"难以解释"！业绩 暴增，股价微涨...... （中央纪委国家监委驻国家电网有限公司纪检监察组、湖北省纪委监委） 来源：中央纪委国家监委网站 国家电网重庆市电力公司原党委书记、董事长周雄接受纪律审查和监察调查 据中央纪委国家监委驻国家电网有限公司纪检监察组、湖北省纪委监委消息： 国家电网重庆 市电力公司原党委书记、董事长周雄涉嫌严重违纪违法 ，目前正接受中央纪委国家监委驻国 家电网有限公司纪检监察组和湖北省恩施州监察委员会纪律审查和监察调查。 ...

每日观点 今日沪深三大指数震荡运行，两市成交较昨日小幅放量升至3万亿以上，但资金交易热度较前期仍有所 降温。两融余额继续放量，昨日站上2.7万亿。昨日央行披露12月金融数据，新增贷款9100亿较为超预 期，较11月环比显著增长，其中对公增量明显，这或与部分26年项目储备提前释放有关。获益于贷款较 好，社融、M2表现均略好于预期。昨天下午国新办发布会，央行对后续货币政策定调，强调"高质量发 展+精准滴灌"，结构大于总量，宣布下调再贷款、再贴现利率25bp，增加科创领域的支持力度，从支 持小微企业扩展到支持民营企业。明确"降准降息仍有空间"，但不急于行动，留出观察窗口。国内权益 市场方面，短期市场热度或有所降温，中期或回归基本面逻辑。 消息面 【博时市场点评1月16日】两市震荡收跌，成交超3万亿 1月15日，中国人民银行在国务院新闻办公室发布会上宣布推出八项具体政策措施。核心内容包括：下 调各类结构性货币政策工具利率0.25个百分点；增加支农支小再贷款额度5000亿元，并单设1万亿元民 营企业再贷款；将科技创新再贷款额度提升4000亿元至1.2万亿元，并扩大支持范围；下调商业用房购 房贷款最低首付比例至30%。 ...

Regulatory Developments - The National Development and Reform Commission is seeking public opinions on the "Regulations on the Supervision and Management of Hydroelectric Dam Operation Safety," applicable to medium and large hydropower stations with a total installed capacity of 50,000 kilowatts and above [2] - The National Energy Administration has published a compilation of typical cases for electric power quality management, aimed at sharing successful experiences in managing electric power quality issues [2] Industry News - Three departments, including the Ministry of Industry and Information Technology, are taking steps to resist disorderly price wars in the new energy vehicle industry, emphasizing innovation and quality [2] - The Ministry of Natural Resources reported that China has exceeded its "14th Five-Year Plan" target for ecological restoration of historical mining sites, completing restoration of 3.35 million acres, which is 19.6% above the target [2] Energy Sector Updates - The People's Bank of China is expanding its carbon reduction support tool to include projects with direct carbon reduction effects, with an annual operation volume not exceeding 800 billion yuan [3] - The offshore wind power grid connection capacity in the Yangtze River Delta region is expected to exceed 19 million kilowatts by the end of 2025, with Jiangsu contributing the largest share [3] Water Resource Management - The South-to-North Water Diversion Project's eastern route has officially started its water diversion work for the 2025-2026 period, planning to increase water supply by 1.638 billion cubic meters [4] Power Load Records - The Heilongjiang power grid reached a maximum load of 18.728 million kilowatts, marking a historical high and a 25.1 thousand kilowatt increase compared to the previous winter peak [4] International Energy Market - The U.S. has officially begun selling Venezuelan oil, with the first transaction valued at $500 million, and more sales expected in the coming weeks [5] - OPEC forecasts that global daily oil demand will increase by 1.38 million barrels in 2026 compared to 2025, reaching 106.52 million barrels [5]

储能，这个曾经的技术赛道，正被"国家队"用真金白银和庞大身躯，硬生生挤成一条产业主航道。 最让人跌破眼镜的是"跨界玩家"。中石油，传统能源的"老大哥"，居然和电池"一哥"宁德时代联手了。 这画面就像一位重量级拳王，突然开始苦练灵巧的剑术。还有新成立的中国雅江集团，一出手就是注册 资本10个亿，业务从风、光到储全覆盖，妥妥的"满级号"开局。这意味着，储能已经不只是电力系统 的"辅助"，而是所有能源巨头都必须掌握的"核心技能"。 地图上的"储能热力图"：钱都往哪儿砸？ 看看这392家公司落在哪儿，就能读懂国家队的"战略地图"。这可不是撒胡椒面，而是精准的"热点投 资"。 河北拔得头筹，成了最热的区域。这里连着张家口的风光基地和北京的用电需求，储能就是保障首都电 力安全的"压舱石"。新疆和山东紧随其后。新疆风光无限好，但发多了电送不出去也愁，储能是解 决"弃风弃光"的钥匙。山东则是旧能源与新能源交织的复杂战场，既需要储能帮老火电"灵活调峰"，也 要为屋顶光伏"消化余电"。 在这些热点区域，央企的布局精准得像手术刀。在甘肃张掖，中国电建一天之内成立了两家抽水蓄能公 司，瞄准的就是当地丰富的水电和新能源配套。 而在一些 ...

Core Insights - The report by the National Energy Administration analyzes the investment effectiveness of eight major power grid projects, highlighting issues such as low utilization rates and management irregularities Group 1: Project Performance and Management - All eight projects did not exceed budget estimates, but most had a high surplus rate compared to initial estimates, with some projects exceeding approved investments [2] - Several projects commenced construction without prior approval, indicating a lack of regulatory compliance in project management [5][7] - The report identifies that some projects have low transmission volumes compared to design expectations, leading to underutilization of infrastructure [3][4] Group 2: Cost Management and Efficiency - The report notes that the cost accounting and management methods currently in use hinder accurate pricing of transmission and distribution [8] - There is a significant surplus in project budgets, with most projects having a surplus rate between 10% and 20%, indicating a need for improved cost management practices [6] - Some projects have excessive standby equipment, leading to resource wastage, as seen in the Jin Su DC project where additional transformers were added without operational necessity [9] Group 3: Recommendations for Improvement - The report suggests enhancing the coordination between new energy development and existing power planning to improve project utilization rates [4] - It recommends that grid companies conduct thorough demand analysis and adjust project scales and timelines based on actual power demand [4] - The report emphasizes the need for stricter adherence to project approval processes and timely completion of environmental assessments [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The State Grid Corporation, in collaboration with market entities, has established a provincial - level power spot market, achieving coordinated operation of provincial and provincial - level spot markets, laying a solid foundation for the construction of a unified national power market [2] Group 3: Summary of Market Mechanism Design Market Construction Foundation - China's large - scale interconnected power grid with a cross - provincial and cross - regional transmission capacity of 350 million kilowatts provides a solid material basis for the construction of provincial - level spot transactions [7] Market Construction Orientation - Implement the national energy strategy, build a competitive power market system, and use cross - provincial and cross - regional transmission channels to achieve power surplus and shortage mutual assistance, promote large - scale clean energy consumption, and optimize resource allocation [10] Market Construction Ideas - On the basis of long - term cross - provincial and cross - regional transactions, conduct pre - balance between sending and receiving ends. When there is surplus capacity at the sending end, remaining channel space, and power purchase demand at the receiving end, organize market entities to bid and quote prices, and conduct centralized bidding in the day - ahead and intra - day markets to achieve power surplus and shortage mutual assistance and large - scale clean energy consumption [14] Market Constituent Elements - Market participants include all types of power generation entities, receiving - end provincial power grid enterprises, large users, and power sales companies. The market scope covers the areas served by the State Grid and Inner Mongolia Power Company. The trading cycle includes day - ahead and intra - day trading [20] Trading Network Model - Build a provincial - level spot trading network model with provincial power grids as the main nodes, which reflects the physical characteristics of provincial - level transactions. Use a path - finding algorithm to search for trading paths [22] Market Bidding Mechanism - Adopt centralized bidding considering channel security constraints, network losses, and transmission prices. Sort and match according to the decreasing price difference between buyers and sellers, and price according to the marginal clearing price on the power - selling side [25] Multi - level Market Coordination - For the connection between provincial and intra - provincial markets, use intra - provincial pre - clearing results as the basis for participating in provincial markets, and provincial trading results as the boundary for intra - provincial market operations. For the connection between long - term and spot markets, conduct provincial - level spot trading using the surplus capacity of provincial - level channels while ensuring the implementation of long - term provincial - level transactions [29] Group 4: Summary of Market Operation Situation Overall Overview - The provincial - level spot market covers the "company + western Inner Mongolia" area. In 2024, the total trading volume was 37.6 billion kilowatt - hours, a year - on - year increase of 18%. The trading volume of clean energy was 14.9 billion kilowatt - hours, accounting for 40%. The average selling - end transaction price was 0.4124 yuan/kilowatt - hour, a year - on - year increase of 14.7% [35] Transaction Volume Analysis - In terms of monthly distribution, the daily average transaction volume fluctuates around 100 million kilowatt - hours, being higher in summer and autumn. In terms of provincial distribution, Hubei, Sichuan, Ningxia, Shanxi, and Gansu had sales of over 2 billion kilowatt - hours, accounting for 59.4%. Buyers are mainly concentrated in East and Southwest China. In terms of regional distribution, the cross - regional transaction volume in 2024 was 33.7 billion kilowatt - hours, accounting for 90% [40][43][48] Transaction Price Analysis - The average transaction price in 2024 was 0.412 yuan/kilowatt - hour, with a maximum of 2.196 yuan/kilowatt - hour and a minimum of 0.00002 yuan/kilowatt - hour. The intra - day "peak - valley" price difference is obvious, showing a "high in autumn, low in spring" pattern [51][54] Analysis by Energy Type - New energy transactions are concentrated in spring, thermal power in summer and winter, and hydropower from June to July. In 2024, thermal power transactions were 22.7 billion kilowatt - hours, a year - on - year increase of 23.12%; hydropower transactions were 5.17 billion kilowatt - hours, a year - on - year decrease of 3.01%; new energy transactions were 9.77 billion kilowatt - hours, a year - on - year increase of 19.27% [58] Analysis of Market Participant Behavior - 98.2% of sellers' declared volume is below 0.5 yuan/kilowatt - hour, and nearly 90% of buyers' declared volume is below 1.0 yuan/kilowatt - hour. Some regions can flexibly change their roles as power buyers or sellers, reducing unit starts and stops and correcting long - term transaction deviations [63][68] Analysis of Unsuccessful Transaction Causes - The surplus power resources in the market have increased by nearly 40% compared to the previous year. The main reasons for unsuccessful transactions are the mismatch between power generation and consumption, especially the overlapping of photovoltaic power generation at noon, and the limited cross - provincial and cross - regional transmission capacity [71] Group 5: Summary of Market Practice Achievements - A multi - level unified power market system has been initially established, and the provincial - level power spot market has officially started operation [76] - The power production organization has achieved a market - oriented transformation, and the operation level of the power system has been significantly improved [81] - A "flexible up - and - down" market price mechanism has been formed, guiding market participants to participate in grid operation regulation and alleviating system operation pressure [84] - The overall power supply guarantee capacity has been effectively improved, and the provincial - level spot market has played a role in balancing power supply and demand during peak periods [87] - A spot consumption mechanism suitable for new energy has been established, reducing the abandonment of wind, solar, and hydropower [90] Group 6: Summary of Market Exploration Outlook - Under the guidance of government departments, improve and enrich the functions of the provincial - level spot market, including expanding the market scope, increasing trading flexibility, and enhancing market optimization effects [96]

Group 1: Project Developments - The construction of the back-to-back interconnection projects in Yuchuan-Guizhou, Hunan-Guangdong, and Fujian-Jiangxi has commenced, enhancing power supply stability and resource optimization in these regions [1][3] - The Hunan-Guangdong project, which started on December 27, aims to facilitate flexible interconnection between the State Grid and the Southern Grid, improving power supply stability in Hunan [1] - The Yuchuan-Guizhou project, initiated on December 26, will strengthen interconnectivity between the State Grid and Southern Grid, benefiting both Chongqing and Guizhou [1] - The Fujian-Jiangxi project, which began on December 25, will establish Jiangxi's first flexible DC back-to-back converter station, creating a high-speed interconnection channel for the two provinces [1] Group 2: Technical Insights - The back-to-back interconnection project involves a converter station that connects asynchronously operating power grids through an "AC-DC-AC" conversion process, allowing for safe and efficient power transfer [2] - This technology acts as a high-efficiency "power converter" for two regional power grids, enabling bidirectional power exchange [2] Group 3: Investment and Infrastructure - A total investment of 24.4 billion yuan (approximately 3.4 billion USD) has been approved for five back-to-back interconnection projects, which will include the construction of five converter stations with a capacity of 3 million kilowatts each and a total line length of 1,227 kilometers [3] - The projects include the Yuchuan-Guizhou and Hunan-Guangdong projects led by the State Grid, while the Hunan-Guizhou project is led by the Southern Grid [3] Group 4: Market Implications - The acceleration of building a unified national electricity market is aimed at facilitating cross-province electricity trading and optimizing resource allocation [4] - The completion of these interconnection projects is expected to significantly enhance regional power support capabilities and provide a solid physical foundation for regular cross-grid electricity trading [4]

Core Viewpoint - The commencement of the Mengxi-Beijing-Tianjin-Hebei ±800 kV UHVDC project by State Grid Corporation of China marks a significant step in enhancing green energy transmission and supporting the development of the "Shage Desert" renewable energy base in Inner Mongolia [1][2]. Group 1: Project Overview - The Mengxi-Beijing-Tianjin-Hebei project will span approximately 700 kilometers, starting from the Daqing Station in Ordos, Inner Mongolia, and ending at the Xiongnan Station in Cangzhou, Hebei, with a rated voltage of ±800 kV and a capacity of 8 million kW [1]. - The total investment for the project is approximately 17.2 billion RMB, with an expected completion and operational date set for 2027 [1]. Group 2: Environmental Impact - Once operational, the project is expected to deliver over 36 billion kWh of electricity annually to the Hebei load center, replacing 6.3 million tons of standard coal and reducing carbon dioxide emissions by 16.6 million tons [2]. - The project aligns with the green development philosophy and aims to facilitate energy transition in the region [2]. Group 3: Strategic Importance - The Mengxi-Beijing-Tianjin-Hebei project serves as the first external transmission channel for the "Shage Desert" renewable energy base, which has an installed capacity of 12 million kW, contributing to a larger external transmission capacity exceeding 50 million kW [1]. - The project is part of a broader strategy to enhance the cross-regional and cross-provincial transmission capacity of the State Grid, which is projected to reach 370 million kW by the end of 2025 [2].

Core Viewpoint - National Grid plc (NYSE:NGG) is gaining attention from analysts with positive ratings and price targets, reflecting confidence in its financial performance and strategic focus on regulated electricity and gas networks [2][3][5]. Group 1: Analyst Ratings and Price Targets - Morgan Stanley initiated coverage of National Grid with an Overweight rating and a price target of $85.50 [2]. - JPMorgan raised its price target for National Grid to 1,250 GBp from 1,225 GBp while maintaining an Overweight rating [2]. Group 2: Financial Performance - National Grid reported first-half adjusted profit slightly above market expectations, driven by higher UK electricity transmission revenue and increased investment in regulated businesses [3]. - For the six months ended September 30, the company posted an underlying operating profit of £2.29 billion ($3.07 billion), exceeding the market's expectation of £2.24 billion [5]. Group 3: Strategic Focus - The company has been reshaping its portfolio under the leadership of former CEO John Pettigrew, focusing on regulated electricity and gas networks while divesting from non-core assets like the US onshore renewables arm and the Grain LNG terminal [4]. - National Grid reaffirmed its medium-term outlook, expecting underlying earnings per share to grow at a compounded annual growth rate of 6% to 8% from the 2024–25 baseline [5].

Core Viewpoint - The construction of the Wazhuang-Raoshan 220 kV transmission line project marks a significant step towards enhancing the power grid structure in Sanming City, Fujian Province, facilitating high-quality development in the revolutionary old area [1][6]. Group 1: Project Overview - The Wazhuang-Raoshan 220 kV transmission line project has passed the design review and is transitioning from the preparation phase to the construction phase, indicating the formation of a "closed loop" in the 220 kV backbone power grid of Sanming [1]. - The project has a total investment of 220 million yuan and is scheduled for completion by December 2026, featuring the construction of 85.6 kilometers of new power lines [3][4]. Group 2: Economic and Social Impact - The project is expected to provide a robust energy guarantee for the economic and social development of Ninghua and Jianning counties, which have a combined population of nearly 400,000 [4][6]. - The initiative aligns with the State Council's policy to support the high-quality development of revolutionary old areas, emphasizing the importance of electricity in economic growth [1][5]. Group 3: Environmental Considerations - The project incorporates environmentally friendly practices, including the use of innovative construction methods and ecological protection measures, ensuring harmony between power grid development and environmental conservation [5]. - The design process involved extensive field surveys and discussions to optimize the project while minimizing ecological impact, receiving high praise from the review agency [5].