2025.11. 23 本文字数：2312，阅读时长大约4分钟 作者 | 第一财经 魏中原 近日，特高压龙头上市公司中国西电（601179.SH）发布的一则股东减持公告，在资本市场上掀起 了波澜。公告显示，持有公司7%股份的第五大股东GE SMALLWORLD（SINGAPORE）PTE LTD （下称"通用电气新加坡"），拟减持不超过1.54亿股。以公告当日收盘价粗略计算，此番减持套现规 模最多约13.6亿元，这是通用电气新加坡近一年来第三次减持中国西电。 市场对此反应迅速且剧烈，公告次日（11月21日），中国西电股价跳空低开，收盘跌停报7.96元， 全周累计跌幅高达14.6%。 此次减持的时点也颇受市场关注，其发生在中国西电及整个电网设备板块经历大幅上涨之后。自今年 4月至11月，申万电网设备指数一路高歌猛进，在本月初刚刚创下十年新高。然而，紧随中国西电股 东减持消息，板块整体大幅回调，本周指数下跌10%，近两周回撤达16%，板块内多家龙头公司股 价周内重挫超过10%。 外资股东获利了结，板块估值高企引关注 通用电气新加坡计划减持中国西电的股份全部来源于其2016年参与的定增发行，当时每股发行价为 4.4 ...

Core Viewpoint - The announcement of share reduction by GE SMALLWORLD (SINGAPORE) PTE LTD, a major shareholder of China XD Electric (601179.SH), has caused significant market reactions, with a potential cash-out of approximately 1.36 billion yuan, marking the third reduction in a year [1][2][3] Group 1: Shareholder Actions - GE SMALLWORLD plans to reduce its stake by up to 154 million shares, representing a maximum of 3% of the total share capital, with a potential cash-out of around 1.36 billion yuan based on the closing price on the announcement date [2][3] - This reduction follows two previous reductions in the past year, indicating an accelerated exit strategy by the shareholder [2][3] Group 2: Market Reactions - Following the announcement, China XD Electric's stock price dropped significantly, closing at 7.96 yuan, with a weekly decline of 14.6% [1][3] - The overall electric grid equipment sector also experienced a sharp decline, with the index falling by 10% in the week following the announcement, reflecting a broader market reassessment of the sector's valuation [1][4] Group 3: Industry Context - The electric grid equipment sector had previously seen substantial gains, with the index reaching a ten-year high in early November, but has since entered a downward trend [4][5] - The reduction in shareholding by a foreign investor at high price levels raises questions about the valuation of both China XD Electric and the broader electric grid equipment sector [1][3] Group 4: Long-term Industry Outlook - Despite short-term volatility, the long-term growth prospects for the electric grid equipment industry remain strong, driven by the transition to a new power system and increased investments from state-owned enterprises [5][6] - The national grid plans to invest over 800 billion yuan in high-voltage direct current projects during the 14th Five-Year Plan, indicating robust demand for electric grid infrastructure [6]

会议指出，能源保障和安全事关国计民生，是须臾不可忽视的"国之大者"。各地各部门和能源企业要深 入贯彻落实习近平总书记关于国家能源安全重要论述和对江苏工作重要讲话精神，统筹推进"源、网、 荷、储"各环节协同发展，加快构建高标准新型电力系统，持续提升能源安全保供能力，切实保障电网 安全、民生用电和重要用户用电，以能源电力保供之"稳"有力支撑经济社会发展之"进"。 会议强调，要全力组织能源资源，加强能源供需动态监测和联合调度，做好高峰时段煤炭资源的稳定供 应，加强发电用气运行调度管理，积极争取更多区外来电。要着力提升省内供给能力，加快支撑性电源 和坚强电网建设，加强发电机组运行管理，做到应发尽发、稳发满发。要科学有序实施需求侧管理，优 先保障好人民群众生活用电。要坚决守牢安全生产底线，提前制定应对可能出现的低温雨雪冰冻灾害天 气和突发事件的应急预案，加强风险管控和隐患排查治理，确保能源电力设施设备安全稳定运行，努力 为扛牢经济大省挑大梁责任提供坚实的能源电力保障。 本报讯(记者许愿)11月21日，省政府召开全省迎峰度冬能源电力保供电视电话会议。省委常委、常务副 省长马欣出席并讲话。 ...

Core Viewpoint - The establishment of the Shandong Provincial Engineering Research Center for Aerospace Power Technology and the Aerospace Information Shandong Provincial Laboratory Power Application Center aims to create a leading demonstration benchmark in the integration of aerospace technology and new power systems, promoting high-quality development in the power sector [1][3]. Group 1: Establishment and Objectives - The Aerospace Power Technology Research Center is approved by the Shandong Provincial Development and Reform Commission and established by Shandong Sijike Technology Co., Ltd., focusing on R&D innovation and serving as a testing and results transformation platform [1]. - The Aerospace Information Laboratory Power Application Center is a collaboration between Qilu Aerospace Information Research Institute and Shandong Sijike Technology Co., Ltd., aiming to bridge key links in industry-university-research applications [1][3]. Group 2: Industry Impact and Technological Advancements - Aerospace technology is recognized as a crucial component of the modern industrial system, with significant growth in areas such as new energy development, digital twin grid construction, wide-area monitoring, and disaster prevention in power grids [3]. - Shandong Sijike Technology Co., Ltd. has enhanced the application of aerospace technology, providing strong support for power grid operations, maintenance monitoring, and emergency response [3]. - The introduction of centimeter-level real-time and millimeter-level post-processing Beidou precision service networks has significantly improved power grid inspection efficiency [3]. Group 3: Future Development Plans - The Shandong Provincial Aerospace Power Technology "Dual Center" plans to accelerate the establishment of a comprehensive innovation system covering technology R&D, scenario validation, and industrial transformation [5]. - The goal is to transition aerospace power technology from single-point applications to multi-scenario and full-chain deep integration, supporting the construction of a new power system and contributing to the development of a green, low-carbon, high-quality growth area in Shandong [5].

Core Insights - The China Listed Companies Association announced the selection results for the 2025 Best Practices in Board Governance, with Southern Power Grid Electric Technology Co., Ltd. recognized for its outstanding practices in governance, strategic leadership, investor relations, and social responsibility [1][2]. Governance and Compliance - Southern Power Grid Electric Technology has established a robust governance system centered around its Articles of Association, with supporting rules for shareholder meetings, board meetings, and independent director operations, ensuring compliance and efficient operations [1][2]. - The company has received an A-level rating for information disclosure from the Shanghai Stock Exchange for three consecutive years, making it one of the few central enterprises on the Sci-Tech Innovation Board to achieve this highest rating [1]. Strategic Decision-Making and Risk Management - The company focuses on strategic decision-making and risk prevention, aligning its operations with the construction of a "new power system" and "dual carbon" goals, while promoting green and low-carbon transformation [2]. - Southern Power Grid Electric Technology has established an internal control and compliance management system covering all business processes to ensure sustainable and stable development [2]. Investor Relations and Shareholder Returns - The company prioritizes investor relations by enhancing the quality and transparency of information disclosure, utilizing various formats to improve the readability and practicality of reports [2]. - A dual dividend mechanism has been implemented, with cash dividend plans announced for both the first half of 2024 and mid-2025, aimed at sharing development results with investors [2]. Social Responsibility and ESG Management - Southern Power Grid Electric Technology has established a dedicated ESG management position and publishes an annual sustainability report, highlighting its contributions to rural revitalization, green development, and employee care [3]. - The company’s poverty alleviation procurement amount reached 238,800 yuan in 2024, with its ESG practices recognized by authoritative institutions [3].

Core Insights - The onset of winter heating in northern China has led to record high electricity loads, increasing pressure on the power grid [1] - New energy storage projects are rapidly scaling up, becoming essential for stabilizing electricity supply during peak demand periods [2][3] Industry Developments - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the development of new energy storage, emphasizing the need for advanced and efficient storage technologies [2] - Storage has transitioned from being an optional component to a necessary one in the energy landscape, driven by policy and market incentives [2] Company Initiatives - Jinko Power Technology Co., Ltd. is expanding its energy storage business, focusing on grid-side storage projects with a total capacity exceeding 10 GWh [2][3] - The company has successfully connected its 100 MW/200 MWh energy storage project in Feidong to the grid, marking a significant milestone in its operations [3] Market Trends - By the end of September 2025, China's new energy storage capacity is expected to exceed 100 million kilowatts, representing a more than 30-fold increase compared to the end of the 13th Five-Year Plan [3] - The independent storage sector is moving towards market-driven operations, with clearer profit pathways emerging from electricity market arbitrage and auxiliary services [4][5] Future Outlook - The role of large-scale energy storage in the power system is expected to grow, with its profitability likely to expand, positioning it as a core asset in the new energy landscape [6] - Companies that integrate energy storage with renewable energy generation and trading will have a competitive edge in the evolving market [6]

Core Viewpoint - China Southern Power Grid has achieved significant milestones in clean energy trade and development, with over 80 billion kilowatt-hours of electricity traded with Lancang-Mekong countries, and more than 90% of this being clean energy [1][2] Group 1: Clean Energy Trade and Development - The cumulative electricity trade volume with Lancang-Mekong countries has exceeded 80 billion kilowatt-hours, with clean energy accounting for over 90% of this trade [1] - By 2025, the installed capacity of renewable energy in the operational areas of China Southern Power Grid is expected to exceed 260 million kilowatts, with non-fossil energy accounting for 68% of the total installed capacity [1] - Clean energy has become the main source of power supply in the region, with international leading scale and technology levels [1] Group 2: International Energy Cooperation - China Southern Power Grid has established 16 cross-border interconnection lines at 110 kV with Lancang-Mekong countries, facilitating significant electricity trade [1] - The company has also initiated the first ultra-high voltage direct current transmission project in Chile, effectively addressing local renewable energy transmission bottlenecks [1] Group 3: Technological Advancements and Green Development - The company has built 35 new-type power system demonstration zones, achieving multiple international leading technological breakthroughs [2] - It has developed the world's first large model specifically for the power industry, named "Dawatt·Yudian" [2] - The world's first grid-structured lithium-sodium hybrid energy storage station has been established in Yunnan, overcoming international challenges in rapid recovery of pure renewable energy grids [2] - The company has constructed a comprehensive carbon management system covering the entire chain from generation to consumption, achieving a closed-loop management of "electricity-carbon-market" [2]

Core Viewpoint - The Yunnan Provincial Development and Reform Commission has approved the construction of four 500 kV power transmission and transformation projects to enhance the main grid and accelerate the development of a new power system, supporting a high proportion of renewable energy integration [1] Summary by Sections Project Details - The four projects include: 1. The construction of the 500 kV Changxin power transmission and transformation project in Yunlong County, Dali Prefecture, which will meet the renewable energy transmission needs of northern Dali and the Nujiang Lushui area, while enhancing the transmission capacity of hydropower stations in the upper reaches of the Lancang River [1] 2. The establishment of the 500 kV Jiangcheng power transmission and transformation project in Jiangcheng County, Pu'er City, which will strengthen the connection between the southwestern Yunnan power grid and the main grid, promoting renewable energy development and cross-border electricity interconnection in southwestern Yunnan [1] 3. The expansion of the 500 kV Dehong substation in Yingjiang County, Dehong Prefecture, which will increase the clean energy transmission capacity by over 800,000 kW [1] 4. The expansion of the 500 kV Gengma substation in Gengma County, Lincang City, which will enhance the regional clean energy transmission capacity by over 1,300,000 kW [1] Investment and Capacity Enhancement - The total investment for these four projects exceeds 3.18 billion yuan, and upon completion, they will enhance the province's renewable energy carrying capacity by over 7 million kW, ensuring the transmission needs of large hydropower projects and strongly supporting the construction of a new power system and green low-carbon development in the province [1]

Core Insights - The construction of a large-scale energy storage project in the Kubuqi Desert aims to optimize energy infrastructure and enhance the stability of power supply [1][2][3] - The project, with a capacity of 3 GW and 12.8 GWh, is expected to provide power for 300,000 households during peak demand [1][2] - The energy storage station will help balance the supply and demand of electricity, ensuring stability in the power grid [2][3] Group 1: Project Overview - The Gushanliang energy storage project occupies approximately 1,100 acres with a total investment of 11.2 billion yuan [1] - Upon completion, the project is expected to deliver 3.6 billion kWh of clean energy to the grid annually [2] - The project will connect to the Gushanliang 500 kV substation, prioritizing power supply for Ordos and western Inner Mongolia, while also exporting energy to North China [2] Group 2: Market and Policy Context - Ordos has established 23 energy storage projects, with 12 under construction and 17 planned [3] - The Inner Mongolia Energy Bureau has set a compensation standard for independent energy storage stations discharging to the grid at 0.35 yuan per kWh for a period of 10 years [3] - The local government aims to continue optimizing the new energy-based power system in line with the 14th Five-Year Plan, promoting energy transition and socio-economic development [3]

新华财经：在构建以新能源为主体的新型电力系统过程中，您认为当前行业在"源网荷储智"各环节的协同上面临的最大技术或机制障碍是什么？固德威的解 决方案是如何针对性地应对这些挑战的？ 张可男：当前，在构建以新能源为主体的新型电力系统的过程中，最大的挑战不是单个产品环节技术不足，而是新能源资源波动性与系统协调性的矛盾。新 能源出力具有不稳定性，而现有配电网以传统火力发电"稳定供能"为设计前提，导致现有配电网在大比例接入新能源后，于"发电–储能–用电–调度"之间存 在明显的响应滞后、系统割裂和调控缺乏全局性的问题。 具体来说，行业的主要障碍包括：气候变化愈加明显，导致标准气象年参数与现实偏差日益拉大，源侧波动难以预测，负荷与储能不能动态匹配；多能源系 统"各自为政"，缺乏统一调度逻辑和优化模型；配电网对高比例新能源接入存在约束，协同聚合上送能力和并网策略不完善。 固德威的解决方案核心是构建"云—边—端"协同的智慧能源体系： 转自：新华财经 第四届上市公司可持续发展官论坛暨年度最佳奖项评选颁奖典礼于10月31日在北京举办，固德威技术股份有限公司——"生态和谐计划，环保与社会责任实 践"荣获本年度优秀案例。活动期间，固德威 ...