Core Points - The "Shan Electric into Anhui" UHV project, specifically the Shanbei-Anhui ±800 kV UHV DC transmission line, has completed its full line connection in Anhui on November 18 [1] - Once operational, the project is expected to deliver over 36 billion kWh of electricity annually to Anhui, with more than half coming from renewable energy sources [1] Group 1 - The Shanbei-Anhui ±800 kV UHV DC transmission line is the first high-proportion renewable energy UHV DC transmission channel in Anhui, spanning a total length of 1,055 kilometers from Yan'an, Shaanxi to Hefei, Anhui [2] - The Anhui section of the project will commence construction in July 2024, involving the installation of 672 new towers over a distance of 323 kilometers, with significant construction challenges due to multiple crossings of railways, highways, and rivers [2] - Advanced construction techniques, including visual control intelligent tensioning equipment and real-time monitoring through video and 5G networks, will be employed to ensure smooth construction processes [2] Group 2 - The project is scheduled to be ready for electrification by March 2026, with system debugging to be completed by the end of June, aiming to enhance the power supply security and accelerate the establishment of a new energy system in Anhui [2]

● 本报记者 宋维东 日前，中国证券报联合北交所开展的2025北交所万里行调研活动走进宏远股份。宏远股份董事长杨绪清 在接受中国证券报记者专访时表示，公司深耕电磁线领域多年，产业基础牢固，创新能力突出，发展前 景广阔，市场地位不断提升。面对行业发展新趋势，公司将不忘初心，紧紧围绕电力行业深耕细作，不 偏离发展轨道，稳扎稳打，做精做透电磁线主业，在不断增强特高压输变电领域竞争优势的同时，全面 布局新能源汽车领域，培育新的效益增长点，打造更具竞争力的产业结构，树立电力设备行业发展新标 杆。 竞争优势显著 宏远股份位于沈阳经济技术开发区，成立几十年来一直深耕特高压输变电领域，在电磁线细分市场成果 丰硕，行业地位突出。 "我们始终专注于高电压、大容量变压器用电磁线产品的研发制造，对标国际标准和国内外前沿技术， 研发了包括阶梯状组合换位导线、内屏蔽组合换位导线、多根数换位导线、光纤系列绕组线、耐高温自 粘漆包换位导线等在内的诸多电磁线产品。"杨绪清说，"这些代表性产品有效满足了我国高电压、大容 量变压器升级改造的技术要求和市场需求。" 在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无 ...

宏远股份位于沈阳经济技术开发区，成立几十年来一直深耕特高压输变电领域，在电磁线细分市场成果 丰硕，行业地位突出。 "我们始终专注于高电压、大容量变压器用电磁线产品的研发制造，对标国际标准和国内外前沿技术， 研发了包括阶梯状组合换位导线、内屏蔽组合换位导线、多根数换位导线、光纤系列绕组线、耐高温自 粘漆包换位导线等在内的诸多电磁线产品。"杨绪清说，"这些代表性产品有效满足了我国高电压、大容 量变压器升级改造的技术要求和市场需求。" 在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无旁骛地 钻研电磁线细分领域并持续推动创新研发。 ● 本报记者 宋维东 日前，中国证券报联合北交所开展的2025北交所万里行调研活动走进宏远股份。宏远股份董事长杨绪清 在接受中国证券报记者专访时表示，公司深耕电磁线领域多年，产业基础牢固，创新能力突出，发展前 景广阔，市场地位不断提升。面对行业发展新趋势，公司将不忘初心，紧紧围绕电力行业深耕细作，不 偏离发展轨道，稳扎稳打，做精做透电磁线主业，在不断增强特高压输变电领域竞争优势的同时，全面 布局新能源汽车领域，培育新的效益增长点，打造更具竞争力的产业结构 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **electrolytic aluminum industry**, highlighting the tight supply and high prices in the market [1][2]. Core Insights and Arguments - Despite a general rise in the non-ferrous metal index, aluminum-related stocks have shown relatively modest gains, although recent performance in Hong Kong and A-share markets has been strong [1][2]. - The influx of overseas AI investments may lead to increased electricity prices, posing a potential threat to electrolytic aluminum companies in Europe and the U.S., with some facing production halts [1][3]. - Domestic electrolytic aluminum plants typically use self-supplied electricity or grid electricity, maintaining stable costs, while overseas companies often rely on long-term fixed contracts, leading to a fragmented supply situation [1][4]. - The domestic capacity utilization rate for electrolytic aluminum has reached **101.2%**, indicating limited room for expansion, with new capacity mainly involving transfer indicators [1][5]. - Global electrolytic aluminum production is expected to increase by **1.76 million tons** in 2026 and **1.5 million tons** in 2027, primarily driven by China and Indonesia, while considering potential reductions from projects like Mozambique [1][7]. - Domestic aluminum consumption growth is projected to be low over the next three years, while emerging economies are expected to perform strongly, leading to a near balance in the global aluminum market without significant surplus or shortage [1][9]. Price Expectations and Cost Factors - Prices for bauxite and alumina are anticipated to decline, reducing electrolytic aluminum costs, with domestic grid electricity costs around **16,200 CNY/ton** and self-supplied electricity costs about **15,200 CNY/ton**, with a forecasted average price of **21,500 CNY/ton** for the next year [1][10]. - The main factors influencing aluminum prices in the coming years include costs, supply chain stability, and macroeconomic conditions, with expectations of rising profitability in the industry [1][10]. Growth Potential of Companies - Companies such as **Huatong Cable**, **Tianshan Aluminum**, and **Guodian Investment Energy** are highlighted for their significant growth potential due to expansion plans [1][11]. Market Dynamics and Demand Changes - The consumption structure of electrolytic aluminum has shifted significantly, with new industries like electric vehicles and ultra-high voltage transmission gaining importance, while the real estate sector's share has declined [1][8]. - The overseas market, particularly in emerging economies like India and Indonesia, is expected to see strong growth, prompting an upward revision of consumption growth rates from **2% to 3%** [1][9][16]. Supply Chain and Production Challenges - The electrolytic aluminum production capacity is concentrated in regions with limited capacity in Europe and the U.S., with potential uncertainties affecting future supply [1][18]. - The current high-load production state in China and uncertainties in overseas supply, such as the impact of the Russia-Ukraine conflict, are key factors driving market expectations [1][19]. Regulatory Environment - The current **4.5 million tons** capacity limit for electrolytic aluminum in China is unlikely to be lifted in the short term due to supply-side reforms and carbon neutrality goals [1][21]. Conclusion - The electrolytic aluminum industry is facing a complex landscape characterized by tight supply, fluctuating costs, and evolving demand dynamics, with significant implications for market participants and potential investment opportunities [1][22].

Core Viewpoint - The construction of the Aba 1000 kV UHV substation in Miyaruo Town, Sichuan Province, is facing challenges due to heavy snowfall, but efforts are being made to ensure timely completion by optimizing work processes and clearing snow [6] Group 1: Project Details - The Aba to Chengdu East 1000 kV UHV AC transmission project is scheduled to be completed and operational by the end of 2026 [6] - The new Aba 1000 kV substation will set records for the highest altitude, highest fill slope, largest earthwork volume, most complex geology, and most complicated access roads and water sources for UHV substations [6] Group 2: Regional Impact - The project aims to transmit abundant clean energy from the western Sichuan region, including hydropower, wind, and solar energy, to the load centers in the Chengdu urban agglomeration [6] - This initiative is expected to significantly support the construction of the Chengdu-Chongqing economic circle [6]

Core Points - The construction site of the Aba 1000 kV ultra-high voltage substation in Miya Luo Town, Sichuan Province, is facing challenges due to sudden snowfall and temperature drops [1][2] - The substation is part of the Aba to Chengdu East 1000 kV ultra-high voltage AC transmission project, which is expected to be completed and operational by the end of 2026 [2] - The new substation will set multiple records, including the highest altitude for an ultra-high voltage substation and the most complex geological conditions [2] Group 1 - The construction site is located at an altitude of 3620 meters, with snow accumulation exceeding 5 centimeters [1] - Construction workers are actively clearing snow and optimizing work processes to ensure timely completion before winter [2] - The project aims to support the construction of the Chengdu-Chongqing economic circle by transmitting clean energy from the western Sichuan region to the Chengdu metropolitan area [2] Group 2 - The construction site features over 300 construction machines, which are currently covered in snow [1][3] - The site presents significant challenges due to high altitude, low temperatures, and ice coverage [2] - The project is a key component of the broader energy infrastructure development in the region [2]

Core Insights - The article highlights China's advanced ultra-high voltage (UHV) transmission technology, which enables the transfer of electricity generated from renewable sources in the northwest to eastern provinces, showcasing a significant infrastructure achievement [2][3]. Group 1: UHV Transmission Technology - The UHV transmission technology is defined as alternating current at 1000 kV and direct current at ±800 kV and above, likened to an "energy highway" [3]. - China has established 42 UHV transmission lines capable of transporting electricity at voltages between 800 kV and 1100 kV, significantly surpassing the capabilities of the U.S. [8][9]. - The technology is crucial for supporting China's clean energy development and is seen as a model for other countries to follow in transitioning to green energy [3][5]. Group 2: Renewable Energy Development - Over half of the cars in China are now battery-powered, and the country has developed a high-speed rail network spanning approximately 48,200 kilometers, reflecting a massive demand for electricity [4]. - In April, wind and solar energy contributed to over 25% of China's total electricity generation, indicating rapid growth in renewable energy sources [4]. - The article emphasizes that while the U.S. struggles with lengthy approval processes for new transmission lines, China is rapidly expanding its grid infrastructure to accommodate its energy needs [8][9]. Group 3: International Comparison - The article contrasts China's achievements with the U.S., noting that the highest voltage transmission line in the U.S. operates at 765 kV and covers only 2000 miles, which is less than the length of a single Chinese UHV line [8][9]. - The U.S. media's interest in China's UHV technology reflects a desire for American policymakers to accelerate their own transition to clean energy [3][9].

Core Viewpoint - The article emphasizes the significance of the Sichuan-Chongqing 1000 kV UHVAC project as a transformative energy infrastructure that enhances energy distribution, supports economic development, and improves the quality of life for residents in the region [2][3][16]. Group 1: Project Overview - The Sichuan-Chongqing UHVAC project, with a total investment of 28.631 billion yuan, marks the first high-altitude UHVAC project in China and significantly upgrades the voltage level of the Southwest power grid from 500 kV to 1000 kV [5][6]. - The project is capable of transmitting approximately 35 billion kWh of clean electricity annually from the Sichuan region to the Chongqing load center, equivalent to the annual electricity consumption of 10 million households [5][6]. Group 2: Technological Advancements - The project incorporates innovative technologies such as intelligent inspection drones and real-time monitoring devices, establishing a comprehensive inspection system that enhances operational efficiency [6][8]. - The Chengdu East 1000 kV substation, a key hub in the project, has a total capacity of 6 million kVA and plays a crucial role in connecting clean energy from Sichuan to the load center in Chengdu [5][6]. Group 3: Economic Impact - The stable power supply from the UHVAC project has attracted numerous high-quality enterprises to the Chengdu-Chongqing economic circle, facilitating the transformation of traditional industries and the development of new industrial clusters [10][11]. - Companies like Honeycomb Energy are expanding their production capacity, relying on the stable electricity supply provided by the UHVAC project to support their growth plans [10]. Group 4: Social Benefits - Residents in the region have reported improved electricity reliability, with the UHVAC project ensuring stable power supply even during peak summer usage [13][14]. - The project has created numerous job opportunities, allowing local residents to find employment closer to home, thus enhancing their quality of life [13][14]. Group 5: Future Prospects - The ongoing expansion of the UHVAC network is expected to further integrate clean energy sources into the grid, promoting sustainable development in the region [14][17]. - The Sichuan-Chongqing UHVAC project is positioned as a critical component of a larger energy network, enhancing the overall efficiency of energy distribution across the Southwest region [17][18].

Core Insights - During the "14th Five-Year Plan" period, Xinjiang's energy industry is experiencing rapid development, particularly in wind and solar energy sectors, achieving breakthroughs in energy development [1][5]. Renewable Energy Development - By the end of the "14th Five-Year Plan," Xinjiang's installed capacity for wind and solar power is expected to reach 112 million kilowatts, with green electricity accounting for over 55%, ranking first in Northwest China and third nationally [5]. - The region is home to the world's largest single photovoltaic power station and advanced floating wind power stations, continuously harnessing energy from its vast deserts and high altitudes [7]. - A new high-altitude floating wind power device, capable of capturing wind energy at approximately 1500 meters, has been successfully tested, marking a significant advancement in wind energy technology [18]. Energy Transmission and Storage - The "Xinjiang Power Transmission to Chongqing" ultra-high voltage transmission line has been established, enabling rapid long-distance electricity transmission, with power reaching Chongqing in just 7 milliseconds [9]. - Xinjiang plans to construct and operate 218 new energy storage stations during the "14th Five-Year Plan," positioning itself among the leaders in the western region for energy storage capacity [11]. - The largest all-vanadium flow battery energy storage project in China, located in Xinjiang, is expected to provide stable green electricity to the grid, sufficient for approximately 197,000 households annually [13]. Traditional Energy Development - Xinjiang is also enhancing its traditional energy sector, with plans to drill over 200 ultra-deep oil wells in the Taklamakan Desert, reaching depths of over 8000 meters by the end of the "14th Five-Year Plan" [14]. - The successful drilling of the Deep Taka 1 well, reaching 10,910 meters, has set multiple world records, showcasing Xinjiang's potential in oil and gas development [14]. - Xinjiang is projected to contribute over 150 million tons of crude oil and more than 250 billion cubic meters of natural gas to the national market, maintaining its position as a leading energy supplier in Western China [16].

Core Viewpoint - The article emphasizes the critical role of electricity supply and energy storage in supporting the growing demand from AI data centers, highlighting that power availability has become a significant bottleneck for AI infrastructure development [1][7][9]. Electricity Demand and Supply - AI data centers are projected to significantly increase electricity demand, with the International Energy Agency estimating that annual electricity consumption from data centers will rise from 415 TWh in 2024 to 945 TWh by 2030, a growth of over 120% [7]. - In the U.S., data center electricity demand is expected to increase from 4% in 2023 to 12% by 2030, contributing nearly half of the new load [8]. - China is the world's largest electricity consumer, with annual consumption exceeding 9000 TWh, and is projected to reach 13500 TWh by 2030 [9][14]. Growth in Data Center Capacity - By 2030, China's data center capacity may reach 47 GW, with electricity consumption potentially exceeding 371 TWh, accounting for approximately 2.7% of national electricity demand [22]. - The compound annual growth rate (CAGR) for data center electricity demand in China is expected to be 13% from 2025 to 2030, reaching 400 TWh [20]. Renewable Energy and Infrastructure - China is leading in renewable energy, contributing 70% of global new power capacity additions, particularly in solar and wind energy [25]. - By 2050, solar and wind energy generation in China could increase tenfold to 18000 TWh, with these sources expected to account for 70% of total electricity generation [28]. - The expansion of the electricity grid is crucial, as solar and wind resources are primarily located in central and western regions, necessitating significant investment in infrastructure [32]. Energy Efficiency and Usage - The Power Usage Effectiveness (PUE) of data centers in China is expected to remain stable, with Beijing's data center cluster leading the industry at a PUE of 1.4 [23]. - The total electricity demand from data centers in China is projected to grow from 69 TWh in 2020 to 371 TWh by 2023, reflecting a significant increase in energy consumption [24]. Long-term Energy Strategy - Nuclear power is anticipated to play a role in China's energy mix, but its contribution is expected to be smaller compared to solar and wind energy by 2050 [35]. - The need for energy storage systems is highlighted, with an estimated requirement of approximately 3300 GW or 12000 GWh of storage capacity by 2050 to support renewable energy integration [29].