Core Insights - The "Ningdian into Xiang" project, China's first "Shagehuang" wind and solar power base, has been completed, with a full-load transmission capacity of 8 million kilowatts, capable of delivering over 36 billion kilowatt-hours of clean electricity to Hunan annually [1][2] Group 1: Project Overview - The "Ningdian into Xiang" project starts from Zhongning Converter Station in Ningxia and passes through Gansu, Shaanxi, Chongqing, and Hubei, reaching Hengyang Converter Station in Hunan, covering a total length of 1,616 kilometers with a total investment of 28.1 billion yuan [1] - The project serves as a model for the renewable energy supply and consumption system, addressing the challenges of large geographical spans and complex environments during construction [1] Group 2: Equipment and Technology - The high-end converter transformer, a key component in UHVDC projects, plays a crucial role in converting high-voltage direct current to alternating current, ensuring seamless integration with local power grids [2] - Each ±800 kV high-end converter transformer measures 14.8 meters in height, weighs 570 tons, and has dimensions of 26.5 meters in length and 8.4 meters in width, showcasing complete independent intellectual property rights [2] - The completion of the project is expected to meet Hunan's electricity demand, optimize the energy structure, and facilitate large-scale clean energy delivery from Ningxia, promoting cross-regional energy optimization [2]

Core Viewpoint - The completion of the "Ning Electric into Hunan" project marks a significant milestone in China's renewable energy infrastructure, enabling the transmission of over 36 billion kilowatt-hours of clean electricity annually to Hunan province [1][2]. Group 1: Project Overview - The "Ning Electric into Hunan" project is China's first "Shagohuang" wind and solar power base external high-voltage transmission channel, with a total investment of 28.1 billion yuan [1]. - The project spans 1,616 kilometers, starting from the Zhongning converter station in Ningxia and passing through Gansu, Shaanxi, Chongqing, and Hubei before reaching Hengyang in Hunan [1]. - The project is designed to have a full-load transmission capacity of 8 million kilowatts [1]. Group 2: Technological Innovations - The company has implemented digital quality management throughout the entire process of high-end converter transformer production, achieving a 100% qualification rate for batch production [2]. - The company has developed or optimized various products tailored to the project's specific geographical and climatic conditions, including steel-core aluminum stranded wire and epoxy resin-impregnated paper capacitive DC bushings [2]. Group 3: Economic and Social Impact - The project not only meets its economic and social objectives but also enhances the capabilities of the team involved, leading to technological advancements and the development of new products [2]. - The successful execution of such large-scale power engineering projects serves as a reference for the high-quality development of the power equipment industry in China [2].

Core Viewpoint - The Ningxia-Hunan ±800 kV UHVDC project has been put into operation, serving as a crucial channel connecting the abundant renewable energy resources in the western region with the load centers in central China, significantly enhancing energy supply security and promoting the optimization of clean energy distribution [2][4]. Group 1: Project Overview - The Ningxia-Hunan project has a rated voltage of ±800 kV and a capacity of 8 million kW, spanning 1,616 kilometers with a total investment of 28.1 billion yuan [4]. - It is the first UHVDC project approved to primarily transmit renewable energy from the "Shagao" wind and solar base and is the third UHVDC project to be put into operation this year [4]. - The project is expected to deliver over 36 billion kWh of electricity annually to Hunan, with more than 50% coming from renewable sources [5]. Group 2: Economic and Social Impact - The project will significantly enhance Hunan's electricity supply, increasing its external electricity capacity to 16 million kW and providing about one-sixth of the province's power needs [5]. - It is anticipated to drive investment exceeding 70 billion yuan in Ningxia, positively impacting local infrastructure and related industries, thereby stabilizing supply chains and employment [6]. - The project supports the development of high-energy industries in Hunan, such as advanced manufacturing and data centers, optimizing the business environment [6]. Group 3: Technological Innovation - The project has achieved a series of standardized results, including over 5,500 typical drawings and the establishment of various national and industry standards [7]. - It has successfully implemented domestic manufacturing of all equipment, marking a significant advancement in the quality of domestic components used in UHVDC technology [7]. - The project exemplifies the integration of advanced technology in the construction of UHVDC lines, addressing challenges related to safety and reliability in complex environments [7].

2024 年以来全社会用电量同比增长，电源、电网持续保持较大的投 资规模，随着电力行业加快新型能源体系和新型电力系统构建，新能源新 增装机成为绝对主体，重点输电通道建设稳步推进，产业链带动效果显 著。特高压、清洁能源大基地建设以及省间互联通道开展规划和建设需求 仍将持续，智能变配电将迎来新机遇。同时，上下游产业链完善度逐步提 升，供给与需求体量逐渐增大，与当前国际能源局势、国家能源战略具有 密不可分的关系，特朗普再次当选或将推动国家能源战略加速发展。预计 2025 年电力、电气设备制造行业景气度仍将持续，展望为稳定。 · 2025 年电力、电气设备制造行业分析 联合资信 工商评级三部 www.lhratings.com 研究报告 1 一、行业运行情况回顾 电力、电气设备制造行业作为国民经济发展中重要的装备工业之一，2023 年以 来，全社会用电量稳步提升，电力行业加快新型能源体系和新型电力系统构建；电源、 电网持续保持较大的投资规模，投资增速创新高，新能源新增装机成为绝对主体，重 点输电通道建设稳步推进，电力设备制造行业外部发展环境良好。 电力、电气设备制造行业作为国民经济发展中重要的装备工业之一，行业景气度 ...