Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue reaching 3.477 billion yuan, a YoY increase of 21.18%, and net profit attributable to the parent company of 424 million yuan, a YoY increase of 19.24% [1] - The company's secondary equipment products have steadily increased their market share across various application fields, including smart grid, smart power generation, and smart power consumption [2] - The company is expected to benefit from the construction of new power systems, with both domestic and international businesses experiencing rapid growth [2] Financial Performance - In H1 2024, the company's gross margin was 33.46%, a YoY decrease of 2.64 percentage points, while the net margin was 12.22%, a YoY decrease of 0.19 percentage points [1] - The company's R&D investment in H1 2024 was 320 million yuan, a YoY increase of 25%, focusing on key areas such as distributed energy, flexible transmission, and new power system relay protection [2] - The company's revenue is expected to grow to 7.035 billion yuan in 2024, 8.467 billion yuan in 2025, and 10.211 billion yuan in 2026, with corresponding net profit growth rates of 19.9%, 19.2%, and 19.0% respectively [2][3] Business Segments - The grid automation business generated revenue of 1.689 billion yuan in H1 2024, a YoY increase of 11.58%, while the power plant and industrial automation business generated revenue of 1.526 billion yuan, a YoY increase of 24.89% [1] - Domestic revenue accounted for 3.353 billion yuan, a YoY increase of 20.62%, while international revenue was 117 million yuan, a YoY increase of 40.85% [1] Valuation and Forecast - The company's PE ratio is expected to be 18x in 2024, 15x in 2025, and 13x in 2026, based on the closing price on August 30, 2024 [2][3] - The company's EPS is forecasted to be 0.90 yuan in 2024, 1.08 yuan in 2025, and 1.28 yuan in 2026 [3][5]

证券代码：601126 证券简称：四方股份 公告编号：2024-032 北京四方继保自动化股份有限公司 关于为子公司提供担保公告 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。 重要内容提示: 一、担保情况概述 为满足子公司的经营发展需求，公司于 2024 年 8 月 29 日召开第七届董事会 第十六次会议，审议通过了： 1、 《关于公司为全资子公司向兴业银行股份有限公司申请综合授信提供 担保的议案》； 2、 《关于公司向平安银行股份有限公司北京分行申请综合授信及为子公 司提供担保的议案》； 3、 《关于公司向招商银行股份有限公司北京分行申请综合授信及为子公 1 被担保人名称：北京四方继保工程技术有限公司（以下简称"继保工程"）、 Sifang Automation India Private Limited（以下简称"四方印度"）、Sifang Electric Philippines Corporation（以下简称"四方电气菲律宾"） 本次担保金额及已实际为其提供的担保余额：本次公司为全资子公司、 控股子公司及间接 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-030 北京四方继保自动化股份有限公司 第七届董事会第十六次会议决议公告 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、董事会会议召开情况 北京四方继保自动化股份有限公司（以下简称"公司"）于2024年8月29日以 现场与通讯相结合的方式召开第七届董事会第十六次会议。本次会议通知于2024 年8月19日以电子邮件的方式发出，会议由董事长高秀环女士召集和主持，会议 应出席董事7名，实际出席董事7名，其中，董事张涛先生、祝朝晖先生、刘志超 先生、独立董事钱晖先生以通讯方式参与并表决，全部董事均参与并表决所有议 案。会议的召集和召开符合《中华人民共和国公司法》及《公司章程》等法律、 行政法规、部门规章、规范性文件的相关规定。 二、董事会会议审议情况 经与会董事认真审议，一致通过如下决议： 1、审议通过《关于公司 2024 年半年度报告的议案》，同意票 7 票，反对票 0 票，弃权票 0 票； 2024 年半年度报告中的财务信息已经第七届董事会审计委员会 20 ...

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。 重要内容提示： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《北 京四方继保自动化股份有限公司启航2号限制性股票激励计划（草案）》（以下简 称"《激励计划》"、"本激励计划"）的相关规定以及公司2023年第一次临时 股东大会授权，北京四方继保自动化股份有限公司（以下简称"公司"）董事会 认为本激励计划规定的限制性股票的预留授予条件已经成就，公司于2024年8月29 日召开的第七届董事会第十六次会议审议通过了《关于调整启航2号激励计划预留 授予价格及预留授予数量、向激励对象授予预留部分限制性股票的议案》，确定 公司本激励计划的预留授予日为2024年8月29日。现将有关事项说明如下： 证券代码：601126 证券简称：四方股份 公告编号：2024-035 北京四方继保自动化股份有限公司 关于调整启航 2 号激励计划预留授予价格及预留授予 数量、向激励对象授予预留部分限制性股票的公告 一、 限制性股票授予情况 （一）本激励计划已履行的决策程序和信息披露情况 1、 ...

Financial Performance - Revenue for the first half of 2024 reached 3.48 billion yuan, a year-on-year increase of 21.18%[14] - Net profit attributable to shareholders of the listed company was 423.59 million yuan, up 19.24% compared to the same period last year[14] - Operating cash flow increased by 36.16% to 60.59 million yuan[14] - Basic earnings per share (EPS) rose by 18.18% to 0.52 yuan per share[15] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 15.14% to 408.57 million yuan[14] - Basic earnings per share after deducting non-recurring gains and losses increased to 0.50 yuan/share, up 13.64% year-over-year[16] - Weighted average return on equity (ROE) rose to 9.85%, an increase of 1.10 percentage points[16] - The company achieved a revenue of 3.477 billion yuan, a year-on-year increase of 21.18%, and a net profit attributable to shareholders of 424 million yuan, a year-on-year increase of 19.24%[27] - Total operating revenue for the first half of 2024 reached 3,477,205,242.58 RMB, a 21.2% increase compared to 2,869,472,649.69 RMB in the same period of 2023[90] - Net profit attributable to parent company shareholders in the first half of 2024 was 423,591,108.29 RMB, up 19.2% from 355,245,791.82 RMB in the same period of 2023[92] - Revenue for the first half of 2024 increased to 916,090,022.60 RMB, up 30.7% compared to 700,846,758.79 RMB in the same period of 2023[93] - Net profit for the first half of 2024 rose to 38,405,017.68 RMB, a 78.1% increase from 21,571,489.07 RMB in the first half of 2023[93] Cash Flow and Financial Position - Operating cash flow for the first half of 2024 was 60,590,079.49 RMB, a 36.2% increase from 44,499,687.94 RMB in the first half of 2023[94] - Cash received from sales of goods and services in the first half of 2024 was 2,938,246,265.96 RMB, up 10.3% from 2,663,750,627.97 RMB in the same period of 2023[94] - Cash used in investment activities for the first half of 2024 was 281,337,610.48 RMB, an increase of 10.6% from 254,282,150.45 RMB in the first half of 2023[96] - Cash and cash equivalents at the end of the first half of 2024 stood at 2,405,541,288.16 RMB, up 51.3% from 1,590,006,121.95 RMB at the end of the first half of 2023[96] - Operating cash flow for the first half of 2024 was -161,076,810.07 RMB, a significant decrease compared to 63,919,119.31 RMB in the same period of 2023[97] - Investment cash flow for the first half of 2024 was 412,581,290.39 RMB, up from 237,188,690.08 RMB in the same period of 2023[99] - Financing cash flow for the first half of 2024 was -499,525,350.00 RMB, slightly improved from -500,100,780.00 RMB in the same period of 2023[99] - Total cash and cash equivalents at the end of the first half of 2024 were 1,288,861,698.66 RMB, compared to 1,050,887,412.71 RMB at the end of the first half of 2023[99] - Cash received from tax refunds increased to 1,146,228,013.13 RMB in the first half of 2024, up from 887,615,733.58 RMB in the same period of 2023[97] - Cash received from investment returns rose to 421,196,010.95 RMB in the first half of 2024, compared to 281,430,136.99 RMB in the same period of 2023[97] - Cash paid for goods and services increased to 1,072,238,643.39 RMB in the first half of 2024, up from 588,849,057.89 RMB in the same period of 2023[97] Assets and Liabilities - Total assets decreased by 2.37% to 9.28 billion yuan compared to the end of the previous year[14] - Cash and cash equivalents decreased by 14.96% to 2,653,736,748.20 RMB, accounting for 28.62% of total assets[36] - Accounts receivable increased by 17.64% to 1,268,956,612.83 RMB, accounting for 13.67% of total assets[36] - Inventory decreased by 14.83% to 1,729,992,924.83 RMB, accounting for 18.64% of total assets[36] - Contract assets increased by 25.57% to 1,697,391,824.97 RMB, accounting for 18.29% of total assets[36] - Construction in progress increased by 241.61% to 82,338,433.25 RMB, due to the smart equipment digital factory construction project[37] - Overseas assets amounted to 25,668,863.55 RMB, accounting for 0.28% of total assets[38] - Restricted cash amounted to 248,195,460.04 RMB, mainly due to guarantees and bank acceptance bills[39] - Total current assets as of June 30, 2024, amounted to 8,253,219,378.58, a decrease from 8,524,980,671.77 at the end of 2023[84] - Fixed assets decreased to 367,887,006.77 from 380,504,424.98 year-over-year[84] - Long-term equity investments slightly decreased to 54,684,437.29 from 54,868,246.81 year-over-year[84] - Total assets decreased from 9,504,776,565.38 to 9,279,902,858.59, a decline of approximately 2.4%[85] - Non-current assets increased slightly from 979,795,893.61 to 1,026,683,480.01, a growth of about 4.8%[85] - Current liabilities decreased from 5,249,477,046.42 to 5,048,377,045.67, a reduction of around 3.8%[85] - Total liabilities decreased from 5,270,513,544.65 to 5,067,123,514.46, a decline of approximately 3.9%[86] - Owner's equity decreased from 4,234,263,020.73 to 4,212,779,344.13, a reduction of about 0.5%[86] - Total liabilities decreased by 5.4% to 1,834,650,577.26 RMB as of June 2024, compared to 1,939,000,288.53 RMB at the end of 2023[89] - Total assets decreased by 9.5% to 4,876,952,330.18 RMB as of June 2024, compared to 5,389,142,385.18 RMB at the end of 2023[89] - Total equity attributable to shareholders decreased by 11.8% to 3,042,301,752.92 RMB as of June 2024, compared to 3,450,142,096.65 RMB at the end of 2023[89] Research and Development - R&D expenses increased by 29.6% to 320,490,135.96 RMB in the first half of 2024, compared to 247,349,091.81 RMB in the same period of 2023[90] - R&D expenses increased to 79,899,971.24 RMB in the first half of 2024, up 39.9% from 57,124,033.52 RMB in the same period of 2023[93] - The company has accumulated 812 authorized invention patents and 627 software copyrights, and participated in the drafting and revision of 493 international, national, and industry standards[24] - The company's technical personnel account for more than 60% of the total workforce, with several individuals receiving national and regional honors[26] Market and Industry Trends - In the first half of 2024, China's GDP grew by 5.0%, with total electricity consumption reaching 4.66 trillion kWh, up 8.1% year-over-year[22] - Wind power installed capacity reached 470 million kW, a 19.9% increase, while solar power installed capacity hit 710 million kW, up 51.6%[22] - New solar power installations in the first half of 2024 reached 102.48 million kW, a 30.7% year-over-year increase[22] - The company's products are exported to over 80 countries and regions, maintaining a leading market share[17] - The company participated in major national projects such as the 1000kV UHV project and the Three Gorges Project[17] - The company's secondary equipment products have steadily increased their market share in various application fields, with significant projects in smart grid and new energy sectors[27] - The company secured several key projects in the new energy sector, including offshore wind power and photovoltaic projects, enhancing its market competitiveness[27] Risk Factors - The company faces risks from macroeconomic and industry policies, which could impact its performance due to factors such as international macro environment, national economic policies, and power industry investment scale[44] - The company is exposed to technological innovation risks, as failure to continuously innovate in new product and technology development could affect its business and development prospects[45] - The company is at risk of talent loss due to intense industry competition, which is critical for its development as a high-tech enterprise in the power automation field[46] - The company faces risks from international environmental changes, including political environment shifts, unstable tax policies, and exchange rate fluctuations, which could impact its overseas business[47] Corporate Governance and Shareholder Information - The company did not propose any profit distribution or capital reserve to share capital conversion plan during the reporting period[3] - The company's registered address and office address remain unchanged at No. 9, Shangdi 4th Street, Haidian District, Beijing[11] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 601126[13] - The company's website and email address for investor relations are www.sf-auto.com and ir@sf-auto.com respectively[11] - The company held its 2023 Annual General Meeting on April 12, 2024, where all proposals were approved, including the 2023 Board of Directors Work Report and the 2023 Financial Budget Report[48] - The company did not distribute dividends or conduct capital reserve transfers during the reporting period[51] - The company implemented the "Voyage 2 Restricted Stock Incentive Plan" in 2023, which was approved by the Board of Directors and the Supervisory Committee, and no objections were raised during the公示 period[52] - The company granted a total of 19.079 million restricted shares under the "Voyage 2 Restricted Stock Incentive Plan" on November 14, 2023[53] - 25,000 restricted shares were repurchased and canceled on May 24, 2024, due to the resignation of one incentive object[53] - The company's total share capital decreased by 25,000 shares due to the repurchase and cancellation of restricted shares, resulting in a total share capital of 832,226,000 shares[79] - The company's restricted shares decreased by 25,000 shares during the reporting period, with a total of 1,905,400 restricted shares at the end of the period[79] - The company's total number of ordinary shareholders at the end of the reporting period was 32,932[80] Environmental and Social Responsibility - The company actively promotes ISO14001 environmental management and ISO50001 energy management systems, with no environmental pollution incidents reported in the first half of 2024[55] - The company has implemented energy-saving measures, including the use of energy-efficient lighting and sensor faucets, to reduce resource and energy consumption[57] - All emissions from the company's production activities, including wastewater, exhaust, and noise, meet regulatory standards, with no incidents of excessive emissions or environmental pollution[58] - The company has implemented green manufacturing and green operations, integrating these concepts into the entire lifecycle management process, including design, procurement, production, packaging, and logistics[59] - The company has constructed rooftop distributed photovoltaic systems, photovoltaic carports, energy storage, and charging piles at its Nanjing and Baoding production bases, developing renewable energy and reducing carbon emissions[59] - In 2024, the company purchased over 3,800 green electricity certificates as part of its efforts to use green electricity and fulfill social responsibilities[61] - The company conducted a carbon footprint verification for six product models, including pole-mounted circuit breakers and environmentally friendly gas ring network cabinets, and obtained corresponding carbon footprint certificates[61] - The company launched a comprehensive energy management system at its Baoding base, enabling real-time monitoring, data collection, and optimization of energy usage to achieve low-carbon, energy-saving, and efficient operations[59] - The company is advancing the Huzhou intelligent equipment digital production base project and has commissioned a third party to conduct an environmental impact assessment for the project[59] - The company has implemented energy-saving measures such as using energy-efficient lighting, reducing air conditioning energy consumption, and employing fire pool cold storage technology in office and production areas[60] - The company has conducted organizational-level carbon inventory and verification for its operations in Beijing, Baoding, Huzhou, Nanjing, and Wuhan, covering Scope 1, Scope 2, and Scope 3 greenhouse gas emissions[61] - The company has established a full lifecycle information system, including PLM, SOSP, SRM, MES, and ESP systems, to enhance office automation and reduce environmental impact[60] - The company has strengthened employee training and awareness campaigns on energy conservation, promoting habits such as saving water, electricity, and paper[60] Tax and Regulatory Compliance - The company's subsidiaries, including Beijing Sifang Automation Co., Ltd. (Sifang Co.), Nanjing Sifang Yineng Power Automation Co., Ltd. (Nanjing Yineng), and others, enjoy a reduced corporate income tax rate of 15% due to their status as high-tech enterprises[200] - The company benefits from a VAT refund policy for software products, where the actual VAT burden exceeding 3% is refunded, in accordance with the "Notice on VAT Policies for Software Products"[200] - The company's technical development and transfer services are exempt from VAT, as per the "Notice on the Comprehensive Pilot Program for Replacing Business Tax with VAT"[200] - Advanced manufacturing enterprises, including the company, are allowed to deduct an additional 5% of the deductible input VAT from the payable VAT amount from January 1, 2023, to December 31, 2027[200] - Subsidiaries such as Suzhou Sifang Zhidian Energy Technology Co., Ltd. (Sifang Zhidian) and Huzhou Sifang Zhixiang Electrical Co., Ltd. (Sifang Zhixiang) qualify as small and micro enterprises, benefiting from related tax preferential policies[200] Accounting Policies and Financial Reporting - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and the relevant regulations of the China Securities Regulatory Commission[113] - The company has not identified any significant events that would cast doubt on its ability to continue as a going concern within the next 12 months[114] - The company's accounting policies and estimates are based on actual production and operation characteristics, in accordance with the relevant Chinese Accounting Standards[115] - The company's financial statements are prepared on a going concern basis and reflect the company's financial position, operating results, changes in equity, and cash flows in accordance with the Chinese Accounting Standards[116] - The company's accounting year runs from January 1 to December 31[117] - The company uses a 12-month operating cycle as the standard for classifying assets and liabilities as current or non-current[118] - The company recognizes goodwill as the excess of the cost of acquisition over the fair value of identifiable net assets acquired, measured at cost less accumulated impairment losses[123] - Goodwill is tested for impairment at least annually at the end of the financial year[123] - The company consolidates financial statements based on control, defined as the power to govern financial and operating policies to obtain benefits[124] - Subsidiaries with different accounting policies or periods are adjusted to align with the company's policies before consolidation[124] - Joint arrangements are classified as either joint operations or joint ventures, with reclassification if rights and obligations change[125][126] - Joint operation participants recognize their share of assets, liabilities, revenues, and expenses[127] - Joint venture participants account for their investments under the equity method[128] - Cash equivalents include short-term, highly liquid investments with maturities of three months or less[129] - Foreign currency transactions are recorded at the spot exchange rate on the transaction date[130] - Financial assets are classified and measured based on business models and contractual cash flow characteristics[133] - The company measures financial assets at fair value with changes recognized in profit or loss, classified as trading financial assets, and for those expected to be held for over a year, classified as other non-current financial assets[135] - The company measures equity instruments without control, joint control, or significant influence at fair value with changes recognized in profit or loss, classified as trading financial assets, and for those expected to be held for over a year, classified as other non-current financial assets[135] - The company recognizes loss provisions for financial assets measured at amortized cost and debt instruments at fair value with changes in other comprehensive income based on expected credit losses[135] - The company calculates expected credit losses by considering past events, current conditions, and future economic forecasts, using the risk of default as a weight[135] - The company measures expected credit losses for financial instruments in different stages: Stage 1 (12-month expected credit loss), Stage 2 (lifetime expected credit loss), and Stage 3 (lifetime expected credit loss for impaired instruments)[135] - The company measures loss provisions for financial instruments with

3、上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 北京四方继保自动化股份有限公司董事会 注：1、公司在全部有效期内的股权激励计划所涉及的标的股票总数累计未超过本激励计划草案公告时公司 股本总额的 10%。本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票 数量累计未超过本激励计划草案公告时公司股本总额的 1%。 2、本激励计划激励对象不包括独立董事、监事及单独或合计持有公司 5%以上股份的股东或实际控制 人及其配偶、父母、子女。 北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划激励对象名单 （预留授予日） 一、限制性股票激励计划分配情况 | 姓名 职务 | | 授予限制性股 | 占授予限制性股 | 占目前公司总 | | --- | --- | --- | --- | --- | | | | 票数量（万股） | 票总量的比例 | 股本的比例 | | 核心技术（业务）骨干（64 | 人） | 132.50 | 6.49% | 0.16% | | 合计 | | 132.50 | 6.49% | 0.16% | 2024 年 8 月 31 日 ...

证券代码：601126 证券简称：四方股份 上海荣正企业咨询服务（集团） 股份有限公司 关于 北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划回购注销 部分限制性股票、调整预留授予价格及预留 数量、向激励对象授予预留部分限制性股票 相关事项 之 独立财务顾问报告 2024 年 8 月 | 目录 2 | | --- | | 一、释义 3 | | 二、声明 4 | | 三、基本假设 5 | | 四、本次激励计划的审批程序 6 | | 五、独立财务顾问意见 8 | | 六、备查文件及咨询方式 14 | 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 四方股份、本公司、公 | 指 | 北京四方继保自动化股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 独立财务顾问、财务顾 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 问 | | | | 本激励计划、本计划、 | | 北京四方继保自动化股份有限公司启航 2 号限制性股票激励 | | 限制性股票激励计划、 股权激励计划 | 指 | 计划 | | | | 公司根据本激励计划规 ...

北京四方继保自动化股份有限公司监事会 关于公司启航 2 号限制性股票激励计划 激励对象名单（预留授予日）的核查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）以及《公司章程》等有关法律法规及规范性文件 的规定，北京四方继保自动化股份有限公司（以下简称"公司"）监事会对公司 本次限制性股票激励计划预留授予日的激励对象名单和相关事项进行审核。现发 表核查意见如下: 1、根据公司2023年第一次临时股东大会授权，公司董事会确定本激励计划 的预留授予日为2024年8月29日，该授予日符合《管理办法》以及《北京四方继 保自动化股份有限公司启航2号限制性股票激励计划（草案）》（以下简称"《激 励计划》"）有关授予日的相关规定。 2、获授权益的激励对象为在公司（含公司控股子公司，下同）任职的核心 技术（业务）骨干，均与公司具有聘用、雇佣或劳务关系并签订相关协议。 3、获授权益的激励对象不存在《管理办法》规定的不得成为激励对象的情 形: （1）最近 12 个月内被证券交易所认定为不适当人选; （2）最 ...

证券代码：601126 证券简称：四方股份 公告编号：2024-029 北京四方继保自动化股份有限公司 关于部分限制性股票回购注销实施公告 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： 回购注销原因： 本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 90,000 | 90,000 | 2024 年 8 | 月 | 16 | 日 | 一、本次限制性股票回购注销的决策与信息披露 (一) 2024年4月26日，公司召开第七届董事会第十二次会议、第七届监事 会第十一次会议，审议通过了《关于调整公司启航2号限制性股票激励计划回购 价格的议案》、《关于回购注销部分激励对象已获授但尚未解除限售的限制性股 票的议案》。 (二) 2024年4月30日，公司披露了《关于调整公司启航2号限制性股票激励 计划回购价格的公告》（公告编号：2024-015）、《关于回购注销部分激励对象 已获授但尚未解除 ...

2 图 19：公司传统能源发电领域产品展示 新一轮配网政策落地，配电网智能化成为重要增量发展方向，新一轮配网投资增长周期有 望开启。"十三五"期间的农网改造升级计划完成后，我国电网投资中的配电网投资占比 有所下滑。而当前时间点，我们认为在"十四五"期间的相关政策逐步实施背景下，配电 网有望迎来新一轮发展机遇。此外，"十四五"期间针对农网及配网的政策与以往侧重点存 在不同，过去的政策重心在于提升农村电网的电力保障能力，而本轮政策重点提及配网智 能化（适应分布式能源、充电桩等接入）的发展目标。 根据我国电力供需结构性失衡的现状，东部地区用电量大于发电能力，而西部地区则相反。 资源与电力负荷的错配使得跨省跨区电力输送和交换成为保障我国电力供应、优化资源配 置的重要手段。近年来，在基建刺激和新能源消纳需求的推动下，跨省跨区特高压工程发 展迅速。国家电网表示力争在 2025 年实现跨省、跨区输电能力达到 3 亿千瓦，到 2030 年 达到 3.7 亿千瓦。同时，努力确保清洁能源电量占输送电量的 50%以上。 中标江西大唐国际新余二期电厂 2X1000MW 工程、浙能六横电厂二期 2×1000MW工程、国能湖南岳阳电厂 ...