrid development [2] - The Yancheng project represents a new generation of coal power projects, aiming to meet technical requirements for clean carbon reduction, safety, reliability, efficient regulation, and intelligent operation, with a completion target set for the end of 2027 [2]

Core Viewpoint - The State Council's recent implementation opinion aims to establish a unified national electricity market by 2030, with market-based transactions accounting for approximately 70% of total electricity consumption, and full establishment by 2035 [1][2]. Group 1: Development Goals and Key Tasks - By 2030, the goal is to have a unified electricity market system with market transactions reaching 70% of total electricity consumption [1]. - The implementation opinion outlines 19 key tasks across five areas, including establishing a capacity market and enhancing participation from private enterprises in the electricity market [1][2]. Group 2: Market Structure and Participation - The opinion emphasizes breaking down market barriers and promoting equal participation from various entities, with over 1.09 million registered market participants, a 22-fold increase since 2015 [4]. - New models and industries are emerging, with significant investments in new energy storage and virtual power plants, indicating a shift in the operational dynamics of the electricity market [4][5]. Group 3: Energy Demand and Supply Dynamics - The average annual increase in electricity demand is projected to be around 600 billion kilowatt-hours during the 14th Five-Year Plan, driven by new energy vehicles and green hydrogen production [2]. - By 2030, the installed capacity of renewable energy is expected to exceed 50%, with a system penetration rate of over 30% [2]. Group 4: Market Mechanisms and Support Structures - The opinion calls for the establishment of a reliable capacity compensation mechanism to support essential resources like coal, pumped storage, and new energy storage [3]. - The goal is to have a formal spot market operational by 2027, enhancing the reliability of the electricity supply system [3]. Group 5: International Standards and Green Energy - The opinion aligns with international standards by proposing measures for inter-provincial green electricity trading and long-term green electricity contracts, catering to the needs of export-oriented and foreign enterprises [6]. - The electricity market is expected to stabilize energy costs while enhancing the global competitiveness of Chinese enterprises [6].

Core Insights - Hebei's southern power grid has achieved a wind and solar installed capacity exceeding 53 million kilowatts, accounting for 61% of the total installed capacity, indicating a continuous optimization of the energy structure [1] - During the "14th Five-Year Plan" period, the cumulative power generation from renewable energy in Hebei's southern grid reached 2,116 billion kilowatt-hours, with renewable energy contributing over 70% during peak seasons [1] - The State Grid Hebei Electric Power has invested approximately 62 billion yuan in grid construction, enhancing the transmission of green electricity from Inner Mongolia and Shanxi to Hebei [1] Group 1 - The 1,000 kV UHV Baoding substation and Xingtai substation expansion projects have been put into operation, supporting the stable delivery of renewable energy [1] - The operation of the Baoxi 500 kV substation ensures the integration of 3 million kilowatts of renewable energy along the Taihang Mountain [1] - The completion of the Xiong'an 500 kV substations strengthens the backbone network for energy supply to Xiong'an [1] Group 2 - The ongoing construction of the Mengxi-Beijing-Tianjin-Hebei ±800 kV UHVDC project is expected to deliver over 36 billion kilowatt-hours annually to Hebei, with renewable energy accounting for over 50% [1] - The distribution network is being upgraded to meet the demands of wind and solar energy, ensuring safe and economical grid access for renewable energy [2] - Smart microgrid projects are being implemented in remote areas to enhance local renewable energy consumption and supply reliability [2] Group 3 - The company aims to accelerate the construction of a new power grid platform that integrates main and distribution networks, focusing on high-quality development of renewable energy [2] - The establishment of a distributed renewable energy monitoring system based on 5G technology enhances the flexibility of the distribution network [2] - The optimization of multi-energy complementary operation modes is being promoted to facilitate efficient development of renewable energy and the grid [2]

Investment Overview - The State Grid has announced a fixed asset investment plan of 4 trillion yuan for the "14th Five-Year Plan" period, representing a significant increase of 40% compared to the "13th Five-Year Plan" period, which exceeds previous market expectations of a 10%-20% growth [1][4] - The total investment from the three major grid companies during the "14th Five-Year Plan" period is expected to reach around 5 trillion yuan, with the State Grid's investment alone projected at 4 trillion yuan [1][4] Investment Drivers - The increase in investment is driven by the mismatch in growth rates between source-side and grid-side investments, alongside the rigid demand for the continuous construction of a new power system [1][8] - During the "13th Five-Year Plan" period, the average annual growth rate of source-side investment was 22.7%, significantly outpacing the 6.8% growth rate of grid-side investment, leading to bottlenecks in cross-regional transmission capacity and local consumption space [1][8] Investment Structure Changes - The investment structure for the "14th Five-Year Plan" has shifted from focusing primarily on the high-voltage backbone network to a collaborative development of the main grid, distribution network, and smart microgrid [1][8] - The investment in the main grid is expected to account for about 30% of the total investment, with an estimated amount of 1.2 trillion yuan, aimed at enhancing cross-regional transmission capabilities by over 30% compared to the end of the "13th Five-Year Plan" [1][10] Distribution Network Investment - The investment in the distribution network is projected to reach around 2 trillion yuan, accounting for approximately 50% of the total investment during the "14th Five-Year Plan," marking a 33% increase from the previous period [1][11] - The construction of the distribution network will cover urban, rural, and remote areas, enhancing flexibility and capacity to accommodate distributed renewable energy and meet the needs of 35 million charging facilities [1][11] Smart Microgrid and Digitalization - Investment in digitalization and smart microgrids is expected to account for 15%-20% of the total investment, with a clear focus on the development of smart microgrids for the first time [1][13] - The new grid platform will require continuous investment in digital infrastructure to support high levels of renewable energy integration and power electronics, with initiatives like the "Artificial Intelligence+" program being implemented [1][14]

Core Viewpoint - The Chinese government emphasizes the acceleration of smart grid and microgrid construction to enhance the safety and energy security of the power system [1] Group 1: Smart Grid Development - Smart grids are essential for adapting to the rapid development of high-proportion renewable energy, comprising main grids, distribution networks, and microgrids with features of high informationization, automation, and interactivity [1] - Accelerating the construction of smart grids and microgrids will improve the grid's ability to accept, allocate, and regulate clean energy, ensuring safe, reliable, and cost-effective operations [1][2] - The transition of distribution networks from merely receiving and distributing electricity to an interactive model with integrated resources is crucial for enhancing service capabilities [2] Group 2: Microgrid Construction - Microgrids are characterized by self-balancing, safety, miniaturization, greenness, intelligence, and sharing, playing a significant role in the stable, efficient, and low-carbon development of new power systems [3] - The development of smart microgrids should be coordinated with the overall grid strategy, promoting compatibility with large grids and efficient collaboration with distribution networks [3] - Demonstration projects for smart microgrids should be established in areas with abundant renewable resources, such as rural regions and high-proportion renewable supply parks [3] Group 3: Intelligent Dispatch System - An advanced power dispatch system can significantly enhance the grid's ability to accept and flexibly dispatch renewable energy sources [4] - Optimizing the dispatch operation mechanism and building a multi-level intelligent operation system are essential for improving local balance capabilities and proactive support for the main grid [4] - Establishing a unified market trading platform for decentralized resources will encourage participation from emerging entities like virtual power plants and electric vehicles, fostering positive interactions with renewable energy [4]

Group 1 - China's grid investment reached a historical high in the past year and is expected to continue steady growth in the coming years [1] - The National Energy Administration's report predicts that by 2025, the total investment in national grid engineering will be 639.5 billion yuan, a year-on-year increase of 5.1% [1] - Investment in direct current projects is expected to grow by 25.7% year-on-year by 2025, while investment in alternating current projects will increase by 4.7% [1] Group 2 - The core objective of the large-scale investment is the expansion of China's Ultra High Voltage (UHV) grid, which is crucial for the "West-East Power Transmission" strategy [2] - By 2030, the UHV grid is expected to connect over 420 gigawatts of power capacity [2] Group 3 - Funds will also be directed towards smart microgrids and distribution networks to address the integration of distributed energy sources, aiming to consolidate approximately 900 gigawatts of small, decentralized generation facilities [3] - This investment will enhance the grid's capacity to accept clean energy and improve overall system flexibility [3] Group 4 - The rapid development of artificial intelligence is creating new growth points for electricity demand, prompting policymakers to potentially accelerate project approvals [4] - It is anticipated that 7 to 9 new AI-driven projects will be approved this year [4] - The ongoing domestic grid construction is positively impacting local supply chains, particularly benefiting domestic power equipment manufacturers amid a global transformer shortage [4] Group 5 - The two major state-owned grid operators, State Grid Corporation of China and China Southern Power Grid, have been increasing capital expenditures, with a combined budget expected to approach 1 trillion yuan this year [4] - Both companies plan to maintain this growth trend until 2030 [4]