证券研究报告：电力设备|点评报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 10088.23 | | --- | --- | --- | | 52 | 周最高 | 10950.05 | | 52 | 周最低 | 6107.84 | 行业相对指数表现（相对值） 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:苏千叶 SAC 登记编号:S1340525110004 Email:suqianye@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:盛炜 SAC 登记编号:S1340525120008 Email:shengwei@cnpsec.com 近期研究报告 《国家发改委修定输配电成本监审和 定价办法，我们预计明年整体进入过渡 期——适应"拍卖"机制》- 2025.12.01 电网投资进一步加 ...

近日，记者从中国电科院系统所获悉，该院牵头研发的"新型配电网高可靠保护"科技成果突破多源 协同、故障自愈等核心难题，构建起覆盖多场景的配电网保护技术体系，为新型电力系统建设筑牢安全 防线。 随着分布式电源大规模接入，传统配电网正向多源化、复杂化转型，电网故障特征发生深刻变化， 导致故障辨识难、处置慢等问题。为破解这一行业痛点，在团队负责人杨国生带领下，中国电科院联合 天津大学、山东大学、国网北京电力、南瑞继保、北京四方等产学研用多家单位历经十年攻关，依托重 大项目支持，取得三大核心突破：创新分布式电源自适应保护与控制协同技术，研发复杂拓扑线路高速 保护与恢复技术，攻克复杂非线性高阻接地故障灵敏辨识难题。 该成果实现配电网故障百毫秒级隔离与供电恢复，成功解决百毫安级微弱电流故障辨识难题。截至 目前，该成果已形成39项专利、41篇论文、6项标准及1部专著。基于该成果研制的13类新型保护设备在 30个省（区、市）的10（20）kV配电系统中应用超13万台，广泛服务电力、钢铁、轨道交通等行业， 部分设备已出口至海外12个国家。 作为新型电力系统安全运行的关键技术支撑，该成果不仅保障了首都及全国供电可靠性，更推动了 电 ...

Core Insights - The Hainan 500 kV main grid project and the Boao Zero Carbon Demonstration Zone have been selected as part of the "Top Ten Super Projects of Central Enterprises for 2025" by the State-owned Assets Supervision and Administration Commission [2] Group 1: Hainan 500 kV Main Grid Project - The project is set to be fully operational by December 15, 2025, and is a key initiative under the national "14th Five-Year" power development plan [2] - It aims to enhance energy security and support the development of a new power system, providing a robust backbone network for clean energy development and digital economy growth [2] - The project will create a "口" shaped main grid covering the entire Hainan province, significantly improving resource optimization and risk resilience of the local power grid [2] - It will facilitate the safe delivery and high proportion consumption of clean energy sources such as nuclear, solar, and wind power [2] - The project incorporates digital twin technology to serve as a model for building a green, low-carbon, and efficient modern energy system [2] Group 2: Boao Zero Carbon Demonstration Zone - The Boao Zero Carbon Demonstration Zone was officially renamed in March 2025 and is recognized as China's first region to achieve overall zero carbon operation through renovation [3] - The project, led by China Ocean Shipping Group, covers 190.15 hectares on Dongyu Island and includes 18 sub-projects focused on green building renovation, renewable energy utilization, and green transportation [3] - Since 2024, the group has implemented measures to eliminate the remaining 3.8% carbon emissions in the area, achieving zero carbon operation and setting a standard for replicable models [3] - The demonstration zone has reached "international first-class, domestic leading" levels, providing a "Chinese solution" for global regional zero carbon goals [3]

转自：新华社 图为敦煌国际会展中心同塔四回线路。新华社发 "敦煌市实现全域全年绿电供应后，将为甘肃省新能源综合示范区建设起到示范引领作用，对丝绸之路沿线城市发展可再生能源提供借鉴，并 对西部地区能源结构调整、区域协调发展提供参考。"苟健说。 责任编辑：曹旭 新华社兰州1月5日电（记者 王紫轩）记者日前从甘肃省敦煌市政府、国网敦煌市供电公司获悉，2025年敦煌市电源总装机容量达434万千瓦， 全部为风、光、水等可再生能源。敦煌市首次实现全年全域绿电供应。 国网敦煌市供电公司指挥中心主任苟健介绍，2025年，敦煌市新能源发电40亿千瓦时，本地消纳7.49亿千瓦时，剩余32.51亿千瓦时通过"西电 东送"骨干工程送往湖南。 近年来，甘肃全力推动构建新型电力系统和新型能源体系，加快建设陇电外送通道。截至目前，敦煌市共有1座750千伏、5座330千伏、13座 110千伏变电站，构建起覆盖全域、衔接顺畅的新能源外送及就地消纳电网框架，实现绿电"发得出、送得走、用得好"。 绿电是在生产过程中二氧化碳排放量为零或趋近于零的电力，主要来源为太阳能、风力等可再生能源。甘肃省风、光资源富集，生产绿电具备 先天优势。"十四五"以来， ...

（文章来源：人民日报） 本报昆明1月5日电 （记者杨文明、通讯员王宇）记者从南方电网云南电网公司获悉：随着近日位于云 南省曲靖市马龙区的国易储能电站正式投运，云南新型储能总装机容量突破600万千瓦，规模跻身全国 前列。"十四五"以来，云南积极推进新型电力系统示范区建设，截至目前已累计并网投产75个储能项 目，形成多元化、规模化的储能布局。目前，云南新型储能利用小时数居全国前列。 ...

Core Viewpoint - The article emphasizes the importance of electricity in building a strong energy nation, highlighting the need for a comprehensive strategy that prioritizes electricity to support economic and social development [2][3]. Group 1: Development Position of Electricity in Energy Nation - High-quality development of electricity lays a solid foundation for building a strong energy nation, with significant achievements since the 18th National Congress, effectively meeting the growing electricity needs of the population [4]. - National electricity consumption is expected to exceed 10 trillion kilowatt-hours by 2025, with installed capacity reaching 3.79 billion kilowatts, surpassing the total of G7 countries [4]. - The electricity supply system has diversified, with a clean energy supply structure formed by coal, gas, nuclear, and renewable energy sources, and the "West-East Power Transmission" capacity reaching 340 million kilowatts [4]. Group 2: New Power System as a Key Pathway - The new power system is essential for building a strong energy nation, with a clear trend towards electrification in energy production and consumption, where electricity accounts for about 50% of primary energy consumption [5]. - By 2060, it is anticipated that non-fossil energy consumption will exceed 80%, with electricity's share of primary energy consumption reaching around 80% [5]. - The new power system will enhance energy self-sufficiency and facilitate global energy governance, aligning with the goals of building a strong energy nation [5]. Group 3: Promoting Electricity First - The electricity sector has maintained a high investment growth rate, which is crucial for adapting to complex changes in the development environment and supporting the construction of a strong energy nation [6]. - There is a need to proactively plan major projects that represent new electricity production capabilities and accelerate the development of emerging industries in the electricity sector [6]. - Internationally, efforts should be made to promote the mutual recognition of China's renewable energy green power certificates and enhance the competitiveness of export-oriented industries in green development [6]. Group 4: New Responsibilities of Electricity in Energy Nation Construction - The focus is on building a new power system by 2030, enhancing electricity security, and ensuring a robust supply of clean electricity from both non-fossil and traditional energy sources [7]. - The construction of a new grid platform that integrates main and distributed microgrids will enhance the intelligent scheduling capabilities of the grid [8]. - The development of renewable energy bases and the promotion of new energy technologies are essential for achieving annual increases of over 200 million kilowatts in renewable energy generation capacity [8]. Group 5: Enhancing International Influence - The establishment of a unified national electricity market and the improvement of market-based pricing mechanisms are crucial for stabilizing electricity prices and encouraging investment [9]. - Efforts should be made to enhance the international recognition of China's green electricity certification standards and to expand overseas investments in green electricity projects [9]. - The article calls for the development of a comprehensive overseas electricity service system to meet the green development needs of countries involved in the Belt and Road Initiative [9].

Group 1 - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote high-quality development of the power grid, emphasizing increased investment in the grid [1] - The guidelines encourage private capital participation in grid investment and construction, optimizing the investment and operational assessment mechanisms for grid enterprises [1] - Global investment in power grids is expected to continue growing to address the increasing share of wind and solar power, with significant growth in power generation investments outpacing grid investments in recent years [1] Group 2 - Developed economies face urgent needs for upgrading aging grid equipment, with over 20% of equipment exceeding 20 years of use [1] - Domestic grid equipment companies are expected to benefit from the upward shift in grid investment growth, while overseas export business is likely to maintain stable growth [1] - Current major projects in China, such as smart grids and urban-rural grid upgrades, require substantial grid equipment, with a shift towards efficient, energy-saving, and environmentally friendly transformers becoming mainstream [1]

Core Viewpoint - The article emphasizes the significance of supercapacitors in addressing grid frequency regulation challenges and ensuring renewable energy consumption, positioning them as a key technology in the energy transition under China's "dual carbon" strategy [2][10]. Group 1: Industry Context - The forum held in Shanxi focused on the theme "Energy Storage Empowering Grid Safety, Innovation Driving Green Transition," highlighting the collaborative efforts from various sectors to discuss energy transformation [2]. - Supercapacitors are recognized for their rapid response time, long cycle life, wide temperature adaptability, and high safety, making them essential for the high-quality development of the energy storage industry [2][5]. Group 2: Project Highlights - Shenzhen Jinzhao Times Co., Ltd. has successfully implemented a 100MW supercapacitor frequency regulation energy storage station, marking a significant milestone in the large-scale application of supercapacitor technology [7]. - The project utilizes a hybrid energy storage solution combining supercapacitors and lithium batteries, achieving a deployment of 58MW/30s double-layer supercapacitors, which is the largest single-unit supercapacitor frequency regulation energy storage station globally [7][10]. - This project has been recognized as a key demonstration project by the National Development and Reform Commission and included in Shanxi Province's list of major technological equipment, showcasing a leap in the domestic energy storage sector [7][10]. Group 3: Expert Insights - Experts at the forum acknowledged the core value of supercapacitors in frequency regulation, with notable figures emphasizing the project's role as a valuable practical example for the national energy storage industry [8]. - The successful implementation of the 100MW project is seen as a testament to the unique advantages of supercapacitors in short-term frequency regulation and renewable energy consumption [8]. Group 4: Future Implications - The successful forum and project launch occur during a critical period of global energy restructuring and the acceleration of China's "dual carbon" goals, indicating significant strategic value [10]. - The ongoing technological advancements and expanding application scenarios for supercapacitors are expected to enhance their role in the construction of new power systems, contributing to a cleaner and low-carbon energy transition [10].

Core Viewpoint - The article discusses the guidelines issued by the National Development and Reform Commission and the National Energy Administration aimed at promoting high-quality development of the power grid, with a target to establish a new type of power grid platform by 2030, integrating main grids, distribution networks, and smart microgrids [2]. Group 1 - By 2030, the capacity for resource optimization in the power grid is expected to be significantly enhanced, with the "West-to-East Power Transmission" scale exceeding 420 million kilowatts and an additional inter-provincial power exchange capacity of around 40 million kilowatts [2]. - The new power grid platform will support renewable energy generation to account for approximately 30% of the total, with the capacity to accommodate distributed renewable energy reaching 900 million kilowatts and supporting over 40 million charging infrastructure units [2]. - The current power grid in China is recognized as the world's strongest in terms of transmission capacity, highest operational voltage levels, and largest scale of renewable energy integration, with a "West-to-East Power Transmission" capacity of 340 million kilowatts, representing about 23% of the maximum national electricity load projected for 2025 [2]. Group 2 - The guidelines outline seven key tasks, including clarifying the functional positioning of the new power grid platform, strengthening unified planning and construction of various levels of the power grid, and enhancing the safety governance capabilities of the grid [2]. - The article emphasizes the importance of optimizing the collaborative development of main grids, distribution networks, and microgrids, and advancing the planning and construction of cross-provincial and cross-regional transmission channels [3]. - It highlights the need for increased investment in the power grid and the evolution of the grid structure from a unidirectional to a multidirectional mixed structure to support the scalable development of new power business models [3].

申港证券近日发布电力设备行业研究周报：近期，国家能源局发布了今年1-11月份全国电力工业统计数 据。今年11月，全国风电装机量为12.25GW，同比增加104%，环比增长39%。今年1-11月风电累计装机 82.0GW，同比增长61%。截至11月底，全国风电累计装机量约为602.6GW。全国光伏装机量21.0GW， 同比减少17%，环比增长54%。 以下为研究报告摘要： 投资摘要： 每周一谈："风光"装机环比高增消纳重要性渐增 近期，国家能源局发布了今年1-11月份全国电力工业统计数据。 风电装机情况：今年11月，全国风电装机量为12.25GW，同比增加104%，环比增长39%。今年1-11月风 电累计装机82.0GW，同比增长61%。截至11月底，全国风电累计装机量约为602.6GW。 光伏发电装机情况：今年11月，全国光伏装机量21.0GW，同比减少17%，环比增长54%。今年1-11月光 伏装机约274.5GW，同比增长31%。截至11月底，全国光伏累计装机量约为1161.2GW。 发电装机结构：截至今年11月底，火电装机容量占比最高，达40%，是电力安全保障的"压舱石"；光 伏、风力发电装机容量占比分 ...