4 万亿！史上最大电网投资敲定，利好光伏储能发展

Core Insights - The State Grid Corporation plans to invest 4 trillion yuan during the "14th Five-Year Plan" period, representing a 40% increase compared to the previous plan, aimed at expanding effective investment and promoting high-quality development of the new power system supply chain [1][11]. Investment Plan Overview - The core objective of the 4 trillion yuan investment plan is to build a new power system, expand effective investment, and drive high-quality development in the industry chain, particularly benefiting the photovoltaic and energy storage sectors [3][13]. - Historical investment data shows a clear growth trend, with investments during the "13th Five-Year Plan" at approximately 2.64 trillion yuan, increasing to 2.85 trillion yuan during the "14th Five-Year Plan," which had a modest growth rate of 7.96%. The current plan's 40% year-on-year increase marks a significant qualitative improvement [8][18]. Future Competitive Landscape - Systemic competition will replace single-segment competition, focusing on providing integrated solutions that meet the new power system's requirements for flexibility, stability, and intelligence. Companies with system integration capabilities and digital platform technologies will have a competitive edge [4][13]. - The investment plan aims to position China as a global hub for original technology in the energy sector, allowing leading companies to export self-controlled technologies and standards for the new power system internationally [5][14]. - The deep integration of AI and energy is highlighted, with the State Grid's investment creating a robust, flexible, and intelligent power network that supports the explosive growth of AI computing power [6][16]. Industry Focus Areas - In the photovoltaic industry, companies should focus on enhancing product efficiency and reliability, developing smart generation and forecasting technologies, and exploring integrated solutions with energy storage [7][17]. - The energy storage sector should prioritize cost reduction in mainstream electrochemical storage technologies while also planning for next-generation technologies like long-duration storage and solid-state batteries. Business models should explore participation in the electricity spot market and providing grid ancillary services [7][17]. - Investors and observers should pay attention to leading companies with strong foundations in high-voltage equipment, grid digitization, system integration, and core technology autonomy, while also tracking policy implementations in distribution network upgrades and microgrid developments [7][17].