The global virtual power plant market was sized near USD 1,852.9 million in 2023 in terms of value. A Virtual Power Plant (VPP) is an advanced energy management system that aggregates, optimizes, and controls distributed energy resources (DERs) such as solar panels, wind turbines, battery storage systems, and demand-response units. The Virtual Power Plant (VPP) market is witnessing unique trends, including the integration of blockchain-based peer-to-peer (P2P) energy trading, and AI-driven predictive analytics for dynamic load balancing. Additionally, vehicle-to-grid (V2G) technology is gaining traction, allowing electric vehicles to contribute to grid stability and energy trading. Leading players in the market include Schneider Electric, Tesla, ABB, Siemens, and others. Companies in the Virtual Power Plant (VPP) market are adopting strategic partnerships, AI-driven energy management, and decentralized grid solutions to enhance efficiency. They are also investing in demand response programs, blockchain-based energy trading, and advanced energy storage integration to optimize distributed energy resources and strengthen grid resilience in real-time. The Virtual Power Plant (VPP) market faces challenges such as real-time energy forecasting inaccuracies, and data ownership disputes among energy providers. These may be resolved by enhancing AI-driven predictive analytics for accurate demand-supply forecasting, implementing clear regulatory frameworks, and establishing transparent data-sharing agreements to ensure seamless operations

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

锂电：先惠技术与清陶能源深化合作，共促固态电池发展。富临精工经营端符合预期，正极材料盈利有望持续提升。当升科技业绩环比高增。湖南裕能 Q2 环比高增。锂电 产业链 25 年有望出现供需拐点，行业进入 2-3 年上行周期。展望未来两年，业绩、估值均有提升可能性，属于中线布局较好板块。推荐【宁德时代】【亿纬锂能】；材料建议关注【湖南裕能】【万润新能】【尚太科技】【中科电气】；看好锂电新技术方向固态电池的主题行情，建议关注固态电池相关公司【厦钨新能】【宏工科技】【纳科若尔】【国轩高科】【星源材质】【容百科技】。

公用环保行业：火电盈利提升，环保现金流延续改善－专题研究

公用事业行业：AI带动数据中心景气向上，电力需求有多少

本周（9.1-9.5）上证综指下降 1.18%，创业板指上涨 2.35%。碳中和板块下降 1.42%，公用事业板块上涨 1.16%， 环保板块上涨 0.23%，煤炭板块上涨 0.66%。

光伏：硅料价格延续小幅上行，下游价格持稳，市场观望氛围不减 本周硅料价格继续小幅上探，N 型颗粒硅料涨幅相对突出。硅片、电池 片及组件价格延续平盘走势，整体维持稳定。产业链观望情绪未改， 市场整体仍处于弱平衡状态。建议关注 BC 产业趋势。

固态电池产业化加速推进：材料端，格林美与蔚蓝锂芯签署固态电池材料合作协议，双方计划在一年内实现超高比能电池技术突破，三年内推动全固态电池等400Wh/Kg以上超高比能锂 电池的产业化。电池端，南都电源签署2.8GWh独立储能项目订单，该项目将采用314Ah半固态电池；太蓝新能源固态电池项目入选国家重点研发计划；融捷能源发布450Wh/kg全固态 电池，并计划2026年建成0.2GWh中试线。政策端，《电动汽车用全固态电池单体规格尺寸》团体标准正式立项；该标准主要规范了全固态电池单体的封装方式、规格尺寸和公差等关键 指标。其中，全固态电池单体封装方式规定使用软包三封边封装方式。

国内海上风电迎来景气周期。从国内海风发展历程看，2022-2024年是国内海风市场消化前一轮大发展累积的各类问题的阶段，包括军事、航道、安全等方面 的问题，随着上述问题逐步消退，停滞项目加快推进，沿海各省海风发展节奏提速，2025年国内海风需求高增可期。中长期看，国内海风需求增长的动能主 要来自深远海项目开发。随着风机大型化、柔性直流外送等技术进步推动深远海项目降本和经济性提升，深远海项目开发有望支撑国内海风需求持续增长。 我们判断国内海上风电需求即将步入快速增长的景气周期。我们预计，2025年国内海风新增装机有望达到11.3GW。考虑海上风电投资成本的持续下降以及深 远海等应用场景的打开，未来需求有望持续成长。随着项目建设推进和海风制造企业业绩兑现，我们判断下半年海风板块的贝塔性投资机会将好于上半年。

印尼近日披露大规模光储计划，拟在 8 万个村庄部署“1MW 光伏+4MWh 储能” 微电网系统，合计 80GW 光伏（另外配套 20GW 集中式光伏）、320GWh 储 能，估算整体投资在万亿人民币级别。印尼人口多，电力基础设施较差，用电 普及率与人均用电量相关指标在东南亚属于尾部。印尼发展光伏的自然禀赋较 好，但过去受制于本土化要求及监管限制，整体发展水平较低。目前，这些制 约瓶颈已经显著缓解，综合考虑，考虑到印尼群岛地理环境、解决电力供应的 必要性以及光伏发展限制的放宽。我们认为此次印尼大规模光储规划是合理、 有延续性的，有望对分布式光伏、户储&工商储相关企业形成有力拉动。