11月18日，南方电网数字电网研究院股份有限公司（简称：南网数字）在深圳证券交易所正式挂牌上 市。上市首日，南网数字开盘上涨261.51%，全天成交量1.77亿股，成交额达33.91亿元。11月19日，南 网数字盘中涨超23%，触发临停，截至收盘涨幅达到29.27%，总市值760亿元。 从6月26日向深交所提交上市申报，到11月18日正式发行上市，南网数字IPO之路仅历时145天，成为创 业板近年来最快实现上市的企业之一。 值得注意的是，南网数字亮眼的营收及利润增速背后，母公司南方电网为其第一大客户。2022年-2024 年，南网数字对南方电网的销售收入占其营业收入比重分别达到92.16%、84.93%和85.88%，对南方电 网及其关联方销售金额占比进一步达到93.70%、86.12%和86.33%。 南方财经记者注意到，就关联交易高企问题，南网数字在回复深交所问询时表示，公司对单一客户南方 电网存在重大依赖，但不存在重大不利影响，这与公司下游客户的竞争格局和市场集中度有关，符合电 力能源行业的运营特征。同时，南网数字表示，公司长期服务于电网数字化转型，与南方电网保持了长 期稳定的良好合作关系，向南方电网销 ...

南方财经记者郑玮 实习生钟宸 深圳报道 11月18日，南方电网数字电网研究院股份有限公司（简称：南网数字）在深圳证券交易所正式挂牌上 市。上市首日，南网数字开盘上涨261.51%，全天成交量1.77亿股，成交额达33.91亿元。11月19日，南 网数字盘中涨超23%，触发临停，截至收盘涨幅达到29.27%，总市值760亿元。 从6月26日向深交所提交上市申报，到11月18日正式发行上市，南网数字IPO之路仅历时145天，成为创 业板近年来最快实现上市的企业之一。 招股书披露，南网数字主营业务主要覆盖电网数字化、企业数字化和数字基础设施三大体系，母公司南 方电网为其第一大客户。2024年，南网数字实现营业收入60.90亿元、净利润5.74亿元。2025年1-9月， 南网数字实现归母净利润1.58亿元，同比增长464.76%。 南网数字也是继南网能源、南网科技、南网储能后，南方电网培育的第4家上市企业。截至11月19日收 盘，南网数字、南网能源、南网科技和南网储能4家上市公司总市值分别达到760亿元、193亿元、259亿 元和421亿元，南方电网控股上市公司总市值已超千亿元。 从"十五五"规划建议提及"着力构建新 ...

近日，湘黔、湘粤、渝黔三项网间电力灵活互济工程通过国家核准。这三项工程总投资预计超156亿 元，将在今年底前开工建设，于2027年迎峰度夏前建成投产，最大输电能力共计可达900万千瓦。届 时，南方电网和国家电网之间的输电通道将从当前的2条增加至5条，跨省跨区电力互济能力显著增强。 当前，南方电网和国家电网之间的电力输送通道分别是从三峡送广东的江城直流和闽粤联网互送的云霄 直流。根据核准批复，湘黔、湘粤、渝黔电力灵活互济工程分别计划在贵州铜仁、湖南郴州、重庆各自 建设一座容量300万千瓦的柔性直流背靠背换流站，并开展相关配套线路工程建设，进一步提升跨电网 经营区互联互通水平。 "在全国统一电力市场建设加快推进的背景下，湘黔、湘粤、渝黔电力灵活互济工程投产后，将显著提 升两个互联区域间的电力互补互济和紧急支援能力，为跨电网经营区常态化电力交易提供更坚实的物理 基础，更好保障经济社会高质量发展的绿色用能需求。"南方电网战略规划部有关负责人说。 以贵州和湖南为例，夏季是湖南的电力负荷高峰期，而贵州的电力负荷呈现"冬高夏低"的特点，二者存 在较强的时空互补特性，可通过湘黔工程实现错峰互济，增强电力保供和新能源消纳能力。 ...

Core Viewpoint - The approval of the Xiangqian, Xiangyue, and Yuchuan flexible interconnection projects will significantly enhance the power transmission capacity between Southern Power Grid and State Grid, with a total investment exceeding 15.6 billion yuan and a maximum transmission capacity of 9 million kilowatts [1][2]. Group 1: Project Details - The three projects are set to start construction by the end of this year and are expected to be completed before the summer peak in 2027 [1]. - The new projects will increase the number of transmission channels between Southern Power Grid and State Grid from 2 to 5, thereby significantly enhancing cross-regional power exchange capabilities [2]. Group 2: Implementation and Coordination - Southern Power Grid has established a multi-disciplinary collaborative mechanism to enhance internal coordination and has formed a joint working group with State Grid to facilitate project planning and execution [3]. - The projects will include the construction of three flexible DC back-to-back converter stations, each with a capacity of 3 million kilowatts, located in Tongren, Guizhou; Chenzhou, Hunan; and Chongqing [4]. Group 3: Benefits and Strategic Importance - The projects will improve power supply security and renewable energy absorption capabilities, particularly benefiting regions with complementary power load characteristics, such as Hunan and Guizhou [10]. - The successful implementation of these projects will provide a solid physical foundation for regular power trading across grid operating areas, enhancing emergency support capabilities during extreme weather events [7][10].

Core Viewpoint - The successful listing of Southern Power Grid Digital Research Institute Co., Ltd. marks a significant step in the company's digital transformation and integration into the capital market, highlighting the importance of digital power grids in China's energy transition [1][6][7] Group 1: Company Overview - Southern Power Grid Digital Research Institute, the fourth listed company cultivated by Southern Power Grid, officially listed on the Shenzhen Stock Exchange on November 18 [1] - The company aims to become a leading player in the digital power grid sector, supporting the intelligent, green, and integrated transformation of the energy and power industry [2][3] Group 2: Strategic Goals - The company will focus on implementing the strategies of Digital China and Energy Power Nation, enhancing the digital power grid industry ecosystem to better support the energy sector's transformation [2] - The goal is to create a new quality of energy production capacity through digitalization and innovation [2] Group 3: Technological Achievements - Southern Power Grid Digital has made significant advancements in core technologies, including the development of a unified IoT operating system for the power industry and a large-scale domestic digital system [4] - The company has established national-level platforms and has been recognized as a model enterprise for scientific reform by the State-owned Assets Supervision and Administration Commission [4][5] Group 4: Market Position and Future Plans - The rapid listing process, completed in just 145 days, reflects the company's strong compliance and operational foundation, as well as the capital market's support for technology-driven enterprises [6][7] - The company plans to enhance its governance, strengthen its core position in technological innovation, and expand into cutting-edge technology fields such as artificial intelligence and quantum sensing [7]

Core Viewpoint - The successful listing of Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") on the Shenzhen Stock Exchange highlights the capital market's strong recognition of the development prospects of digital power grids, injecting robust momentum into the construction of a safe, intelligent, and green new power system [1][3]. Group 1: Company Overview - Southern Network Digital was officially listed on November 18, marking a significant milestone in its development [1]. - The company aims to strengthen and expand the digital power grid industry ecosystem, supporting the intelligent, green, and integrated transformation of the energy and power industry [1]. - The company has established itself as a leading platform for high-quality development in the digital power grid sector, with a commitment to delivering excellent performance to investors and society [1]. Group 2: Technological Advancements - Since the 14th Five-Year Plan, Southern Network Digital has leveraged its role as a central enterprise to drive technological innovation and industry leadership, creating a comprehensive product system across all scenarios and stages [2]. - The company has developed key technologies, including the first unified IoT operating system in the power industry, "Dianhong," which connects over 500 ecological partners and billions of power terminals [2]. - Southern Network Digital has also launched the first domestically developed large-scale fully integrated digital system, "Nanfang Sihai ERP," and the first power-specific main control chip, "Fuxi," among other innovations [2]. Group 3: Market Impact - The listing of Southern Network Digital serves as a market benchmark for integrating into the capital market and developing new productive forces [3]. - This event positions Southern Network Digital as a high-quality platform serving multiple industries nationwide, laying a solid foundation for its future rapid development [3].

Core Insights - The energy sector in China is experiencing significant growth in renewable energy, with renewable energy installations reaching 268 million kilowatts in the first half of the year, a year-on-year increase of 99.3%, accounting for 91.5% of new installations [1] - The 15th Five-Year Plan emphasizes the construction of a new energy system, focusing on increasing the share of renewable energy, enhancing the efficiency of fossil energy, and promoting the development of a clean energy system [2] - The upcoming 2025 China International Photovoltaic and Energy Storage Industry Conference aims to showcase innovations in the photovoltaic and energy storage sectors, aligning with the goals of the 15th Five-Year Plan [3][4] Renewable Energy Growth - China's renewable energy installed capacity continues to break records, with nearly 60% of the total installed capacity being renewable [1] - New energy storage capacity reached 94.91 million kilowatts, growing approximately 29% compared to the end of 2024, indicating a stable and rapid development trend in new energy storage [1] Policy and Strategic Framework - The 15th Five-Year Plan outlines strategies for enhancing the supply of renewable energy, ensuring the safe and orderly replacement of fossil fuels, and constructing a robust new power system [2] - The plan promotes a multi-energy approach, integrating wind, solar, hydro, and nuclear energy, while also focusing on the development of smart grids and microgrids [2][4] Industry Conference Highlights - The upcoming conference will feature discussions on key topics such as photovoltaic technology, energy storage, hydrogen energy, and digitalization, providing a platform for policy interpretation and technological exchange [3][4] - Notable industry leaders will participate in roundtable discussions to explore strategies for the integration of photovoltaic and energy storage systems [4] Research and Innovation - The conference will also launch significant research publications, including a collection of case studies on green low-carbon technologies and a white paper on the digital transformation of the energy sector [4] - The focus on new productive forces in the green energy sector presents unprecedented opportunities and challenges for industry stakeholders [4]

Core Viewpoint - The successful listing of Southern Power Grid Digital Research Institute Co., Ltd. marks a significant step in Southern Power Grid's integration into the capital market and signifies a new phase in its digital and intelligent transformation [2][10]. Group 1: Strategic Development - Southern Power Grid aims to implement the strategies of Digital China and Energy Power Nation, focusing on enhancing the digital grid industry ecosystem to support the intelligent, green, and integrated transformation of the energy and power sector [4]. - The company emphasizes its role in the Greater Bay Area, aligning with local government efforts to achieve carbon neutrality goals [4]. Group 2: Technological Innovation - Since the 14th Five-Year Plan, Southern Power Grid Digital has leveraged its role as a central enterprise to drive technological innovation and industry leadership, creating a comprehensive product system across various business areas [5]. - The company has developed key technologies and platforms, including the first unified IoT operating system in the power industry and a domestic large-scale fully integrated digital system [7]. Group 3: Standardization and Intellectual Property - Southern Power Grid Digital has actively participated in the formulation of international and national standards, contributing to 11 international standards and 33 national standards [8]. - The company has undertaken significant national technology projects, supporting the development of new network applications and digital grid technology [8]. Group 4: Capital Market Engagement - The company submitted its listing application to the Shenzhen Stock Exchange on June 26, 2025, and achieved a rapid listing in just 145 days, showcasing its preparedness and compliance [10]. - The successful listing reflects the capital market's recognition of the digital grid's growth potential and establishes a high-quality platform for future development [10]. Group 5: Future Outlook - Following its listing, Southern Power Grid Digital plans to enhance corporate governance, strengthen its core position in technological innovation, and expand into cutting-edge technology fields [11]. - The company aims to contribute significantly to the construction of a "Digital China" and the achievement of carbon neutrality goals [11].

在粤期间，张晓虎一行分别到南方电网数研院、产业发展集团、能源研究院、综合能源公司、广东电网公司、广 州电力交易中心、国家新型储能创新中心，就能源政策研究、电网规划建设、电力交易外送、生产智能运检、新 兴产业发展及新型储能、零碳园区、虚拟电厂、数智转型等方面，与南方电网有关单位座谈交流并实地调研。内 蒙古电力交易公司与广州电力交易中心就绿电绿证跨区交易、市场体系建设研究、干部人才培养锻炼签署合作备 忘录；内蒙古电力经研院与广东电网规划研究中心签署"柔性直流技术"合作协议。 来源：内蒙古电力集团 内蒙古电力集团党委副书记、总经理张晓虎带队赴南方电网公司调研交流 近日，内蒙古电力集团党委副书记、总经理张晓虎带队，赴中国南方电网公司调研，与南方电网公司董事、总经 理、党组副书记钱朝阳举行会谈，双方就进一步深化战略合作进行深入交流。 钱朝阳欢迎张晓虎一行到访，感谢内蒙古电力集团长期以来对南方电网公司的支持。钱朝阳表示，南方电网公司 深入学习贯彻党的二十届四中全会精神，加快建设新型能源体系和新型电力系统，全面融入全国统一电力市场建 设。南方电网公司与内蒙古电力集团合作基础深厚，展望"十五五"，希望双方加大交流合作力度，立 ...

（文章来源：每日经济新闻） 中信证券研报表示，"十五五"规划建议中进一步明确了新型能源体系的重要地位，针对电力系统建设指 引了消纳、韧性、电气化等中长期的发展重心。该机构认为，政策进一步指引和夯实了特高压、柔性直 流输配电、数智化电网等环节的中长期机遇。同时，中短期来看，输变电设备内外需景气共振，结构性 需求持续显现，特高压、智能电网等环节有望迎来景气反转。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。 11月18日，A股三大指数继续回调，前期表现强势的电网设备板块迎来阶段回调，截至10:11，全市场唯 一的电网设备ETF（159326）跌幅1.29%，成交额已达7603万元，持仓股平安电工、亿嘉和、精达股 份、友讯达、远光软件等股逆市上涨。电网设备ETF近期迎来阶段调整，最近7个交易日最大回撤超 8%，行业高景气支撑下，短期回调或迎布局机会。 微软声称AI行业的发展瓶颈是缺电，AI技术革命引发的 " ...