Group 1 - The 2026 National Energy Work Conference highlighted that 2025 was the best year for energy security and supply since the 14th Five-Year Plan, with coal production and supply being effectively stabilized [1] - In 2025, China's raw coal production exceeded 4.8 billion tons, with imports around 470 million tons, and a reserve capacity of over 90 million tons was established [1] - The total electricity consumption in 2025 surpassed 10 trillion kilowatt-hours, marking a significant increase in energy demand due to economic and social development [1] Group 2 - The "Seven-Year Action Plan" for increasing oil and gas reserves and production concluded successfully, with crude oil production reaching approximately 215 million tons and natural gas production exceeding 260 billion cubic meters in 2025 [1] - The national capacity for electricity transmission from west to east reached 340 million kilowatts, and the total length of long-distance oil and gas pipelines reached 200,000 kilometers [2] Group 3 - The share of non-fossil energy consumption is expected to exceed the 20% target, with energy investment projected to reach 3.54 trillion yuan in 2025, a year-on-year increase of 11% [3] - New energy sources, particularly wind and solar power, are expected to see significant growth, with an estimated 370 million kilowatts of new installations in 2025 [3] - The construction of major hydropower and nuclear power projects is accelerating, with total hydropower installed capacity exceeding 440 million kilowatts [3] Group 4 - Significant progress has been made in building a unified national electricity market, with 28 provinces participating in electricity spot trading, and the market transaction volume expected to reach 6.6 trillion kilowatt-hours in 2025 [4] - The market-based trading volume is projected to account for 64% of total electricity consumption, indicating a growing trend towards marketization in the energy sector [4]

花旗表示，在全球电力需求被AI数据中心、电气化和可再生能源并网大举推高的背景下，叠加美联储 降息周期降低融资成本，助推电网基建长期项目投资，亚洲市场的最核心电网设备与储能类公司（尤其 是聚焦于高压变压器、GIS和储能系统的相关电力公司）正处在一个"多年的结构性上升周期"开端。 全国统一电力市场建设持续推进，推动主网投资需求增长。华泰证券指出，"十五五"期间电网投资有望 超4万亿元，较"十四五"期间显著提升。其中，750kV和500kV等高电压等级主网建设是重点方向，近年 来相关设备招标需求快速上升。2025年1-5批国网输变电招标金额同比增速达19.1%，预计2026年将进一 步加速。随着西部能源外送需求增强及区域电网互联互济能力要求提升，主网网架建设将成为支撑全国 电力大市场的重要基础设施。 海外方面，美国数据中心电力接入周期长、供应紧张，催生对就地供电方案的需求。天风证券指出， AI驱动下美国2025-2030年将新增55GW数据中心负荷，传统燃气轮机交付周期超过三年，而固体氧化 物燃料电池（SOFC）模块化系统可在90至120天内完成部署，更适配紧迫用电需求。此外，SOFC具备 低冗余配置优势，在实现同 ...

金吾财讯 | 电力设备股震荡走强，截至发稿，哈尔滨电气(01133)涨7.16%，东方电气(01072)涨6.02%， 超威动力(00951)涨2.94%，上海电气(02727)涨2.48%，亿华通(02402)涨2.05%。 该机构提到，全国统一电力市场建设加速推进，该机构预计"十五五"期间电网投资有望达到4万亿元以 上，相比于"十四五"期间电网投资2.8万亿元显着提升。其中，主网建设助力全国电网网架实现互联互 通，是全国统一电力大市场搭建的重要支撑，该机构认为仍将是重点建设方向。 来源：金吾财讯 华泰证券表示，根据浙江日报，浙江特高压交流环网工程正式获国家发展和改革委核准批复，预计在 2029建成投运，总投资约293亿元，是迄今为止国内投资最高、单体工程量最大的特高压交流工程。该 机构看好全国统一电力市场建设加速推进下，十五五期间电网投资保持稳步增长态势，跨省输电通道建 设与西部薄弱电网补强需求明确，特高压建设需求处于高位，主网投资有望进一步提速。 ...

该机构提到，全国统一电力市场建设加速推进，该机构预计"十五五"期间电网投资有望达到4万亿元以 上，相比于"十四五"期间电网投资2.8万亿元显着提升。其中，主网建设助力全国电网网架实现互联互 通，是全国统一电力大市场搭建的重要支撑，该机构认为仍将是重点建设方向。 金吾财讯 | 电力设备股震荡走强，截至发稿，哈尔滨电气(01133)涨7.16%，东方电气(01072)涨6.02%， 超威动力(00951)涨2.94%，上海电气(02727)涨2.48%，亿华通(02402)涨2.05%。 金吾财讯 | 电力设备股震荡走强，截至发稿，哈尔滨电气(01133)涨7.16%，东方电气(01072)涨6.02%， 超威动力(00951)涨2.94%，上海电气(02727)涨2.48%，亿华通(02402)涨2.05%。 华泰证券表示，根据浙江日报，浙江特高压交流环网工程正式获国家发展和改革委核准批复，预计在 2029建成投运，总投资约293亿元，是迄今为止国内投资最高、单体工程量最大的特高压交流工程。该 机构看好全国统一电力市场建设加速推进下，十五五期间电网投资保持稳步增长态势，跨省输电通道建 设与西部薄弱电网补强需求明 ...

Core Viewpoint - The article highlights the ongoing development of China's ultra-high voltage (UHV) power transmission projects, emphasizing the increasing demand for electricity driven by AI advancements and the need for infrastructure upgrades in the global power system [2][3]. Group 1: UHV Projects and Investment - The Zhejiang UHV AC ring network project has received approval from the National Development and Reform Commission, with a planned completion and operation by 2029 and a total investment of approximately 29.3 billion yuan [2]. - In 2023, two UHV DC lines and three UHV AC lines have been approved, indicating a strong ongoing demand for UHV infrastructure, which is characterized by high capacity, long-distance transmission, and low losses [2]. - The construction of a unified national electricity market is accelerating, with clear demands for inter-regional power interconnection and electricity export from the western regions, suggesting a potential increase in non-UHV main network construction [2]. Group 2: Electricity Demand and Supply Chain Opportunities - From January to October 2023, the electricity consumption for internet data services in China increased by 43%, highlighting the surge in electricity demand driven by AI development [2]. - The global consensus that "the end of computing power is electricity" is becoming more pronounced, with Microsoft CEO Satya Nadella noting that the core bottleneck for the AI industry is the shortage of electricity [2]. - The persistent electricity shortages in North America and the urgent need for upgrades and expansions in global power systems may drive advancements in distributed and high-resilience power supply technologies, presenting systemic development opportunities for China's power grid equipment supply chain [2]. Group 3: Investment Outlook - Given the expected growth in domestic power grid construction investment and the opportunities for equipment exports against the backdrop of overseas electricity shortages, the outlook for the power grid sector remains positive [3]. - Investors are encouraged to pay attention to the power grid ETF (561380) as a potential investment opportunity [3].

Group 1 - The core viewpoint of the article highlights the strong performance of power equipment stocks in the Hong Kong market, driven by the accelerated construction of a national unified electricity market, with significant investment expected during the 14th Five-Year Plan period [1] - Huatai Securities projects that electricity investment during the 14th Five-Year Plan could exceed 4 trillion yuan, a substantial increase from the 2.8 trillion yuan investment during the 13th Five-Year Plan [1] - The construction of the main grid is seen as a crucial support for achieving interconnection of the national grid framework, which is essential for building a unified national electricity market [1] Group 2 - Harbin Electric (01133) saw a price increase of 6.67%, with a latest price of 15.200 and a total market value of 33.991 billion yuan, reflecting a year-to-date increase of 565.50% [2] - Dongfang Electric (01072) increased by 6.39%, with a latest price of 23.320 and a total market value of 80.649 billion yuan, showing a year-to-date increase of 151.86% [2] - Northeast Electric (00042) rose by 5.88%, with a latest price of 0.270 and a total market value of 0.0236 billion yuan, indicating a year-to-date increase of 3.85% [2] - Shanghai Electric (02727) increased by 3.72%, with a latest price of 4.180 and a total market value of 64.958 billion yuan, reflecting a year-to-date increase of 47.70% [2] - Chaowei Power (00951) saw a 2.21% increase, with a latest price of 1.390 and a total market value of 1.535 billion yuan, but a year-to-date decrease of 3.27% [2] - Yihua Tong (02402) increased by 2.05%, with a latest price of 25.860 and a total market value of 5.991 billion yuan, showing a year-to-date increase of 25.84% [2] - Tianneng Power (00819) rose by 1.10%, with a latest price of 7.340 and a total market value of 8.266 billion yuan, reflecting a year-to-date decrease of 9.05% [2]

港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 12月12日，港股市场电力设备股走强，其中，哈尔滨电气、东方电气涨超6%，东北电气涨近6%，上海电气涨近 4%，超威动力、亿华通涨超2%。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 01133 | 哈尔滨电气 | 6.67% | 15.200 | 339.91亿 | 565.50% | | 01072 | 东方电气 | 6.39% | 23.320 | 806.49亿 | 151.86% | | 00042 | 东北电气 | 5.88% | 0.270 | 2.36亿 | 3.85% | | 02727 | 上海电气 | 3.72% | 4.180 | 649.58亿 | 47.70% | | 00951 | 超威动力 | 2.21% | 1.390 | 15.35亿 | -3.27% | | 02402 | 亿华通 | 2.05% | 25.860 | 59.91亿 | 25.84% | | 00819 | 天能动力 | 1.10 ...

Market Overview - The Shanghai Composite Index fell by 0.70% to 3873.32 points, while the Shenzhen Component Index dropped by 1.27%. The ChiNext Index and the Sci-Tech Innovation 50 Index decreased by 1.41% and 1.55%, respectively. Over 4300 stocks declined throughout the day, indicating weak market sentiment [1][1][1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion yuan, an increase of 786 billion yuan compared to the previous day [1] Federal Reserve Actions - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range for the federal funds rate to 3.50%-3.75%. This marks the third rate cut of the year, following reductions on September 17 and October 29 [1][1] - The Fed's dot plot maintains a forecast of only one rate cut in 2026, with Chairman Powell indicating that current rates are at a "favorable position," suggesting a higher threshold for future cuts. The Fed also restarted balance sheet expansion operations, enhancing market expectations for monetary easing [1][1] Gold Market Insights - Historical trends show that the Fed's easing policies support gold prices. Current global central bank gold purchases and geopolitical risks provide long-term structural support for gold [1][1] - Investors are advised to consider gold-related investments, such as gold ETFs (518800) and more flexible gold stock ETFs (517400) [1][1] High Voltage Power Transmission Sector - The high voltage power transmission sector saw gains, with the approval of the Zhejiang high voltage AC ring network project by the National Development and Reform Commission, which is expected to be operational by 2029 with a total investment of approximately 29.3 billion yuan [2][2] - This year, two high voltage DC lines and three high voltage AC lines have been approved, indicating strong construction demand. The acceleration of the national unified electricity market and clear demand for cross-regional power transmission are expected to sustain investment growth in the electricity sector during the 14th Five-Year Plan period [2][2] - Given the anticipated growth in domestic power grid investment and opportunities for equipment exports due to overseas power shortages, the outlook for the power grid sector remains positive. Investors are encouraged to consider the power grid ETF (561380) [2][2]

来源：华泰睿思 11月27日，输配电定价四大文件修订版同时发布。我们总结，本次修订办法的主要变化可以从影响电网准许收益、准许成本、收入结构三个方向展开分 析。我们看好全国统一电力市场建设加速推进下，十五五期间电网投资保持稳步增长态势，特别是跨省输电通道建设与西部薄弱电网补强需求明确，主网 投资有望进一步提速。 核心观点 面向新型电力系统，输配电定价新办法发布 11月27日，输配电定价四大文件修订版同时发布，重点就促进新能源消纳利用，保障电力系统安全平稳和高效运行，促进电网企业提升管理效能等，作出 了一系列新的制度性安排，以促进输配电价政策体系"从优到精"，对于加快新型电力系统和全国统一电力市场体系建设具备重大意义。按照输配电价改革 总体部署，第四监管周期输配电价改革将于2026年起实施。我们总结，本次修订办法的主要变化可以从影响电网准许收益、准许成本、收入结构三个方向 展开分析。我们看好全国统一电力市场建设加速推进下，十五五期间电网投资保持稳步增长态势，特别是跨省输电通道建设与西部薄弱电网补强需求明 确，主网投资有望进一步提速。 对于电网企业贷款利率加强穿透监管，准许收益有望下降 我们知道输配电价取决于电网公 ...

中邮证券指出，风光发电量占比15%是系统成本快速上升的临界点，也是电网景气度提升的时点， 20%则是灵活性资源需求提升的拐点。随着新能源渗透率提高，电力系统安全压力持续加大，传统继电 保护理论难以满足"双高"新型电力系统需求，电网事故风险可能因深度互联和高比例新能源而放大。电 网投资进入成长周期，2024年电网投资同比增15.3%，2025年国网计划投资超6500亿元。电力现货市场 建设加速，将推动电价机制从多轨制向单轨制转变，促进新能源消纳。在清洁和安全目标下，终端电价 可能面临上涨压力。电力系统需构建包含核电、煤电改造、储能等多种灵活性资源的生态体系，电网扩 张本身也是一种重要灵活性资源。全国统一电力市场建设是解决风光资源与负荷中心错配问题的关键。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUP ...