证券日报网讯1月29日，国电南瑞（600406）在互动平台回答投资者提问时表示，公司积极响应国家共 建"一带一路"倡议，持续深化国际化战略布局，推动特高压、智能电网、新能源等领域的技术与产品走 向海外。目前重点布局的市场包括东南亚、中东、拉美等电力建设及能源转型需求旺盛的地区。未来， 公司将继续稳步推进海外业务高质量发展，持续提升国际市场的规模与效益。近两个季度公司海外业务 收入及利润实现稳步提升，毛利率较同期略有提高，公司将通过优化业务结构、提升定价能力、深化成 本管控及强化财务风险管理等系统性举措，致力于实现海外业务毛利率的持续稳健增长。 ...

Group 1 - The core viewpoint of the article highlights that Guodian NARI is actively engaged in the development of the electricity spot market and virtual power plants, positioning itself as a leader in these areas [1] - The company has been involved in the construction of technical support systems for electricity spot markets in multiple regions, including Guangdong, Gansu, Inner Mongolia, and Zhejiang [1] - Guodian NARI is also responsible for the operation service platforms for virtual power plants in regions such as Shanxi, Ningxia, Shandong, and Chongqing [1] Group 2 - The company is expanding its services to electricity trading users and virtual power plant operators by developing decision support systems for electricity trading and aggregation platforms for virtual power plants [1] - Guodian NARI has successfully supported various clients, including central energy enterprises, local energy companies, electricity sales companies, and large electricity users, thereby enhancing the efficiency of the electricity spot market and virtual power plant operations [1] - The ongoing expansion of electricity spot trading and virtual power plant businesses is leading the company to explore energy internet data services [1]

证券日报网讯 1月29日，国电南瑞在互动平台回答投资者提问时表示，目前国电南瑞已掌握柔性直流输 电核心技术，换流阀、IGBT等核心部件已完全具备全国产化能力。国内订单方面，近年来公司陆续中 标宁夏至湖南±800千伏特高压直流输电工程、金上-湖北±800千伏特高压直流输电工程、甘肃-浙江±800 千伏特高压直流输电工程、蒙西-京津冀±800千伏特高压直流输电工程、藏东南-粤港澳特高压柔性直流 工程等项目；国际业务方面，中标德国BorWin6海上风电工程、巴西伊泰普水电站±600千伏直流送出工 程、沙特柔直工程等，实现特高压高端装备出口。2024年公司已开展产线扩能适配"沙戈荒"等项目交付 节奏，已形成±800kV电压等级柔性直流换流阀批量生产能力。 （编辑 王雪儿） ...

Investment Rating - The report indicates a strong investment opportunity in the power inspection drone industry, highlighting its transition towards intelligent grid systems and the expected market growth [5][19]. Core Insights - The power inspection drone industry is evolving from a simple aerial imaging tool to a comprehensive diagnostic platform, driven by the increasing demand for efficient inspection methods and advancements in AI and IoT technologies [6][8]. - The market is projected to grow significantly, with the global market size reaching approximately 19.516 billion yuan in 2023, and expected to exceed 23.4 billion yuan in 2024, driven by smart grid upgrades and aging infrastructure [19][20]. Summary by Sections Industry Overview - The report outlines the evolution of power inspection drones, emphasizing the shift from manual inspections to automated systems due to the expansion of the power grid and aging equipment [7][12]. - The National Grid's investment of 12 billion yuan aims to establish a nationwide drone inspection system covering 80% of high-voltage lines by 2025, which is expected to drive the industry scale beyond 20 billion yuan [7][19]. Technological Architecture - The report discusses the critical technological advancements in the industry, including multi-modal sensor integration, lightweight AI models, and digital twin technology, which enhance the accuracy and efficiency of inspections [24][25]. - Key performance indicators for 2025 include a defect recognition accuracy of 98.7% and the ability to conduct inspections over distances of 50 kilometers per flight [16][19]. Platform Evolution - The platformization of drone technology is transforming traditional power maintenance processes, enabling real-time monitoring and automated defect identification, significantly reducing response times from 8 hours to 2.5 hours [43][44]. - The report highlights a successful case study where a drone group combined with digital twin technology achieved a 95% warning accuracy rate and reduced fault rates by 40% [44][45]. Market Dynamics - The report identifies three phases of market growth: hardware sales dominance from 2023 to 2025, a rise in software and services from 2025 to 2027, and platform ecosystem competition from 2028 to 2030 [20][21]. - The growth is fueled by the demand for smart grid upgrades, government subsidies, and the need for efficient maintenance of aging infrastructure [19][20]. Challenges and Solutions - The report addresses challenges such as airspace management, algorithm adaptability, and data fusion, proposing solutions like geographic fencing technology and federated learning to enhance operational efficiency [59][64]. - A pilot project in Shenzhen demonstrates effective urban drone application management, achieving a threefold increase in inspection efficiency while maintaining compliance with urban airspace regulations [60][62].

证券日报网讯1月29日，国电南瑞（600406）在互动平台回答投资者提问时表示，公司在南美及中东市 场的电网自动化及保护设备业务已取得重要进展。在高级配电管理、智能调度技术支持、配电网运维及 高级计量架构等领域成功落地多个具有行业影响力的标志性项目。同时，在巴拉圭、菲律宾等重点区 域，公司的变电站保护与自动化系统也已实现规模化部署与应用。公司高度重视国际市场的战略地位， 并将其定位为核心增长引擎。当前，海外业务已展现出强劲的增长势头。公司计划到2030年，将海外业 务收入规模提升至全新量级，持续推动其在市场规模、营业收入和业务结构上实现系统性跨越。 ...

截至9月30日，国电南瑞股东户数15.01万，较上期增加49.47%；人均流通股53271股，较上期减少 33.09%。2025年1月-9月，国电南瑞实现营业收入385.77亿元，同比增长19.38%；归母净利润48.55亿 元，同比增长8.55%。 资料显示，国电南瑞科技股份有限公司位于江苏省南京市江宁经济技术开发区诚信大道19号2幢，成立 日期2001年2月28日，上市日期2003年10月16日，公司主营业务涉及电网自动化,工业控制业务(含轨道 交通),发电及新能源业务,节能环保业务。继电保护及柔性输电、电力信息通信等领域的业务。主营业务 收入构成为：电网智能50.43%，能源低碳26.98%，数能融合16.09%，工业互联5.13%，集成及其他 1.24%，其他(补充)0.13%。 国电南瑞所属申万行业为：电力设备-电网设备-电网自动化设备。所属概念板块包括：农村电网、直流 输电、雅鲁藏布江水电站、高低压设备概念、特高压等。 1月29日，国电南瑞盘中下跌2.04%，截至11:10，报24.99元/股，成交16.13亿元，换手率0.80%，总市值 2007.14亿元。 资金流向方面，主力资金净流出2.83 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry, indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [2][72]. Core Insights - The power equipment industry is entering a new development phase, driven by significant investments in smart grids, renewable energy integration, and digital transformation technologies such as big data and artificial intelligence [6][21]. - The "14th Five-Year Plan" anticipates a fixed asset investment of 4 trillion yuan by the State Grid Corporation, a 40% increase from the previous plan, aimed at enhancing the new power system's supply chain and achieving carbon peak goals [6][63]. - Global investment in power grids is projected to grow significantly, with an estimated annual investment of $330 billion in 2023, requiring a compound annual growth rate of 9.4% to reach $620 billion by 2030, presenting new opportunities for domestic power equipment companies [6][66]. Summary by Sections 1. New Development Phase of the Power Equipment Industry - The construction of power grids is crucial for the development of the power industry, encompassing substations and power line construction, with a focus on efficient, energy-saving, and environmentally friendly equipment [6][21]. - The transition to a new power system in China emphasizes renewable energy, with significant investments planned for smart grid infrastructure and digitalization [6][63]. 2. Global Power Industry Opportunities - The "14th Five-Year Plan" marks a new rapid construction phase for ultra-high voltage (UHV) projects, driven by the need for clean energy transmission from western and northern regions to load centers in the east and south [6][45]. - The global power grid investment landscape shows a substantial growth potential, particularly in emerging markets, with a pressing need for modernization and upgrades to accommodate renewable energy sources [6][60]. 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in technology and scale that are likely to benefit from the global energy transition, including Guodian NARI (600406), XJ Electric (000400), and others [6][66].

Core Insights - The "14th Five-Year Plan" includes a significant investment of 4 trillion yuan in ultra-high voltage (UHV) infrastructure, which is expected to drive the A-share UHV sector to new heights, with the sector index rising from around 2700 points at the beginning of the year to over 5000 points, outperforming the broader market [1][2] - The investment plan represents a 40% increase compared to the previous five-year plan, focusing on UHV direct current transmission channels and smart distribution networks, indicating a golden era for the UHV industry [2][3] Investment and Market Dynamics - Leading stocks in the UHV sector, such as XJ Electric, Pinggao Group, and China XD Electric, have seen price increases exceeding 35%, with an overall rise of over 60% in the past year [2] - The National Grid's investment plan aims to enhance cross-regional transmission capacity by over 30% before 2030, addressing structural imbalances in energy resource distribution across China [4][8] Technological Advancements - Continuous technological innovations are enhancing the efficiency and reliability of UHV systems, exemplified by the ±800 kV flexible direct current project, which improves grid stability and adaptability to renewable energy fluctuations [6][19] - The global energy transition is creating historical opportunities for UHV technology to expand internationally, particularly in Europe, where energy security concerns are driving demand for UHV infrastructure [8][9] Industry Structure and Key Players - The UHV industry exhibits a "dumbbell" structure, with core equipment and materials at the upstream and grid construction and operation at the downstream, creating a capital and technology-intensive ecosystem [13] - Major companies like State Grid, Southern Grid, and key equipment manufacturers are expanding their international market presence, with annual investments in UHV projects along the Belt and Road Initiative expected to reach approximately 400 billion yuan [12][34] Financial Performance and Growth Projections - Companies like Guodian NARI and Pinggao Electric are showing robust financial growth, with Guodian NARI reporting a revenue increase of 18.45% year-on-year in the first three quarters of 2025 [35][37] - The UHV sector is projected to benefit from a historical high in national grid investment, expected to reach 608.3 billion yuan in 2024, with a year-on-year growth of 15.3% [28][31] Future Outlook - The UHV sector is poised for significant growth driven by the "14th Five-Year Plan" investments and the ongoing development of international markets, particularly in regions like Southeast Asia and Europe [41] - The establishment of a new power system is expected to further integrate flexible direct current and mixed AC/DC distribution networks, promoting efficient, intelligent, and green energy solutions [33][41]

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。 重要内容提示： ● 现金管理到期收回情况：国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）及募投项目实 施子公司于2026年1月26日、1月27日到期收回募集资金现金管理产品合计124,000万元人民币，收回收 益306.93万元。 公司于2025年8月26日召开第九届董事会第七次会议、第九届监事会第三次会议，审议通过了《关于使 用部分闲置募集资金进行现金管理及暂时补充流动资金的议案》，同意公司在确保募投项目正常实施和 募集资金安全的前提下，使用部分闲置募集资金进行现金管理。具体内容详见上海证券交易所网站 （www.sse.com.cn）2025年8月28日公告。 ● 特别风险提示 尽管公司本次购买的保本型现金管理产品属于较低风险理财品种，但金融市场受宏观经济、财政及货币 政策的影响较大，不排除相关投资可能受到市场波动的影响，从而影响预期收益。 一、现金管理到期收回情况 公司及募投项目实施子公司于2026年1月26日、1月27日到期收回募集资金现金管理产品合计124,0 ...

南瑞支撑建设的陇东—山东±800千伏特高压直流工程获评央企十大超级工程 南瑞参与研制的换流阀入选央企十大国之重器 南瑞支撑西藏电网侧带超容构网型SVG项目建设 南瑞支撑建设的江苏句容抽蓄电站 南瑞自主研发的首套30兆瓦中压集中式电能质量治理装置投运，实现电压跌落响应、振荡抑制全覆盖 南瑞技术人员在江苏句容抽蓄电站开展系统调试 南瑞技术人员在IGBT封装测试生产线开展技术攻关 南瑞技术人员开展基于数字孪生电网的新型电力系统运行控制平台集中攻关 南瑞技术人员开展全国产化安全隔离装置性能测试 南瑞技术人员在系统保护实验室开展科技攻关 南瑞助力南京地铁5号线全线贯通运营 1月初，国务院国资委发布"2025年度央企十大超级工程"和"2025年度央企十大国之重器"。国网电科院 （南瑞集团）深度参与的陇东—山东±800千伏特高压直流工程和参与研制的全球首台±800千伏/800万千 瓦可控换相换流阀荣登双榜，充分彰显了我国电力装备领域的硬核技术实力与重大工程建设成就。 一路发展，实力铸就，荣誉见证：2025年国网电科院（南瑞集团）累计获省部级及以上科技奖励171 项，牵头发布4项IEC国际标准，10个项目入选能源领域首台（套 ...