电气设备：全国能源工作会议召开，关注特高压与核电投资

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% compared to the relevant market index in the next 6-12 months [6]. Core Insights - The National Energy Administration has announced plans to accelerate the construction of a new energy system, with a focus on nuclear power and ultra-high voltage projects, aiming for an operational nuclear power capacity of approximately 65 million kilowatts by the end of 2025 [2][3]. - The report highlights a significant increase in the approval of nuclear power projects, with five projects and eleven units approved, marking the highest number since 2008 [3]. - The demand for flexible direct current (FDC) technology is expected to rise, particularly in scenarios involving wind and solar energy integration, which will likely enhance the proportion of FDC projects [2]. Summary by Sections National Energy Conference Insights - The conference emphasized the need to expedite the planning and construction of new energy systems, including the approval of coastal nuclear power projects and the advancement of ongoing nuclear power projects [2]. - By the end of 2025, the operational nuclear power capacity is projected to reach around 65 million kilowatts, ensuring safe and stable operation of nuclear units [2]. Ultra-High Voltage Projects - The report notes a rapid acceleration in ultra-high voltage construction, with a significant increase in the penetration rate of flexible direct current projects [2]. - The State Grid has initiated multiple ultra-high voltage projects, with a focus on enhancing power transmission capabilities across various regions [2]. Nuclear Power Development - The report indicates that nuclear power is positioned as a baseload power source, with significant growth potential driven by energy security and green transition initiatives [2]. - The global interest in small modular reactors (SMRs) is highlighted, with China leading in SMR deployment and international collaborations for nuclear projects [2][3]. Investment Recommendations - The report suggests that investments in the power grid sector are crucial for driving growth, with the State Grid's investment expected to exceed 600 billion yuan in 2024, marking a year-on-year increase of over 10% [2]. - Key suppliers for core equipment in ultra-high voltage projects are identified, including major companies like State Grid NARI, and the report recommends focusing on companies with a strong historical supply performance in nuclear power [3].