央视网消息：2026年，首场大范围寒潮给我国大部分地区带来剧烈降温和雨雪冰冻天气，民生用能需求持续攀升。能源企业持续提升能源供给 能力与应急响应水平，多家能源企业日供气量创新高。 储气库是天然气保供的"地下粮仓"，在需求高峰时期发挥着关键调峰作用。面对天然气需求量的大幅攀升，全国多地储气库开启"高峰采气"模 式，调峰保供作用得到充分释放。 我国西北地区首座储气库群——温吉桑储气库群日采气量突破620万立方米，较采气初期提升了29%。截至目前，本轮采气累计量已突破6亿立 方米，为西气东输沿线地区民生供暖与工业生产提供稳定气源支撑。 在新疆天山南麓，大范围降雪后最低气温降至零下20度左右。作为我国最大超深油气田和西气东输主力气源地的塔里木油田，加大增储上产力 度，日供天然气量超过9200万立方米。 中国石油塔里木油田克拉采油气管理区工程师佟羽齐介绍，他们建立极端天气预警机制，制定关键设备替代方案和重点时段调产措施，保证突 发情况下顶得上、稳得住。 面对极端天气，多家能源企业动态调整供气计划，日供气量创下新高。其中，我国最大油田长庆油田日均产气量稳定在1.71亿立方米。位于四 川盆地的西南石油局，日产水平提升至30 ...

Summary of Conference Call on New Power System Investment Outlook Industry Overview - The conference call focused on the investment outlook for the power grid during the 15th Five-Year Plan period, particularly emphasizing the development of ultra-high voltage (UHV) projects and the integration of renewable energy sources [1][2]. Key Points and Arguments Ultra-High Voltage (UHV) Development - UHV construction is expected to accelerate during the 15th Five-Year Plan, with over 20 direct current (DC) lines anticipated, representing a significant increase compared to the 14th Five-Year Plan [1][7]. - The completion of UHV projects from the 14th Five-Year Plan was hindered by various factors, including the pandemic and insufficient preparation, with only 9 out of 14 planned DC lines completed [3][4]. Main Grid Investment - Investment in the main grid is projected to increase significantly, driven by the need to support UHV DC lines and the rapid development of renewable energy [5][2]. - The main grid investment is expected to grow by over 50%, with specific voltage levels (220kV, 330kV, 500kV, and 750kV) seeing substantial increases [2]. Distribution Network Digitalization - Investment in the digitalization of the distribution network is growing steadily at approximately 20%, focusing on enhancing supply reliability and management efficiency [6][1]. - Digitalization efforts will prioritize artificial intelligence applications and digital twin technology to improve operational efficiency [12][17]. Renewable Energy Consumption Challenges - The rapid growth of renewable energy has led to significant bottlenecks in consumption, particularly in regions like Northwest and Northeast China, where the curtailment rates for solar power can reach 50%-70% [8][16]. - The existing transmission capacity is insufficient to accommodate the increased renewable energy generation, leading to higher curtailment rates and dissatisfaction among power generation companies [9][10]. Distribution Network Investment Shortfalls - The growth rate of distribution network investment has not met expectations due to regulatory cycles and the need for precise investment effectiveness assessments [11][1]. - Large-scale upgrades required for high-penetration household solar installations have not yet been fully initiated, with a continued focus on main grid construction [11][1]. Future Expectations and Policy Changes - The national grid's energy storage construction will primarily focus on pumped storage, with an expected annual capacity of 8-9 GW, maintaining levels from the previous plan [21][22]. - A national capacity compensation policy is anticipated to be introduced, which may face opposition from local governments concerned about rising end-user electricity prices [23][24]. Technological Innovations - The development of new generation dispatch technologies will focus on integrating digitalization with operational practices to enhance automation and reliability [19][18]. - The introduction of flexible control devices in the medium and high voltage networks is expected to stabilize the grid and improve energy transmission efficiency [27][26]. Additional Important Insights - The digitalization of the power grid is transitioning from foundational infrastructure to more advanced applications, emphasizing the integration of AI and digital twin technologies [17][12]. - The need for innovative business models in the distribution network is highlighted, requiring significant structural adjustments to improve reliability and efficiency [26][1].

Summary of Key Points from Conference Call Records Industry Overview Financial Industry - The financial industry is expected to gradually return to a positive cycle by 2026, with economic sustainability improving despite not entering a significant upturn [2] - The central bank has implemented flexible interest rate cuts and reserve requirement ratio reductions, with a total of 7 trillion yuan in special re-loans to support small and micro technology enterprises [2][3] - December social financing data shows stable loan issuance, with a slight rebound in medium- and long-term loan growth, supporting infrastructure and helping to exit deflation [2] Automotive Industry - The automotive market in early 2026 is experiencing a downturn, with retail and wholesale sales significantly declining due to overdrawn demand for new energy vehicles and consumer hesitance regarding promotional subsidies [7][9] - A forecasted decline of 5-7% in passenger vehicle sales for Q1 2026, with an expected overall wholesale decline of 3% for the year [9] - The cost pressure in the automotive sector is increasing due to rising raw material prices, with an estimated increase in single vehicle costs by 6,000 to 8,000 yuan, impacting gross margins by 4-5 percentage points [11] Wind Power Industry - The wind power sector is expected to maintain a positive growth trajectory during the 14th Five-Year Plan, with annual new installations projected between 100-120 GW [15] Property Management Industry - The property management sector is anticipated to maintain low growth, with increasing differentiation among companies [16] - Major players like China Resources Mixc Life, Greentown Service, and Country Garden Service are expected to show strong performance due to stable cash flow and favorable dividend policies [17] Company-Specific Insights SF Express and Jitu - SF Express and Jitu have entered into a cross-shareholding agreement, with SF acquiring 10% of Jitu and Jitu acquiring 4.3% of SF, which is expected to have limited short-term EPS impact but potential long-term benefits due to resource synergy [4] - The collaboration is expected to enhance market presence in both domestic and overseas markets, particularly in cross-border logistics [5] China Resources Mixc Life - Recent stock price fluctuations for China Resources Mixc Life are attributed to slightly lower-than-expected earnings forecasts, but long-term growth potential remains intact with a projected EPS growth rate of 5-6% [18] Greentown Service and Country Garden Service - Greentown Service is expected to maintain a stable cash return due to its high-quality project structure, while Country Garden Service is anticipated to exceed shareholder return expectations with strong cash flow [17] Additional Considerations - The financial sector is benefiting from a shift in household financial asset allocation, with an annual growth rate of approximately 12% expected [3] - The automotive industry faces challenges from rising costs and cautious promotional strategies, with a need for adaptation to new policies impacting sales [8][12] - The property management sector is seeing a healthier profit structure as major companies release impairment pressures and rationalize non-core business operations [16]

当前，迎峰度冬电力保供仍处于关键阶段，国家电网将持续跟踪天气变化，滚动研判供需平衡形势，严 密监控电网运行，通过市场化方式，安排各类电源和抽蓄、储能应开尽开、能发尽发，统筹做好跨区跨 省余缺互济，全力保障电网安全稳定和电力可靠供应，坚守大电网安全生命线和民生用电底线。 （文章来源：期货日报网） 据新华社电本周以来，受大范围寒潮天气影响，全网用电需求持续攀升。1月19日至21日，国家电网经 营区用电负荷连续3天创冬季历史新高，最大负荷达11.68亿千瓦，较去年10.41亿千瓦的极值增长1.27亿 千瓦，增幅约12.2%。预计周末随着气温逐步回暖，用电负荷将稳步回落。 为积极应对本轮用电高峰，国家电网坚持全网"一盘棋"，充分发挥特高压大电网的资源配置优势和余缺 互济能力，通过全国统一电力市场，统筹全网资源支援重点地区，本周以来跨区最大输送电力保持在 1.2亿千瓦左右，有力保障了电力稳定可靠供应。 ...

Group 1 - The State Grid has experienced a significant increase in electricity demand due to a widespread cold wave, with maximum load reaching 1.168 billion kilowatts, a 12.2% increase from last year's peak of 1.041 billion kilowatts [1] - The State Grid has set a record for winter electricity load eight times this winter, with regions such as North China, Northeast China, and Northwest China achieving historical highs [1] - The State Grid is leveraging its ultra-high voltage grid's resource allocation advantages to ensure stable electricity supply, maintaining a maximum cross-regional power transmission of around 120 million kilowatts [1] Group 2 - First Capital Securities highlights that the State Grid's investment during the 14th Five-Year Plan will focus on building a new power system to support an annual increase of approximately 20 million kilowatts in renewable energy capacity [2] - The expected R&D expenditure of the State Grid during the 14th Five-Year Plan is over 240 billion yuan, with digital technology deeply integrated into all aspects of grid planning, construction, operation, and service [2] - The outlook for the domestic power industry, including ultra-high voltage, high-voltage main networks, distribution networks, smart grid equipment, and energy storage, is expected to continue improving [2] Group 3 - Southern Power Grid focuses on pumped storage, peak regulation hydropower, and the development, investment, construction, and operation of new energy storage businesses [3] - XJ Electric is recognized as a leading international company with capabilities in ultra-high voltage direct current transmission and flexible direct current transmission equipment solutions [3]

明日主题前瞻 1、电力 | 据上证报，寒潮致国家电网负荷承压产业链景气度持续提升本周以来，受大范围寒潮天气影响，全网用电需求持续攀升。1月19日至21日，国家电 网经营区用电负荷连续三天创冬季历史新高，最大负荷达11.68亿千瓦，较去年10.41亿千瓦的极值增长1.27亿千瓦，增幅约12.2%。预计周末随着气温逐步回 暖，用电负荷将稳步回落。 点评：国泰海通认为，此前，央行等八部门发布《关于金融支持加快西部陆海新通道建设的意见》，提出发挥数字人民币支付即结算，低成本，可编程等优 势，研究利用数字人民币智能合约打造创新解决方案，探讨拓展数字人民币在通道支付结算，融资，退税等场景中应用的可行性，将成为扩大人民币跨境使 用的重要抓手，数字人民币有望迎发展新机遇。关注银行IT系统，支付生态以及硬件钱包，金融机具等基础设施配套产业链。 3、CPU | 据IT之家报道，英特尔首席财务官表示，由于数据中心与客户端CPU需求远超预期，公司芯片库存正快速消耗，预计2026年第一季度将面临最大 供应挑战，届时库存可能耗尽。此外，根据KeyBanc的数据，Intel与AMD为应对供需失衡并确保后续供应稳定，计划将服务器CPU价格上 ...

Group 1 - The company has won bids for projects related to the State Grid and Southern Power Grid in 2025, covering areas such as DC power supply, UPS power supply, integrated power systems, and technical services [1] - Investors are encouraged to monitor the company's regular reports for updates on order status [1]

本周以来，受大范围寒潮天气影响，全网用电需求持续攀升。1月19日至21日，国家电网经营区用电负 荷连续三天创冬季历史新高，最大负荷达11.68亿千瓦，较去年10.41亿千瓦的极值增长1.27亿千瓦，增 幅约12.2%。预计周末随着气温逐步回暖，用电负荷将稳步回落。 入冬以来，国家电网用电负荷8次创冬季新高，华北、东北、西北等3个区域电网负荷13次创历史新高， 冀北、辽宁、吉林、黑龙江、蒙东、山西、甘肃、青海、新疆、西藏等10个省级电网负荷55次创历史新 高。用电负荷的持续攀升，对电网保供能力提出更高要求。（新华社） ...

入冬以来，国家电网用电负荷8次创冬季新高，华北、东北、西北等3个区域电网负荷13次创历史新 高，冀北、辽宁、吉林、黑龙江、蒙东、山西、甘肃、青海、新疆、西藏等10个省级电网负荷55次创历 史新高。用电负荷的持续攀升，对电网保供能力提出更高要求。 当前，迎峰度冬电力保供仍处于关键阶段，国家电网将持续跟踪天气变化，滚动研判供需平衡形 势，严密监控电网运行，通过市场化方式，安排各类电源和抽蓄、储能应开尽开、能发尽发，统筹做好 跨区跨省余缺互济，全力保障电网安全稳定和电力可靠供应，坚守大电网安全生命线和民生用电底线。 新华社北京1月21日电（记者戴小河、王悦阳）本周以来，受大范围寒潮天气影响，全网用电需求 持续攀升。1月19日至21日，国家电网经营区用电负荷连续三天创冬季历史新高，最大负荷达11.68亿千 瓦，较去年10.41亿千瓦的极值增长1.27亿千瓦，增幅约12.2%。预计周末随着气温逐步回暖，用电负荷 将稳步回落。 为积极应对本轮用电高峰，国家电网坚持全网"一盘棋"，充分发挥特高压大电网的资源配置优势和 余缺互济能力，通过全国统一电力市场，统筹全网资源支援重点地区，本周以来跨区最大输送电力保持 在1.2亿千瓦 ...

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 行业研究 市场研究部 2026 年 1 月 19 日 光伏行业周报（20260112-20260116） 本周光伏设备（申万）指数表现 本周（2026/01/12-2026/01/16）沪深 300 指数-0.57%，申万 31 个行 业指数 30 个上涨，电力设备（申万）指数本周+0.79%，排在第 9 位， 跑赢指数 1.36pct。电力设备二级行业指数涨跌互现，光伏设备行业指 数+2.89%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申 万）、风电设备（申万）、电机Ⅱ（申万）分别-1.49%、+6.36%、- 1.98%、-4.64%、-0.56%。从公司表现看，本周光伏设备行业（申万） 公司涨幅居前的是帝科股份、钧达股份、明冠新材、海优新材、宇邦 新材，跌幅居前的公司为晶科能源、通威股份、大全能源、航天机电、 亿晶光电。 产业链主链价格全线上涨 根据 datayes，1 月 14 日硅料成交价 59 元/kg，环比持平；硅片成交 价为 1.50 元/片，环比持平；电池成交价 0.42 元/W，环比+2 分/W； 组件成交价为 ...