近日，寒潮影响我国大部地区，多地迎来大风、雨雪天气，民生用能需求持续攀升。面对寒潮考验，各 地相关部门、能源企业迅速行动，稳定能源生产供应，确保各类电源应开尽开、稳发满发，开展避险处 置工作，守护千家万户温暖过冬。 "近年来，我国冬季用电负荷创新高，做好迎峰度冬能源保供工作，能够保障'不灭灯、不停暖'，推动 经济社会稳定发展。"华中科技大学能源与动力工程学院教授、新能源科学与工程系副主任杨晴在接受 记者采访时表示，煤电兜底保供，光伏、水电不断上量，丰富了能源供给，使迎峰度冬期间能源供应整 体稳定。 煤炭稳产稳供，天然气增储上产，清洁能源广泛应用，各类能源保供力度不断加大，为冬日企业用能、 民生取暖提供了可靠保障。 在甘肃，某电力集团的4家火力发电企业加强燃煤采购、运输工作，库存电煤可用天数达50天以上；4家 水电企业和16个新能源场站及时根据天气情况调整设备运行方式，加强设备检修维护，保障电力供应安 全稳定。在内蒙古巴彦淖尔某LNG工厂内，白色低温储罐巍然耸立，净化装置高速运转；充装区管道 林立，LNG在管道中有序流转；工作人员往来穿梭，确保各类设备稳定运行。 为保障煤炭保供工作稳步推进，内蒙古扎哈淖尔某煤矿 ...

今天（12月30日），国家电网蒙西到京津冀正负800千伏特高压直流工程正式开工建设，这是内蒙古首 条"沙戈荒"新能源基地外送通道。蒙西到京津冀特高压工程总投资约172亿元，起于内蒙古鄂尔多斯达 拉特换流站，止于河北沧州雄南换流站，途经内蒙古、山西、河北三省区，输电线路全长约700千米。 计划于2027年底建成投运。据介绍，这个工程是首条落点在河北地区的特高压直流工程，整个工程中， 批量应用了我国自主研制的特高压核心装备，将为"沙戈荒"新能源基地的电力送出和消纳提供重要示 范。 ...

据国家电网有限公司(以下简称"国家电网")发布的消息，12月18日，我国首个深入川藏高原腹地的特高 压工程——国家电网金上到湖北正负800千伏特高压直流输电工程建成投运。国家电网年内累计建成投 运4条特高压直流工程。 国电南瑞（600406）科技股份有限公司通过持续的研发创新，保持行业领先地位。该公司相关负责人在 上证e互动平台公开表示："在高压领域，公司重点突破特高压柔性直流输电所需的高耐压器件，着力解 决多芯片并联时的电流均衡难题，相关技术已开始支撑正负800千伏特高压工程建设。" 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："特高压工程具有重要的战略意义， 它能够实现全国范围内清洁能源优化配置，推动能源结构绿色低碳转型。" 特高压工程持续推进 据悉，金上到湖北正负800千伏特高压直流输电工程总投资334亿元，起于金沙江上游，止于湖北黄石大 冶换流站，输电距离近1900公里。国网湖北电力特高压工程建设管理办公室副主任吴子良在接受媒体采 访时表示，工程投运后，每年输电能力相当于湖北省全年用电量的六分之一。不仅能大幅提升湖北区外 受电的清洁化比例，还能增强电力余缺互济、时空互补能力，助力湖北实现 ...

Core Points - The construction of the Zang-Guangdong Direct Current Project has officially commenced, marking the world's largest clean energy direct current transmission project [1] - The project will span approximately 2,681 kilometers across Tibet, Yunnan, Guangxi, and Guangdong, with a rated transmission capacity of 10 million kilowatts [1] - Upon completion in 2029, the project is expected to deliver over 43 billion kilowatt-hours of electricity annually to the Guangdong-Hong Kong-Macao Greater Bay Area, which is about half of the annual output of the Three Gorges Dam, and will be 100% clean energy [1] Investment and Economic Impact - The total investment for the Zang-Guangdong Direct Current Project is approximately 53.2 billion RMB, with an additional investment of over 150 billion RMB for the integrated hydropower, wind, and solar energy base [1] - The project is anticipated to create over 100,000 direct jobs during peak construction, significantly boosting the economy of Tibet [1] Technical Challenges - The project will face significant technical challenges, including the development of direct current transmission technology at altitudes exceeding 4,300 meters and the integration of 20 million kilowatt-level renewable energy into the grid [2]

Core Insights - The State Grid Corporation reported a fixed asset investment exceeding 270 billion yuan in the first half of 2025, marking an 11.7% year-on-year increase and the highest scale for the same period [1] - The market-oriented trading electricity volume reached 24,550 billion kilowatt-hours, a 5% increase year-on-year, accounting for 75.3% of the total trading electricity volume [1] - The newly connected capacity of wind and solar energy in the operational area reached 203 million kilowatts, representing a significant year-on-year growth of 108.7% [1] Investment and Infrastructure Development - Key projects such as the East Longdong to Shandong and Hami to Chongqing ultra-high voltage projects have been put into operation, along with the 750 kV transmission project from Shaanxi to Gansu [1] - All 140 key projects for peak summer power supply have been completed and put into operation, enhancing the energy resource allocation capability [1] - The fully operational pumped storage power stations in Qingyuan, Liaoning, and Ninghai, Zhejiang, contribute to improved energy management [1] Future Plans - The State Grid plans to orderly advance the construction of key projects including Jinshang to Hubei, Mengxi to Beijing-Tianjin-Hebei, and Southeast Tibet to Guangdong-Hong Kong-Macao Greater Bay Area ultra-high voltage projects [1] - The company aims to fully operationalize pumped storage power stations in Jurong, Jiangsu, and Jinyun, Zhejiang, to further tap into trading potential [1] - The focus will be on enhancing regional energy interconnection and optimizing energy resource allocation [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a revenue of 2.29 billion yuan in Q1 2025, a year-on-year decrease of 9.3%. However, the net profit attributable to shareholders reached 90 million yuan, reflecting a significant year-on-year increase of 113.1%. The net profit excluding non-recurring items was 80 million yuan, up 133.7% year-on-year [3][9]. Financial Performance Summary - The gross margin for Q1 2025 was 11.19%, an increase of 4.20 percentage points year-on-year, attributed to optimized production processes and reduced raw material costs [9]. - The total inventory at the end of Q1 2025 was 1.996 billion yuan, down 18.6% year-on-year and 12.9% quarter-on-quarter. Contract assets were 327 million yuan, down 58.3% year-on-year but up 8.8% quarter-on-quarter. Contract liabilities were 393 million yuan, down 29.8% year-on-year and up 6.2% quarter-on-quarter. Accounts receivable stood at 2.998 billion yuan, up 2.1% year-on-year and 26.8% quarter-on-quarter [9]. - The company's asset-liability ratio at the end of Q1 2025 was 51.92%, a decrease of 1.65 percentage points year-on-year and 0.86 percentage points quarter-on-quarter [9]. - The net profit margin for Q1 reached 3.87%, marking a new quarterly high since the company went public. The estimated net profit for the full year 2025 is approximately 360 million yuan, corresponding to a PE ratio of about 30 times [9].

Core Viewpoint - The company has shown significant growth in production and sales across its metal products and chemical segments, driven by increased infrastructure investment and improved profitability in the first quarter of 2025 [2][3][4]. Group 1: Company Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking a year-on-year increase of 20.78% and 21.55% respectively [2]. - The company’s organic silicon and related products saw production of 90,500 tons and sales of 86,400 tons, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [2]. - For Q1 2025, the company reported a net profit of 5.67 million yuan, a 390.50% increase year-on-year, and a net profit excluding non-recurring gains of 2.32 million yuan, up 50.79% [3]. Group 2: Product Applications - The company’s pre-stressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, dams, urban overpasses, and wind turbine towers [2]. - Galvanized steel wire and strands serve as structural materials for power cables, mainly applied in power cable and ultra-high voltage projects [2]. Group 3: Financial Metrics - The company’s main revenue for Q1 2025 was 1.117 billion yuan, a slight decrease of 0.83% year-on-year, with a debt ratio of 56.05% and financial expenses amounting to 20.75 million yuan [4]. - The company experienced a net inflow of 61.64 million yuan in financing over the past three months, indicating increased investor interest [4].

Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, operating in two main sectors: metal products and chemical products [2]. - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strand, steel cord, prestressed steel strand, and diamond wire, primarily used in power cables, high-voltage projects, automotive tires, and solar energy applications [2]. - The chemical products segment focuses on the production and sales of silicone and related products, serving industries such as construction, electronics, textiles, and pharmaceuticals [2]. 2024 Operational Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking increases of 20.78% and 21.55% year-on-year, respectively [2]. - The production of silicone and related products reached 90,500 tons, with sales of 86,400 tons, reflecting growth rates of 60.41% and 46.80% year-on-year [2]. - Both product revenue and gross margin improved compared to the previous year [2]. Infrastructure Applications - Prestressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, and dams [3]. - Galvanized steel wire and strand serve as essential materials for power cables and high-voltage engineering [3]. Financial Highlights - In Q1 2025, the company achieved a net profit of 5.67 million yuan, a 390.50% increase year-on-year, with a net profit of 2.32 million yuan after deducting non-recurring gains, up by 50.79% [3]. - The improved profitability is attributed to reduced donations and enhanced performance in the chemical segment [3]. Mining Developments - In March 2025, the company's subsidiary, Chifeng Yongjin Mining Co., Ltd., successfully obtained mining rights for the Longtoushan gold mine [3]. - An agreement was signed in early April 2025 for detailed exploration work to assess gold resource reserves [3].