Core Viewpoint - The recent surge in A-share stocks related to the power grid indicates a strong market sentiment towards the electric power sector, driven by favorable government policies and significant investment plans [1][3]. Group 1: Market Performance - In recent trading days, A-share stocks related to the power grid have shown a continuous upward trend, with multiple stocks hitting the daily limit up [1][3]. - On March 6, stocks such as New Energy Taishan and Guangdian Electric reached their daily limit, contributing to a broader rally in the sector [1][3]. Group 2: Government Policies and Investment Plans - The government work report emphasizes the construction of a new power system and the acceleration of smart grid development, which is expected to boost the sector [2][4]. - The State Grid announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, representing a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan [2][4]. - The Southern Power Grid is projected to invest around 1 trillion yuan during the same period, leading to a total investment of nearly 5 trillion yuan from both major grids [4][5]. Group 3: Future Projections and Industry Trends - The State Grid plans to implement ten initiatives to support the high-quality development of new energy, including the operation of 15 ultra-high voltage direct current projects and a 35% increase in inter-provincial transmission capacity [4][5]. - By 2030, the operational and under-construction pumped storage capacity is expected to exceed 120 million kilowatts, with renewable energy generation accounting for over 30% of the total in the operational area [5]. - Global investment in power grids is rapidly increasing, with projections of reaching $390 billion in 2024 and exceeding $400 billion in 2025 [7]. - The demand for electricity from data centers is expected to rise significantly, with a forecasted increase from 415 TWh in 2024 to 945 TWh by 2030, indicating a growing need for infrastructure upgrades [7]. Group 4: International Developments - In the U.S., a new investment cycle in the power system is underway, driven by increased electricity demand from the AI industry, which may lead to a shortage of high-voltage equipment [8]. - The Texas and Mid-Atlantic regions are advancing transmission expansion plans totaling $75 billion, focusing on building ultra-high voltage AC lines to enhance grid reliability [7][8].

江毅表示，在推进全国统一电力市场建设过程中，建立健全有利于新能源有效消纳和发展的政策机制，完善促进新能源消纳的全 国统一电力市场体系，有效促进新能源高质量发展，提高电力系统整体投资运行效率和电力市场效率。 江毅强调，深化央地合作和能源领域上下游产业链合作，发挥资源、产业、技术、资金、人才等各方优势，进一步拓宽合作领 域，创新合作模式，强化协同融合发展，携手构建可持续、有韧性的能源转型生态圈，全面助力新型电力系统建设，全面促进能 源绿色低碳高质量发展。 全国两会期间， 全国政协委员、中国华电集团有限公司董事长、党组书记江毅 在接受《中国能源报》记者采访时表示 ，构建新 型电力系统是实现碳达峰碳中和目标、推动经济社会发展全面绿色转型、保障国家能源安全的关键举措，新型电力系统的"新"， 既是能源结构的调整，更是理念、技术与模式的全方位革新。 面向"十五五"时期，江毅指出，要持续加强系统基础性安全保障能力和支撑性调节能力建设，全力推动传统能源优化升级，加快 推进西北"沙戈荒"、西南水风光、沿海海上风电等重大项目开发建设，推动"新能源+"融合发展，积极培育绿色氢基能源产业，探 索布局新一代核电，保障新型电力系统安全可靠 ...

2026.03. 05 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，"加快智能电网和微电 网建设"。 智能电网是新型电力系统的重要组成部分，是适应高比例新能源快速发展的物理基础，包括主网、配电 网以及分布式电源、储能装置等组成的微电网，具有高度信息化、自动化、互动化的特征。加快建设智 能电网和微电网，实现主配微网多级协同发展，有利于进一步提高电网对清洁能源的接纳、配置和调控 能力，更好实现电网安全可靠、经济高效运行；有利于推动多能互补和源网荷储一体化融合发展。 为加快智能电网建设，国家电网、南方电网两大电网公司已出台重大投资计划。1月15日，国家电网正 式宣布"十五五"期间（2026-2030年）固定资产投资总额将达4万亿元，较"十四五"时期增长40%， 年均投资规模达8000亿元。随后，南方电网披露2026年投资规模为1800亿元，行业普遍预计南方电 网"十五五"期间总投资将达1万亿元左右。据此测算，两大电网五年总投资将逼近5万亿元。而智能电网 投资便是其中的一部分。 智能电网的建设和运营涵盖从高端设备制造、通信网络建设、软件平台开发，到系统集成、数据分析和 运维服务的完整链条，可 ...

投资评级：强于大市 英大证券研究所证券研究报告 行 业 研 究 2026 年 3 月 3 日 执业证书编号：S0990524110001 电话：0755-83007043 邮箱：lisy@ydzq.sgcc.com.cn 电力能源行业周报（2026.2.9-2026.2.15） 电力能源行业周报（2026.2.2-2026.2.8） 电力能源行业周报（2026.1.26-2026.2.1） 电力能源行业周报（2026.1.19-2026.1.25） 电力能源行业周报（2026.1.12-2026.1.18） 电力能源行业周报（2026.1.5-2026.1.11） 电力能源行业周报（2025.12.29-2026.1.4） 电力能源行业周报（2025.12.22-2025.12.28） 电力能源行业周报（2025.12.15-2025.12.21） 电力能源行业周报（2025.12.8-2025.12.14） 电力能源行业周报（2025.12.1-2025.12.7） 电力能源行业周报（2025.11.24-2025.11.30） 电力能源行业周报（2025.11.17-2025.11.23） 电力能源行业周 ...

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a "Buy" recommendation for companies involved in these industries [1]. Core Insights - The power supply in China is abundant, with a projected installed capacity of 389,134 MW by the end of 2025, reflecting a year-on-year growth of 16.1%. The share of coal power is 40%, while solar and wind power capacities have increased by 35.4% and 22.9% respectively [2][6]. - The "East Data West Computing" project aims to establish a new computing network system, enhancing electricity demand in key provinces [8]. - Natural gas prices are expected to rise globally by 2025, influenced by geopolitical factors and supply-demand dynamics [2][40]. - The report highlights the significant role of coal power in stabilizing electricity supply, particularly for high-energy-consuming digital infrastructure [12]. Summary by Sections 1. Power Sector - The installed capacity of power generation in China is projected to reach 389,134 MW by the end of 2025, with a 16.1% increase year-on-year. Coal power accounts for 40% of this capacity, while solar and wind power are rapidly growing [2][6]. - The overall clean energy share is increasing, with coal power contributing 65% of the total electricity generation [6][7]. - The "East Data West Computing" initiative is expected to drive higher electricity consumption in provinces like Guizhou, Zhejiang, and Hebei, with growth rates of 7.7%, 7.2%, and 7.1% respectively [8]. 2. Natural Gas Sector - Global natural gas prices are anticipated to rise by 2025, with the US Henry Hub spot price expected to average $3.51 per million British thermal units, a 59.7% increase year-on-year [40]. - The report notes that geopolitical tensions, particularly in the Middle East, could lead to increased volatility in gas prices [2][20]. - The report recommends focusing on integrated natural gas companies and those benefiting from lower costs and improved supply dynamics [41]. 3. Environmental Sector - The report discusses the introduction of subsidies for green hydrogen projects in Yunnan, which could accelerate the development of the hydrogen and ammonia industry [2]. - Companies such as CIMC Enric and others are recommended for their potential benefits from these developments [2]. - The report emphasizes the importance of zero-carbon parks in enhancing green electricity consumption and reducing energy costs for computing enterprises [16].

文 | 国家电网有限公司 2月28日，国家电网公司召开服务新能源高质量发展专题工作会。 为全面贯彻党中央国务院决策部署，认真落实国家自主贡献目标要求，加快构建新型电力系统，服务新型能源体系建设，国家电网有限公司立足 电网功能定位、发挥央企使命担当，出台若干举措，更好服务新能源高质量发展。 十大举措中提到，保障"十五五"年均不低于2亿千瓦新能源接网和高效消纳。 公平无歧视服务新型主体发展，积极主动服务绿电直连、源网荷储一体化等各类新业态新主体规范入市、科学发展，支撑经营区首批40个零碳园 区及后续国家和地方试点按期建成。 "十五五"规划新投产、新开工抽蓄均超过3000万千瓦，力争到2030年公司在运在建抽蓄超过1.2亿千瓦。积极服务火电灵活性改造、新型储能 建设，挖掘需求侧调节潜力。推动完善市场机制，优化调度运行，新型储能年利用水平超1000小时。 加强新能源场站和储能调度运行，发挥源荷互动、资源互济作用，保障新能源"能发尽发"。 以科技创新支撑能源转型，加快长时储能技术研发应用。 国家电网发布服务新能源高质量发展十项举措 为全面贯彻党中央国务院决策部署，认真落实国家自主贡献目标要求，加快构建新型电力系统，服务 ...

经观能源 为全面贯彻党中央国务院决策部署，认真落实国家自主贡献目标要求，加快构建新型电力系统，服务新 型能源体系建设，国家电网有限公司立足电网功能定位、发挥央企使命担当，出台若干举措，更好服务 新能源高质量发展。 一、加强工作协同和规划统筹。强化与主管部门、发电企业协同工作机制，共同落实好国家"十五五"规 划，推动国家和地方、电源和电网规划衔接，优化沙戈荒、水风光基地、省内集中式、分布式新能源规 模、布局和时序，保障"十五五"年均不低于2亿千瓦新能源接网和高效消纳。 二、增强电网资源配置能力。落实"十五五"规划，加大电网投入，加强各级电网建设，力争已纳入规划 的15回特高压直流尽早投产，跨省区输电能力提升35%，建成一批电力互济工程，区域间灵活互济能力 扩大两倍以上，满足新能源大范围高效配置需要。 三、提升新能源承载能力。加强区域主网架、配电网与智能微电网协同规划建设，建成一批县域有源配 电网、村镇级微电网示范工程，服务好工业绿色微电网建设，提升自管理、自平衡能力，促进新能源就 近开发、就地消纳。"十五五"持续加大配电网投入，容量增加9亿千伏安以上。 十、以科技创新支撑能源转型。加强与发电企业、装备企业、科研 ...

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 为加快建设新型能源体系、构建新型电力系统，2月26日，国家能源局发布《关于公布新型电力系统建 设能力提升试点名单（第一批）的通知》。 国家发展改革委能源研究所研究员时璟丽告诉《华夏时报》记者，这次首批试点释放了多重信号：一是 新型能源体系和新能源电力系统建设提速，新型电力系统建设是"十五五"时期的核心任务，政策和资源 全面倾斜；二是明确多样化技术和应用路径，系统友好型新能源电站、构网型技术、虚拟电厂、算电协 同、智能微电网、新一代煤电等为优先突破方向，为行业技术选择、投资布局提供明确指引；三是新型 电力建设能力提升需结合全国统一电力大市场建设，在市场机制创新方面相互促进。 43个项目纳入试点 "首批试点公布，标志着我国新型电力系统建设从顶层规划、政策机制设计、技术产品创新开始进入规 模化落地、实质性应用阶段，将系统性促进高比例新能源并网消纳、源网荷储协同、集成融合发展、电 力系统尤其电网柔性调节等核心能力提升。"时璟丽表示。 根据《通知》，国家能源局决定将安徽省淮南市风光热储融合系统友好型新能源电站项目等43个项目、 河北省张家口市等10 ...

Core Insights - The significant increase in electric vehicle (EV) usage and charging during the recent Spring Festival highlights advancements in China's EV technology and charging infrastructure [1][2][3] Group 1: Electric Vehicle Usage and Charging Data - During the Spring Festival, EV charging occurrences reached 6.021 million times, with a total charging volume of 14,976.75 million kilowatt-hours, averaging 1,664.08 million kilowatt-hours per day, marking a 52.01% increase compared to the previous year [1] - The number of electric vehicle charging guns at highway service areas has reached 71,500, covering over 98% of service areas, with approximately 10,000 high-power charging facilities addressing previous concerns about slow charging [2] Group 2: Technological Advancements - The range of mainstream pure electric models now typically falls between 400 to 700 kilometers, with some high-end models exceeding 800 kilometers, and the introduction of 800V high-voltage platforms is enhancing charging efficiency [2] - New charging technologies allow for rapid charging, enabling 80% energy replenishment in just 15 minutes, significantly alleviating range anxiety for EV owners [2] Group 3: Infrastructure and Service Improvements - The collaboration between the Ministry of Transport and the National Energy Administration has led to enhanced service strategies, including the identification of busy charging areas and the deployment of mobile emergency charging equipment [3] - The upgraded "e Road Smooth" app provides real-time charging station information, improving resource utilization and ensuring efficient charging experiences for users [3] Group 4: Future Infrastructure Plans - According to the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)," by the end of 2027, China aims to establish 28 million charging facilities with over 300 million kilowatts of public charging capacity to support more than 80 million electric vehicles [4] - This infrastructure expansion is expected to bolster the development of the EV industry and enhance the new energy power system, reinforcing China's dual advantages in the EV and energy supply sectors [4]

在能源转型与"双碳"目标的双重驱动下，构建新型电力系统已成为必然趋势。这不仅仅是能源结构 的调整，更是对系统整体能效表现的严峻考验。随着新能源占比的不断提升，电力系统正从传统的"源 随荷动"转向复杂的"源网荷储"互动模式。施耐德电气作为全球能源技术和数字化转型的专家，致力于 通过电气化与数字化的深度融合，为新型电力系统提供从规划设计到运营维护的全生命周期解决方案， 推动实现高效与可持续发展。施耐德电气认为，真正的卓越能效表现，不仅体现在单一设备的节能，更 在于通过数字化手段实现系统级的优化调度与精细化管理，从而将可持续发展理念转化为切实的经济效 益。 在"荷"侧（即用电侧），尤其是数据中心等高能耗场景，能效表现直接关系到运营成本（PUE）。 施耐德电气通过引入AI与数字化技术，对存量设施进行精细化改造，实现了能效的跨越式提升。 以华北地区某银行数据中心为例，面对设备老旧和PUE居高不下的挑战，施耐德电气提供了"以旧 换新+氟泵改造+AI赋能"的组合拳方案。方案引入了以SmartCool为核心的AI节能应用，该技术基于机 房数据建模与实时动态监测，能够针对封闭冷通道微环境的突变进行秒级调整，通过自主学习和优化， ...