配电网系列报告一：如何看当前智能电网发展阶段？

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The focus of policies in the first half of 2024 will shift towards enhancing the intelligence of distribution networks and the collaborative capabilities of source-network-load-storage systems. The State Grid's total investment in the power grid for 2024 is expected to exceed 600 billion yuan, an increase of 71.1 billion yuan compared to 2023, primarily directed towards UHV AC/DC project construction and digital upgrades of the power grid [9][10]. - The transformation of distribution networks towards intelligence is driven by the insufficient carrying capacity due to the large-scale integration of distributed renewable energy and electric vehicles. Intelligent distribution networks can enhance supply reliability and operational efficiency through real-time monitoring and control [9][17]. - The core of distribution network upgrades is to improve the integration capacity of distributed energy sources. As of June 2024, the installed capacity of wind and solar energy in China reached 467 GW and 714 GW, respectively, accounting for 15.2% and 23.2% of the total installed capacity [9][35]. - Both policy and investment are increasingly leaning towards the intelligence of distribution networks, with a notable shift in 2024 towards establishing a new dispatching and operational mechanism for distribution networks [9][10]. Summary by Sections 1. Definition and Importance of Intelligent Distribution Networks - Intelligent distribution networks are defined as the optimization and control of power systems through digital technologies, enabling real-time monitoring and management across generation, transmission, and distribution [14][16]. - The transition from a "passive + unidirectional" to an "active + bidirectional" distribution network is essential to accommodate the increasing share of distributed energy sources [17][22]. 2. Policy Guidance and Urgency of Demand - The Chinese government has been actively promoting the construction and transformation of distribution networks since 2015, focusing on meeting basic electricity needs, energy conservation, and intelligent interconnectivity [25][27]. - The rapid increase in distributed energy sources necessitates urgent upgrades to the distribution network to ensure reliable integration and consumption [35][48]. 3. Investment Recommendations - The report suggests focusing on leading companies in intelligent equipment technology, such as Guodian NARI, Haixing Electric, and Sungrow Power Supply, which are expected to benefit from the accelerated investment in intelligent distribution networks [9][10].