Company Overview - Shandong University Power Technology Co., Ltd. focuses on power monitoring and has a strategic plan aligned with the national energy transition goals [1]. - The company’s products are primarily utilized in the power grid sector, with approximately 90% of revenue derived from substation and transmission products [2]. Market Opportunities - The "14th Five-Year Plan" period marks a transition towards better electricity usage and green energy, while the "15th Five-Year Plan" is critical for achieving carbon peak goals, presenting significant market opportunities for the power monitoring industry [1]. - The investment in smart and digital technologies by State Grid and Southern Grid is expected to enhance the demand for power monitoring equipment [1]. Competitive Landscape - Key competitors include Wuhan Zhongyuan Huadian Technology Co., Ltd., Shandong Kehui Power Automation Co., Ltd., and others in specific segments [2]. - The company maintains a competitive edge through continuous innovation in R&D, ensuring products meet market demands [3]. Customer Base and Service - The company has established long-term relationships with major clients such as State Grid and Southern Grid, which underscores the reliability and quality of its products [3]. - A nationwide service network with 17 contact offices enables rapid local support, enhancing customer satisfaction [4]. New Energy and Storage Business - Future plans for the new energy sector focus on integrated solutions for energy storage and charging stations, with a stable order backlog supporting growth [5][6]. - The energy storage business targets large-scale enterprises and aims to develop products that meet the requirements of the new power system [6]. Financial Outlook - The company anticipates stable order conditions across its two main business segments: power monitoring and new energy, providing a solid foundation for future growth [6]. - The management is optimistic about future performance, with strategic planning in place to drive business expansion [6].

Core Viewpoint - China's development of renewable energy is shifting from large-scale development to a balanced approach of development and consumption to address the challenges posed by the rapid growth of renewable energy [3][5]. Summary by Sections Renewable Energy Consumption and Regulation - The National Development and Reform Commission and the National Energy Administration have issued guidelines to enhance renewable energy consumption and regulation, aiming to establish a collaborative and efficient multi-level consumption regulation system by 2030 and a new power system adaptable to high proportions of renewable energy by 2035 [3][5]. Establishing a Multi-Level Consumption Regulation System - By 2030, a multi-level renewable energy consumption regulation system will be established to ensure smooth grid connection, diverse utilization, and efficient operation of renewable energy, meeting the annual demand for the reasonable consumption of over 200 million kilowatts of new energy [5][6]. Classification of Renewable Energy Development and Consumption - The guidelines categorize renewable energy development and consumption into five types, optimizing the integration of water, wind, and solar energy, and promoting orderly development of offshore wind energy [8][9]. New Models and Mechanisms for Consumption - The guidelines emphasize the importance of integrating renewable energy with industrial development and propose new consumption models, including integrated development, green electricity direct connection, and smart microgrids [11][12]. Price Mechanism Innovations - The guidelines suggest innovations in pricing mechanisms to promote renewable energy consumption, including establishing a pricing mechanism for renewable energy delivery and local consumption, and improving retail market pricing mechanisms that reflect time-of-use value differences [10][12].

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].

资金持续抢筹电网资产，电网ETF（561380）连续10日净流入超4.3亿元。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域的上 市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 （文章来源：每日经济新闻） 兴业证券表示，在新型电力系统下，电网投资需求稳步增长，国家电网和南方电网加大投资力度，计划 到2025年投入超过8250亿元。特高压工程持续推进，输变电设备企业将迎来业绩兑现期。电网自动化设 备方面，虚拟电厂市场空间广阔，预计到2030年市场规模将达264亿元。全球电网投资景气度提升，中 国出口表现良好，变压器及电度表出口增速显著。 ...

Core Viewpoint - The new power system is a crucial component of the new energy system and a key vehicle for achieving the "dual carbon" goals, prompting a call for innovative practices and brand promotion in its construction [2]. Group 1: Initiating Organizations - The initiative is launched by China Energy News and the China Energy Economic Research Institute [4]. Group 2: Application Requirements - Application cases should closely align with the core features and development directions of the new power system, demonstrating significant economic and social benefits [4]. - The cases must be disseminated through domestic and international media and social media platforms between 2024 and 2025, aiming for positive impact and significant influence [4]. Group 3: Eligible Applicants - Eligible applicants include registered enterprises and institutions in China involved in various aspects of the new power system, such as grid companies, power generation companies, energy technology firms, and research institutions [5]. Group 4: Process Arrangement - The collection period for applications is from July 1, 2025, to November 24, 2025 [6]. - A review committee composed of industry experts and media representatives will evaluate the applications based on fairness and transparency [6]. Group 5: Case Publication - Outstanding cases will be published at the "2025 Eighth China Energy Industry Development Annual Conference" in Beijing on December 4, 2025 [7]. Group 6: Promotion - The selected cases will be promoted across all media platforms of China Energy News [8]. Group 7: Submission Requirements - Interested units can download the application form and submit up to two projects [9]. - Submission materials must include basic information about the applicant, case overview, innovative highlights, and implementation results, ensuring accuracy and clarity [12].

Core Points - The approval of five back-to-back projects by the National Development and Reform Commission (NDRC) will enhance inter-provincial power support and provide reliable electricity for economic development [1][2] - The total investment for these projects is 24.4 billion yuan, which includes the construction of five 3 million kilowatt flexible direct current converter stations and 1,227 kilometers of 500 kV access system lines [1] - The projects are part of the "14th Five-Year" electricity development plan and are expected to be operational before the summer peak in 2027 [1][2] Group 1 - The five approved projects include the Chongqing-Guizhou, Hunan-Guangdong, Hunan-Guizhou, Fujian-Jiangxi, and Anhui-Hubei projects [1] - The State Grid Corporation of China and the Southern Power Grid Company are leading the construction of these projects, ensuring effective collaboration and coordination [2] - The projects aim to improve the safety, reliability, and economic efficiency of the power system while supporting the construction of a unified national electricity market [3] Group 2 - The National Energy Administration has emphasized the acceleration of project planning and construction, with the State Grid Company taking a proactive role in organizing and coordinating efforts [2] - A joint working group has been established between the State Grid and Southern Power Grid to enhance technical and management collaboration for the projects [2] - The focus is on high standards and quality in the construction process, ensuring timely completion and operational readiness [3]

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 ...

Company Overview - The company focuses on intelligent products and technology development related to power systems, forming two main business segments: intelligent grid monitoring and renewable energy [1][5]. - In 2024, the renewable energy segment generated revenue of 79.05 million CNY, accounting for 12.06% of the company's main business income [1]. Market Trends and Opportunities - The demand for fault recording devices and transmission line fault monitoring devices is expected to grow due to technological advancements, equipment upgrades, and the acceleration of domestic substitution [1][2]. - The new energy storage capacity in China is projected to reach over 180 million kW by 2027, with direct investment of approximately 250 billion CNY, indicating significant market potential [3][4]. Business Strategy - The company is strategically focusing on user-side energy storage, targeting commercial distributed storage, which has a clearer market structure and higher technical barriers compared to centralized storage [5][6]. - The charging pile business is aligned with national policies aiming to build 28 million charging facilities by 2027, providing over 300 million kW of public charging capacity [7][8]. Competitive Landscape - The industry competition is shifting from single product competition to comprehensive strength competition based on technology accumulation and R&D investment [3][6]. - The company has developed a range of new secondary products, emphasizing intelligent, integrated, and fully controllable technology trends [3]. Future Outlook - The company plans to maintain strategic investments in the charging pile business, leveraging policy support and market opportunities to ensure sustainable growth [7][8]. - The company emphasizes value management and aims to align its market value with intrinsic value through sound operations and governance [8].

近日，宁德时代与海博思创在福建宁德签署为期十年的全面战略合作协议。此次与海博思创的十年携 手，将进一步强化双方在储能技术研发、智能制造与市场渠道方面的优势互补，共同推进储能在新型电 力系统中的规模化应用。 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]