两大工程建设均面临复杂挑战，若羌—羚羊工程新疆段有100多千米线路需翻越海拔3800米的阿尔金山 及无人区。"我们通过架设索道破解材料运输难题，两项工程共架设127条索道，保障24460立方米混凝 土顺利运输。同时大规模配置旋挖钻机、潜孔钻机等设备，以机械化作业减少人工接触腐蚀环境的时 间，兼顾施工效率与人员安全。"国网新疆建设分公司第一项目管理中心副主任褚忠凯介绍。 除若羌—羚羊、托克逊两项工程外，伊犁中煤"两个联营"项目电厂750千伏送出工程、烟墩750千伏变电 站第四台主变扩建工程也同步进入全面基础建设阶段。这两项工程建成投运后将进一步补强新疆电网电 源结构、强化电源支撑能力，助力新疆新能源汇集与送出。 据悉，2025年新疆超特高压电网发展持续"提档升级"，年度计划新建、续建超高压电网工程41项。(完) 中新网乌鲁木齐9月29日电 (刘泽西 刘俊 袁政)9月28日，新疆超高压电网建设迎来关键节点：伊犁中 煤"两个联营"项目电厂750千伏送出工程、若羌—羚羊750千伏输变电工程、托克逊750千伏输变电工 程、烟墩750千伏变电站第四台主变扩建工程等四项"十四五"电力发展规划重点项目，全面进入基础建 设阶段 ...

9月23日，220千伏香梅牵II回线接入系统工程项目成功投运，盘兴高铁盘州牵引变接入系统工程第一阶 段工作顺利完成，为盘兴高铁联调联试工作奠定了坚实基础。 据了解，盘兴高铁盘州市境内牵引变220千伏接入系统工程是盘兴高铁牵引供电系统的重要组成部分， 是盘兴高铁列车牵引动力来源，项目总投资4765万元，从220千伏香田变电站新建220千伏线路至220千 伏梅子河牵引变电站，线路长度16.4公里。 "区域内的八一变电站至果果坪变电站220千伏双回线路工程是解决产业园区负荷增长需求的重点工程， 而果果坪变至瓮福化学总降变220千伏线路工程是瓮福江山园区相关企业生产运营的电力支撑，为产业 园区的蓬勃发展注入了强劲动力。"贵州电网公司基建部副总经理付万明介绍。 付万明说，两个重点项目的投产，有力保障产业园区新增负荷的可靠用电，特别是为瓮福江山项目以及 园区内相关企业的生产运营提供了稳定的电力支撑，助推了新能源电池材料产业的发展，为贵州区域经 济增长注入新活力。 该工程自开工以来，贵州电网公司建设项目团队克服山区地形复杂、交叉跨越多等诸多挑战，科学组织 施工，严格管控安全与质量，攻克各项难题，确保了工程按期完成。此次送电 ...

"疆电外送"是我国能源转型和区域协调发展的生动实践。从2010年启动至今，新疆已建成5条外送通 道，外送电量从3亿千瓦时增长到2024年的1267亿千瓦时。在取得显著成效的同时，新疆电力外送也面 临着电网建设、市场竞争、绿电消纳等多方面的挑战，需要加强统筹协调，多措并举，确保送得出、用 得好。 加快储能技术创新应用，进一步解决新能源消纳难题。随着新型电力系统建设深入推进，新疆区域新能 源装机呈现爆发式增长，但受用电负荷增速放缓、调节资源不足等因素影响，消纳压力逐步加大。尽管 随着外送通道陆续建成投产以及储能项目不断落地，这一状况有望得到改善，但仍需从宏观层面统筹协 调新能源资源开发与送出通道布局。要继续加快新型储能项目建设，积极打造多能互补示范工程，推动 风光水储协同优化，提升能源供给稳定性。同时，出台一系列支持储能项目发展的政策，增加对储能项 目的补贴力度，鼓励企业研究大规模大容量高效储能关键技术，提高储能系统的性能和可靠性。此外， 还要加强区域合作，共同推动储能技术的研发和多元化应用。 持续加大电网建设投入，提升智能化水平。面对新能源发电快速增长和远距离输送的需求，电网的承载 能力和稳定性面临更高要求。因 ...

Core Viewpoint - The completion of the Xiamen Donggang-Wangzheng (Dongshan) 220 kV line project enhances the power supply capacity for Xiamen during peak summer demand, contributing to the region's economic growth and energy stability [1][2] Group 1: Project Overview - The new power line spans a total length of 20.915 kilometers, consisting of both overhead lines and underground cables [1] - Nearly 15 kilometers of overhead lines are supported by 45 newly constructed towers, while over 6 kilometers of underground cables are laid within urban utility tunnels [1] Group 2: Construction Techniques - The project was undertaken by Fujian Power Transmission and Transformation Engineering Co., Ltd., which optimized construction methods based on site conditions [1] - In complex terrain, a compact and detachable pole assembly method was used, while flat areas utilized crane assembly, allowing for an average completion time of two days per tower [1] Group 3: Safety and Quality Control - The construction team implemented a comprehensive safety management system, including grid-based control at tower locations and assigning safety personnel to each work site [1][2] - Quality control measures were emphasized throughout the construction process, with specific plans developed for each tower and cable segment to ensure safety and operational integrity [2] Group 4: Impact on Regional Power Supply - The project is expected to improve the regional power grid structure and enhance the reliability of power supply to Xiamen Xiang'an Airport, addressing the increasing electricity demand driven by economic development [2]

Core Viewpoint - The successful commissioning of the Wangyao 220 kV substation project enhances the power supply reliability in Jining, supporting economic development in the region [1][3]. Group 1: Project Overview - The Wangyao 220 kV substation project is located in Jining Economic Development Zone and commenced construction in December 2023 [3]. - The project includes the construction of one 220 kV substation with a total land area of 13 acres and a building area of 3,911.3 square meters [3]. - It features the installation of one 240 MVA main transformer and three 220 kV incoming lines, along with the construction of 44.56 kilometers of new 220 kV lines [3]. Group 2: Operational Performance - Jining's power grid has experienced record-high loads this summer, reaching a peak load of 8.638 million kW, an increase of 807,000 kW compared to the previous year's peak load of 7.831 million kW [5]. - Despite high temperatures and increased load, the Jining power grid has operated smoothly, demonstrating strong reliability and power supply capability [5]. Group 3: Future Plans and Infrastructure Development - The company aims to strengthen the power grid, improve services, and promote economic development, aligning with the city's broader economic goals [5]. - The company has expanded its power supply network, increasing the number of 500 kV power supply points to four and ensuring "dual insurance" at the county level for 220 kV power supply points [6]. - The total number of substations at 35 kV and above has reached 251, with a total transformer capacity of 33.4855 million kVA and a total line length of 7,636.64 kilometers, representing a 1.2 times and 1.18 times increase compared to 2020, respectively [6].

Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [3][4]. Core Viewpoints - The company achieved impressive growth in H1 2025, with revenue of 8.497 billion yuan, a year-on-year increase of 37.80%, and a net profit attributable to shareholders of 1.293 billion yuan, up 45.71% [1]. - The company's profitability continues to improve, with a gross margin of 32.61% and a net margin of 16.43% in Q2 2025, reflecting a positive trend in operational efficiency [1][2]. - The company is expanding its domestic and international markets, with significant contributions from overseas sales, which reached 2.862 billion yuan in H1 2025, a year-on-year increase of 88.95% [2]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 8.497 billion yuan and a net profit of 1.293 billion yuan, with Q2 alone contributing 5.270 billion yuan in revenue and 0.846 billion yuan in net profit [1]. - The company plans to achieve new contract orders of 26.8 billion yuan in 2025, a 25% increase year-on-year, and aims for a revenue target of 18.5 billion yuan, reflecting a 20% growth [1]. Market Expansion - The domestic market shows strong growth potential, with a 18.7% year-on-year increase in installed power generation capacity and a 14.6% increase in grid investment [2]. - The company is actively developing new products and markets, including high-voltage equipment and automotive electronics, with the automotive electronics segment achieving a revenue of 45.45 million yuan, up 216.58% year-on-year [2]. Future Projections - Revenue projections for 2025-2027 are 19.387 billion yuan, 23.684 billion yuan, and 28.471 billion yuan, with corresponding growth rates of 25.4%, 22.2%, and 20.2% [3][8]. - Net profit projections for the same period are 2.759 billion yuan, 3.499 billion yuan, and 4.429 billion yuan, with growth rates of 34.7%, 26.8%, and 26.6% respectively [3][8].

Core Viewpoint - The successful commissioning of the Qinghai 330 kV Yushu Second Circuit Project marks a significant advancement in the power supply reliability and capacity for Yushu Tibetan Autonomous Prefecture, addressing the growing electricity demand in the region [1][3][5]. Group 1: Project Overview - The Yushu Second Circuit Project has a total length of 507.5 kilometers and an investment of 1.28 billion yuan, featuring 1,134 towers and traversing complex terrains at an average altitude of over 4,200 meters [3]. - The project was initiated in August 2023 and took nearly two years to complete, involving over 12,000 construction personnel [3][5]. Group 2: Historical Context and Impact - The first 330 kV Yushu circuit was commissioned in 2013, ending the region's long-standing issues of electricity shortages and isolated grid operation [5]. - The new second circuit will interconnect the Yushu power grid with the main Qinghai power grid, resolving the long-chain single circuit supply issue and significantly enhancing power supply reliability for over 400,000 local pastoral residents [5].

Investment Rating - The report indicates a positive outlook for the industry, suggesting an "Overweight" rating based on expected performance exceeding the market benchmark by more than 10% over the next 6-12 months [33]. Core Insights - The North Exchange A-shares saw a trading volume of 27.45 billion yuan on July 21, 2025, an increase of 4.99 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1452.34, up 2.38% [2][9]. - The report highlights significant market drivers, including the launch of the 1.2 trillion yuan Yarlung Tsangpo River hydropower project, which is expected to stimulate related industries such as tunnel equipment and engineering consulting [4][20]. - The report emphasizes the importance of focusing on high-scarcity and strong alpha attributes in specialized and innovative enterprises, particularly in new power equipment and smart hardware sectors [4]. Summary by Sections Market Review - On July 21, 2025, the North Exchange A-shares had 268 companies, with 208 rising, 4 flat, and 56 declining. The top five gainers included Iron Tuo Machinery, Jikang Instruments, and Wuxin Tunnel Equipment, each rising by 30% [2][16]. - The North Exchange Specialized and Innovative Index closed at 2477.21, up 2.0% [2][9]. Important News - A humanoid robot project by UBTECH won a record bid of 90.51 million yuan, with plans to deliver 500 units within the year, indicating a growing market for robotics [19]. - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is set to begin construction, which may open growth opportunities in related sectors [20]. Key Company Announcements - Runpu Food announced that its major shareholder plans to reduce its stake by up to 1.76 million shares, representing 1.99% of the total share capital [21]. - Xuchang Intelligent won 13 projects from the State Grid, totaling 153 million yuan, enhancing its market presence [29].

Group 1 - The successful operation of the 110 kV Taibai Substation in Yanta District, Xi'an, will comprehensively meet the electricity demand for the urban renewal projects and surrounding residents and businesses, providing reliable power support for high-quality regional economic and social development [1] - The construction of the Taibai Substation was included in the city's key electric infrastructure projects, with a designed capacity of 12.6 MVA, and it will serve approximately 20,000 households in the area [1] - The project was completed in 189 days, setting a new record for the construction of 110 kV power transmission and transformation projects, despite challenges such as limited land area and complex construction environments [1] Group 2 - The operation of the Taibai Substation marks the realization of a "dual power source ring network" supply for the regional power grid, providing a model for future urban renewal projects [2] - The Xi'an Power Supply Company plans to continue optimizing the power grid layout to contribute to the development of a livable, resilient, and smart modern urban area [2]

Summary of Conference Call Records Industry Overview - The records focus on the inverter, photovoltaic, and electrical equipment industries, specifically discussing export data and market trends for June 2025 and projections for the third quarter of 2025 [1][2][3]. Key Points and Arguments Inverter Exports - In June 2025, inverter exports reached $920 million, showing a year-on-year increase of 7% and a quarter-on-quarter growth of 10% [2]. - The total inverter export amount for Q2 2025 was approximately $2.6 billion, reflecting a 50% quarter-on-quarter increase [2]. - Optimism for Q3 2025 is based on a low comparison base from the previous year, suggesting potential growth in exports [3]. Regional Market Performance - **Asia**: Emerging markets in Asia showed strong demand for solar storage systems, with June exports increasing by 8% year-on-year and 18% quarter-on-quarter, totaling $370 million [4]. - **Australia**: Benefiting from a 30% subsidy policy for household storage, exports surged by 90% in June, reaching $30 million [5]. - **Europe**: The European market faced challenges, with exports declining year-on-year but slightly increasing quarter-on-quarter, totaling $340 million. Demand in Germany and Italy slowed, although new policies may mitigate some declines [6]. - **Pakistan**: Exports dropped significantly from $65 million in June 2024 to $33 million in June 2025 due to inventory management issues, but the market has returned to normal supply levels [7][8]. - **Saudi Arabia**: Exports reached $60 million, primarily driven by large-scale deliveries of centralized inverters [10]. Electrical Equipment Exports - The electrical equipment sector, including transformers, high-voltage switches, and meters, showed varied performance: - **Transformers**: The most robust segment, with exports growing by 37% year-on-year in the first half of 2025, totaling 27 billion yuan [16]. - **High-Voltage Switches**: Exports increased by 32.5% year-on-year, with significant demand from Asia, Africa, and Europe [18][19]. - **Electric Meters**: Exports saw a slight increase of 2.8% year-on-year, but June exports fell by 21.7% due to high base effects from the previous year [20]. Future Outlook - The outlook for transformer exports remains positive, particularly in North America, with expectations of continued growth due to strong demand and favorable tariff conditions [17]. - The high-voltage switch market is also expected to maintain strong demand, driven by urgent local grid construction needs [19]. - The electric meter segment requires close monitoring to determine if the recent declines are indicative of broader industry issues or simply fluctuations in order timing [20]. Investment Recommendations - Investment focus should prioritize high-demand segments such as transformers and high-voltage switches, with companies like Siyi Electric and Mianyang Electric showing strong performance [21]. - Companies benefiting from robust demand in Asia, Africa, and Europe, such as Sanxin Medical and Haixing Electric, are also recommended for consideration [21]. Additional Important Insights - The overall performance of the photovoltaic and electrical equipment sectors indicates a mixed recovery, with certain regions and segments showing strong growth while others face challenges [1][6][21]. - The ongoing transition towards solar storage systems and the impact of government policies in various regions are critical factors influencing market dynamics [4][5][6].