坚强的主网架是电力保供的重要物质基础。北灵220千伏变电站建成投运，为烟台万华工业园、烟台港西港区等烟台市重点建设项目提供 坚强电力保障。海阳东芦110千伏输变电工程满足海阳北部中国天然气、绿然果蔬、纯真果蔬等项目负荷增长需求。龙口下河110千伏输 变电工程为吉佰仕、安德里果汁等项目投产及政府招商引资规划奠定坚实基础。 今年以来，国网烟台供电公司在电网建设中以"适度超前"理念推进数智化坚强电网建设，始终坚持"让电等发展"，坚持"主、配、微"融 合发展，构建坚强主网架和智慧电网，全面推动新型电力系统建设。提前测算地方民生发展需要，适度超前做好电力基础设施布局，为 八角大学城及海阳、龙口、栖霞等县域重点项目建设提供充足电能。此外，国网烟台供电公司还聚力新能源有效接入，上半年建成新能 源入网工程2项，满足华能莱州1000兆瓦一期500兆瓦海上光伏发电等项目顺利并网送电，为烟台打造绿色低碳高质量发展示范城市贡献 力量。 随着北灵220千伏变电站成功送电，烟台2025年迎峰度夏电力保供工程全部投运，其中七项度夏重点工程新增变电容量38.9万千伏安，新 建输电线路82.51公里，为服务支撑迎峰度夏电力保供奠定了坚强网架基 ...

Core Viewpoint - Inner Mongolia Power Group's Inner Mongolia UHV Power Supply Company is actively addressing challenges in power supply and demand balance, enhancing the capacity for renewable energy integration, and ensuring the safe operation of the power grid [1][2] Group 1: Investment and Project Development - From January to June this year, the company has resumed work on 26 projects, completed 4 projects, and settled 3 projects, achieving an actual investment of 1.778 billion yuan, which accounts for 68.5% of the annual investment target [1] - By 2025, the company has been assigned a total of 32 grid construction projects, representing a year-on-year increase of over 20%, with plans to build 9 new substations, expand 14 main transformers and high-resistance units, and construct approximately 2,236 kilometers of new lines, with a fixed investment target of 2.594 billion yuan [1] Group 2: Renewable Energy Integration and Grid Support - The company is accelerating the planning, preliminary work, construction, and operation of the "Shagou Desert" large-scale wind and solar power base, aiming to maximize renewable energy access capacity [1] - Key projects such as the Mengxi to Beijing-Tianjin-Hebei DC transmission project and the Ular Mountain power transmission and transformation project are progressing rapidly, providing robust support for the development of renewable energy and new power systems in the region [2] - The company adheres to the principle of "electricity follows development" and emphasizes efficiency in the early stages of project implementation, utilizing policy tools effectively to advance grid engineering [2]

Group 1: Pricing and Market Participation - The company's domestic hydropower projects are priced by the price regulatory authority and currently do not participate in market trading [1] - As of now, Hubei Province has not released supporting details regarding the implementation of the 136 document on market-oriented pricing for renewable energy [1] Group 2: Development Directions and Strategies - During the 14th Five-Year Plan period, the company will focus on renewable energy development, including the construction of three pumped storage projects and the establishment of centralized wind and solar power bases [2] - The company aims to enhance asset returns by optimizing operational processes and leveraging digital intelligence for efficiency improvements [2] Group 3: Market Performance and Pricing Changes - The Hubei electricity spot market transitioned from trial operation to formal operation in June 2025, with a slight decrease in electricity prices for thermal and renewable energy projects compared to the same period last year [2] - The internal rate of return for pumped storage projects is set at 6.5%, with a pricing mechanism that includes prior approval and periodic adjustments [2] Group 4: Shareholder Returns - The company has established a shareholder return plan for the next three years (2024-2026) and emphasizes a stable cash dividend strategy to enhance long-term shareholder value [3]

Core Viewpoint - The power industry is experiencing significant growth opportunities, as evidenced by multiple companies winning bids for power grid procurement projects, indicating a robust and vibrant sector [1][5]. Group 1: Company Performance - Several companies, including Hanlan Co., Ltd. and Fengfan Electric Equipment Co., Ltd., have reported successful bids for power grid projects, with bid amounts ranging from millions to billions [1][2]. - Hanlan Co., Ltd. won bids totaling approximately 907 million yuan, accounting for 9.79% of its projected 2024 revenue [2]. - Fengfan Electric Equipment Co., Ltd. secured bids worth about 337 million yuan, representing 10.45% of its expected 2024 revenue [2]. - Henan Tongda Cable Co., Ltd. reported winning bids totaling 180 million yuan, which is 2.91% of its anticipated 2024 revenue [2]. - Jinguang Electric Co., Ltd. announced bids amounting to approximately 42.81 million yuan, making up 5.76% of its projected 2024 revenue [3]. Group 2: Industry Trends - The power industry is witnessing a transformation driven by the "dual carbon" goals, leading to increased demand for infrastructure upgrades and new energy integration [4][5]. - The China Electricity Council's report indicates that by the end of 2024, the length of transmission lines at 35 kV and above will reach 2.477 million kilometers, a year-on-year increase of 1.7% [4]. - The capacity of substations at 35 kV and above is projected to reach 82.1 billion kVA, reflecting a 6.7% year-on-year growth [4]. - The industry is evolving towards high resilience and adaptability, with companies that have stronger R&D capabilities poised to capture more market opportunities [4]. Group 3: Market Dynamics - The recent surge in bidding activity highlights the maturity and resilience of the power industry supply chain, with companies leveraging their technological strengths and product specialties [3][5]. - The economic recovery is driving an increase in electricity demand, further accelerating the need for grid enhancements and smart grid solutions [4].

Core Viewpoint - The article highlights the effective utilization of idle electrical equipment through a shared platform, which enhances resource allocation and maximizes value in the power industry [1][2][4]. Group 1: Idle Equipment Management - The Southern Power Grid Company has established an asset management platform for idle electrical equipment, facilitating the sharing of over 3,000 items valued at 140 million yuan, thus optimizing resource allocation [2]. - The platform addresses inefficiencies, information asymmetry, and challenges in equipment transfer, extending the lifespan of equipment and saving investment costs [2]. Group 2: Innovative Reuse Strategies - The Yunnan Electric Power Dehong Supply Bureau repurposed outdated equipment into usable forms, saving 1.16 million yuan and benefiting 65 projects [3]. - The Guangxi Electric Power Company has successfully reallocated over 170 idle transmission towers through redesign and remanufacturing, saving nearly 30 million yuan [3]. Group 3: Social Trading and Revenue Generation - The Guangdong Electric Power Company conducted an auction for idle electric vehicle charging stations, achieving a 120% premium over the assessed value, thus converting dormant assets into revenue [4]. - Previously costly waste materials are now being transformed into revenue-generating assets through revaluation and category restructuring [5].

Market Overview - The Shanghai Composite Index rose by 0.02% to close at 3473.13 points, with a daily high of 3474.8 points [1] - The Shenzhen Component Index fell by 0.7% to close at 10435.51 points, with a daily high of 10501.31 points [1] - The ChiNext Index decreased by 1.21% to close at 2130.19 points, with a daily high of 2155.69 points [1] ETF Market Performance - The median return of stock ETFs was -0.4% [2] - The highest performing scale index ETF was the China Fortune Enhanced Strategy ETF, with a return of 1.16% [2] - The highest performing industry index ETF was the GF All-Index Electric Power Public Utilities ETF, with a return of 2.02% [2] - The highest performing strategy index ETF was the Bosera Dividend Low Volatility 100 ETF, with a return of 0.66% [2] - The highest performing style index ETF was the Bosera National Large Cap Value ETF, with a return of 0.63% [2] - The highest performing theme index ETF was the China Asset Management Financial Technology Theme ETF, with a return of 1.5% [2] ETF Performance Rankings - The top three ETFs by return were: - GF All-Index Electric Power Public Utilities ETF (2.02%) [5] - Huatai-PB All-Index Electric Power Public Utilities ETF (1.92%) [5] - Southern All-Index Electric Power Public Utilities ETF (1.92%) [5] - The top three ETFs by decline were: - Huatai-PB Hong Kong-Shenzhen Innovative Drug Industry ETF (-2.21%) [6] - Morgan Innovative Drug Industry ETF (-2.15%) [6] - ICBC Credit Suisse Innovative Drug Industry ETF (-2.13%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - E Fund ChiNext ETF (inflow of 256 million yuan) [8] - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (inflow of 190 million yuan) [8] - Huabao CSI Bank ETF (inflow of 158 million yuan) [8] - The top three ETFs by fund outflow were: - Huaxia SSE 50 ETF (outflow of 260 million yuan) [9] - Huabao CSI Financial Technology Theme ETF (outflow of 243 million yuan) [9] - Fortune CSI A500 ETF (outflow of 215 million yuan) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (buying amount of 371 million yuan) [11] - E Fund ChiNext ETF (buying amount of 172 million yuan) [11] - Huabao CSI Medical ETF (buying amount of 163 million yuan) [11] - The top three ETFs by margin selling were: - Southern CSI 500 ETF (selling amount of 53.34 million yuan) [12] - Huatai-PB CSI 300 ETF (selling amount of 10.63 million yuan) [12] - Huaxia SSE 50 ETF (selling amount of 9.01 million yuan) [12] Institutional Insights - Xinda Securities predicts significant improvement in the performance of power operators due to the ongoing market reforms and stable electricity prices [13] - Guosheng Securities emphasizes the importance of the power sector, noting record high electricity loads during peak summer demand, and recommends focusing on power sector investments [14]

Investment Rating - The investment rating for the power industry is "Positive" [2] Core Insights - The report highlights that the wind and solar installations are reaching a peak, while thermal power generation has turned from negative to positive growth [1][3] - The introduction of connection mechanisms in Inner Mongolia and Xinjiang has put pressure on incremental projects, with varying levels of protection for existing and new projects [3][10] - The report anticipates that the profitability of the power sector is likely to improve and undergo a value reassessment due to the easing of power supply and demand tensions [4][11] Monthly Sector and Key Listed Company Performance - In June, the power and utilities sector declined by 0.5%, underperforming the broader market, while the CSI 300 index rose by 2.5% [12][4] - The top three performing companies in the power sector for June were Guodian Power (5.91%), Inner Mongolia Huadian (1.73%), and Yangtze Power (-0.20%) [14][4] Monthly Power Demand Analysis - In May 2025, total electricity consumption increased by 4.40% year-on-year, with industrial electricity consumption showing a slight decline [17][19] - The electricity consumption growth rates for the primary, secondary, and tertiary industries were 8.40%, 2.10%, and 9.40% respectively [19][27] Monthly Power Supply Analysis - In May 2025, total electricity generation increased by 0.50% year-on-year, with thermal power generation rising by 1.20% [38][39] - The average utilization hours for different power generation types in May were as follows: thermal power 1644 hours, hydro power 1023 hours, nuclear power 3237 hours, wind power 952 hours, and solar power 460 hours [4][39] Monthly Power Market Data - The average purchase price of electricity in July was 367.34 RMB/MWh, a decrease of 4.41% month-on-month and 6.05% year-on-year [4][11] Investment Recommendations - The report suggests that coal-electricity integrated companies and national coal-electric leaders are likely to benefit from the ongoing market reforms and improved profitability [4][11] - Recommended companies include Xinji Energy, Shaanxi Energy, and Huaihe Energy among others [4][11]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Viewpoints - The utility sector has shown a strong performance, with a 2.3% increase as of July 4, outperforming the broader market [3][11] - The electricity sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions, with a focus on coal power's pivotal role [4] - Natural gas consumption in China has increased by 2.4% year-on-year in May 2025, indicating a recovery in demand [4] Summary by Sections Market Performance - As of July 4, the utility sector rose by 2.3%, with the electricity sector up by 2.38% and the gas sector up by 1.09% [3][11] - The top-performing sub-sectors include thermal power, which increased by 4.37%, and thermal services, which rose by 6.53% [13] Electricity Sector Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) increased by 2 CNY to 616 CNY/ton as of July 4 [3][21] - Coal inventory at Qinhuangdao port reached 5.7 million tons, an increase of 50,000 tons week-on-week [30] - The outflow from the Three Gorges Reservoir increased by 32.61% year-on-year, reaching 18,300 cubic meters per second [46] Natural Gas Sector Data Tracking - The LNG ex-factory price index in Shanghai was 4,412 CNY/ton, a decrease of 2.09% year-on-year [55] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, up 2.4% year-on-year [4] - The EU's natural gas supply for week 26 of 2025 was 6.23 billion cubic meters, an increase of 8.9% year-on-year [4] Investment Recommendations - For the electricity sector, it is recommended to focus on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International [4] - In the natural gas sector, companies like Xin'ao and Guanghui Energy are expected to benefit from stable margins and increased sales volume [4]

Core Viewpoint - The State Grid Beijing Electric Power Company is advancing 67 key summer reinforcement projects for the power grid, which will be operational by early July 2025, to meet the rapidly growing electricity demand in Beijing [4]. Group 1: Project Overview - The 67 projects include 19 main network projects and 48 distribution network projects, aimed at ensuring stable operation of the Beijing power grid and enhancing summer comfort for residents [3][4]. - The summer reinforcement projects are expected to add 150 kilometers of transmission lines at 35 kV and above, and increase transformer capacity by 1.73 million kVA [4]. Group 2: Regional Impact - The projects will effectively meet the electricity demand growth in areas such as Tongzhou, Chaoyang, Haidian, and the Beijing Economic-Technological Development Area, while also improving power supply capabilities in Changping, Miyun, and Shunyi [4]. - These initiatives are designed to support high-quality economic and social development in Beijing [4]. Group 3: Strategic Goals - The company is focusing on "strengthening capacity, addressing shortcomings, and ensuring safety" to optimize the power grid development plan and accelerate the construction and upgrading of both main and distribution networks [5]. - The year 2025 marks a critical phase in the implementation of Beijing's 14th Five-Year Plan for the power grid, with key projects like the Global and Jiangzhuang Lake 220 kV substations enhancing regional interconnectivity and reliability [5]. Group 4: Infrastructure Development - The projects incorporate smart technology to significantly enhance the resilience and reliability of the power grid, supporting various sectors including tourism, high-end industries, and artificial intelligence [5][6]. - Key projects also include the construction of 110 kV substations and the expansion of existing substations to improve power supply quality and address regional electricity pressure [6].

Investment Rating - The report maintains a "Buy" rating for the following companies: Guodian NARI (国电南瑞), Pinggao Electric (平高电气), China XD Electric (中国西电), and XJ Electric (许继电气) [8][9]. Core Insights - The approval of the Southeast Tibet to Guangdong-Hong Kong-Macao ultra-high voltage (UHV) transmission line marks an upward cycle for the UHV sector, with an expected investment of 53.168 billion yuan and a total transmission capacity of 10GW [1]. - The "Three North" photovoltaic desertification control plan aims to add 253GW of solar capacity by 2030, indicating sustained growth in renewable energy infrastructure [2]. - The acceleration of UHV project construction is evident, with multiple projects expected to be operational within the year, enhancing the overall market dynamics [3]. - The UHV market exhibits high barriers to entry and profitability, with significant value in components such as converters and transformers, indicating a concentrated competitive landscape [4]. Summary by Sections UHV Projects and Approvals - The National Development and Reform Commission approved the Southeast Tibet to Guangdong-Hong Kong-Macao UHV project, with a total length of 2681.3 kilometers and dynamic investment of 53.168 billion yuan [1]. - It is anticipated that 5-6 additional UHV direct current lines will be approved in 2025, with key equipment suppliers likely to benefit significantly from this trend [1]. Photovoltaic Development - The "Three North" photovoltaic desertification control plan has been approved, targeting the addition of 253GW of solar capacity by 2030 and the reclamation of 10.1 million acres of desertified land [2]. - The ongoing construction of large-scale wind and solar bases in desert areas is expected to drive long-term demand for UHV transmission [2]. Market Dynamics and Company Performance - The UHV market is characterized by high profit margins and a limited number of participants, with significant revenue potential for core equipment manufacturers [4]. - Guodian NARI is projected to generate net profits of 1.15-1.64 billion yuan from each UHV project, while Pinggao Electric and China XD Electric are also expected to see substantial profit increases due to the anticipated surge in UHV orders [5]. - The report highlights the strong growth potential for these companies, with expected net profit growth rates of 23.8% CAGR from 2025 to 2027 for XJ Electric [10].