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 ...

（文章来源：证券日报） 证券日报网讯 1月27日，国电南瑞发布公告称，公司2026年1月26日至27日到期收回募集资金现金管理 产品合计124000万元，获得收益306.93万元；同日再使用61200万元闲置募集资金认购交通银行89天保 本浮动收益型结构性存款，预计年化收益率1.00%-2.05%。 ...

国电南瑞科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回并继续 进行现金管理的进展公告 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。 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。 继续进行现金管理进展情况： （1）投资种类：结构性存款 证券代码：600406 证券简称：国电南瑞 公告编号：临2026-004 （2）投资金额：人民币 61,200 万元 已履行及拟履行的审议程序 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） ...

1月26日，中国国家电网公司董事长张智刚在公司总部会见哈萨克斯坦电网公司董事会主席纳比·艾特扎诺夫。 双方表示，中哈是共建"一带一路"重要合作伙伴，面对能源清洁低碳转型的共同挑战，双方将围绕共同关注的领域，秉持互利共赢理念，进一步加强经验 分享，深化交流合作，推动能源电力可持续发展。 公司副总经理潘敬东参加会见。双方有关部门和单位负责人参加会见。 内容来源：国家电网有限公司官方网站 ...

证券之星消息，1月26日电网设备板块较上一交易日下跌0.59%，广电电气领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603050 | 科林电气 | 21.74 | 7.89% | 14.94万 | | 3.20亿 | | 605196 | 不要维张 | 42.98 | 7.45% | 26.81万 | | 11.11亿 | | 609108 | 山大电力 | 55.43 | 7.30% | 11.39万 | | 6.12亿 | | 603191 | 望变电气 | 20.04 | 6.54% | 46.54万 | | 9.42 亿 | | 920046 | 亿能电力 | 29.30 | 6.16% | 17.75万 | | 5.20亿 | | 920375 | 派诺科技 | 15.72 | 4.73% | 7.02万 | | 1.09亿 | | ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power and new energy sectors, including Ningde Times, Mingyang Electric, and Sunshine Power [6]. Core Insights - The focus on affordability in the U.S. AI power sector is expected to influence the mid-term elections in 2026, with significant price increases in wholesale electricity driven by rising gas prices and capacity costs [2][15]. - The report highlights the potential for a significant increase in capacity prices due to the growing demand from data centers, which are projected to account for 95% of the incremental capacity [2][23]. - The "Energy as a Service" (EAAS) model is identified as a viable solution for data centers to achieve rapid power access while internalizing costs, with an estimated annual installation demand of 29-45 GW from 2026 to 2030 [4][31]. Summary by Sections Section 1: Price Increases and Capacity Demand - The PJM wholesale electricity price increased by 43.7% year-on-year, with gas prices contributing 66% and capacity price increases contributing 30% [2][15]. - The report estimates that capacity prices could rise by 100% to 300% from current levels due to the demand from data centers [2][15]. Section 2: Energy as a Service (EAAS) Model - The EAAS model is projected to maintain a demand of 29-45 GW per year from 2026 to 2030, with small gas turbines being economically advantageous [4][31]. - This model allows data centers to meet their urgent power needs while minimizing the impact on overall electricity costs [4][31]. Section 3: Electric Grid and Regulatory Changes - The report emphasizes the need for accelerated approval processes for electric grid and power sources to reduce electricity costs through economies of scale [3][31]. - Recent regulatory changes, including FERC's proposals, aim to streamline the approval process for large loads and enhance the capacity of the electric grid [31][40]. Section 4: Recommendations for Key Companies - The report recommends several companies for investment, including Ningde Times, Mingyang Electric, and Sunshine Power, all rated as "Buy" [9]. - Other recommended companies include Guodian NARI, Dongfang Electric, and Harbin Electric, which are positioned to benefit from the rising demand for electric power equipment [9]. Section 5: Market Dynamics and Future Outlook - The report anticipates a recovery in household solar storage demand driven by rising electricity prices, with potential for significant market growth [5][10]. - The overall electric power market is expected to experience a structural shift due to the increasing load from data centers, necessitating a reevaluation of investment strategies in the sector [31][35].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2026-003 公司第九届董事会第九次会议、2025 年第二次临时股东大会审议通过《关于 部分募投项目结项、终止及项目变更与节余资金永久补充流动资金的议案》，同 意公司终止"IGBT 模块产业化项目"，将项目部分节余资金用于投资新项目"大 电网运行控制数字孪生关键技术研发与产业能力提升建设项目"、"储能变流器 生产测试线建设项目"、"新型储能 PACK 中试生产线建设项目"，上述三个项目 金额为 65,000.00 万元。上述事项具体内容详见上海证券交易所网站 2025 年 12 月 13 日、2025 年 12 月 31 日公告。 国电南瑞科技股份有限公司 关于变更部分募集资金投资项目后重新签订募集资金专户存 储三方监管协议的公告 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个别及连带责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准国电南瑞科技股份有限公司向南瑞集 团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可[2017]2224 号）核准，国 ...

Core Viewpoint - The article highlights China's unprecedented electricity consumption, projected to exceed 10 trillion kilowatt-hours by 2025, which is more than double the annual electricity consumption of the United States and surpasses the total consumption of the EU, Russia, India, and Japan combined [2][6]. Group 1: Electricity Consumption Growth - China's electricity consumption is expected to grow from approximately 5.5 trillion kilowatt-hours in 2015 to over 10 trillion kilowatt-hours in 2025, indicating nearly a doubling in a decade [6]. - The rapid increase in electricity demand is exemplified by a recent surge of 150 million kilowatts over three days due to a cold wave, equivalent to Japan's maximum annual electricity load [6]. Group 2: Energy Self-Sufficiency and Infrastructure - Since the 14th Five-Year Plan, China's energy self-sufficiency rate has increased from around 80% to over 84%, establishing the world's largest renewable energy system [6]. - The article describes China's electricity infrastructure as a "powerful moat," built on strong foundational facilities and strategic planning, which has led to its recognition as a "power nation" [6]. Group 3: Planning and Coordination - China's electricity development model emphasizes "appropriate foresight," with planning cycles typically spanning 5-10 years, as evidenced by the State Grid's projected fixed asset investment of 4 trillion yuan for the 15th Five-Year Plan [7]. - The unified dispatch capability across a national electricity market allows for efficient energy resource allocation, addressing the challenge of energy distribution [9]. Group 4: Comparison with the U.S. and Europe - The U.S. faces significant challenges with aging infrastructure, where 70% of transformers are beyond their expected lifespan, leading to difficulties in updating facilities due to lengthy approval processes and high costs [11]. - The fragmented nature of the U.S. electricity grid, divided into three independent systems, hampers inter-regional electricity distribution [13]. - Europe also struggles with aging infrastructure, as highlighted by a major blackout affecting over 50 million people, revealing deep-seated issues within the European grid [14]. Group 5: Future of Electricity and AI - The article posits that electricity is becoming a strategic resource, essential for the development of artificial intelligence, with the competition for energy resources reflecting broader national capabilities [18]. - China's advancements in ultra-high voltage technology and renewable energy sources position it favorably in the global energy landscape, with over one-third of its electricity coming from green sources by 2025 [22]. Group 6: Challenges Ahead - Despite significant achievements, challenges remain for China's electricity sector, including insufficient profitability, ongoing structural optimization needs, and the necessity for sustained innovation investment [23].

国电南瑞公告称，2018年公司募资60.20亿元。2025年公司终止" IGBT 模块产业化项目"，将部分节余资 金6.50亿元用于三个新项目。2026年1月23日，公司与招商银行、中信证券重新签订《募集资金专户存 储三方监管协议》。截至1月18日，专户余额1945.60万元，另有9.63亿元结构性存款将于1月26日、1月 27日到期收回。协议对资金存放、使用、监管等方面作出详细规定。 ...