全球首富埃隆·马斯克日前警告称，在美国，人工智能（AI）发展面临的最大阻碍是电力不足，而中国 却不存在这一问题。 周四，马斯克在与贝莱德首席执行官、世界经济论坛临时联合主席拉里·芬克的对话中表示，人工智能 芯片的生产正呈指数级增长，但电力供应不足，这制约了AI数据中心在训练和部署AI模型方面的效 率。 美国一直深陷电网系统陈旧落后的困局，这是数十年投资不足和基础设施老化的后果。随着科技公司越 来越依赖电网运营商提供电力，电网的可靠性问题和供电能力限制已威胁到AI部署的速度，并引发担 忧：美国可能会因电力短板在AI竞赛中落后于人。 能源专家透露，英伟达总部所在地加州圣克拉拉市的两座大型数据中心，或因电力供应不足而闲置数 年。与此同时，AI巨大的耗电量推高相关地区的能源成本，引发了民众对数据中心建设的抵制。 美国总统特朗普周三在达沃斯演讲中鼓励科技企业在布局人工智能时自建核电站，并声称，政府将在短 短三周内批准此类项目——尽管核电站的审批流程历来需要数年时间。 全球首富埃隆·马斯克日前警告称，在美国，人工智能（AI）发展面临的最大阻碍是电力不足，而中国 却不存在这一问题。 周四，马斯克在与贝莱德首席执行官、世界经 ...

Core Insights - In 2025, China's electricity market transaction volume reached 6.6 trillion kilowatt-hours, marking a year-on-year growth of 7.4% and accounting for 64.0% of the total electricity consumption, an increase of 1.3 percentage points compared to the previous year [1] Transaction Volume Overview - The provincial transaction volume was 5.0473 trillion kilowatt-hours, reflecting a year-on-year increase of 6.2% [1] - The inter-provincial and inter-regional transaction volume was 1.5921 trillion kilowatt-hours, with a year-on-year growth of 11.6%, including 3.4 billion kilowatt-hours from cross-grid operations [1] Transaction Types - The medium and long-term transaction volume was 6.3522 trillion kilowatt-hours, while the spot transaction volume was 287.2 billion kilowatt-hours [1] - Green electricity transaction volume reached 328.5 billion kilowatt-hours, showing a significant year-on-year increase of 38.3% [1] December 2025 Performance - In December 2025, the total electricity market transaction volume was 608 billion kilowatt-hours, up 6.6% year-on-year [1] - The provincial transaction volume for December was 464.1 billion kilowatt-hours, increasing by 5.3% year-on-year, while the inter-provincial and inter-regional transaction volume was 143.9 billion kilowatt-hours, up 11.3% [1] - The medium and long-term transaction volume for December was 582.2 billion kilowatt-hours, and the spot transaction volume was 25.8 billion kilowatt-hours [1] - Green electricity transaction volume in December was 31.7 billion kilowatt-hours, reflecting a year-on-year growth of 32.3% [1]

新源智储承建的青海共和200兆瓦/800兆瓦时配储项目一期地处青海海南州共和县塔拉滩。项目突破多项高寒地区储能系统集成与安装难题，投运后将有 效提升海南州电网的调峰调频能力，增强系统运行弹性，促进周边风电、光伏发电高效消纳，助力青海打造国家清洁能源示范高地。 风机机组各系统设备运行平稳，主要运行参数均符合技术规程规范要求。 转载自：国家电投官网 WETOWN ELECTRIC 近日，国家电投集团中国电力（中电国际）新源智储在内蒙古、甘肃、新疆、青海等地承建的多个储能项目相继并网投运，涵盖不同规模与应用场景，为 区域电网调峰调频、新能源消纳提供有力支撑，推动能源结构优化升级。 新源智储内蒙古通辽150兆瓦/600兆瓦时新能源配储项目位于通辽市奈曼旗金沙500千伏变电站周边。项目投产后，可为蒙东电网提供快速、灵活的功率支 撑与频率调节服务，大幅提升电网对风电、光伏等波动性电源的消纳能力，进一步增强区域供电可靠性与经济运行水平。 新源智储甘肃靖远10兆瓦/20兆瓦时储能项目位于甘肃白银市靖远县。项目团队在建设中注重防风固沙、低温施工等专项技术措施的落实，采用适应恶劣 环境的储能设备与安装工艺，顺利完成系统集成与调试 ...

Core Insights - China's electricity load reached a record high in winter 2026, surpassing 1.4 billion kilowatts for the first time, peaking at 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours for the first time in winter [1] Group 1: Electricity Load Trends - The national maximum electricity load hit 1.351 billion kilowatts on January 4, setting a new winter historical high [1] - From January 18, due to a widespread cold wave, the national electricity load increased rapidly, rising by 150 million kilowatts in three days, equivalent to Japan's maximum annual electricity load [1] - On January 19 and 20, the electricity load reached new winter historical highs, with January 20 peaking at 1.417 billion kilowatts [1] Group 2: Regional Performance - The electricity load in North China, Northwest China, Northeast China, and 12 provincial-level power grids including Xinjiang and Tibet has set historical highs 75 times since the beginning of winter [1] Group 3: Electricity Consumption - Daily electricity consumption has remained high, with January 5 marking the first time daily consumption exceeded 30 billion kilowatt-hours in winter [1] - Daily electricity consumption also surpassed 30 billion kilowatt-hours on January 5-7 and January 19, indicating an improvement in China's winter energy security capabilities [1] Group 4: Future Actions - The National Energy Administration will guide and supervise local power companies to ensure winter heating and supply, monitoring electricity supply and demand changes daily to address potential risks and ensure stable electricity supply [1]

2025年，中电联深入贯彻落实国家"一带一路"倡议，紧密对接电力央企海外项目人才培养需求，推动4 家海外评价基地纳入电力行业技能人才评价体系，并首次圆满完成在柬埔寨、缅甸、乌兹别克斯坦等国 的企业人才技能评价工作。这标志着中国电力行业技能评价服务"走出去"实现重大突破，为推进海外技 能人才评价、服务海外中资企业、促进技术技能国际交流开辟了新路径。 为推动海外培训评价工作常态化，中电联开展了海外评价基地征集建设工作，组织国内顶尖行业专家团 队，指导中广核非洲能源公司(塞内加尔)、华电柬埔寨西港发电厂(柬埔寨)、大唐布卡新能源开发有限 责任公司(乌兹别克斯坦)、恒华职业技术学院(卢旺达)4家单位，构建培训评价工作体系，编制工作流程 制度，培养管理和师资团队，升级场地和设备设施条件，使其达到了国内中等评价基地要求，具备开展 常态化培训评价的条件。 随着"一带一路"能源合作持续深化，中国大唐集团境外项目本土化率稳步提升，外籍员工已成为保障电 站安全运行的重要力量。针对"无标准可依、无认证可考"的现实困境，中电联人才工作办公室精准对接 企业需求，完成对柬埔寨、缅甸、乌兹别克斯坦三国18名外籍员工的系统性培训，并于202 ...

Core Insights - The electric power equipment sector has become a new market focus due to the State Grid's announcement of a 4 trillion yuan fixed asset investment plan, marking a 40% increase from the previous plan and setting a historical high [1] - Goldman Sachs predicts an average annual investment of at least 800 billion yuan, with a compound growth rate of at least 6%, potentially reaching 8% due to the demand from renewable energy consumption and AI data centers [1] Part 01: Transition from UHV to Smart Grid - The 4 trillion yuan investment is not evenly distributed but shows a clear phased structure, reflecting China's strategic shift from "backbone expansion" to "smart upgrades" [2] - By 2026, UHV is expected to be the fastest-growing segment with a year-on-year growth rate of 24%, transitioning to smart grid and distribution network construction thereafter [2] - UHV investment will experience a "short-term high growth, gradual slowdown" process, with a planned new construction of 5 UHV lines in 2026, decreasing to 4 lines annually from 2027 to 2030 [2] Part 02: Investment Trends and Market Dynamics - In 2025, the electric grid industry is expected to show a divergence with "investment growth below expectations but strong equipment bidding" [5] - From January to November 2025, the State Grid's fixed asset investment reached 560.4 billion yuan, a 6% year-on-year increase, with an expected annual growth rate of 11%, lower than Goldman Sachs' previous forecast of 13% [5] - The bidding market for equipment is robust, with a total bidding amount for transmission equipment increasing by 26% year-on-year [5] Part 03: Market Concentration and Competitive Landscape - The strong growth in the bidding market is leading to increased market concentration among leading companies, with the market share of core products like GIS and transformers improving [6] - In the circuit breaker sector, Siyi Electric's market share is projected to rise from 16% in 2023 to 49% in 2025, while TBEA remains the leader in power transformers with a 23% market share [6] - The concentration of market share is driven by technological barriers and capacity advantages, as companies with core technologies and scalable delivery capabilities continue to capture market share [6]

电力设备股突然成为了市场的新焦点。 1月15日，国家电网披露"十五五"固定资产投资计划，为中国电网科技行业注入确定性增长动能。这份 高达4万亿元的投资目标，较"十四五"期间的约2.8万亿元增幅达40%，不仅创下历史新高，更较"十四 五"相对"十三五"8%的增速实现跨越式提升。 19日，高盛研究团队发布一份研究报告指出，这一投资规模意味着年均投入不低于8000亿元，复合增长 率至少6%，而叠加新能源消纳、AI数据中心耗电增长等需求，实际增速有望向8%靠拢，为南瑞科技、 思源电气（002028）等核心设备企业打开长期成长空间。 01 从特高压领跑到智能电网接棒 高盛在研究报告中表示，此次4万亿投资并非均衡发力，而是呈现清晰的阶段性结构特征，折射出中国 电网从"骨干扩容"向"智能升级"的战略转型逻辑。 高盛预测，2026年特高压将成为增长最快的细分领域，同比增速有望达24%，之后逐步换挡至智能电网 与配网建设。 从节奏上看，特高压投资将经历"短期高增、逐步放缓"的过程：2026年计划新开工5条特高压线路， 2027-2030年每年新开工数量降至4条，但整体投资强度仍将维持高位。这一布局与国家电网"十五五"核 心目标 ...

Group 1 - Elon Musk predicts that AGI will fully arrive by 2026, emphasizing that the true battleground for AI is not chips but electricity, with China poised to dominate this hidden arena [3][13] - Musk states that the future currency will essentially be watts, indicating that electricity will become the hard currency of the future, surpassing Bitcoin and gold [4][13] - The construction of xAI's Colossus2 data center in Tennessee took a year just to secure power access, highlighting the challenges in electricity infrastructure [6][11] Group 2 - China is expected to have three times the power generation capacity of the U.S. by 2026, giving it a significant advantage in the upcoming "power race" [13][44] - The U.S. electrical grid is largely outdated, with many systems dating back to the 1960s and 70s, making it difficult to keep pace with China's advancements [11][44] - The efficiency of AI in processing information poses a threat to white-collar jobs, as AI can perform tasks traditionally requiring human intelligence at a much lower cost and higher efficiency [15][17] Group 3 - Musk predicts that by 2040, the number of robots will reach 10 billion, leading to a significant reduction in production costs and a potential shift towards universal basic income [25][44] - The upcoming Grok5 AI model from xAI will have a parameter count of 60 trillion, indicating a significant leap in AI capabilities [27][29] - Neuralink plans to launch large-scale production of brain-machine interfaces by 2026, which could revolutionize human interaction with technology [31][44] Group 4 - The transition to a new technological era will require individuals to acquire hard skills related to AI collaboration and renewable energy, as traditional educational pathways may become obsolete [40][44] - Companies must focus on electricity, computing power, models, and applications to remain relevant in the face of rapid technological change [46][48] - The urgency of preparing for the impending changes is emphasized, as the countdown to AGI has already begun [48]

Core Viewpoint - The recent suspension of electricity exports from Russia to China has been interpreted by Western media as a sign of cooling relations between the two countries, but Russian President Putin's calm response suggests a deeper strategic consideration beyond mere trade disputes [3][5][15]. Group 1: Trade Dynamics - The suspension of electricity exports is a result of ongoing negotiations regarding pricing, with Russia's Inter RAO seeking a price increase of approximately 7% to balance operational costs [8][11]. - China has calculated that accepting the proposed price increase would negate the cost advantages of importing electricity from Russia, leading to a potential shift towards domestic power generation solutions [11]. - Electricity trade constitutes a minor portion of the over $200 billion annual trade volume between China and Russia, indicating that the overall energy cooperation is diversified and not solely reliant on electricity [13]. Group 2: Geopolitical Context - Putin's remarks during a meeting with new ambassadors from 30 countries highlighted a vision for a more equitable multipolar world order, suggesting that global dynamics are shifting beyond simple trade relationships [3][5]. - The focus of global power dynamics is transitioning from individual trade disputes to the broader contest for influence over the new international order, as evidenced by Canada's Prime Minister's visit to China to discuss cooperation [7]. - The Western media's portrayal of the electricity trade issue reflects a misunderstanding of the deeper strategic ties between China and Russia, as they continue to collaborate on various fronts despite minor trade disagreements [15][17]. Group 3: Economic Strategies - China is actively reducing its reliance on the US dollar by decreasing its holdings of US Treasury bonds and increasing its gold reserves, which supports the construction of a multipolar order [20]. - Russia is adapting to Western sanctions by deepening cooperation with emerging market countries and promoting the use of local currencies in trade, further diminishing dependence on Western markets [20]. - The strategic partnership between China and Russia remains robust, with ongoing collaboration in energy, military, and diplomatic areas, despite temporary disruptions in specific trade sectors [20].

Core Viewpoint - The recent news about Russia suspending electricity exports to China has been exaggerated by Western media, suggesting a rift in Sino-Russian cooperation, while President Putin remains calm, indicating a deeper strategic understanding of the situation [1][3]. Group 1: Trade Dynamics - The electricity trade between China and Russia began in 1992 and has been mutually beneficial, with China relying on Russian electricity due to geographical advantages [4]. - The Russian Inter RAO company announced a price increase of 7% for electricity exports to China, which led to a failure in reaching a consensus on pricing, resulting in the suspension of exports [4]. - Electricity trade constitutes a negligible portion of the overall Sino-Russian trade, which exceeded $200 billion in 2024, with energy cooperation being the cornerstone, accounting for 40% of the total [6]. Group 2: Strategic Implications - Putin's calm response to the electricity trade issue reflects a profound understanding of the overall Sino-Russian relationship, which is not significantly affected by individual trade disputes [3][6]. - The focus of Sino-Russian cooperation has shifted from single trade areas to broader issues such as global governance, energy security, and financial collaboration, indicating a long-term strategic partnership [9]. - Both countries adhere to the principle of separating commercial issues from political ones, ensuring that trade disputes are resolved through equal negotiations, which demonstrates the maturity and stability of their bilateral cooperation [10].