六盘水水城区铝产业园 张秀云 摄 与此同时，贵州电网公司深化"五个抓手"拓展电力市场，组建专项服务团队为企业量身定制供电方 案。"供电局提前对接需求、细致解读市场化交易电价政策，有了稳定供电和政策支持，我们一季度满 负荷生产更有底气！"贵州铝业集团双元新材料有限责任公司动力厂厂长唐送芳说，有了电力的稳定供 应，目前，企业二期首批126台电解槽已顺利投运，预计一季度实现电解槽全部投运，届时用电量将达 11.76亿千瓦时、同比增长76.26%，带动当地上下游产业链新增就业2000余人。 "我们将大工业电量按11.5%增速细化分解，通过政企联动、龙头护航、特色拓展精准发力，深挖用电增 长潜力。"贵州电网公司市场营销部总经理谢兵说，目前，各地供电局精准对接大数据、绿色制造、重 点工业等领域用电需求，派驻专人进驻政府专班建立"一企一策"服务清单。 迎峰度冬"五个一"服务机制全面推行，绿色通道提升办电效率，"电力安全包"等暖心举措为特殊群体送 去保障，实现暖企与惠民双向发力。 贵州日报天眼新闻记者 张秀云 二月黔中，寒意未消，电网建设与服务的实干热潮已遍布贵州大地。记者从南方电网贵州电网公司获 悉，今年一季度，贵州电网公 ...

Group 1 - The core viewpoint of the articles highlights the rising value of non-ferrous metals, driven by multiple favorable factors including supply-side contraction policies, new demand dynamics, economic cycle resonance, global deflation expectations, and concerns over dollar credit risks [1][2] - The non-ferrous metal ETF Tianhong (159157) saw a significant inflow of over 230 million shares on its first trading day, indicating strong market interest and a high turnover rate of 22.95% [1] - Morgan Stanley noted a potential exacerbation of supply-demand mismatches in the copper market, while domestic copper inventories are beginning to deplete, and downstream operating rates are recovering [1] Group 2 - Zhongtai Securities emphasized the strategic nature of non-ferrous metals amid geopolitical tensions, with rising technology stocks reinforcing demand expectations [2] - Various metals are experiencing a rotational upward trend, with minor metals showing particularly strong performance, reflecting a resonance between macro sentiment and industrial fundamentals [2] - The Ministry of Industry and Information Technology, along with eight other departments, issued a growth stabilization plan for the non-ferrous metal industry last year, setting a positive tone for industry development [1]

据悉，星塘750千伏输变电工程位于宁夏电网东部，预计2026年10月具备投产条件。该工程投产后将保障永利电厂接入及吴忠地区新能源储能接入需求，有 效疏解灵州换流站功能压力，优化宁夏750千伏网架结构，衔接宁夏"十五五"电网规划，促进宁夏经济社会发展。(周序鹏乔瑞玲/文周序鹏/图) other F ASSESS OF A STANKS 1018080 TACKING ADDATE AND A DV25 K 中大地 THE -1 Property E H UHILL F The First El > T First and the may be the see of the see of the see of the see and the see and the see and the seems of the seems of the seems of the seems of the see and the series and the n at P HEAD A BEATH n t the T 2026年2月3日，位于宁夏回族自治区吴忠市利通区的星塘750千伏变电站新建工程现场，宁夏送变电工程有限公司职工 ...

Core Viewpoint - The Ningbo Weitu 220 kV substation, designed by China Energy Construction Group Zhejiang Electric Power Design Institute, has commenced operation, marking a significant development in the region's energy infrastructure [1] Group 1: Project Details - The substation is located in the Ningbo Chemical Economic and Technological Development Zone, with a construction scale of 3×240 MVA for the main transformer, and an initial capacity of 2×240 MVA [1] - The substation features an output scale of 8 outgoing lines at 220 kV, with 4 lines operational in this phase, and 8 outgoing lines at 35 kV, all operational [1] Group 2: Impact on Local Infrastructure - This project is the first public substation to be put into operation during the 14th Five-Year Plan period in Zhejiang Province, addressing the electricity demand of the chemical zone [1] - The operation of the substation is expected to optimize the local grid structure and enhance the reliability of power supply, thereby supporting the successful implementation of key projects in the chemical zone [1]

国泰海通表示，宏观情绪调整叠加英伟达修正数据中心铜需求量，短期铜价震荡承压。然铜矿供给仍旧 紧张，现货铜精矿加工费持续下跌，AI和电网建设带来的需求逻辑仍在，近期国家电网表示十五五期 间固定资产投资预计为4万亿，较十四五增长40%。同时海内外流动性宽松的趋势未变，为铜价提供有 力支撑。 铜业股跌幅居前，截至发稿，中国有色矿业(01258)跌12.45%，报15.96港元；江西铜业（600362）股份 (00358)跌9.2%，报47.94港元；五矿资源(01208)跌8.71%，报10.38港元；洛阳钼业（603993）(03993)跌 6.84%，报22.62港元。 消息面上，近日，微软公布第二财季财报显示，该公司季度资本支出飙升至历史新高，同时云业务销售 增速放缓，引发投资者担忧其在人工智能领域的大规模投入可能需要比预期更长的时间才能见效。银河 期货市场观点认为，前期金银快速拉涨后，铜价跟随相对缓慢，铜矿扰动成为本轮上涨的导火索，在情 绪的资金的加持下，夜盘国内最高触及114160元/吨。之后由于微软、甲骨文等AI股暴跌，多头资金快 去离场，铜价收回日内全部涨幅，最低跌至104550元/吨。 ...

Core Insights - The development of the electricity grid in the Sanjiangyuan region has significantly improved the quality of life and economic opportunities for local residents [1][2] - The implementation of a comprehensive power supply solution, including "large grid extension, smart microgrid supplementation, and off-grid photovoltaic operation," has addressed the challenges of electricity access in remote areas [1][2] Group 1: Electricity Access and Infrastructure - The last 39,800 people without electricity in Qinghai were connected to the grid by December 23, 2015, marking a significant milestone in electrification efforts [1] - The commissioning of the 330 kV Golog and Yushu second transmission lines in January and July 2025 will provide dual-loop power supply, enhancing grid reliability in the Sanjiangyuan region [1] Group 2: Economic Impact and Community Development - The establishment of a driving school in Changjiang Village, enabled by electrification, trains over 200 students annually, generating an average annual dividend of 300 yuan per villager [1] - In Jinisai Township, the introduction of a remote consultation system has improved healthcare delivery, allowing for better management of chronic diseases and routine check-ups [1] Group 3: Agricultural and Industrial Growth - The stable electricity supply has fostered the development of a musk deer breeding base in Guomang Village, where each deer can generate an annual output value of 7,000 yuan, contributing to local employment [2] - The "large grid + microgrid" power supply model has addressed electricity stability issues in remote high-altitude areas, benefiting approximately 19,000 herders in five townships [2] Group 4: Government Initiatives and Support - The government has committed to maintaining off-grid photovoltaic systems for herders, ensuring that no household is left behind in the electrification process [2] - Continuous improvements in the electricity grid in Tibetan areas are seen as foundational for enhancing livelihoods, empowering rural industries, and supporting ecological civilization initiatives in Qinghai [2]

Group 1 - The industrial non-ferrous metal sector is experiencing significant gains, with the CSI Industrial Non-Ferrous Metal Theme Index (H11059) rising by 3.28% as of January 29, 2026, and individual stocks like Shenghe Resources and Yunnan Copper seeing substantial increases [1] - The Industrial Non-Ferrous ETF Wan Jia (560860) has reached a new high in scale at 16.478 billion yuan and a total of 7.784 billion shares, with a recent net inflow of 696 million yuan over the past five days [1] - Tight copper supply and declining processing fees for copper concentrate, combined with strong long-term demand from AI and power grid construction, are expected to support copper prices, with the State Grid's fixed asset investment projected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [1] Group 2 - The global base metals market is undergoing a structural reshaping due to strong demand from green industries such as electric vehicles, photovoltaics, and wind power, while supply is constrained by insufficient long-term investment and declining resource grades [2] - Despite the strong performance of the non-ferrous sector reflecting high growth over the past two years, core non-ferrous metal varieties have not seen significant valuation premiums, indicating potential for future price increases as domestic fundamentals may experience mild recovery [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Industrial Non-Ferrous Metal Theme Index (H11059) account for 56.18% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

1月28日，北京丰台500千伏输变电工程在丽泽金融商务区施工现场正式开工。该工程也是北京市"十五 五"时期首个新建的500千伏电网工程，将显著提升北京南部电网韧性水平和受电能力，对北京市持续优 化投资结构、大力发展高精尖产业等提供可靠电力支撑，助力全市冲刺一季度"开门红"、激活发展新动 能。 ...

格隆汇1月28日｜华西证券研报指出，思源电气2025年业绩超预期，海外业务将持续注入增长动能。受 美国电网扩容改造&AIDC建设放量等需求驱动，美国高压设备供应紧张，电力变压器PPI指数持续上 升。国内持续加大电网相关投资，根据中国电力报公众号，"十五五"期间，国家电网公司固定资产投资 预计达到4万亿元，较"十四五"投资增长40%。该行认为，在国内电网投资的带动下，公司的国内业务 也有望实现可观增长。在全球AIDC快速发展&电网建设投资持续增长的驱动下，电力设备需求迎来景 气周期。公司作为国内输变电设备龙头企业，国内外业务表现亮眼，后续业绩有望持续增厚。维持"增 持"评级。 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 21.21 billion yuan for 2025, representing a year-on-year growth of 37%. The net profit attributable to shareholders reached 3.16 billion yuan, up 54% year-on-year, while the net profit excluding non-recurring items was 2.96 billion yuan, reflecting a 58% increase [1] - The company is expected to benefit from the ongoing expansion and renovation of the U.S. power grid, with a tight supply-demand situation for high-voltage equipment. The delivery cycles for transformers in the U.S. have reached 143 weeks and 128 weeks for booster and power transformers, respectively [1] - Domestic investment in the power grid is increasing, with the State Grid Corporation expected to invest 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan. The company has shown strong bidding performance in domestic projects, indicating potential for significant growth in its domestic business [2] Financial Performance Summary - Revenue projections for 2025 and 2026 have been revised upwards to 21.21 billion yuan and 26.83 billion yuan, respectively, with a new forecast for 2027 set at 35 billion yuan. The expected revenue growth rates for 2025-2027 are 37.2%, 26.5%, and 30.5% [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 3.16 billion yuan and 4.24 billion yuan, respectively, with a new forecast for 2027 at 6.02 billion yuan. The expected net profit growth rates for 2025-2027 are 54.3%, 34.2%, and 41.8% [3] - Earnings per share (EPS) are projected to be 4.05 yuan for 2025, 5.43 yuan for 2026, and 7.71 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 47X, 35X, and 25X based on the closing price of 189.26 yuan on January 27, 2026 [3]