Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is expected to benefit from the construction of a new power system, driven by its dual business segments of technical services and smart devices [4][8]. - The company has shown a decline in revenue and net profit for the first half of 2025, with revenue at 1.405 billion yuan, down 9.66% year-on-year, and net profit at 175 million yuan, down 5.38% year-on-year [5]. - The long-term outlook for large-scale energy storage in China is positive, with the company positioned to benefit from evolving economic drivers in the energy storage market [6]. Summary by Sections Company Overview - The company is a subsidiary of the Southern Power Grid, focusing on technical services and smart devices, including energy storage system services and smart monitoring equipment [4]. Financial Performance - In H1 2025, the company reported a revenue of 3.29 billion yuan from energy storage services, a decrease of 42.88% year-on-year, primarily due to project completion cycles [5]. - The testing and commissioning services generated 4.50 billion yuan, a 24% increase year-on-year, with a stable gross margin of 45.72% [5]. - Smart power distribution equipment revenue was 3.02 billion yuan, down 14.87% year-on-year, while smart monitoring equipment saw a significant increase of 92.18% in revenue [5]. Revenue Forecast - The company forecasts revenues of 3.805 billion yuan in 2025, 4.819 billion yuan in 2026, and 6.011 billion yuan in 2027, with corresponding EPS of 0.84, 1.09, and 1.33 yuan [8][9]. - The projected growth rates for revenue are 26.3% in 2025, 26.6% in 2026, and 24.7% in 2027 [9]. Profitability Metrics - The report anticipates a net profit of 476 million yuan in 2025, with a growth rate of 30.4% [9]. - The company's return on equity (ROE) is expected to improve from 12.1% in 2024 to 18.8% in 2027 [9]. Market Position - The company is recognized as a leading energy storage integrator in China, likely to benefit from supportive policies and a shift towards economic drivers in energy storage projects [6].

共建新型电力系统 - 加快能源低碳转型 Bulding A New Power System Together for Faster Low-Carbon Inergy Transition 第六届新型电力系统国际论坛暨第二十一届中国南方电网国际技术论坛 6th New Power System International Forum & 21st CSG International Science and Technology Forum it 日本 天 民共和国第十五届运动会合作伙伴 Eb I 符给物会 第六届新型电力系统国际论坛 6th New Power System International Forum 一届中国南方电网国际技术论坛 & 21st CSG International Science and Technology Forum 为深入贯彻党的二十大和二十届三中全会精神,贯彻 落实党中央关于建设新型电力系统和新型能源体系的决策 部署,加速推进碳达峰碳中和行动,全力服务国家"双 碳"目标实现,南方电网公司将于10月29日至31日在海南 博鳌举办第六届新型电力系统国际论坛暨第二十一届中国 南 ...

强化西藏夏季外送能力，促进西藏资源优势转化为经济优势。西藏是我国清洁资源宝 库，拥有丰富的水力、地热、太阳能资源。在西藏地区夏季丰水期电力富裕时，工程灵活的 潮流反转能力可支持清洁能源外送，工程投运后可提升全年西藏清洁能源外送电量至21亿千 瓦时，充分发挥大电网互济优势，满足青海电网电力供应和西藏清洁能源消纳需要。 坚持高强度创新攻关，助力电网建设培育新质生产力。工程首次采用换流器并联技术， 工程输电能力翻倍的同时，直流运行方式由45种增加到117种，工程灵活度更高。工程海拔 3850米，氧气含量约为平原地区的60%，施工降效严重，工程建设极具挑战性。工程现场设 立了医疗基地，配置了专业的医护人员和装备，保障现场各参建人员的身体健康，为工程顺 利推进创造了有利条件。 目前，国家电网公司正在加快新型电力系统建设，已形成全球最大规模的特高压输电网 络，跨省跨区输电能力超过3.7亿千瓦，较"十三五"末的2.3亿千瓦提升了61%，为保障电力 安全可靠供应、促进绿色低碳发展提供了坚强支撑。随着能源结构加速转型、新型用电模式 不断涌现、电力消费需求快速增长、电网工程建设任务繁重，电网安全稳定运行面临更多挑 战。国家电网公 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Viewpoints - The report highlights a clear long-term low-carbon transition goal and deepening energy cooperation between China and Russia [1][5] - The utility sector has shown resilience, with the power sector experiencing a slight increase while the gas sector faced a decline [5][15] - The report anticipates improvements in profitability and value reassessment for the power sector due to ongoing supply-demand tensions and market reforms [5][6] Summary by Sections Market Performance - As of September 26, the utility sector rose by 0.3%, outperforming the broader market, with the power sector up by 0.37% and the gas sector down by 0.63% [5][13] - The report notes that the electricity market is expected to see a gradual increase in prices due to ongoing reforms and supply-demand dynamics [5][6] Power Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased to 703 CNY/ton, a weekly rise of 4 CNY/ton [5][23] - Coal inventory at Qinhuangdao Port decreased to 5.4 million tons, down 750,000 tons week-on-week [5][30] - Daily coal consumption in inland provinces was reported at 3.014 million tons, a decrease of 378,000 tons/day, with an available supply of 30.27 days [5][32] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,016 CNY/ton, a year-on-year decrease of 20.66% [5][57] - The EU's natural gas supply for week 38 was 5.46 billion cubic meters, a year-on-year increase of 14.5% [5][63] - Domestic natural gas consumption in July was 36.17 billion cubic meters, a year-on-year increase of 2.9% [5][6] Key Industry News - The report mentions a significant energy supply contract between Russia and China, described as unprecedented, which is expected to enhance export potential and regional development [5][6] - The total electricity consumption in August grew by 5.0% year-on-year, with significant contributions from various sectors [5][6] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies and those in regions with tight electricity supply [5][6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5][6]

Core Viewpoint - The company actively supports national major strategic projects and has established a full lifecycle service system in the ultra-high voltage sector, participating deeply in several key national power projects [1] Group 1: Company Initiatives - The company has developed a three-dimensional line design software that has been successfully applied in key national projects such as the Baihetan-Jiangsu ±800 kV ultra-high voltage direct current project and the Zhangbei flexible direct current ultra-high voltage project [1] - The smart construction products have served over a hundred smart construction projects across various voltage levels, including ultra-high voltage and ultra-high voltage projects [1] - The smart operation and maintenance platform, along with the "drone + AI" automatic inspection system, effectively assists clients in improving the efficiency of power line inspections [1] Group 2: Future Focus - The company will continue to deepen its technological research and development in the ultra-high voltage field, focusing on the needs of new energy grid connection and smart grid upgrades [1] - The company aims to continuously enhance its full lifecycle service capabilities to contribute more to the construction of the new power system in the country [1]

（文章来源：每日经济新闻） 消息面上，近日在2025新型电力系统发展（崇礼）论坛上，相关业内人士表示，要把握好"十五五"战略 关键期，以加快构建新型电力系统为主题，以电力行业高质量发展为主线，统筹源网荷储各侧，科学规 划和实施一批重大战略任务、重大工程项目、重大改革举措，推动新型电力系统建设取得新的突破。 湘财证券表示，全国统一电力市场建设加速推进下，我们持续看好电力资产价值重估。推荐关注三条主 线：基本面稳健、长期有望受益统一电力市场建设的水电标的；成本下行情况下业绩有望改善且资产所 在区域供需格局好的火电标的；绿电存量项目盈利平稳过渡推动板块估值修复，在全面入市开启背景下 看好运营能力强的龙头企业和资源区位优质的标的。 9月26日，A股三大指数震荡回调，电力板块逆市上涨，风力发电概念开盘后持续拉升，相关ETF集体逆 市上涨，截至10:14，绿电ETF（562550）涨幅0.64%，公用事业ETF（159301）涨幅0.43%，电网设备 ETF（159326）涨幅0.38%，绿电ETF持仓股嘉泽新能涨停，上海电力、节能风电、龙源电力、甘肃能 源、太阳能等涨幅居前。 ...

9月22日，由中电联电力职业安全卫生分会与国中康健集团有限公司联合主办的2025新型电力系统发展 （崇礼）论坛——电力行业健康企业建设分论坛在崇礼顺利召开。会上，《电力行业健康企业建设指 南》书籍及其配套标准正式发布，该成果成功填补了电力行业在健康企业建设方面的标准空白，标志着 电力行业在健康企业建设领域实现了重要跨越，为行业迈向高质量发展新阶段注入新动能。 《电力行业健康企业建设指南》书籍及标准，立足于电力行业特点，聚焦行业不同作业场景与员工全职 业周期健康需求，汇聚了国内权威专家团队先进的健康管理理念和实践经验，既是落实国家"双碳"目标 与健康中国战略的具体实践，也是电力行业主动适应新型电力系统建设需求、提升电力行业职工健康福 祉的创新举措，将推动电力行业健康企业建设从"经验驱动"迈向"标准引领"。 中国电力企业联合会党委委员、秘书长郝英杰指出，我国正处于能源转型与健康中国建设的交汇期，新 型电力系统建设加速推进，风电、光伏等新能源占比持续提升，电网智能化、数字化水平显著提高，高 强度作业、野外施工等场景对职工健康管理提出更高要求，《电力行业健康企业建设指南》书籍及标准 的发布，是电力行业积极响应健康中国 ...

中国电力企业联合会党委书记、常务副理事长杨昆在欢迎辞中指出，电力行业以"四个革命、一个合 作"能源安全新战略为指引，加快推进新型电力系统建设，能源结构持续优化，标志性工程和创新成果 不断涌现，极大地促进了经济社会清洁低碳转型。加快构建新型电力系统，需要各方深入合作、共谋共 策，持续推进理论创新和实践探索，不断为能源电力高质量发展贡献力量。希望以此次论坛为契机，深 入交流、携手创新、互惠共赢，为加快构建新型电力系统、共建清洁美丽世界作出新的更大贡献。 在本次论坛上，中国电力企业联合会发布了"电力装备产品碳足迹认证""零碳园区认证""2024年中国电 力碳足迹因子研究""电力碳足迹标准""电网工程建设碳排放指标"等成果，集中展示了中国电力企业联 合会坚定贯彻国家"双碳"战略、统筹引领电力行业碳足迹管理体系建设取得的一批最新实践成果，体现 了我国能源电力行业企业在服务"双碳"目标、推动绿色低碳转型发展等方面取得的积极成效。 9月23日，由中国电力企业联合会主办的2025新型电力系统发展（崇礼）论坛在河北崇礼成功举办。本 次论坛以"绿色发展 共创未来"为主题。 全国政协副主席、民革中央常务副主席何报翔出席论坛并指出， ...

Core Insights - The national electricity market transaction volume reached 655 billion kWh in August 2025, marking an 11.6% year-on-year increase [1] - The electricity market reform is expected to lead to a slight increase in electricity prices, with a focus on promoting the spot market and ancillary services [1] - The coal power sector is anticipated to maintain a stable cost structure due to improved long-term coal supply agreements [1] Group 1: Electricity Market Performance - The provincial electricity transaction volume was 485.9 billion kWh, up 11.0% year-on-year [1] - Cross-provincial and cross-regional transactions amounted to 169.1 billion kWh, reflecting a 13.4% increase [1] - The long-term transaction volume was 624.9 billion kWh, while spot transactions reached 30.2 billion kWh, and green electricity transactions totaled 24.9 billion kWh, with a significant 47.2% year-on-year growth [1] Group 2: Sector Outlook - The coal power sector's peak value is highlighted amid tight supply-demand dynamics [1] - The continuous advancement of electricity market reforms is expected to enhance the investment value in the electricity sector [2] - The demand for electricity is improving due to the peak usage season, and the capacity compensation mechanism has room for enhancement [2]

Group 1 - The core point of the article is that Jicheng Electronics has won multiple bids from the State Grid Corporation for various products, which is expected to positively impact the company's operating performance [1][5] - The total bid amount is approximately 81.836 million yuan, which accounts for 3.15% of the company's projected revenue for 2024 [1][5] - The company has been actively participating in tenders from major clients like the State Grid and Southern Power Grid, indicating a strong position in the power automation market [1][5] Group 2 - In the first half of 2025, Jicheng Electronics reported a revenue of 1.091 billion yuan, a year-on-year increase of 23.75%, but still incurred a net loss of 50.08 million yuan [3][5] - The main business segments include power automation, public utility automation, and information security, with power automation contributing 71.35% of total revenue [3][5] - The company has increased its R&D investment to 121 million yuan, representing 11.09% of its revenue, focusing on smart grid and smart energy technologies [3][5] Group 3 - Despite significant revenue growth, the company faces challenges such as intensified industry competition, rising raw material costs, and long project payment cycles [5][6] - Accounts receivable stood at 1.367 billion yuan, indicating a high level of outstanding payments, while inventory increased by 181 million yuan [5][6] - The company is well-positioned to benefit from the ongoing digital transformation in China's power energy system, which is driving demand for smart metering and distribution automation [5][6]