Group 1 - The article emphasizes the transformation of energy infrastructure from traditional fossil fuel-based systems to new energy systems characterized by green, intelligent, and integrated features [2] - During the "14th Five-Year Plan" period, the National Energy Administration has made significant progress in promoting the transformation of energy infrastructure towards new, green, and intelligent systems, with clean electricity accounting for about 60% of the cross-provincial electricity transmission [2] - The article highlights the development of new energy storage solutions, with new storage installations exceeding 100 million kilowatts, representing over 40% of the global total [2] Group 2 - The article advocates for a diversified energy supply, emphasizing the importance of non-fossil energy sources and the transition of coal power from a basic support role to a regulatory support role [3] - It discusses the integration of artificial intelligence in energy applications and the push for smart grid development, alongside the digital transformation of traditional energy infrastructures [3] - The article calls for the integration of energy systems with industrial, building, and transportation sectors, aiming to establish zero-carbon factories and parks [3]

传统能源基础设施立足化石能源，特征是能源集中生产、向用户侧单向输送，包括大型电厂、输配电 网、油气管道等。随着能源生产消费方式变革和新技术新模式的快速发展，能源基础设施在系统形态和 运行方式等方面发生新变化。一批具有绿色、智能、融合等新特征的能源基础设施加速涌现，共同构成 新型能源基础设施体系。 "十四五"时期，国家能源局推动能源基础设施全环节全链条向新、向绿、向智转型，取得了积极成效。 比如，在传输侧，特高压、柔性直流等技术显著提升"西电东送"绿色化和灵活性水平，清洁电量在全国 跨省区输送电量中的占比约六成。探索建设绿色氢氨醇等新介质输送网络，内蒙古乌兰察布至京津冀地 区长距离、大规模绿氢管道示范工程加快推进。在存储侧，高水头、大容量抽水蓄能和中小型抽水蓄能 多元发展、协调配合；新型储能装机规模超1亿千瓦，占全球比重超四成。在用户侧，建成全球最大规 模充电基础设施体系，车网互动规模化应用深入推进。集成电、气、热、氢等多种能源的综合能源站快 速发展，绿电直连等新模式加速涌现。 "十五五"时期，国家能源局将加力建设新型能源基础设施，优化能源骨干通道布局，力争到"十五五"末 初步建成清洁低碳安全高效的新型能源体系 ...

优化能源骨干通道布局，加力建设新型能源基础设施。 ——摘自"十五五"规划建议 谷山梁3吉瓦/12.8吉瓦时储能电站项目建成后，每年预计可向电网输送36亿千瓦时的清洁能源电力。这 些电将送往哪些地方？ 王宁介绍，项目建成后，将接入谷山梁500千伏变电站并入电网，优先保障鄂尔多斯及内蒙古西部工业 与居民用电，还将外送至华北等地区，助力能源结构优化。 目前，鄂尔多斯市已建成储能电站项目23个、在建12个、拟建17个。同在库布其沙漠，杭锦旗谷山梁明 阳智能100兆瓦/400兆瓦时电网侧储能电站示范项目预计在今年11月末投用。 沙漠里建起一个个巨型"充电宝"，既靠市场驱动，也离不开政策引导。内蒙古自治区能源局印发《关于 加快新型储能建设的通知》，明确2025年度独立新型储能电站向公用电网放电的补偿标准为每千瓦时 0.35元，补偿期限10年。 吊车运转、机械轰鸣，在内蒙古自治区鄂尔多斯市达拉特旗，3000余名建设者在库布其沙漠加紧冲刺， 谷山梁3吉瓦/12.8吉瓦时储能电站项目初具雏形。 3吉瓦，体量有多大？"按极端用电高峰时每个家庭10千瓦的功率来算，可以同时为30万户家庭供 电。"内蒙古电力（集团）有限责任公司鄂尔多 ...

Core Viewpoint - The recent surge in the electrical equipment sector is driven by the industry's perspective on AI development and electricity supply [3] Group 1: AI and Electricity Demand - Nvidia's CEO stated that China is likely to win the AI race due to favorable regulatory conditions and lower energy costs [4] - UBS predicts that the most promising sector in China over the next decade may not be AI, but electricity, forecasting an annual growth rate of 8% in electricity demand from 2028 to 2030, indicating a "super cycle" for the electricity industry lasting 5-10 years [4] - Goldman Sachs reports that by 2027, the power consumption of AI servers will be 50 times that of cloud servers five years ago, with global data center electricity demand expected to surge by 160% by 2030 [4] Group 2: Energy Transition Challenges - The core challenge for China is to meet electricity demand while achieving a low-carbon transition, which must be actively addressed [4] - The "14th Five-Year Plan" emphasizes the importance of new energy infrastructure to support the significant growth of renewable energy and maintain competitiveness in upstream sectors [5] - Key components of the new energy infrastructure include low-carbon transformation of coal, electric vehicles as energy storage solutions, hydrogen energy development, smart grid advancements, and large-scale energy storage facilities [5] Group 3: Hydrogen Energy and Policy Support - Hydrogen energy has received increasing policy support, being included in high-level national documents, indicating a strategic continuation for energy transition [6] - The focus on new energy infrastructure is crucial for addressing clean energy consumption issues and supporting the large-scale growth of wind and solar energy [6] Group 4: Electricity Market Performance - In the first nine months of 2025, China's electricity market trading volume reached 49,239 billion kWh, a year-on-year increase of 7.2%, with green electricity trading volume growing by 40.6% [6] - The State Grid plans to invest over 1.2 trillion yuan in the next three years to build ultra-high voltage and smart grids to optimize electricity resource allocation [7] - In the first three quarters of this year, China's total electricity consumption reached 7.77 trillion kWh, setting a historical record, with significant growth in electricity demand from internet data services driven by AI and digital economy [7]

2025.11. 06 本文字数：2101，阅读时长大约4分钟 作者 | 第一财经 林春挺 11月5日至6日，电气设备板块呈现连续大涨态势。11月5日，该板块涨停或涨幅超过10%的个股接 近30只；6日截至午间收盘，该板块涨停的个股超15只。 这波电气设备板块的强势上扬，其背后与近日行业对AI发展与电力供应的看法有关。 林伯强认为，新型能源基础设施大致有这几方面：其一，进行煤炭的低碳信息化改造；其二，电动汽 车不仅能满足人们的出行需求，还能成为巨大的储能场景，通过车网互联互动形成类似虚拟电厂的概 念，从而发挥复合作用，为电力系统的稳定运行提供支持；其三，氢能作为清洁能源的重要组成部 分，要加强氢能产业在制氢、储氢、运输以及终端应用等各个环节的建设；其四，进一步推动电网智 能化发展，利用先进的信息技术提高电网的运行效率和可靠性；其五，在电网侧大规模布局储能设 施，以此支持清洁能源的发展，解决清洁能源消纳问题。 在氢能方面，政策支持力度不断加大。《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》提出，"前瞻布局未来产业……推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身 智能、第六代移动通信等成 ...

Core Viewpoint - The recent surge in the electrical equipment sector is driven by the industry's perspective on AI development and electricity supply, with significant implications for China's energy landscape [1][2]. Group 1: Electrical Equipment Sector Performance - From November 5 to 6, the electrical equipment sector experienced a strong upward trend, with nearly 30 stocks hitting the daily limit or rising over 10% on November 5, and more than 15 stocks hitting the limit by noon on November 6 [1]. - The sector's performance is linked to insights from industry leaders, including Nvidia's CEO, who highlighted China's favorable regulatory environment and lower energy costs as factors in its potential AI success [1]. Group 2: Future Electricity Demand and AI Impact - UBS forecasts that China's electricity demand will grow at an annual rate of 8% from 2028 to 2030, indicating a "super cycle" for the electricity industry lasting 5-10 years [1]. - Goldman Sachs projects that by 2027, the power consumption of AI servers will be 50 times that of cloud servers five years ago, with global data center electricity demand expected to surge by 160% by 2030 [1]. Group 3: Challenges and Infrastructure Development - Lin Boqiang from Xiamen University emphasizes that while China can meet electricity supply demands, the challenge lies in achieving low-carbon transformation alongside rising demand due to AI [2][3]. - The "14th Five-Year Plan" highlights the importance of new energy infrastructure to support renewable energy growth and maintain competitiveness in upstream sectors [2]. Group 4: New Energy Infrastructure Components - Key components of new energy infrastructure include low-carbon transformation of coal, electric vehicles as energy storage solutions, hydrogen energy development, smart grid advancements, and large-scale energy storage facilities [3]. - The recent inclusion of hydrogen energy in high-level government documents signifies a strategic commitment to its development as part of the energy transition [3][4]. Group 5: Electricity Market Trends and Investments - In the first three quarters of 2023, China's total electricity consumption reached a record high of 7.77 trillion kilowatt-hours, with significant growth in green electricity trading, which increased by 40.6% [5]. - The State Grid plans to invest over 1.2 trillion yuan in the next three years to address the mismatch between renewable energy supply in the northwest and demand in the eastern regions [5].

Core Viewpoint - The Chinese power industry is expected to enter a sustained "super cycle" lasting 5-10 years, driven by increasing electricity demand and the impact of AI development on power supply [1][2]. Group 1: Market Trends - The electrical equipment sector experienced significant gains, with nearly 30 stocks hitting the daily limit or rising over 10% on November 5, and more than 15 stocks hitting the limit by noon on November 6 [1]. - UBS predicts that electricity demand in China will grow at an annual rate of 8% from 2028 to 2030, indicating a robust growth trajectory for the power sector [1]. - Goldman Sachs forecasts that by 2027, the power consumption of AI servers will be 50 times that of cloud servers five years ago, with global data center electricity demand expected to surge by 160% by 2030 [1]. Group 2: Challenges and Infrastructure - The core challenge for China is to meet electricity demand while achieving a low-carbon transition, which requires proactive measures [2][4]. - The "14th Five-Year Plan" emphasizes the importance of new energy infrastructure to support the growth of renewable energy and maintain competitiveness in the upstream sector [2]. - Key aspects of new energy infrastructure include low-carbon transformation of coal, the integration of electric vehicles as energy storage, hydrogen energy development, smart grid advancements, and large-scale energy storage deployment [3]. Group 3: Policy Support and Development - The inclusion of hydrogen energy in the "14th Five-Year Plan" reflects a strategic continuation of national energy transition efforts, aiming to scale up the hydrogen and fuel cell industry [4]. - The National Energy Administration reported a significant increase in electricity market transactions, with a total of 49,239 billion kilowatt-hours traded from January to September 2025, marking a 7.2% year-on-year growth [5]. - Investment in the power grid is set to exceed 1.2 trillion yuan over the next three years to address the mismatch between renewable energy supply in the northwest and demand in the eastern regions [5].