据中国节能协会秘书长辛升介绍，电力需求侧主动调节成为新型电力系统推动绿色低碳转型的核心抓 手。今年以来，零碳园区、绿电直供、虚拟电厂等政策出台，明确电力需求侧资源为新型电力系统的重 要调节力量。当前，电力需求侧新质生产力发展面临政策加码、技术迭代、市场需求释放的机遇，但同 样面临标准不统一、调度难度大、虚拟电厂商业模式单一等挑战，需要体制机制和技术创新，激活市 场。 自然资源保护协会北京代表处首席代表张洁清表示，充分发挥需求侧资源的调节作用是破解消纳难题的 重要路径，通过需求响应、辅助服务等形式发挥其削峰填谷能力，可以更好地支撑新能源消纳。而工业 既是能源消费和碳排放的重点部门，也是新能源消纳和深度减碳的关键领域。加快新能源与工业负荷的 协同，可以推动我国"双碳"目标加速进程。 国网能源研究院供需所节能与需求响应室副主任孙启星表示，随着新型电力系统建设和电力市场改革深 入推进，需求侧资源将以更大范围、更高频次参与供需互动，负荷管理在服务电力保供、促进新能源消 纳和提升用户服务质量等方面的作用更加凸显。下一步，应坚持"市场措施优先、负荷管理兜底、多种 措施协同"的原则，推动负荷调节由"削峰"向"移峰"、由"日前 ...

Core Viewpoint - The company reported a slight decrease in revenue but a significant increase in net profit, driven by effective management and the successful integration of the recent acquisition of Yuefeng Environmental [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.763 billion yuan, a year-on-year decrease of 1%, while net profit attributable to shareholders reached 967 million yuan, a year-on-year increase of 9% [1]. - The company plans to distribute a mid-term dividend of 2.5 yuan per 10 shares (including tax) [1]. Group 2: Acquisition and Integration - The acquisition of Yuefeng Environmental was completed in June 2025, contributing 369 million yuan in revenue and approximately 60 million yuan in net profit for that month [2]. - Post-acquisition, the company's total waste incineration power generation capacity reached 97,590 tons/day, ranking among the top three in the domestic industry and first among A-share listed companies [2]. - Financially, the acquisition led to a reduction of approximately 1.3 billion yuan in total loans and a decrease in financing rates from 2.75%-4.75% to 2.50%-4.00% [2]. Group 3: Operational Efficiency - The company's solid waste treatment operations (excluding engineering and equipment) achieved a net profit of 730 million yuan, a year-on-year increase of 26.44% [3]. - The heating business saw a significant increase, with heating volume reaching 943,500 tons, up 41.60%, and heating revenue increasing by 46.50% to 140 million yuan [3]. - The company improved operational efficiency, with power generation per ton of waste and on-grid electricity both increasing by 2.60% and 3.51%, respectively [3]. Group 4: Growth Strategies and Shareholder Returns - The company is exploring new business models such as "green electricity direct supply" and has signed strategic cooperation agreements to leverage its green electricity resources [4]. - The company is also advancing the issuance of public REITs based on drainage and solid waste businesses, expected to range from 1 to 3 billion yuan [4]. - The company plans to implement a mid-term dividend of 0.25 yuan per share in 2025, with a commitment to increase cash dividends by no less than 10% in 2025 and 2026 [4]. Group 5: Profit Forecast - The company is projected to achieve operating revenues of 14.036 billion yuan, 15.835 billion yuan, and 16.530 billion yuan for 2025-2027, with year-on-year growth rates of 18.08%, 12.82%, and 4.38% respectively [5]. - Net profit attributable to shareholders is expected to be 1.973 billion yuan, 2.262 billion yuan, and 2.473 billion yuan for the same period, with growth rates of 18.56%, 14.66%, and 9.33% respectively [5].

Group 1 - The concept of "green electricity direct supply" is gaining attention in China, aiming to address specific issues within the context of power policy adjustments [1][6] - The emergence of direct supply models reflects the industry's urgent need for a more flexible electricity supply mechanism, requiring close cooperation between major electricity consumers and green electricity suppliers [1][4] - Direct supply of electricity is not a new phenomenon, as self-built power plants have been common in energy-intensive industries like electrolytic aluminum, providing cheaper electricity and showcasing market competitiveness [1][3] Group 2 - Understanding green electricity direct supply requires knowledge of China's complex power grid, dominated by state-owned enterprises across various energy types, including coal, hydro, nuclear, and renewables [3][6] - The electricity market in China faces monopolistic issues, with limited user choice due to strict control by grid companies, making the direct supply model a potential solution to promote market openness and competition [3][6] - The core challenge of green electricity direct supply lies in addressing the instability of green electricity supply due to the intermittent nature of solar and wind energy, necessitating advancements in storage technology [4][6] Group 3 - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote green electricity direct supply, providing institutional support for renewable energy consumption and user-side energy structure transformation [6] - Green electricity direct supply is seen as an effective way to tackle issues of electricity surplus and saturation of green electricity supply, offering stable supply to excellent electricity consumers and new market opportunities for suppliers [6] - Despite challenges, the gradual improvement of policies and continuous technological innovation may position green electricity direct supply as a key direction for reform in China's electricity market [6]