Founder Securities(SH:601901) Huan Qiu Wang·2025-08-28 01:25Group 1 - The National Energy Administration reported that during the "14th Five-Year Plan" period, China's energy supply was stable, resilient, and had a high green content [1] - The next steps will focus on the "15th Five-Year Plan" for a new power system, promoting reasonable energy consumption and green energy consumption [1] - The rapid growth of electricity demand and the increasing share of distributed photovoltaics are putting pressure on the grid, necessitating a more flexible and market-oriented distribution network [1] Group 2 - The analysis from Founder Securities highlighted that UHV (Ultra High Voltage) technology is crucial for achieving carbon neutrality goals, especially in regions with abundant wind and solar resources [2] - UHV technology is seen as the best option for long-distance power transmission due to the mismatch between resource availability in the northern regions and demand in the central and eastern regions [2] - The UHV technology route is gradually shifting towards flexible DC transmission, as conventional UHV projects require traditional power sources like coal to support them, limiting the proportion of renewable energy transmitted [2]