行 业 及 产 业 有色金属 2025 年 06 月 28 日 行 业 研 究 / 行 业 点 评 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 金价有所调整，基本金属价格偏强 看好 ——金属&新材料行业周报20250623-20250627 本期投资提示： 证 券 研 究 报 行业点评 1．一周行情回顾 据 ifind，总体看，环比上周，上证指数上涨 1.91%，深证成指上涨 3.73%，沪深 300 上涨 1.95%，有色金属（申万）指数上涨 5.11%，跑赢沪深 300 指数 3.16 个百分点； 2025 年有色金属（申万）指数上 ...

Core Viewpoint - The successful upgrade of the 35 kV switchgear at the 220 kV Qingtan Substation marks a significant advancement in the reliability and safety of the Zaozhuang power grid, addressing insulation issues caused by environmental factors [1][3]. Group 1: Infrastructure Upgrade - The upgrade involved the removal of 20 old switchgear units and 2 old transformers, with the installation of 21 new gas-insulated switchgear units and 2 new transformers [5]. - The project included the excavation of 220 meters of primary and secondary cable trenches and the installation of 25 new protection and damping devices [5]. Group 2: Operational Impact - The Qingtan Substation, which has been operational for 27 years, plays a crucial role in supplying electricity for agricultural and industrial production in Yicheng District and Taierzhuang District, with an average annual load of approximately 110,000 kW and a peak load of 190,000 kW [1]. - The introduction of the 35 kV gas-insulated switchgear significantly enhances the reliability of power supply for surrounding enterprises and residents, including connections to Fengyuan Zhongsheng Paper Mill and Wangmapu Photovoltaic Power Station [5]. Group 3: Project Management and Execution - The construction team faced challenges such as a long timeline, multiple phases, high risks, lack of experience, and heavy rainfall, necessitating thorough planning and execution [5]. - Daily progress meetings were held to discuss work plans and implement corrective measures, ensuring precise management of critical project milestones [5].

青岛智电新能科技有限公司，成立于2015年，位于青岛市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本48640.38万人民币。通过天眼查大数据分析，青岛智电新能科技有限公司参与招投 标项目142次，专利信息717条，此外企业还拥有行政许可20个。 专利摘要显示，本实用新型公开了一种用于罗氏线圈的信号处理电路，属于智能电网领域。本实用新型 的一种用于罗氏线圈的信号处理电路，具有可实时测量、响应速度快、宽电流测量范围的特点，特别是 小电流工况下也能保证计量精度。罗氏线圈将一次侧电流值转换为电流对时间的微分信号，无源RC积 分电路降低微分信号的转折频率，低通滤波电路对高频信号进行有效衰减，T型积分电路将微分信号进 行积分以还原原始信号，隔直电路对积分信号进行滤波隔直处理，可调比例放大电路对积分信号进行同 相放大，同时按照需求对输出信号幅值进行调整，抗混叠滤波电路对放大后的积分信号进行滤波，最终 输入到采样芯片，用于电流计量。 天眼查资料显示，青岛鼎信通讯股份有限公司，成立于2008年，位于青岛市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本65219.0511万人民币。通过天眼查大数据分 ...

Core Viewpoint - The article highlights the dedication and expertise of a power distribution technician, Xia Jun, who has been involved in ensuring reliable power supply during critical examination periods for thirteen years, emphasizing the importance of proactive maintenance and monitoring in the power distribution sector [1][4]. Group 1: Operational Excellence - Xia Jun has participated in 13 years of power supply assurance for examinations, demonstrating a commitment to maintaining the reliability of the power grid [1]. - He has identified 26 equipment defect risks and led the resolution of 18 key issues, including overload and voltage problems, showcasing his proactive approach to operational challenges [2]. - The use of advanced monitoring tools and data analysis allows for precise identification of weak points in the power supply system, enhancing overall reliability [3]. Group 2: Professional Development - Xia Jun progressed from a novice to a senior technician and top skill expert over seven years, reflecting the importance of experience and continuous learning in the industry [3]. - His meticulous planning includes conducting thorough inspections and developing tailored power supply plans for each examination site, ensuring comprehensive preparedness [3]. - The reliability of the power distribution network in his jurisdiction has improved year-on-year under his leadership, indicating effective management and technical expertise [3]. Group 3: Commitment to Service - Xia Jun embodies the spirit of a dedicated technician and a responsible party member, consistently prioritizing the safety and reliability of power supply for students during examinations [4]. - His approach to maintenance is likened to that of a doctor diagnosing and treating equipment issues, emphasizing the critical nature of his role in the power distribution industry [2]. - The article concludes with a reflection on Xia Jun's unwavering commitment to his duties, highlighting the importance of such dedication in ensuring public service reliability [4].

Core Viewpoint - The demand for single-phase smart meters in China is expected to grow significantly, driven by the ongoing development of smart grids and the digital transformation of the power industry, with projections indicating a demand of 11,195,200 units in 2024, an increase of 2,820,900 units from 2023 [1][6][8]. Group 1: Industry Overview - Smart meters are essential devices for data collection in smart grids, with single-phase smart meters dominating the market, accounting for over 80% of applications [1][8]. - The market for single-phase smart meters is projected to reach a scale of 9,482,330 units in 2024, up by 2,703,340 units from 2023, with expectations to reach 10,372,130 units by 2025 [1][8]. - The industry is characterized by continuous technological advancements, leading to improved precision, communication capabilities, and overall intelligence of smart meters [22]. Group 2: Industry Development Status - The smart meter industry is a crucial component of the Advanced Metering Infrastructure (AMI) system, enhancing operational efficiency, promoting energy conservation, and improving the stability of power systems [6]. - The increasing demand for smart meters is supported by technological progress and cost reductions, which enhance their functionality and performance [6][22]. Group 3: Industry Chain - The upstream of the single-phase smart meter industry includes raw materials such as electronic components, metal terminals, and flame-retardant plastics, while the midstream involves manufacturing and system integration [10]. - The downstream applications include major power grid companies like State Grid and Southern Power Grid, as well as emerging applications in distributed photovoltaics and smart homes [10]. Group 4: Competitive Landscape - The global smart meter market is fragmented, with major overseas companies focusing on high-end markets in developed countries, while Chinese companies leverage cost advantages to capture market share in developing countries [14]. - Key players in the domestic single-phase smart meter industry include Jiangsu Linyang Energy Co., Ltd., Yantai Dongfang Weiston Electric Co., Ltd., and others, who are enhancing their competitive edge through technology development and market expansion [14][15]. Group 5: Key Companies - Jiangsu Linyang Energy Co., Ltd. reported a production of 9,449,700 smart meters in 2024, an increase of 1,759,300 units from 2023, with a revenue of 2.704 billion yuan, up by 431 million yuan [18]. - Hangzhou Haixing Electric Technology Co., Ltd. achieved a production of 15,373,700 smart products in 2024, with a revenue of 4.535 billion yuan, an increase of 534 million yuan from 2023 [20].

Core Viewpoint - The youth team of the State Grid Longnan Power Supply Company has achieved significant breakthroughs in technology innovation and practical challenges, showcasing their capabilities in various competitions and contributing to the company's digital transformation efforts [1][2][12]. Group 1: Innovation Achievements - At the 8th China (Shanghai) International Invention Innovation Exhibition, the digital department's R&D team won a gold medal for their innovative online monitoring method and system for substations, which integrates power IoT and smart grid technologies [2]. - The R&D team, primarily composed of members born after 1985, dedicated over 700 days to develop this system, enhancing the safety and stability of OPGW cable operations in substations [2]. Group 2: Cybersecurity Competitions - In the 2025 Energy Cybersecurity Competition, the "Longyuan Pioneer" team secured third place in the electric grid category, demonstrating their role as "guardians of energy cybersecurity" [3]. - Team members successfully defended against 12 simulated attacks, showcasing their strong theoretical knowledge and practical skills in cybersecurity [3][5]. Group 3: Professional Development - The company has implemented a training system focused on "thought guidance, career navigation, capability continuation, and comprehensive protection," enabling young employees to transition from "new forces" to "main forces" [5]. - Young representative Zhang Qin achieved fifth place in the State Grid Company's intellectual property business assessment, reflecting her expertise in the field [6]. Group 4: Cultural and Knowledge Dissemination - Employee Yuan Ping won first place in a speech competition with a focus on network security, effectively communicating the importance of safeguarding cybersecurity [11]. - The digital department has actively engaged in grassroots activities to promote cybersecurity awareness, utilizing a comprehensive educational system that combines exhibitions, videos, and training [11][12]. Group 5: Future Aspirations - The youth team aims to continue their contributions to the company's digital transformation, leveraging their technical achievements and practical experiences to enhance the security and stability of the power system [5][12].

新增的240 万千伏安变电容量，相当于为区域电力供应装上了"超级心脏"，不仅能满足成都西南片区 （邛崃市、大邑县、崇州市、新津区等）100 万户家庭的日常用电需求，保障居民生活的稳定用电，更 为成都电网今年底建成 500 千伏'立体双环'骨干网架奠定基础，还为区域内产业园区的长远发展提供坚 实电力支撑。 国网邛崃市供电公司相关负责人表示，接下来，将全力推进电网工程建设，确保2025年下半年按期建成 投运500千伏邛崃—兴梦、邛崃—丹景等二期、三期输变电工程。围绕线路通道运维、配套工程完善等 关键环节，扎实做好后续支撑保障，全面建成结构坚强、运行可靠的"立体双环"电网网架，确保新建电 网设备"投得上、稳得住、用得好"。 （文章来源：每日经济新闻） 6月26日，随着两台主变压器正式并网运行，四川省2024-2025年度重点工程——成都邛崃500千伏输变 电工程第一阶段顺利投运，这座长达160公里输电"大动脉"，不仅让邛崃市电网500千伏变电站实现零突 破，更成为赋能区域发展的"新引擎"。 刚刚召开的成都市县市新城高质量发展大会提出，要突出完善配套和优化环境，提升宜居宜业品质，进 一步强基础、扬优势、提能级，这为区 ...

Group 1 - The European electric vehicle market is becoming increasingly competitive, with Chinese automakers gaining traction through technological innovation and product advantages [2][3] - Chinese automakers are enhancing their competitiveness in Europe by collaborating with local charging operators or establishing their own charging networks, addressing the critical need for charging infrastructure [2][3] - BYD plans to deploy a megawatt-level fast charging network in Europe, aiming to alleviate charging anxiety for electric vehicle users and improve user experience [3][4] Group 2 - NIO has established a charging and battery swap network in Europe, with 50 battery swap stations and 19 charging stations in several countries, enhancing its market presence [4][6] - XPeng Motors has partnered with Plugsurfing to access over 850,000 charging points across 27 European countries, strengthening its brand recognition and market expansion [4][6] - The rapid growth of electric vehicle sales in Europe has not been matched by the expansion of charging infrastructure, creating opportunities for Chinese companies to fill this gap [6][10] Group 3 - Chinese charging infrastructure manufacturers are actively entering the European market, following the lead of automakers and forming partnerships with local companies [7][8] - The establishment of joint ventures, such as the one between Star Charge and Schneider Electric, aims to provide comprehensive charging solutions in Europe [8] - Despite facing challenges such as high certification costs and stringent regulations, Chinese companies are motivated by higher profit margins in the European market [10][11] Group 4 - The collaboration between Chinese automakers and charging infrastructure companies is crucial for building a robust electric vehicle ecosystem in Europe [10][11] - The development of a comprehensive charging network will enhance the convenience of electric vehicle usage, reduce range anxiety, and promote the adoption of electric vehicles [10][11] - Chinese companies' investments in technology and infrastructure will accelerate the construction of charging facilities in Europe, contributing to the region's green transition [10][11]

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东方旭能柯坪40万千瓦/160万千瓦时 独立储能 项目 6月25日，东方旭能柯坪40万千瓦/160万千瓦时 独立储能 项目在新疆阿克苏柯坪县光伏园区正式开工。项目 总投资达30亿元 ，占地200余亩，由 东 方旭能(山东)科技发展有限公司投建 。 文 | 中关村储能产业技术联盟 项目由 常州尚威环境服务有限公司投资建设，总投资约7亿元 ，规划用地约90亩，将新建一座200MW/800MWh的储能电站，配套建设1座220千伏升 压站及100米外送线路， 工程计划于今年12月并网运行。 项目建成投产后，将显著增强麦盖提县电网的调峰能力与运行稳定性，为风能、太阳能等可再生能源的规模化消纳与高效利用构建关键支撑平台。 项目投资 建设期预估为6个月，生产运营期为20年 。项目建成后，年产值将达到2亿元，贡献税收900万元以上，可解决当地就业约30人。 此外，柯坪县地处750阿楚断面输电通道关键节点，项目并网后，可通过灵活调频调峰快速响应电网削峰填谷等供需变化，直接改善阿克苏、和田、喀什 乃至南疆片区电网的稳定性，对提升区域新能源消纳水平、促进县域经济社会高质量发展具有重要意义。 常州尚威喀什地区麦盖提县20万千瓦/80 ...