行 华福证券 公用事业 2025 年 08 月 24 日 业 研 究 行 业 定 公用事业 第 34 周：宁电入湘工程投运送电，7 月水电降幅 明显，高温天气推升用电负荷 期 报 告 7 月水电降幅明显，高温天气推升用电负荷：7 月份，全社会用电量 10226 亿千瓦时， 同比增长 8.6%。从分产业用电看，第一产业用电量 170 亿千瓦时，同比增长 20.2%； 第二产业用电量 5936 亿千瓦时，同比增长 4.7%；第三产业用电量 2081 亿千瓦时，同 比增长 10.7%；城乡居民生活用电量 2039 亿千瓦时，同比增长 18.0%。2025 年 7 月， 全国平均气温创下 1961 年以来历史同期新高，多地出现多轮高温天气，河南、陕西、 山东等省份增速甚至超过 30%。持续的高温高湿天气使得空调等降温设备负荷显著增 加，城乡居民生活用电同比大幅增长 18.0%。7 月份，规上工业发电量 9267 亿千瓦时， 同比增长 3.1%，增速比 6 月份加快 1.4 个百分点；日均发电 298.9 亿千瓦时。7 月份， 规上工业火电、风电、太阳能发电增速加快，水电降幅扩大，核电增速放缓。其中，规 上工业火电同比 ...

受上网电价影响，收入增长表现趋于平稳。由于风电市场交易规模扩大、平价项目增加，风电平均上网 电价人民币422 元/MWH，较2024 年同期减少人民币16 元/MWH，风电分部售电收入同比下降2.39 亿元 人民币。光伏平均上网电价人民币273 元/MWH，较2024年同期下降人民币5 元/MWH，光伏售电收入 较同期增加6.42 亿元。 国补申领持续推进。截至2025 年6 月末，公司应收款项融资为492 亿，较年初增加59.6亿元。公司一直 在关注补贴的相关政策，积极落实和申领已经发放的补贴，公司项目纳入合规清单比例较高。 机构：申万宏源研究 研究员：王璐/朱赫 公司公布2025 年上半年业绩。1H25 实现营收156.57 亿元人民币，较去年同期下降18.6%，权益持有人 应占净利润35.19 亿元人民币，较去年同期下降14.4%，低于我们的预期。同时公司拟派发中期股息0.1 元/股，合计8.36 亿元，派息比例24.77%。 光伏装机增长带来发电量增长，风况影响风电利用小时数。 2025 年上半年公司控股装机43.20GW，新 增2,053.54MW，其中，风电新增986.95MW 至31.40GW、 ...

当前，国家电网已形成全球最大规模的特高压输电网络，为保障电力安全可靠供应、促进绿色低碳 发展提供了坚强支撑。 宁夏太阳能、风能资源丰富，是"沙戈荒"新能源开发的主战场。工程配套电源装机容量1764万千 瓦，其中新能源1300万千瓦，包括风电400万千瓦、光伏发电900万千瓦，新能源装机占比超过70%。 宁夏—湖南±800千伏特高压直流输电工程是宁夏电力外送的第三条特高压通道，每年可向湖南输 送电量超360亿千瓦时，其中新能源电量占比超50%，提升湖南全省外受电能力至1600万千瓦。 新华社北京8月20日电（记者王悦阳、许晋豫）国家电网20日宣布，国家电网有限公司宁夏—湖南 ±800千伏特高压直流输电工程投产送电。工程是我国首条获批的以输送"沙戈荒"风电光伏大基地新能源 为主的特高压输电通道，对于促进清洁能源大范围优化配置，提高电力供应保障能力具有重要意义。 作为连接西部新能源富集区与中部负荷中心的重要通道，工程额定电压±800千伏、额定容量800万 千瓦，起于宁夏回族自治区中卫市中宁换流站，途经甘肃、陕西、重庆、湖北，止于湖南省衡阳市衡阳 换流站，线路全长1616公里。 ...

（原标题：国家电网在签约巴西输电特许权项目后近两年终获巴西可再生能源署的初步许可） 巴西《圣保罗页报》8月12日报道，中国国家电网巴西控股公司于当日获得巴西可再生能源署 (Ibama) 关于建设"巴西东北特高压项目"输电线路的初步许可。这一项目是巴西史上最大输电特许权项 目，也是近年来该国最大的基础设施建设项目，预计投资额为210亿雷亚尔。该项目由国家电网公司于 2023年12月15日成功独立中标。项目将巴西东北部和北部的风电、太阳能和水电等清洁能源打包汇集输 送，途经马拉尼昂州、托坎廷斯州、戈亚斯州，可满足巴西首都联邦区等核心地区约1200万人口用电需 求，计划于2029年投运，特许经营权期限30年。根据招标文件规定，该项目的法定投运日期为2030年3 月。 ...

Investment Rating - The investment rating for the company is "actively participate" in the new share subscription [33] Core Viewpoints - The company is recognized as an industry leader in ultra-high voltage electromagnetic wire, holding a significant market position with advanced technology and a strong customer base [3][9] - The company has shown rapid revenue and profit growth, with a projected revenue of 2.072 billion yuan and a net profit of 101.30 million yuan for 2024, reflecting a CAGR of +25.74% and +42.34% respectively over the past three years [11][18] Summary by Sections 1. Industry Leadership - The company is a leading player in ultra-high voltage electromagnetic wire, with products used in major power transmission projects in China, achieving significant technological advancements [7][8] - The company has been involved in key projects such as the ±500kV, ±800kV, and ±1100kV transmission lines, marking significant milestones in the industry [8] 2. Issuance Plan - The new share issuance is priced at 9.17 yuan per share, with an initial scale of 30.68 million shares, representing 25% of the total shares post-issuance [17][18] - The expected market capitalization after issuance is 1.125 billion yuan, with a low initial PE ratio of 11.44 compared to the industry median of 21.8 [18][34] 3. Industry Situation - The demand for high voltage transformers is driven by the imbalance in energy distribution in China, necessitating the construction of long-distance transmission lines [22] - Investment in power generation and grid infrastructure is increasing, with projected investments of approximately 2.23 trillion yuan by the State Grid during the 14th Five-Year Plan [23] 4. Competitive Advantages - The company has a strong R&D capability, allowing for customized production of electromagnetic wires tailored to client specifications [27] - It has established a comprehensive production system with various quality management certifications, enhancing its competitive edge [27] 5. Subscription Analysis - The company is positioned as a "single champion" in the ultra-high voltage electromagnetic wire sector, with a low initial valuation and a low proportion of circulating shares, making it an attractive investment opportunity [33]

Core Viewpoint - The successful development and testing of the 800 kV AC SF6 gas-insulated transmission line (GIL) by Pinggao Electric marks a significant technological breakthrough in China's ultra-high voltage transmission sector, breaking the long-standing foreign monopoly in this field [1] Group 1: Technological Advancements - The 800 kV GIL has passed all technical tests, demonstrating its reliability and advanced design [1] - Key features of GIL include high capacity, long-distance transmission, small footprint, high reliability, and strong environmental adaptability, making it suitable for urban areas, offshore channels, and complex terrains [1] - The product achieved a low annual gas leakage rate of 0.006%, which is at an internationally leading level, verified through rigorous testing [1] Group 2: Industry Impact - The breakthrough in GIL technology will support China's energy transition, facilitating projects like "West-to-East Power Transmission" and offshore wind power integration, thereby promoting efficient consumption of clean energy [1] - The technology will alleviate the tight transmission corridor issues in urban centers, meeting the electricity demands of new infrastructure such as electric vehicle charging networks and data centers [1]

Core Viewpoint - The article highlights China's significant advancements in ultra-high voltage (UHV) transmission technology, which has positioned the country as a global leader in the power sector, surpassing Western nations in both technology and influence [2][29]. Group 1: Historical Context - China's electricity industry began with reliance on imported American equipment, with the first electric light in Shanghai in 1882 [5]. - Initially, China's power generation ranked 21st globally, but the demand surged post-economic reforms, revealing structural challenges in energy distribution [5][10]. Group 2: Technological Development - The geographical and demographic disparities in China necessitated efficient power transmission solutions, leading to the development of UHV technology [7][10]. - UHV transmission lines can increase capacity by approximately five times and significantly reduce transmission losses over long distances, with effective ranges exceeding 2000 kilometers [8][10]. Group 3: Implementation and Achievements - The first UHV AC demonstration project was operational in 2009, marking a significant technological breakthrough [14]. - By 2023, China had constructed 40,000 kilometers of UHV lines, capable of transmitting over 2 trillion kilowatt-hours annually, equivalent to reducing coal transport by 600 million tons [16][18]. Group 4: Global Influence - China's UHV technology has become the world's largest and most advanced network, with comprehensive mastery over design, manufacturing, construction, and operation [18][19]. - The successful application of this technology has not only addressed domestic energy distribution challenges but has also gained international recognition, with projects in Brazil and the Philippines utilizing Chinese technology [27][29]. Group 5: Challenges and Future Prospects - Despite the success, the global promotion of UHV technology faces challenges, particularly in developed countries like the United States, due to complex geographical and regulatory environments [33][35]. - China's advancements in UHV technology provide a viable solution to global energy, environmental, and climate issues, contributing to a sustainable future [37][40].

Core Viewpoint - The A-share market experienced a significant rally on July 22, 2025, with all three major indices reaching new highs for the year, driven by the launch of the Yarlung Tsangpo River hydropower project and supportive macroeconomic policies [2][4][5]. Market Performance - The Shanghai Composite Index rose by 0.62% to close at 3581.86 points, with an intraday high of 3584.72 points [2]. - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 1.9286 trillion yuan, an increase of 201.5 billion yuan from the previous day [2]. - Over 2500 stocks in the market saw gains, with more than 100 stocks hitting the daily limit for the second consecutive day [2]. Sector Performance - The Yarlung hydropower concept sector led the gains with an increase of 11.77%, followed by the civil explosives sector at 6.04% and the cement sector at 4.58% [2]. - Despite the strong performance, the Yarlung hydropower sector experienced a net outflow of 557 million yuan in main funds [3]. - The coal mining and processing sector saw a net inflow of 2.571 billion yuan, while the liquor sector attracted 1.829 billion yuan [2]. Project Significance - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost infrastructure development and clean energy initiatives in the western region of China [4]. - The project is projected to account for 88.7% of China's total water conservancy investment in 2024, benefiting various sectors including water conservancy, tunneling, civil explosives, and construction materials [4]. Market Sentiment and Future Outlook - Analysts suggest that while the Yarlung hydropower project serves as a catalyst for market sentiment, the actual impact on corporate earnings may be limited in the short term due to the project's long construction cycle [4][5]. - The market is expected to experience structural pressures, particularly from the banking sector, which may limit upward movement in indices [9]. - Future investment opportunities may arise in sectors related to high-voltage power transmission and infrastructure in Tibet, as well as in high-growth industries such as AI and semiconductors [6][10].

Group 1 - Wuhan is designated as a key city for China's power supply security due to its rapid urban development and the implementation of the "Ultra High Voltage into the City" strategy, which enhances the power grid's resource allocation capacity [2][5] - By 2025, the substation capacity in Wuhan is expected to increase from 41.46 million kVA to 60 million kVA, providing robust support for the city's rapid growth [2][5] - The city has implemented smart grid construction to achieve precise power dispatch and real-time monitoring, ensuring stable power supply for high-tech industrial areas [2] Group 2 - Wuhan's total electricity consumption reached 75.544 billion kWh, with the number of electricity users increasing to 6.76 million [3] - During peak summer periods, the maximum load on the Hubei power grid is projected to increase by 7.4% to 12.9%, with Wuhan playing a crucial role in maintaining power supply balance [3] - On July 7, 2025, Wuhan's power grid load hit a historical high of 17.7415 million kW, exceeding the previous record by 320,000 kW [3] Group 3 - The commissioning of the 500 kV Dongxin substation on June 11, 2023, is expected to consume 6.5 billion kWh of clean energy annually, reducing CO2 emissions by approximately 4 million tons [5] - The continuous expansion of the power grid by State Grid Wuhan Electric Power Company is enhancing emergency response capabilities [5] Group 4 - Effective load management measures, such as adjusting commercial electric vehicle charging prices, have led to a reduction of 250,000 kW during peak hours, freeing up power for 100,000 households [6] - The power grid has achieved a self-healing capability of 0.1 seconds, allowing for automatic isolation and restoration of power during faults [6] Group 5 - Demand-side management optimization includes encouraging residents to adjust air conditioning temperatures and reduce unnecessary electricity usage, which helps alleviate power pressure [8] - The relocation of the Three Gorges Group headquarters to Wuhan enhances the city's advantage in electricity supply, as the group can provide stable green power through its extensive clean energy projects [8]

Core Viewpoint - The installation of GIS equipment for the Shaanxi to Anhui ±800 kV UHVDC transmission project has commenced, marking a significant advancement in the project, which is a key initiative in China's 14th Five-Year Plan for power development [1] Group 1: Project Overview - The Shaanxi to Anhui ±800 kV UHVDC transmission project spans 1,065.4 kilometers across Shaanxi, Henan, and Anhui provinces, starting from the Baota Mountain converter station in Shaanxi and ending at the Hefei converter station in Anhui [1] - Upon completion, the project will integrate 11 million kW of renewable energy, including wind and solar power, and is expected to deliver over 36 billion kWh of electricity annually to Anhui [1] Group 2: Technical Aspects - GIS equipment, which is gas-insulated metal-enclosed switchgear, plays a crucial role in ensuring the safe control, power distribution, and equipment protection of high-voltage power systems through integrated design and gas insulation technology [1] - The project team from Xi'an Xidian Switchgear Co., Ltd. has implemented a series of training programs for its members, focusing on practical skills such as site cleaning, connection points, and installation procedures [1] Group 3: Project Management - The project has been designated as a key initiative for the company, with a dedicated installation team deployed to the site to ensure effective project management and execution [1] - The technical team has provided detailed explanations of the installation plan and key points to the project owner, receiving positive feedback for their proactive approach to dust control and project progress management [1]