虽是90后，马天逵已历经多个重点工程的运维挑战。今年尤其特殊：2月11日下午，168小时试运行进入 倒计时。他带着00后同事王世祥一道节前特巡，阀厅内，换流器低沉嗡鸣，马天逵停下脚步，"如果有 异响，或者主控屏幕有警示，得马上判断是哪个模块的问题。"一切就绪，他望向主控楼，"好比送孩子 高考，备考500天了，我们有信心。" 2月12日，试运行顺利告捷。马天逵拨通调度电话，"萧梁站汇报！扬镇直流168小时试运行结束，试验 结果正常！"班组成员们欢笑着击掌。 （来源：新华日报） □ 本报记者 倪 敏 2月12日下午，我国首个交直流混联跨江工程——扬镇直流二期工程建成投产，苏北绿电往苏南负荷中 心的跨江输电能力骤然提升3倍。这项工程，因此被形象地比作江苏绿电"高速路"。 跨江而过、重大节点，谁在守护？工程交付前夕，记者探访了这条绿电"高速路"的重要枢纽——位于丹 阳陵口镇的萧梁换流站，见到一位名字里就写着"大道"的人——90后值班长马天逵。这位姓马的值班 长，第一次以"掌舵人"身份，守在即将投运的能源"大动脉"旁。 冬日的站区没有工地轰鸣，只有风机轻响。主控室大屏上，数据流如江河奔涌。马天逵紧盯监控，几位 00后班 ...

Core Viewpoint - The successful operation of the world's first hybrid commutation converter valve at the State Grid Henan Lingbao Converter Station marks a significant leap for China in the field of core equipment for direct current transmission, transitioning from a follower to a leader in technology [2][3]. Group 1: Technological Breakthrough - The hybrid commutation converter valve, developed using self-controlled IGCT devices, addresses the long-standing issue of "commutation failure" in conventional direct current transmission systems, which has limited the capacity for large-scale clean energy transmission from the western regions to the eastern load centers [3]. - The development involved collaboration between the State Grid Henan Electric Power Company and Tsinghua University, culminating in the successful completion of type testing in June 2023, with the equipment being recognized as "internationally leading" by the China Machinery Industry Federation in July 2023 [3]. Group 2: Quality Assurance and Supervision - A comprehensive technical supervision system was established to ensure high-quality manufacturing of the hybrid commutation converter valve, focusing on key equipment, components, and processes, with 119 modification clauses developed for the implementation guidelines [4]. - The technical supervision team conducted extensive testing and quality control measures, including factory tests and performance reliability assessments, to ensure the integrity and safety of the equipment before its deployment [5]. Group 3: Project Implementation and Testing - The project entered the implementation phase in October 2025, with rigorous installation and testing protocols in place to ensure all components met high standards of quality and reliability [6]. - The successful completion of 136 testing projects, including artificial short-circuit tests, demonstrated the new valve's ability to prevent commutation failures caused by AC faults, achieving performance indicators that meet international standards [6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][3]. Core Insights - The company reported a revenue of 6.447 billion yuan for H1 2025, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders increased by 0.96% to 634 million yuan. The gross margin improved to 23.75%, up by 2.85 percentage points [1]. - In Q2 2025, the company achieved a revenue of 4.099 billion yuan, reflecting a year-on-year increase of 1.81%, and a net profit of 426 million yuan, up by 9.12% [1]. - The company is focusing on its core business, maintaining a strong market position and deepening regional engagement, with significant improvements in its product structure and market share [2]. - The company has made significant advancements in direct current transmission technology, with a revenue increase of 211.71% in this segment, reaching 460 million yuan in H1 2025 [2]. - R&D investment reached 263 million yuan in H1 2025, a year-on-year increase of 9.21%, leading to notable innovations in power electronics [2]. Financial Projections - Revenue projections for 2025-2027 are 18.346 billion, 20.560 billion, and 23.189 billion yuan, with corresponding growth rates of 7.4%, 12.1%, and 12.8% [3]. - Net profit attributable to shareholders is expected to be 1.375 billion, 1.676 billion, and 2.129 billion yuan for the same period, with growth rates of 23.1%, 21.9%, and 27.0% respectively [3]. - The projected PE ratios for 2025-2027 are 18X, 14X, and 11X, indicating a favorable valuation trend for the company [3].