上市企业：皖能电力（000543.SZ）、恒源煤电（600971.SH）、淮河能源（600575.SH）、新集能源 （601918.SH） 内容概要：安徽省电力是支撑全省及长三角能源安全的核心产业，兼具基础性、公用性与能源转型引领 性。近年来，安徽通过出台一系列政策，完善市场交易体系与价格机制，激发市场活力，保障电力供需 平衡。安徽作为电力外送基地，电源结构多元，但受需求攀升影响，2022至2024年连续三年被定为电力 供需红色预警区域，尖峰负荷特征突出，保供压力持续凸显。受益于经济高质量发展，安徽用电需求高 增长，2024年用电量增速超发电量，缺口显现。安徽新能源装机规模快速扩大，截至2025年11月，可再 生能源装机占比达52.2%，成为增长核心引擎。安徽还是国内电力现货市场试点省份，市场化改革成效 显著，2024年绿电交易规模居全国第五。未来，安徽电力将深化能源结构升级，推进市场化改革，加速 技术创新与业态融合，构建新型电力系统，实现能源转型与电力保供统筹兼顾。 相关企业：国网安徽省电力有限公司、国家电投集团安徽电力有限公司、安徽电力股份有限公司、淮沪 煤电有限公司、阜阳皖润电力有限公司、国电电力（安徽 ...

附件：2025年11月全国新增建档立卡新能源发电项目（不含分布式光伏） 国家能源局 关于2025年11月全国新增建档立卡新能源发电（不含户用光伏）项目情况的公告 2025年11月，全国新增建档立卡新能源发电（不含户用光伏）项目共5041个，其中风电项目26个，光伏发电项目5011个（集中式光 伏发电项目64个，工商业分布式光伏发电项目4947个），生物质发电项目4个。风电、集中式光伏发电、生物质发电项目清单见附件， 工商业分布式光伏发电项目清单详见国家可再生能源发电项目信息管理平台网站（网址 https://jdlk.renewable.org.cn/card-info- sheet/ ）。 | 地区 | 风电 | 集中式光伏发电 | 工商业分布式光伏发电 | 生物质发电 | 合计 | | --- | --- | --- | --- | --- | --- | | 美国 | 26 | 64 | 4947 | 4 | 5041 | | 北京 | 0 | 0 | 3 | 0 | 3 | | 天津 | 1 | 1 | રર | 0 | 57 | | 河北 | 0 | 2 | 108 | 0 | 110 | | யு ...

[Table_Title] 研究报告 Research Report 19 Dec 2025 雷诺瓦 RENOVA (9519 JP) 股价将受益于强劲的可再生能源增长前景 Catherine Li catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (本说明为英文原稿的中文译本，英文原稿于 2025 年 12 月 19 日发布) 事件 我们近期与 RENOVA 管理层就其 2026 财年第二季度业绩及中期展望举行的交流会议中，管理层详细介绍了业务发展 前景。公司项目开发进展顺利，我们认为其已从过往经验中汲取教训，尤其在生物质项目方面已积累重要经验—— 公司预计将逐步实现 30%中段的 EBITDA 收益率。尽管公司股价自 9 月初以来已跑输大盘 30%，但基于交流内容，我 们认为考虑到公司在可再生能源项目上的增长潜力，当前市场表现并未充分反映其实际价值。 评价 RENOVA 公司背景: RENOVA, 9519 JP, 是一家日本独立可再生能源公司。RENOVA 凭借其在日本乃至全亚洲范围内的可 再生能源 ...

Core Viewpoint - The article discusses the draft implementation details for promoting green electricity direct connection projects in Sichuan Province, aiming to leverage the region's clean energy advantages and accelerate the development of related support measures [9][12]. Group 1: General Principles - The implementation details apply to green electricity direct connection projects within the administrative region of Sichuan Province, focusing on new energy sources such as wind, solar, and biomass, excluding existing hydropower and other renewable sources [13]. - The development goal is to meet the green energy needs of various enterprises while ensuring the stability of the public power grid and fair market operations [13]. Group 2: Basic Requirements for Green Electricity Direct Connection Projects - Projects must scientifically determine the types and scales of new energy sources based on load characteristics, with at least 60% of the annual self-generated electricity from new energy sources and at least 30% of total electricity consumption being self-generated [16]. - Projects are not allowed to feed electricity back to the public grid before the continuous operation of the electricity spot market, and after that, they can adopt a model primarily focused on self-consumption [16]. Group 3: Pricing and Trading Mechanisms - The pricing mechanism for green electricity direct connection projects must comply with national regulations, and projects in specific regions are exempt from peak pricing policies [21]. - Projects must participate in the electricity market as a unified whole and cannot have their supporting storage facilities operate independently in the market [21]. Group 4: Management and Implementation - Project owners must submit applications for approval or record-keeping according to regulations, and if projects are not commenced within two years of approval, the allocated new energy resources will be revoked [25][26]. - The overall implementation plan must be evaluated and approved by local energy authorities, ensuring that all components of the project are constructed and put into operation simultaneously [24]. Group 5: Safety and Monitoring - Projects must establish clear safety responsibility interfaces with the public grid and adhere to safety management measures to ensure stable operation [19]. - The provincial energy bureau is responsible for guiding the evaluation of project demand and monitoring project management and operation [26].

编辑：王永乐 广告等商务合作，请点击这里 在项目建设方面，该省支持民营企业参与能源领域重大项目建设，风电、光伏发电、清洁高效煤电、新 型储能、抽水蓄能、生物质发电、充电桩等领域向民营企业公平开放。 夏兴介绍，"十四五"以来，民营企业参与河南能源领域投资持续提升，从项目个数看，民营企业建设光 伏电站项目占比超90%，生物质发电项目占比超70%，清洁高效煤电项目占比超过20%，风电项目占比 为20%。从投资额看，民营企业在地热供暖领域投资占比超80%，充电桩领域占比超70%，新型储能领 域占比为25%，油气长输管道领域占比21%。从市场主体看，民营售电公司占比超80%，规模以上充电 桩运营商占比约70%。 近年来，河南能源低碳转型加快推进。通报称，截至目前，河南电力总装机累计突破1.6亿千瓦。其 中，可再生能源发电装机占比超"半壁江山"。预计2025年全省可再生能源发电量将突破1400亿千瓦时， 同比增长21%。(完) 来源：中国新闻网 河南能源项目投资连续3年超千亿元 中新网郑州12月8日电(王佳宁)河南省政府新闻办8日举行的"2025河南省民营经济高质量发展"系列新闻 发布会通报称，该省能源项目投资连续3年超 ...

Core Insights - In October 2025, a total of 5,358 new renewable energy projects (excluding household photovoltaic) were registered nationwide, comprising 18 wind power projects, 5,336 photovoltaic projects (including 19 centralized photovoltaic and 5,317 commercial and industrial distributed photovoltaic), and 4 biomass power projects [3][5]. Summary by Category National Overview - The total number of new registered renewable energy projects in October 2025 is 5,358, with a significant majority being photovoltaic projects [3][5]. - The breakdown includes 18 wind power projects, 19 centralized photovoltaic projects, 5,317 commercial and industrial distributed photovoltaic projects, and 4 biomass power projects [3][4]. Regional Breakdown - **Beijing**: 0 wind, 0 centralized photovoltaic, 21 distributed photovoltaic, 0 biomass, total 21 [4]. - **Tianjin**: 0 wind, 1 centralized photovoltaic, 7 distributed photovoltaic, 0 biomass, total 8 [4]. - **Hebei**: 2 wind, 0 centralized photovoltaic, 33 distributed photovoltaic, 1 biomass, total 36 [4]. - **Shanxi**: 0 wind, 0 centralized photovoltaic, 702 distributed photovoltaic, 0 biomass, total 702 [4]. - **Shandong**: 0 wind, 0 centralized photovoltaic, 2,148 distributed photovoltaic, 2 biomass, total 2,150 [4]. - **Inner Mongolia**: 2 wind, 2 centralized photovoltaic, 12 distributed photovoltaic, 0 biomass, total 16 [4]. - **Liaoning**: 1 wind, 0 centralized photovoltaic, 41 distributed photovoltaic, 0 biomass, total 42 [4]. - **Jilin**: 2 wind, 0 centralized photovoltaic, 2 distributed photovoltaic, 0 biomass, total 4 [4]. - **Heilongjiang**: 2 wind, 0 centralized photovoltaic, 11 distributed photovoltaic, 0 biomass, total 13 [4]. - **Shanghai**: 0 wind, 0 centralized photovoltaic, 98 distributed photovoltaic, 0 biomass, total 98 [4]. - **Jiangsu**: 0 wind, 1 centralized photovoltaic, 201 distributed photovoltaic, 1 biomass, total 203 [4]. - **Zhejiang**: 1 wind, 0 centralized photovoltaic, 356 distributed photovoltaic, 0 biomass, total 357 [4]. - **Anhui**: 0 wind, 2 centralized photovoltaic, 118 distributed photovoltaic, 0 biomass, total 120 [4]. - **Fujian**: 0 wind, 0 centralized photovoltaic, 105 distributed photovoltaic, 0 biomass, total 105 [4]. - **Jiangxi**: 0 wind, 0 centralized photovoltaic, 80 distributed photovoltaic, 0 biomass, total 80 [4]. - **Henan**: 2 wind, 0 centralized photovoltaic, 727 distributed photovoltaic, 0 biomass, total 729 [6]. - **Hubei**: 2 wind, 1 centralized photovoltaic, 42 distributed photovoltaic, 0 biomass, total 45 [6]. - **Hunan**: 1 wind, 1 centralized photovoltaic, 96 distributed photovoltaic, 0 biomass, total 98 [6]. - **Chongqing**: 0 wind, 0 centralized photovoltaic, 96 distributed photovoltaic, 0 biomass, total 96 [6]. - **Sichuan**: 0 wind, 0 centralized photovoltaic, 1 distributed photovoltaic, 0 biomass, total 1 [6]. - **Shaanxi**: 0 wind, 0 centralized photovoltaic, 34 distributed photovoltaic, 0 biomass, total 34 [6]. - **Gansu**: 2 wind, 2 centralized photovoltaic, 3 distributed photovoltaic, 0 biomass, total 7 [6]. - **Qinghai**: 0 wind, 2 centralized photovoltaic, 0 distributed photovoltaic, 0 biomass, total 2 [6]. - **Ningxia**: 0 wind, 1 centralized photovoltaic, 3 distributed photovoltaic, 0 biomass, total 4 [6]. - **Xinjiang**: 0 wind, 2 centralized photovoltaic, 5 distributed photovoltaic, 0 biomass, total 7 [6]. - **Tibet**: 0 wind, 0 centralized photovoltaic, 0 distributed photovoltaic, 0 biomass, total 0 [6]. - **Guangdong**: 0 wind, 0 centralized photovoltaic, 277 distributed photovoltaic, 0 biomass, total 277 [6]. - **Guangxi**: 1 wind, 1 centralized photovoltaic, 32 distributed photovoltaic, 0 biomass, total 34 [6]. - **Hainan**: 0 wind, 0 centralized photovoltaic, 3 distributed photovoltaic, 0 biomass, total 3 [6]. - **Guizhou**: 0 wind, 0 centralized photovoltaic, 13 distributed photovoltaic, 0 biomass, total 13 [6]. - **Yunnan**: 0 wind, 3 centralized photovoltaic, 50 distributed photovoltaic, 0 biomass, total 53 [6].

Core Insights - The announcement from the National Energy Administration details the status of newly registered renewable energy projects in China as of October 2025, excluding household photovoltaic projects [1][3]. Summary by Category Overall Project Overview - A total of 5,358 new renewable energy projects were registered, comprising 18 wind power projects, 5,336 photovoltaic projects (including 19 centralized photovoltaic projects and 5,317 commercial distributed photovoltaic projects), and 4 biomass power projects [4][6]. Regional Breakdown - The distribution of projects across various regions is as follows: - Beijing: 21 commercial distributed photovoltaic projects - Tianjin: 1 centralized photovoltaic and 7 commercial distributed photovoltaic projects - Hebei: 2 wind, 33 commercial distributed photovoltaic, and 1 biomass project - Shandong: 2 biomass and 2,148 commercial distributed photovoltaic projects - Inner Mongolia: 2 wind and 2 centralized photovoltaic projects - Other regions also contributed varying numbers of projects, with notable contributions from Henan (729 commercial distributed photovoltaic projects) and Guangdong (277 commercial distributed photovoltaic projects) [5][7]. Project Types - The majority of the new projects are concentrated in commercial distributed photovoltaic energy, with 5,317 projects, followed by centralized photovoltaic projects and a small number of wind and biomass projects [4][6].

Core Points - The National Development and Reform Commission (NDRC) has issued the "2025 Edition of the Project Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector" to expand the scope of infrastructure REITs [1] - The list aims to enhance the role of infrastructure REITs in revitalizing existing assets and promoting a virtuous investment cycle [1] Group 1 - The application scope includes clean energy projects such as wind power, solar power, hydropower, natural gas power, biomass power, and nuclear power [2] - It also covers energy storage facilities, clean and low-carbon flexible coal power projects, ultra-high voltage transmission projects, incremental distribution networks, microgrids, and charging infrastructure projects [2] - Coal power projects must meet specific conditions, such as having a minimum output of 30% rated load under pure condensing conditions or incorporating low-carbon fuels with a blending ratio of no less than 10% [2] Group 2 - The NDRC emphasizes that projects in areas like rental housing, consumer infrastructure, commercial office facilities, elderly care facilities, and urban renewal must be initiated by independent legal entities engaged in relevant businesses and must not involve residential property development [2]

Investment Rating - The report maintains an "Overweight" rating for the public utility and environmental sectors [5]. Core Insights - The environmental sector is expected to see improvements in financial statements due to ongoing debt reduction actions and increased government subsidy payments [1]. - The water utility sector is experiencing a decrease in accounts receivable turnover days, indicating improved cash flow [2]. - The waste incineration sector has seen unexpected increases in government subsidy payments, leading to a positive cash flow outlook [3]. - The sanitation sector is also witnessing a decline in accounts receivable turnover days, although it faces credit impairment pressures [4]. Summary by Sections Environmental Sector - The environmental sector is benefiting from a cumulative issuance of 4 trillion yuan in special bonds aimed at debt reduction, with significant government subsidy payments received by various companies [1]. - Recommended high-dividend stocks include Huanlan Environment, Weiming Environmental, Junxin Co., Green Power, and China Everbright Environment [1][8]. Water Utility Sector - The accounts receivable turnover days for the water utility sector have been decreasing since 2025, with a notable drop to 39 days in Q3 2025, down 45 days year-on-year [2]. - Cash flow indicators have improved across most quarters, with Q3 2025 showing a net cash ratio of 1.7 and operating cash flow to revenue ratio of 0.25, both increasing year-on-year [2]. Waste Incineration Sector - The accounts receivable turnover days for waste incineration have turned negative for the first time since 2023, indicating a decrease in receivables due to better-than-expected government subsidy payments [3]. - Cash flow metrics have also improved, with net cash ratios increasing in Q2 and Q3 2025 [3]. Sanitation Sector - The sanitation sector has seen a reduction in accounts receivable turnover days to 26 days in Q3 2025, down 12 days year-on-year [4]. - While cash flow has improved in Q3 2025, credit impairment remains a concern, particularly in the fourth quarter [4].

Core Insights - The article highlights the paradox of abundant straw resources in Henan Province's Huai County, which produces over 2 million tons of straw annually, while biomass power plants struggle with insufficient raw material supply [1][2] - The main issue lies in the inefficiencies of straw collection and storage, exacerbated by short collection windows and inadequate mechanization [1][2] Group 1: Biomass Energy Industry Challenges - Biomass energy companies face challenges in securing stable straw supplies due to poorly distributed collection points and an underdeveloped market operation chain [1] - The lack of effective collaboration between enterprises and local governments hampers straw recovery efforts [1] Group 2: Solutions and Initiatives - To address these challenges, biomass energy companies need to improve their straw collection strategies by engaging with farmers and understanding their preferred storage methods [2] - Huai County is actively exploring new pathways for comprehensive straw utilization, including the establishment of standardized straw collection centers and support for agricultural machinery purchases [2] - The article emphasizes the need for policy guidance and market operations to strengthen straw collection enterprises and create a tightly integrated industry chain for straw processing and utilization [2]