3/19-20日·2026虚拟电厂系列研讨会 王老师18911725159 文丨北极星储能网 除公司层面的主动布局外，林洋能源控股股东华虹电子也同步发布增持计划，拟自2026年2月9日起的12 个月内，以自有资金通过集中竞价交易方式增持公司股份，增持资金总额区间为5000万元至1亿元。 迎历史机遇，三大主业向好！ 上述一系列举措的推出，都是基于林洋能源对自身主营业务未来增长空间的高度认可与坚定看好。 当前，林洋能源深耕智能电网、新能源、储能三大核心领域，致力于打造全球一流的产品与运营服务 商。近期行业利好政策密集释放，也为林洋能源三大主营业务的发展注入新动能。 国家电网与南方电网官宣"十五五"期间将启动5万亿元总投资，加码新型电力系统建设，此举将为企业 拓展智能电网业务创造新的市场发展空间。与此同时，"114号文"明确的容量补偿电价机制，为储能行 业实现商业化、市场化运营筑牢基础，未来将有助于提升储能项目盈利水平。 而林洋能源也明确表示，将紧抓此次行业机遇，全面推动业务升级发展。尤其是继续聚焦主业，持续深 化经营管理，以扎实的经营业绩、稳健的发展态势，切实回馈广大投资者的信任与支持。 在智能电网领域，林洋能源 ...

Core Viewpoint - Jiangsu has become the leader in offshore wind power grid connection in China, and there is a strong push to accelerate the development of deep-sea wind power to meet the growing energy demands of the province [1]. Group 1: Offshore Wind Power Development - During the 14th Five-Year Plan, Jiangsu's total installed capacity of renewable energy generation exceeded 100 million kilowatts, surpassing coal power to become the primary energy source, with offshore wind power playing a crucial role [1]. - The transition from nearshore to deep-sea wind power development is expected to be a significant source of growth for Jiangsu's power generation capacity during the 15th Five-Year Plan [1]. Group 2: Infrastructure and Technology Recommendations - To enhance the service of offshore wind power to the provincial economy, it is essential to strengthen the "hard support" of infrastructure [2]. - Key technological advancements are needed in long-distance transmission for offshore wind power, focusing on the unique challenges of deep-sea wind farms, such as distance, large capacity, and high investment costs [2]. - There is a need to explore new investment and operational models for offshore transmission channels, as well as to develop critical technologies like flexible DC transmission, ultra-high voltage submarine cables, and compact offshore booster stations [2].

Investment Overview - The State Grid has announced a fixed asset investment plan of 4 trillion yuan for the "14th Five-Year Plan" period, representing a significant increase of 40% compared to the "13th Five-Year Plan" period, which exceeds previous market expectations of a 10%-20% growth [1][4] - The total investment from the three major grid companies during the "14th Five-Year Plan" period is expected to reach around 5 trillion yuan, with the State Grid's investment alone projected at 4 trillion yuan [1][4] Investment Drivers - The increase in investment is driven by the mismatch in growth rates between source-side and grid-side investments, alongside the rigid demand for the continuous construction of a new power system [1][8] - During the "13th Five-Year Plan" period, the average annual growth rate of source-side investment was 22.7%, significantly outpacing the 6.8% growth rate of grid-side investment, leading to bottlenecks in cross-regional transmission capacity and local consumption space [1][8] Investment Structure Changes - The investment structure for the "14th Five-Year Plan" has shifted from focusing primarily on the high-voltage backbone network to a collaborative development of the main grid, distribution network, and smart microgrid [1][8] - The investment in the main grid is expected to account for about 30% of the total investment, with an estimated amount of 1.2 trillion yuan, aimed at enhancing cross-regional transmission capabilities by over 30% compared to the end of the "13th Five-Year Plan" [1][10] Distribution Network Investment - The investment in the distribution network is projected to reach around 2 trillion yuan, accounting for approximately 50% of the total investment during the "14th Five-Year Plan," marking a 33% increase from the previous period [1][11] - The construction of the distribution network will cover urban, rural, and remote areas, enhancing flexibility and capacity to accommodate distributed renewable energy and meet the needs of 35 million charging facilities [1][11] Smart Microgrid and Digitalization - Investment in digitalization and smart microgrids is expected to account for 15%-20% of the total investment, with a clear focus on the development of smart microgrids for the first time [1][13] - The new grid platform will require continuous investment in digital infrastructure to support high levels of renewable energy integration and power electronics, with initiatives like the "Artificial Intelligence+" program being implemented [1][14]

2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业内企业信用分析 | 15 | | 结论 | 24 | | 附表 | 25 | 联络人 www.ccxi.com.cn 作者 企业评级部 盛 蕾 010-66428877 lsheng@ccxi.com.cn 王琳博 010-66428877 lbwang@ccxi.com.cn 马 骁 010-66428877 xma@ccxi.com.cn 赵曰鹏 010-66428877 ypzhao@ccxi.com.cn 其他联络人 王梦莹 010-66428877 mywang01@ccxi.com.cn 中诚信国际 行业展望 中国电力生产行业 ◼ 2025年以来，我国经济在复杂的外部环境下实现稳健增长，全社会用电量同比保持中速 增长；预计2026年国内高技术及新质生产力的发展仍将对用电增量需求提供支撑，加之 经济提质增效政策的持续发力以及极端天气等因素，我国全社会用电需求或将继续保持 中速增长态势。 ◼ 2025年我国新能源装机维持高速增长，预计2026年电源结构清洁化发展趋 ...

筑牢电力安全基石 赋能能源强国建设 中国工程院院士、电网运行风险防御技术与装备全国重点实验室主任 郑玉平 2026年是"十五五"规划开局之年，也是加快建设新型能源体系的关键之年。2026年全国能源工作会议精 准锚定发展方向，系统部署重点任务，明确提出统筹发展和安全、加快构建新型能源体系、提升能源安 全保障能力的核心要求，为推进能源强国建设夯实了基础。新型电力系统作为新型能源体系的核心枢 纽，其安全稳定运行事关经济社会发展全局，是能源强国建设的关键支撑和基础保障。深入贯彻落实会 议精神，进一步筑牢电力安全防线，对夯实能源安全基础、支撑能源强国建设具有重大战略意义。 一、深刻认识：电力安全是能源强国建设的核心基石 加快建设新型能源体系是深入推进能源革命、建设能源强国的必然要求。清洁低碳、安全充裕、经济高 效、供需协同、灵活智能的新型电力系统，是新型能源体系的核心组成部分，是实现新能源高效可靠消 纳的关键载体，其安全运行具有基础性、战略性地位，同时也是优化资源配置、促进清洁消纳、降低用 能成本、支撑战略性新兴产业发展的关键，更是经济社会高质量发展的坚实底座。 二、总体思路：坚持系统观念构建电力安全新格局 贯彻落实全 ...

近日，国网河北电力数据显示，"十四五"期间，河北南部电网累计投资约810亿元，重点聚焦华北区域 特高压负荷落地工程、新能源输送通道、雄安世界一流城市电网建设等重点领域，电网建设实现跨越进 阶，为经济社会高质量发展注入强劲动能。 "与'十三五'以基础网架完善为主的建设格局相比，'十四五'河北南部电网建设更突出绿色转型。"国网 河北电力建设部副主任王怀民介绍。"十四五"期间，国网河北电力主网建设实现跨越式突破。1000千伏 特高压保定站、邢台站两项扩建工程先后投运。保西500千伏变电站投运，有力保障太行山沿线300万千 瓦新能源并网送出。蒙西—京津冀±800千伏特高压直流工程开工建设，陇东—山东±800千伏特高压直 流工程全线贯通，有效助力"沙戈荒"基地新能源外送，构建起多能互补、安全可靠的电力供应体系。 在雄安新区，一张世界一流的城市智慧电网正加速成型。"十四五"期间，国网河北电力共投运16座覆盖 不同电压等级的智慧变电站。其中，500千伏雄东变电站、雄安变电站，为雄安供能筑牢骨干网架。剧 村城市智慧能源融合站等220千伏智慧变电站实现站城一体、和谐共融。黄湾村、王家寨绿色智能微电 网，为乡村电网低碳智能化改造 ...

□ 本报记者倪敏李嘉豪 随着新能源比例持续攀升，电力系统的调节能力至关重要。谢永胜分析，预计到2035年，江苏规模化调 节资源需求巨大。他建议，要前瞻谋划技术经济最优的配置方案，明确各类调节资源的建设时序，具体 包括：推动煤电机组深度调峰改造，联合开发省内外抽水蓄能资源，充分挖掘电动汽车、冰蓄冷空调等 负荷侧调节潜力。同时，应加大对中长时储能技术的攻关和财政支持，并研究制定合理的储能容量电价 等保障政策，为调节资源的可持续发展奠定基础。 如何让绿电发挥最大价值？谢永胜认为关键在于"精准匹配"。他建议，应聚焦零碳园区等新型主体对绿 电的迫切需求，加强新能源发展规划与园区发展规划的有机衔接，促进绿电在规模与空间上与需求高效 耦合。通过推广"整村""整园"开发模式和打造"绿电直连"试点，可以引导绿电资源直接流向最需要、最 能借此创造环保与经济双重价值的企业，真正做到"好电用在刀刃上"，助力产业链降碳增绿。 新型电力系统的稳定运行离不开灵活高效的市场机制与配套政策。谢永胜提出，需研究推动省间与省内 电力市场协同运作，争取有利的区外购电条件。同时，应探索构建电力中长期交易与现货市场联合运营 模式，使中长期市场稳定预期、 ...

Core Insights - The increasing integration of renewable energy into the grid is driving the demand for energy storage systems, which are evolving from auxiliary equipment to fundamental capabilities of the power system [1][7] - Energy storage system integrators are becoming key players in the new power system, with their design, engineering, and long-term operational capabilities being critical for project reliability and performance [1][2] Group 1: Core Value of Energy Storage System Integrators - The core value of energy storage system integrators lies in three main areas: reliability assurance, large-scale delivery, and system platform collaboration [2] - Reliability assurance is crucial as integrators are responsible for the stability and long-term availability of storage systems, directly impacting project success [2] - Large-scale delivery capabilities are essential as projects grow in size, requiring integrators with engineering expertise and cross-regional delivery experience [2] - System platform collaboration enhances the design of storage systems, allowing for better integration with grid operations and load demands [2] Group 2: Oriental Risen's System Integration Strength - Oriental Risen has developed a comprehensive system-level capability in energy storage, covering battery systems, PCS, BMS, EMS, and SMS, achieving a high level of integration and optimization [3] - The company has a manufacturing capacity exceeding 15 GWh and has successfully delivered over 820 projects across more than 50 countries, demonstrating its ability to support large-scale deployments [3][4] - Oriental Risen's asset management capabilities include a self-developed energy management platform that manages over 1 billion yuan in assets and connects more than 250,000 edge devices, enhancing operational efficiency and long-term availability [4] Group 3: Industry Collaboration Guidelines - When selecting an energy storage system integrator, it is important to consider their system-level technical capabilities, including the ability to design and control battery systems and other components [5] - The integrator's experience with large-scale projects and their ability to deliver across regions are critical for ensuring ongoing performance as project sizes increase [6] - A mature engineering implementation system and standardized quality control mechanisms are necessary to ensure long-term reliability and consistency of the systems [6] Group 4: Future Outlook - The competition in the energy storage sector is shifting from individual device performance to system-level metrics such as safety, reliability, and long-term operational capabilities [6] - Integrators with strong system design, engineering delivery, and operational support capabilities will dominate the industry and play a vital role in the stable operation of new power systems [6][7] - Oriental Risen aims to leverage its established system integration capabilities to support the ongoing development of energy storage in the context of new power system construction [7]

Core Viewpoint - The State Grid has announced a fixed asset investment plan for the "14th Five-Year Plan" period, with a total investment expected to reach 4 trillion yuan, representing a 40% increase compared to the previous period. This indicates a clear high-growth trend in China's power grid investments, leading to unprecedented market expectations for the "power grid cycle" [2]. Investment Dimensions - The power system can be divided into generation, transmission, transformation, distribution, and consumption. The investment in power grid projects can be categorized into three dimensions: trunk network/super high voltage, smart grid/digitalization, and distribution and consumption equipment [10]. - Trunk network/super high voltage investments focus on primary equipment for physical transmission channels, characterized by large single amounts and long construction cycles, typically requiring 2-2.5 years from approval to operation [10]. - Smart grid/digitalization investments pertain to secondary equipment, which includes control systems and automation, with shorter delivery cycles of 0.5-1 year and more stable revenue driven by both new line construction and upgrades of existing networks [11]. - Distribution and consumption side investments target distributed energy access and end-users, characterized by fragmented orders and fast turnover, with profits recognized in line with annual grid construction progress [11]. Company Analysis - Group A companies, such as Pinggao Electric and China XD Electric, exhibit strong cyclical performance linked to super high voltage construction, with profits closely tied to specific project completion timelines [13]. - Group B, represented by State Grid NARI, shows strong certainty and anti-cyclicality in its performance, driven by the increasing complexity of the power grid and technological premiums rather than direct dependence on grid investment fluctuations [15]. - Group C focuses on the end of the power grid, emphasizing access and consumption, with companies like Samsung Medical experiencing accelerated profit growth due to the shift from urbanization-driven to consumption-driven investments, particularly in response to the rapid growth of distributed solar energy [17]. New Power System Cycle - The current "14th Five-Year Plan" power grid cycle differs from previous ones, with its driving factors shifting from "scale expansion" to "reconstruction of the power grid under a new power system." The main challenge has evolved to system stability and capacity for renewable energy integration [20]. - It is anticipated that a significant portion of the 4 trillion yuan investment will be allocated to addressing the randomness and volatility of renewable energy sources. Key factors influencing the industry include cost fluctuations of raw materials, technological upgrades, investment policies, and supply-demand dynamics [20].

Core Viewpoint - The construction of an energy powerhouse is strategically significant for national development, with a focus on high-quality development of a new power system as a key driver for this transformation [1][2]. Group 1: Understanding the Context and Trends - The new energy security strategy, characterized by "four revolutions and one cooperation," emphasizes the dual role of an energy powerhouse as both a foundational support and a driving engine for national development [2]. - The transition from traditional fossil fuel-based energy systems to a new energy paradigm is essential for enhancing national competitiveness and achieving high-quality development [2][3]. Group 2: Multi-Dimensional Advancement - The energy security framework must ensure sufficient supply, promote green consumption, and enhance technological independence while fostering international cooperation [3][4]. - A new energy system, supported by a new power system, should be developed to optimize the scale and structure of renewable energy, ensuring a clean and efficient transition [4][5]. Group 3: Technological Independence and Innovation - Emphasis on original innovation and breakthroughs in key energy technologies is crucial for supporting the development of renewable energy [5][6]. - The establishment of a unified national energy market is necessary to eliminate barriers and enhance the efficient allocation of energy resources [5][6]. Group 4: Global Energy Governance - The development of China's renewable energy technology can reshape global energy governance, transitioning from a rule-taker to a rule-maker in the energy sector [6][7]. - Sharing China's green low-carbon transition strategies with other countries can enhance international cooperation and provide inclusive value propositions for global energy governance [6][7]. Group 5: Major System Engineering for Energy Powerhouse - The construction of a new power system is central to the new energy system, focusing on optimizing energy supply structures and enhancing the clean and efficient use of fossil fuels [7][8]. - A collaborative approach to technology development and innovation is essential for achieving breakthroughs in energy technologies and ensuring a sustainable energy future [8].