11月21日午后，市场探底回升，截至13:35，全市场唯一的电网设备ETF（159326）跌幅收窄至3.37%， 盘中交投持续活跃，实时成交额已超2.38亿元。成分股中，电科院、平安电工等股逆势上扬。 尽管受大盘拖累，前期表现强势的电网设备ETF（159326）近期出现阶段性调整，但其行业长期价值依 然稳固，资金呈现"越跌越买"态势。该ETF已连续6个交易日实现资金净流入，合计超3亿元，推动其最 新规模达19.16亿元，创下历史新高。 内需有支撑，外需更强劲，电网设备行业长期价值稳固。国内AI耗电与新能源并网提供基本盘，而海 外老旧电网替换与中国制造优势共同驱动出海提速，市场短期调整为布局提供了窗口。 华鑫证券指出，美国缺电带来电力设备行业机遇。当下美国火电机组退役进入高峰，2025年预计退役 12.3GW，同比增长65%，此同时，过去十年美国净发电容量CAGR仅1.42%，电力扩容缓慢与数据中心 需求激增可能引发供需缺口。燃气发电、核电、燃料电池等高可靠性电源将成为装机主力，储能及变压 器等电网配套设备需求亦将显著提升。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中银证券表示，国内持续推动电力体制改革，特高压及主网建设加快，带动电网设备需求维持高景 气。海外电网改造需求旺盛，建议关注受益于特高压高景气的主网环节相关标的。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上 看，指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电 设备为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。 每日经济新闻 （责任编辑：董萍萍 ） 11月20日，A股三大指数高开低走，电网设备ETF（159326）顺势下行，截止10点47分，涨幅收窄 至0.07%，盘中交投依然活跃，成交额已达8314万元，持仓股东材科技涨停，双杰电气、海联讯、金龙 羽、平安电工、特变电工等涨幅居前。 电网设备ETF近期迎来阶段回调，资金呈现越跌越买趋势，已连续5个交易日 ...

Group 1 - The China Securities National New Central Enterprise Modern Energy Index has seen a strong increase of 1.80%, with constituent stocks such as Shanghai Electric rising by 10.00% and China Western Power by 9.99% [3] - The Central Enterprise Modern Energy ETF (561790) has risen by 1.69%, with a latest price of 1.26 yuan, and has accumulated a weekly increase of 2.31% as of October 28, 2025 [3] - The trading volume for the Central Enterprise Modern Energy ETF reached 460.61 million yuan, with a turnover rate of 9.7% [3] Group 2 - The Fujian Provincial Development and Reform Commission and the National Energy Administration have issued a plan to promote the market-oriented reform of renewable energy grid connection prices, aiming for all renewable energy generation to enter the electricity market by January 1, 2026 [4] - Tianfeng Securities notes that global grid capital expenditure is currently in a resonance cycle of "renewable energy grid connection + digital upgrade," indicating significant excess returns for the power equipment sector during upturns [4] - According to Zhongyin Securities, the new energy storage installation demand is expected to reach 12 GWh by 2026, representing a year-on-year growth of 60% [4] Group 3 - The Central Enterprise Modern Energy ETF closely tracks the China Securities National New Central Enterprise Modern Energy Index, which includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution [5] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 47.72% of the total, including companies like Yangtze Power and China Nuclear Power [5] - The latest scale of the Central Enterprise Modern Energy ETF reached 46.98 million yuan, marking a new high for the past month [4]

Summary of SST System Industry Conference Call Industry Overview - The conference focused on the SST (Solid State Transformer) system industry, discussing its cost structure, market trends, and competitive landscape in both domestic and overseas markets [1][2][3]. Key Points and Arguments Cost Structure of SST Systems - The cost composition of SST systems includes rectifier modules (40%-50%), high-frequency transformers (approximately 25%), control and distribution (15%), energy storage (11%), and structural cooling (8%) [1][2]. - Current single watt cost of SST systems is around 5 RMB, with total system costs reaching 8-10 million RMB. By 2028, costs are expected to drop to below 1 RMB per watt, with total system costs around 2 million RMB, but large-scale application is anticipated only by 2030 [1][4]. Price Trends and Market Dynamics - There is a significant price disparity between domestic and overseas SST systems, particularly in North America, where prices are expected to remain around 4-5 RMB per watt until 2027-2028, with limited reduction [5]. - Domestic market competition is intense, with expectations that prices could fall below 1 RMB per watt by 2030 [5]. Technical Standards and Design Differences - North America tends to adopt higher input voltage SST systems (35 kV or 20 kV), which enhances renewable energy integration efficiency but also increases costs. Differences in design standards between North America and China contribute to cost variations [6][8]. - Domestic companies can enter the SST supply chain by exporting components like high-frequency transformers and rectifier modules, capturing growth opportunities despite slower rack power increases compared to North America [9]. Market Opportunities and Challenges - Companies like Jinpan and Sungrow, which have comprehensive system integration capabilities, are better positioned to enter the SST supply chain [3][16]. - The domestic market's ability to reduce SST product prices significantly is attributed to lower value differences compared to overseas products, reflecting market maturity and demand [23]. Future Prospects - The SMT (Solid State Transformer) AC-DC hybrid system market is expected to grow faster than the data center market due to lower energy continuity and stability requirements, making it more cost-sensitive [24]. - The demand for silicon carbide (SiC) in charging stations and data centers is increasing, but the complex production process may lead to supply constraints and price increases [26]. Additional Important Insights - The integration capabilities of domestic companies lag behind those of leading overseas firms like Delta, Schneider, and Eaton, which have dedicated departments for each segment of the SST system [22]. - The competitive landscape in the HVDC (High Voltage Direct Current) sector shows that traditional power distribution companies in China have advantages, but emerging electronic companies are rapidly advancing [18]. This summary encapsulates the critical insights from the SST system industry conference call, highlighting the cost structures, market dynamics, technical standards, and future prospects within the industry.

Core Insights - Jiangsu Yancheng has become the first city in the Yangtze River Delta to exceed 20 million kilowatts of renewable energy grid capacity, reaching a total of 20.34 million kilowatts with the recent integration of the second batch of units from the Guoxin Dafeng 850,000-kilowatt offshore wind power project [1] Group 1: Renewable Energy Capacity - The renewable energy grid capacity in Yancheng consists of 48% wind power and 51% photovoltaic power [1] - The total renewable energy generation in Yancheng from January to August this year reached 24.55 billion kilowatt-hours [1] Group 2: Transmission Infrastructure - Jiangsu has established a total of 8 cross-river transmission channels with a combined transmission capacity of nearly 25 million kilowatts [1] - The maximum daily "green electricity" transmission capacity is expected to exceed 350 million kilowatt-hours by the summer of 2025 [1]

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]

Group 1 - The 10th International Conference on Power and Renewable Energy (ICPRE 2025) will be held from September 19 to 22, 2025, in Hangzhou, Zhejiang, attracting nearly 500 experts and scholars from various countries to discuss cutting-edge topics in power generation, transmission, storage, and renewable energy applications [1][2] - The conference emphasizes the profound changes in the power and renewable energy sector due to the "dual carbon" goals and the deep adjustment of the global energy structure, highlighting the importance of technological innovation and system reconstruction [2][3] - The conference serves as an international academic exchange platform, marking its tenth edition, which signifies its ongoing role in gathering global wisdom and promoting the transformation of cutting-edge research results and interdisciplinary collaboration [2] Group 2 - Keynote speeches will be delivered by prominent figures, including John D. McDonald from GE, focusing on grid modernization and the integration of microgrids and distributed generation [7][9] - The conference will address critical directions such as low-carbon energy systems and the challenges of fault detection and equipment compatibility in DC applications, proposing innovative technical solutions [11]

Core Insights - Jiangsu province has achieved a significant milestone by integrating over 20 million kilowatts of renewable energy into its grid, making Yancheng the first city in the Yangtze River Delta to surpass this capacity [1] - The renewable energy mix in Yancheng consists of 48% wind power and 51% solar power, with a total generation of 24.55 billion kilowatt-hours from January to August this year [1] - The State Grid Jiangsu Electric Power Company is enhancing its grid infrastructure to support the increased renewable energy capacity and facilitate the delivery of green electricity [2] Group 1 - Yancheng has become the first city in the Yangtze River Delta to exceed 20 million kilowatts of renewable energy capacity [1] - The renewable energy capacity in Yancheng includes 48% from wind and 51% from solar [1] - The total renewable energy generation in Yancheng from January to August reached 24.55 billion kilowatt-hours [1] Group 2 - The State Grid Jiangsu Electric Power Company has launched several major projects to improve the transmission capacity of renewable energy, including the 500 kV coastal second channel and the Gao Rong 500 kV substation project [2] - Jiangsu has established a total of 8 cross-river transmission channels with a combined transmission capacity of nearly 25 million kilowatts [2] - The maximum daily green electricity transmission capacity is expected to exceed 350 million kilowatt-hours by the summer of 2025 [2]

Core Insights - The UK is facing a significant backlog in renewable energy projects awaiting grid connection, with over 770 GW of projects pending, far exceeding the current installed capacity of around 60 GW [1] - The average waiting time for renewable energy projects to connect to the grid has surpassed 6 years, with about 30% of installations facing delays of over 10 years [1] - The backlog is hindering the UK's energy transition, with the annual growth rate of renewable energy generation dropping to 4.45% over the past three years, below the medium to long-term target of over 20% [1] Grid Connection Issues - The core issue lies in the rigid grid connection mechanism and outdated grid investment planning [2] - The management of grid connection is characterized by a "first-come, first-served" principle, allowing developers to queue regardless of project feasibility, leading to speculative applications and a high number of "zombie projects" [3] - Regulatory mechanisms have resulted in insufficient grid investment, exacerbating the backlog problem [4] Reform Initiatives - The UK has introduced the "TMO4+" reform to address the backlog and inefficiencies in planning, focusing on a demand-driven approach and verifying project maturity [6] - A dual-threshold admission standard will be implemented, replacing the traditional queuing system with a "ready to connect" mechanism, which requires projects to demonstrate feasibility and alignment with the UK's 2030 carbon peak planning [6] - The reform is expected to eliminate approximately 68% of "zombie projects," freeing up resources for viable projects [6] Dynamic Queue Optimization - The reform includes a "process elimination system" to remove overdue projects from the queue, thereby releasing grid capacity [7] - A "flexible replacement" rule will allow mature projects to fill capacity gaps quickly, and regional capacity rebalancing will address structural imbalances in energy distribution [7] - A streamlined approval process will be established, integrating various departmental procedures into a "one-stop" platform to reduce administrative time costs [7] Investment in Grid Infrastructure - The UK plans to invest £35 billion in the largest grid upgrade project globally from 2026 to 2031, focusing on enhancing renewable energy transmission and grid flexibility [9] - Over £11 billion will be allocated for maintenance and upgrades of existing transmission networks, while approximately £24 billion will support strategic transmission investments [9] - The upgrade will involve enhancing around 3,500 km of overhead lines to nearly double transmission capacity and deploying innovative technologies [9] Lessons for Other Markets - Other markets, such as China, can learn from the UK's experience by ensuring adequate infrastructure investment and optimizing priority mechanisms and approval efficiency [11] - Emphasizing "proactive grid investment" principles and enhancing the capacity of transmission networks in renewable-rich areas are crucial [11] - A unified management approach can prevent fragmented development and ensure coordinated resource allocation [12] - Prioritizing mature projects and implementing a dynamic scoring system for project prioritization can help avoid resource misallocation [13]

Group 1: Power Supply and Demand Forecast - The upcoming summer is expected to see a significant increase in electricity demand due to rising temperatures, with maximum load in Hunan projected to reach 50 million kilowatts [1][3] - Hunan's power grid will enhance its supply capacity by over 5 million kilowatts through the commissioning of 12 key projects by the end of June [3] - The national grid's maximum load is anticipated to exceed 1.2 billion kilowatts, setting a historical record [6] Group 2: Regional Power Supply Enhancements - Hebei has increased its external power supply capacity to 19.54 million kilowatts, accounting for over 40% of its total supply, marking a historical high for the region [4] - The coal inventory in Hunan has reached 6.03 million tons, ensuring stable operation of hydro and thermal power plants [3] Group 3: Renewable Energy Integration - The integration of renewable energy sources is expected to peak in 2025, with significant contributions from wind and solar power [13][16] - By April 2025, the installed capacity of wind and solar power in China reached 540 million kilowatts and 990 million kilowatts, respectively, accounting for 44% of the total installed capacity [16] - The successful integration of renewable energy is crucial for maintaining grid stability during peak summer demand [17][18] Group 4: Infrastructure Development - Key power grid projects are under construction to enhance inter-regional power exchange capabilities, particularly in response to summer peak demand [20][22] - The construction of the 750 kV transmission project in Shaanxi is expected to replace 7 million tons of coal consumption annually and increase power delivery by 17 billion kilowatt-hours [21] - The completion of the 500 kV optimization project in Sichuan will facilitate the export of clean energy, with total installed capacity expected to exceed 50 million kilowatts by the end of the year [22]