Core Viewpoint - The first "AC to DC" transmission transformation project in China, the ±200 kV Yangzhou-Zhenjiang DC transmission phase I project, has successfully transmitted over 10 billion kilowatt-hours of electricity, significantly contributing to energy structure optimization and low-carbon development in the Yangtze River Delta region [1][3]. Group 1: Project Achievements - The project has delivered an electricity equivalent to the annual consumption of approximately 3 million households, replacing about 950,000 tons of standard coal and reducing carbon dioxide emissions by 2.55 million tons [1]. - Since its operation began in April 2024, the project has become a vital artery for the transmission of wind and solar energy from northern Jiangsu, enhancing the clean energy consumption capacity of the Jiangsu power grid [5]. Group 2: Technical Innovations - The project employs innovative "AC to DC" technology, increasing the transmission capacity from 500,000 kW to 1,200,000 kW, allowing for efficient and precise delivery of clean energy [5]. - The project has been operational for over 20 months, with an average daily transmission of approximately 25.5 million kilowatt-hours, alleviating the pressure on renewable energy output in northern Jiangsu [5]. Group 3: Future Developments - The phase II of the Yangzhou-Zhenjiang DC project is nearing completion and is expected to be operational by February this year, while the phase III is in the research phase, projected to be completed by 2028 [7]. - The State Grid Jiangsu Electric Power Company plans to develop additional "embedded" DC transmission projects, such as the Nantong to Suzhou cross-river DC transmission project, to further support integrated development in the Yangtze River Delta and contribute to the construction of a new power system [7].

Group 1 - The National Grid announced a fixed asset investment of 4 trillion yuan during the "14th Five-Year Plan" period, representing a 40% increase compared to the "13th Five-Year Plan," aimed at new power system construction and enhancing ultra-high voltage direct current transmission capacity by over 30% [2] - The investment in the power grid is expected to reach approximately 1 trillion yuan per year during the "14th Five-Year Plan," with the National Grid and Southern Grid investments projected to be 700 billion yuan and 189 billion yuan in 2026, respectively, reflecting year-on-year growth of 7.6% and 8.0% [3] - The demand for core equipment updates and new construction in the main grid is urgent, with a strong potential for growth in secondary equipment demand as smart upgrades progress [3] Group 2 - The global power grid is entering an investment upcycle, with double-digit growth rates in capital expenditures observed in Europe and North America [4] - The data center sector is expected to increase its investment in power resources, as companies are required to cover their own electricity costs, which may alleviate pressure on traditional power resources [4] - The gas turbine industry is entering a new expansion cycle, with significant order growth from leading manufacturers, indicating a robust market for maintenance and repair services in the coming years [4]

格隆汇1月16日｜今日电网设备板块强势大涨，绿电ETF(562550)涨1.62%，同主题规模最大、逼近70亿 关口的电网设备ETF涨4.7%，年初以来累计上涨近17%，截至发稿，盘中获资金净申购5.74亿份，预估 净流入9.92亿元，已经连续流入获资金净申购，合计净流入超24亿元。 消息面上： 特高压权重超60%+智能电网含量55%+可控核聚变含量14%"：电网设备ETF(159326)，+4.71%，是全市 场唯一跟踪中证电网设备主题指数的ETF，权重股包括国电南瑞（国内电网智能龙头）、特变电工（全 球特高压设备核心供应商）、思源电气（电力设备研发与制造）等，该ETF最新规模69.16亿，居电网 主题ETF第一。 清洁能源外送：绿电ETF(562550)，+1.62%，核心权重股：长江电力（持仓占比10%，国内最大水电运 营商）：三峡能源（国内最大的新能源运营商）。 ②特朗普将与美国东北部各州州长一道，指示全美最大电网运营商举行一场紧急电力拍卖 银河证券研报指出，"十五五"国网公司固定资产投资预计达到4万亿元，较"十四五"投资增长40%，预 计南网"十五五"期间投资规模或达1万亿元左右，则十五五期间我国电 ...

1月16日，A股三大指数集体上涨，多重催化下，电网设备板块大幅高开，全市场唯一的电网设备 ETF（159326）开盘涨超5%，盘中交投活跃，截止9点37分，开盘不到十分钟，成交额突破8亿元，持 仓股保变电气开盘涨停，万胜智能涨超13%，汉缆股份涨超10%，国电南瑞、双杰电气、长高电新、思 源电气等涨幅居前。 消息面上，国家电网1月15日宣布，"十五五"期间公司固定资产投资预计达到4万亿元，较"十四 五"投资增长40%，用于新型电力系统建设。 此前，马斯克在美国内部一场科技峰会上明确提出，AI超算集群、数据中心的电力需求呈爆炸式 增长，高性能变压器是能源转换的关键，当前"一器难求"的局面远超预期。 多重催化下，电网设备板块景气度高增。国金证券指出，全球储能行业正开启增长新周期，预计 2026年全球储能新增装机将达438GWh，同比增长62%。增长动力由过去的单一新能源消纳，转变为"AI 算力基建+能源转型刚需+电网阻塞"的三重驱动。行业供需关系显著改善，由去库周期转入补库繁荣 期，部分产业链环节将迎来量价齐升。 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 ...

Core Viewpoint - The State Grid is expected to invest 4 trillion yuan during the 14th Five-Year Plan period, marking a 40% increase compared to the previous plan, which is a historical high for investment [1][7]. Investment Focus - The investment will focus on creating a smarter and greener grid system, emphasizing energy green transformation, strengthening the grid platform, and enhancing technological empowerment [2][8]. - The investment aims to address the mismatch between rapid growth in renewable energy installations and the grid's capacity to absorb this energy, particularly in regions like Tibet, Gansu, and Qinghai, where solar and wind energy utilization rates are low [2][8]. Infrastructure Development - The State Grid plans to establish a new type of grid platform during the 14th Five-Year Plan, enhancing the "West-to-East Power Transmission" and "North-to-South Power Supply" networks, with a target to increase cross-regional transmission capacity by over 30% compared to the end of the previous plan [2][9]. - The investment will also accelerate the construction of distribution networks in urban, rural, and remote areas, exploring models for microgrids [3][9]. Industry Impact - The announcement of increased investment has positively impacted the stock prices of companies in the grid equipment sector, with several stocks rising over 8% [4][10]. - The investment is expected to directly benefit various upstream and downstream enterprises in the energy supply, electrical equipment, and raw materials sectors [4][10]. - The State Grid's investment has been consistently increasing, with significant milestones reached in recent years, including surpassing 500 billion yuan in 2022 and 600 billion yuan in 2024 [4][10]. Performance Metrics - The cumulative capacity for cross-regional power transmission has reached 370 million kilowatts, with a projected bidding amount for transmission and transformation equipment of 918.8 billion yuan in 2025, reflecting a 25.3% year-on-year increase [5][11]. - Companies in the grid equipment sector have shown significant profit growth, with net profits for major players increasing by 28%, 20%, and 73% year-on-year in the first three quarters of 2025 [11]. Strategic Alignment - The State Grid aims to leverage its foundational support and investment to stimulate domestic demand and stabilize growth, aligning closely with national strategic initiatives [6][12].

转自：贵州日报 2025年以来，南方电网贵阳供电局贯彻落实贵州省委、省政府和南方电网公司、贵州电网公司支持"强 省会"工作要求，加大管理创新、科技创新力度，持续深入推进新型电力系统建设，通过加强精益化运 维、数字化转型等手段进一步打造坚强电网，护航经济社会高质量发展。 政企联动共破管沟难题 城市地下纵横交错的电力管沟，是支撑城市运行的"生命线"，承载着电力输送、通信传输等核心功能。 近期，贵阳金阳供电局积极对接协调贵阳市观山湖区政府，联动各通信运营商，系统攻坚强弱电缆"共 沟"顽疾。 受早期规划局限、城市空间资源紧张等历史因素影响，观山湖区部分地下电力管沟长期存在强弱电混 敷、高低压共沟的乱象，不仅威胁电网运行安全，更成为城市公共安全的隐患。 贵阳金阳供电局构建起"电网主动牵头、政府统筹保障、多方协同参与"的治理格局，积极协调观山湖区 政府统筹调度区大数据局、住建、城管等部门力量，联合电信、移动、联通等通信运营商形成治理合 力。同时依托南方电网"百千人才下基层"机制，由来自广东电网东莞供电局的交流干部将广东地区成熟 的"整线成片"治理经验引入观山湖，为治理工作提供了关键思路支撑。 贵阳金阳供电局牵头组织专业技 ...

报告导读： 滤波电抗器（Filter Reactor）是电力系统中用于谐波治理、无功补偿及改善电能质量的关键元件。它通常与电容器组合构成LC滤波回路，通过电感的阻抗特 性抑制特定频率的谐波电流，从而改善电能质量、保护设备并提高系统稳定性。中国滤波电抗器行业作为电力系统稳定与电能质量提升的核心环节，深度绑 定国家能源转型与新型电力系统建设。2024年，中国滤波电抗器行业市场规模达124.58亿元，同比增长9.08%。竞争格局呈"双寡头主导、专业细分、长尾并 存"特征，特变电工、中国西电等头部企业通过技术突破主导高端市场。 基于此，依托智研咨询旗下滤波电抗器行业研究团队深厚的市场洞察力，并结合多年调研数据与一线实战需求，智研咨询推出《2026-2032年中国滤波电抗 器行业市场全景调研及投资机会研判报告》。本报告立足滤波电抗器新视角，聚焦行业核心议题——变化趋势（怎么变）、用户需求（要什么）、投放选择 （投向哪）、运营方法（如何投）及实践案例（看一看），期待携手行业伙伴，共谋行业发展新格局、新机遇，推动滤波电抗器行业发展。 观点抢先知： 产业链核心节点：滤波电抗器行业产业链上游主要包括硅钢片、铜线、漆包线、环氧树 ...

Core Insights - The total renewable energy grid capacity in Xingtai, Hebei has surpassed 10 million kilowatts, marking a significant step towards large-scale and diversified renewable energy development [1] - The State Grid Xingtai Power Supply Company is focused on optimizing the power source layout and promoting the implementation of wind, solar, and energy storage projects to support the new energy supply structure [1] Group 1: Renewable Energy Development - Xingtai's renewable energy capacity reached 10.02 million kilowatts, accounting for 75.6% of the total installed capacity of 13.226 million kilowatts [1] - The maximum output of renewable energy in Xingtai has reached 5 million kilowatts, which is 71.5% of the maximum load [1] Group 2: Infrastructure and Planning - The company is accelerating grid planning and is actively working on the layout of substations such as the 500 kV Tizhuang and Xingtai Southeast [1] - There is a focus on upgrading the 220 kV transmission channels and enhancing the distribution network below 110 kV to ensure the integration and consumption of renewable energy [1] Group 3: Operational Optimization - The company is optimizing the operation of the power grid by considering peak renewable energy generation periods and scientifically arranging power outage plans to maximize renewable energy generation [1] - The energy storage stations are implementing a "two charge and two discharge" strategy to enhance interaction and consumption capacity with renewable energy [1]

Group 1 - The National Energy Administration is accelerating the construction of a new energy system and a new power system by organizing pilot project applications and evaluations, focusing on cutting-edge directions and exploring new technologies and models [1] - A total of 43 projects, including a wind-solar-thermal storage integrated system in Huainan City, Anhui Province, and pilot capacity enhancement work in 10 cities including Zhangjiakou City, Hebei Province, are proposed for support [1] - According to Xinda Securities, after multiple rounds of power supply-demand conflicts, the power sector is expected to see profit improvement and value reassessment, with the peak value of coal power likely to continue to stand out under the current rapid growth of new energy installations [1] Group 2 - According to Founder Securities, the downward pressure on long-term electricity prices in many regions by 2025 has gained high-level attention, and policies to curb irrational competition are being implemented, which may gradually eliminate the maximum downside risk of electricity prices [2] - For hydropower, profitability resilience and cost improvements highlight its scarce high dividend value, with a nearly 30% year-on-year increase in hydropower generation in September and October 2025, indicating marginal improvement [2] - Despite potential downward pressure on nuclear power companies' grid prices due to market trading volume growth and long-term contract price declines, the steady approval pace of new nuclear power projects may help offset price declines through increased generation volume [2]

在全球能源转型加速、电力系统呈现高电压与大容量发展趋势的背景下，高电压检测设备已成为保障电 力系统安全稳定运行的重要支撑。自山东希波成立以来，总经理彭英便专注于这一关键领域，以科学管 理、持续创新和国际化视野带领公司成长为国内高电压检测设备的重要力量。 创业初期，彭英便确立了以技术创新驱动企业发展的战略理念。在她的引领下，山东希波逐步构建了覆 盖研发、生产、销售的全产业链体系。同时，通过设立上海希波电气科技有限公司，打造了总部与生产 基地协同发展的双核模式。这一布局不仅优化了资源配置，也形成了技术研发到市场开拓的高效闭环， 使公司能够快速响应国内外市场需求。 彭英高度重视核心技术积累和科研成果转化。她带领团队持续推进500kV及以下高电压检测设备的迭代 研发。2014年以来，她参与发明并推动了包括"10kV悬挂式试验终端""110kV高压电缆局放试验水终端 装置""高压电缆局部放电干式试验终端及应力锥"在内的二十余项专利技术，这些成果构成了企业的核 心竞争力，为我国电力装备制造提供了可靠的技术保障，也推动了高电压试验设备整体技术水平的提 升。 展望未来，彭英表示将继续带领希波团队坚守技术创新与服务初心，推动高 ...