记者24日从国网吉林省电力有限公司获悉，吉林松原扶余(万泉)500千伏输变电工程近日开工建设。该 工程将新建全省容量最大的500千伏变电站，并在松花江上架设吉林省最高、跨度最大的输电铁塔。 （文章来源：中国新闻网） 该工程规划建设主变压器3组1200兆伏安，配套建设174.8公里输电线路，预计2027年6月竣工投产。建 成后，每年可输送约40亿千瓦时绿色电力，相当于减少128万吨标准煤消耗和320万吨二氧化碳排放。 该工程被纳入吉林省"四横四纵、东西互济"主干网架建设，旨在优化能源结构、增强电网调节能力。投 运后，将缓解新能源消纳受限问题，提升风电、光伏等清洁能源外送效率，为东北地区能源供应和绿色 转型提供支撑。 扶余500千伏变电站占地6万平方米，建成后将成为吉林省规模和容量最高的变电站，大幅提升区域电网 的稳定性和输电能力。作为项目重要组成部分的松花江大跨越工程，铁塔高度128.9米，跨越档距1208 米，两项数据均创全省纪录。 ...

Core Viewpoint - The Gansu-Zhejiang ±800 kV UHVDC transmission project has entered the line construction phase in Anhui, which is a key project in China's 14th Five-Year Plan for power development [1][4][7]. Group 1: Project Overview - The Gansu-Zhejiang UHVDC project starts from Wuwei City in Gansu Province and ends in Shaoxing City in Zhejiang Province, with a total length of approximately 2,370 kilometers [1][4][6]. - Once operational, the project will significantly enhance the delivery of clean energy from the "Shagouhuan" base in the western region, alleviating the power supply and demand imbalance in East China [1][4][7]. Group 2: Energy Delivery Capacity - The project is expected to deliver over 36 billion kilowatt-hours of electricity to Zhejiang annually [1][4][6].

Core Viewpoint - The construction of the Zang-Guangdong DC project, the world's most powerful and advanced flexible DC transmission project, has commenced, representing a significant investment in China's energy infrastructure [1][5]. Group 1: Project Overview - The Zang-Guangdong DC project starts in Tibet and spans approximately 2,681 kilometers through Yunnan and Guangxi, ending in Guangdong, with four converter stations being built in key locations [3][5]. - The project utilizes domestically developed, internationally leading ultra-high voltage flexible DC transmission technology, with a rated voltage of ±800 kV and a capacity of 10 million kW, involving a total investment of 53.2 billion yuan [5]. Group 2: Economic and Environmental Impact - The project is expected to facilitate the conversion of Tibet's resource advantages into economic benefits, addressing challenges related to high-altitude DC transmission and the integration of renewable energy in weak grid areas [7]. - Upon full operation in 2029, the project will deliver over 43 billion kWh of clean energy annually to the Guangdong-Hong Kong-Macao Greater Bay Area, equivalent to half the annual output of the Three Gorges Dam, with 100% of the energy being clean [7][14]. Group 3: Technical Challenges and Solutions - The project faces significant challenges due to the geographical terrain, including high mountains and complex geology, with nearly 90% of the route being mountainous [10]. - To ensure stable delivery of green electricity, the project employs advanced "ultra-high voltage multi-terminal flexible DC transmission" technology, allowing for flexible scheduling of renewable energy and minimizing disturbances to the grid [11].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **Ultra-High Voltage (UHV) transmission industry** in China, focusing on the challenges and future plans for UHV projects, particularly in the context of renewable energy integration and grid stability. Core Insights and Arguments 1. **Low Utilization Rates**: UHV lines are generally underperforming, with many DC channels operating below 50% utilization, significantly lower than the expected 4,500 hours, which limits investment motivation for grid companies and restricts transmission price increases [1][3][7]. 2. **Future Tender Plans**: Three UHV lines are expected to be tendered in the second half of 2025, including routes from southeastern Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area and from Inner Mongolia to Beijing-Tianjin-Hebei [1][3]. 3. **Flexible DC Technology**: The increasing application of flexible DC technology in large-scale wind and solar bases enhances the share of clean energy and improves system stability, addressing the mismatch between supply and demand for clean energy [1][4][10]. 4. **Coal Power Construction**: The rapid construction of coal power plants in regions like Sichuan and Yunnan is a response to the limitations in renewable energy absorption, with Yunnan's coal power plant utilization hours significantly increasing [1][7]. 5. **Interconnection Projects**: Future projects will focus on asynchronous interconnections between regions, enhancing overall network stability and reliability, with notable projects like the Fujian-Jiangxi and Hunan-Guangdong interconnections [5][6]. 6. **Cost and Emission Challenges**: Offshore wind power faces high costs and carbon emission challenges, with deep-sea development being particularly expensive, potentially slowing down future offshore wind projects [2][9]. 7. **Energy Dispatch and Market Reform**: The transition from main grid construction to distribution network construction is anticipated, with a focus on improving existing channel utilization and promoting market-oriented reforms [20][21]. Other Important but Potentially Overlooked Content 1. **Investment in Existing Infrastructure**: There is a need to improve the utilization of existing UHV channels before approving new projects, as many current projects have low utilization rates despite high initial investments [7][20]. 2. **Water and Renewable Energy Integration**: The integration of hydroelectric power with renewable energy sources is crucial, with plans to utilize existing channels effectively while considering the capacity of wind and solar bases for future energy dispatch [8][10]. 3. **Market Dynamics**: The ongoing marketization of electricity trading is expected to influence UHV transmission and back-to-back DC projects, with adjustments in pricing structures for high and low voltage levels [22][23]. 4. **Technological Considerations**: The application of Gas Insulated Lines (GIL) in specific scenarios, such as in steep terrains or where overhead lines are impractical, is highlighted as a potential area for future development [24][26]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future direction of the UHV transmission industry in China.

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is expected to achieve a significant increase in performance, with a forecasted net profit attributable to shareholders of 193-214 million yuan, representing a year-on-year growth of 90.99%-111.77%. The non-recurring net profit is expected to be 184-205 million yuan, indicating a growth of 154.98%-184.08% [2][4]. - The growth is attributed to the company's active market expansion and continuous cost reduction and efficiency improvement through process innovation and optimized procurement, enhancing overall profitability [9]. - The company anticipates that the robust demand for electricity, driven by high temperatures and economic growth, will lead to increased investment in the power grid, positively impacting its business [9]. Summary by Sections Company Performance - The company forecasts a net profit of approximately 360 million yuan for 2025, corresponding to a PE ratio of about 32.5 times [9]. Market Context - In the first five months of 2025, the national power grid investment reached 204 billion yuan, a year-on-year increase of 19.8%, indicating a significant uptick in investment scale [9]. - The total electricity consumption in the first five months of 2025 was 39,665 billion kilowatt-hours, showing a year-on-year growth of 3.4% [9]. Financial Data - The current stock price is 4.36 yuan, with a total share capital of 267,516 million shares and a net asset per share of 1.68 yuan [6].

华福证券指出，国家电网正全力做好迎峰度夏电力保供，建好度夏重点工程，预计今夏经营区用电最大 负荷将首次突破12亿千瓦。通过健全工作机制、强化电网安全管控、优化资源配置等24项措施保障供 电，并加快推进140项度夏重点工程投产。"疆电入渝"首批电源项目已投产，天山北麓戈壁能源基地作 为配套电源项目，总规模1420万千瓦，清洁能源占比达71.8%，预计今年12月除光热外全部机组投产， 每年将输送360亿千瓦时绿电至川渝地区。电网设备行业受益于特高压建设及清洁能源外送需求，迎峰 度夏期间电网投资与保供能力提升成为关注重点。 电网ETF（代码：561380）跟踪的是恒生A股电网设备指数（代码：HSCAUPG），该指数由恒生指数 公司编制，从中国A股市场中选取涉及电网设备制造与服务业务的上市公司证券作为指数样本，成分股 主要覆盖电力设备、新能源及工业自动化等领域，旨在反映电网设备相关行业的整体发展趋势和市场表 现。 没有股票账户的投资者可关注国泰恒生A股电网设备ETF发起联接A（023638），国泰恒生A股电网设备 ETF发起联接C（023639）。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场 ...

Core Viewpoint - The "Jiangdian into Chongqing" project, part of China's key engineering projects during the 14th Five-Year Plan, has been completed and is operational, enabling significant clean energy transmission from Xinjiang to Chongqing [1] Group 1: Project Overview - The "Jiangdian into Chongqing" project is one of the first large-scale wind and solar power transmission projects in China, specifically designed for energy delivery [1] - The project is expected to transmit 36 billion kilowatt-hours of electricity annually from Xinjiang to Chongqing [1] Group 2: Environmental Impact - At least 50% of the transmitted electricity will come from clean energy sources, contributing to a reduction of 16.5 million tons of carbon dioxide emissions each year [1] - The carbon reduction achieved by this project is equivalent to planting 900 million trees, as each tree absorbs approximately 18.3 kilograms of CO2 annually [1]