"西电东送"经过20年的发展，电力供应格局正在逐渐变化。随着产业发展和城镇化进程加快，作为 西电东送主要基地的四川省已经由"能源输出"向"送受并存"转变，而西藏、新疆和内蒙古等西部省份 外送电量持续增长。 作者 | 第一财经 李秀中 本文字数：2065，阅读时长大约3分钟 四川用电需求持续攀升 8月5日，四川电网最大用电负荷攀升至7418.6万千瓦，这是今年入夏以来四川省最大用电负荷第4次 刷新历史纪录，较去年最高负荷6929万千瓦增长约7%，比2022年夏季四川高温限电时最高用电负荷 的5910万千瓦增长了25.5%。 2025.08. 21 在8月20日举行的"兴隆湖能源电力高峰对话"上，国网四川省电力公司总工程师胡朝华表示，"十四 五"以来，四川全省负荷、用电量分别增长超过47%和40%，为四川省GDP总量跃升并保持全国第五 提供了有力支撑。 四川省能源局副局长曾光也在会上表示，今年迎峰度夏期间，四川全省电力负荷创历史新高，达到了 7419万千瓦。坚持电调、水调、气调、煤调、雨调，五调联动，确保了全省电力供应安全平稳有序 和成都世运会电力保供万无一失。 从2022年遭遇高温限电之后，四川对电源电网规划建 ...

Group 1 - Sichuan has transitioned from being an "energy exporter" to a "dual supply and demand" model, with continuous growth in electricity exports from regions like Tibet, Xinjiang, and Inner Mongolia [1] - The maximum electricity load in Sichuan reached 74.19 million kilowatts, marking a 7% increase from last year's peak load of 69.29 million kilowatts and a 25.5% increase from the 2022 summer peak load of 59.10 million kilowatts [2] - Since the beginning of the 14th Five-Year Plan, Sichuan's electricity load and consumption have increased by over 47% and 40% respectively, supporting the province's GDP growth [2] Group 2 - The rapid growth in electricity demand has shifted Sichuan's energy development from a "tight balance" to a "dual shortage" situation, moving from a focus on hydropower to a more integrated approach involving wind and solar energy [3] - Sichuan is actively seeking to purchase electricity from outside the province to meet the growing demand, including imports from Gansu and Hubei [3] - The National Energy Administration predicts that national electricity consumption will grow at a rate of approximately 5.6% during the 14th Five-Year Plan and around 4.3% during the 15th Five-Year Plan [4] Group 3 - Inner Mongolia is the largest electricity-generating province in China, with a projected total generation of 817.97 billion kilowatt-hours in 2024, accounting for 8.69% of the national total [6] - Xinjiang's electricity generation is expected to reach approximately 531.32 billion kilowatt-hours in 2024, ranking fifth in the country, with significant contributions from renewable energy sources [6] - By the end of 2024, Xinjiang's renewable energy generation is expected to reach 116.16 billion kilowatt-hours, a 30.7% increase year-on-year, making it the primary source of electricity generation in the region [6] Group 4 - Inner Mongolia plans to add 40 million kilowatts of new renewable energy capacity and exceed 100 billion kilowatt-hours in electricity exports [7] - Tibet has significant potential for hydropower development, with a new project expected to generate substantial electricity for export while also meeting local demand [7] - Since 2015, Tibet has exported a cumulative total of 15.79 billion kilowatt-hours of clean energy, generating over 4.2 billion yuan in economic benefits [7]

Core Viewpoint - The "Ningdian into Hunan" project is a key initiative in China's 14th Five-Year Plan for power development, accelerating the construction of UHV projects and promoting green energy development in the country [1][5]. Group 1: UHV Project Development - Since the beginning of the 14th Five-Year Plan, significant UHV projects such as "Longdian into Shandong" and "Xinjiang into Chongqing" have been put into operation, with the "Ningdian into Hunan" project recently commencing power transmission [1]. - The State Grid has completed and put into operation over 41 UHV projects, with a total transmission capacity exceeding 350 million kilowatts, representing a 30% increase from 270 million kilowatts at the end of the 13th Five-Year Plan [1][3]. Group 2: Investment and Infrastructure - During the 14th Five-Year Plan period, total investment in UHV projects in China has exceeded 380 billion yuan, with 19 UHV projects under construction [5]. - The total length of UHV projects in China has surpassed 50,000 kilometers, equivalent to more than one lap around the Earth's equator [5]. Group 3: Clean Energy Integration - A notable trend in China's UHV construction is the establishment of UHV projects originating from clean energy bases in regions such as Southwest and Shale Gas areas, with over 60% of UHV projects connected to clean energy sources [3]. - The scale of renewable energy connected to operational UHV projects has exceeded 1.3 billion kilowatts [3].

Core Viewpoint - The successful completion of the 740kV withstand voltage test for the 550kV GCB equipment at the Kamei Converter Station marks a significant milestone in China's "West-East Power Transmission" strategy, demonstrating the capability of high-altitude power engineering [1][3]. Group 1: Project Overview - The Kamei Converter Station, located at an altitude of 3720 meters, is a critical hub for the Jinshang-Hubei ±800kV UHVDC project, facing extreme environmental challenges such as thin air and strong ultraviolet radiation [1]. - The installation team from Xi'an Xidian Electric Switchgear Co., Ltd. (West Electric) has shown exceptional professionalism and responsibility since the project's commencement on May 28 [1][2]. Group 2: Installation and Testing Process - The installation team implemented a scientifically structured installation schedule, ensuring that all insulation components were free of foreign materials and met cleanliness standards [2]. - A "new generation smart installation control platform" was utilized for digital monitoring and standardized management throughout the entire process, significantly reducing human error and enhancing efficiency and safety [2]. - A six-level dust prevention system was established to maintain a clean environment for the equipment, including mobile dust prevention shelters and real-time monitoring systems [2]. Group 3: Equipment Performance - The 550kV GCB equipment was specially designed for high-altitude conditions, featuring optimized components and intelligent mechanisms, successfully passing extreme type tests [2]. - The successful completion of the 740kV withstand voltage test not only validated the equipment's performance in extreme conditions but also confirmed its readiness for live operation [3]. Group 4: Strategic Importance - The achievement at the Kamei Converter Station represents a major technological breakthrough for West Electric in high-altitude power construction, reflecting the commitment of Chinese power builders to national strategic responsibilities [3].

Core Insights - Zhejiang Province has achieved a significant milestone by purchasing electricity from seven major regions across the country, with an additional 4.4 million kilowatts of long-term external power resources [1] - Since the peak summer demand began on June 15, the ultra-high voltage power grid in Zhejiang has received over 30 billion kilowatt-hours of electricity, accounting for 68.8% of the province's external power supply [1] - During peak usage periods, the ultra-high voltage transmission has supported 27% of the province's electricity load, playing a crucial role in facilitating high-quality economic development [1] Group 1 - The three ultra-high voltage direct current projects for "West-to-East Power Transmission" in Zhejiang have entered full-load operation as of early August, efficiently delivering clean energy from the western regions [1] - The three converter stations in Jinhua, Shaoxing, and Qiantang River have been operating at full capacity during evening peak hours for 42 days, with a total electricity delivery exceeding 20 billion kilowatt-hours over 55 days [1] - The average daily stable electricity delivery from these stations has surpassed 350 million kilowatt-hours [1]

Core Insights - Two major infrastructure projects have commenced in Tibet within a month, highlighting the region's strategic importance as a national defense barrier and a key water resource [1][2] Group 1: New Tibet Railway - The New Tibet Railway Company was established on August 7, with a registered capital of 95 billion RMB, fully owned by China National Railway Group [3] - The railway will connect Xinjiang Hotan to Tibet Lhasa, spanning 1980 kilometers and is considered the fourth railway into Tibet [4][7] - The project has a long planning history, with initial proposals dating back to 2004, and aims to start construction by 2025 with an estimated investment of around 400 billion RMB [5][8] Group 2: Yarlung Tsangpo River Hydropower Project - The Yarlung Tsangpo River downstream hydropower project officially broke ground on July 19, with a total investment of approximately 1.2 trillion RMB, planning to construct five hydropower stations [10] - The project is expected to have an installed capacity of 60 million kilowatts and an annual power generation of about 300 billion kilowatt-hours, equivalent to three Three Gorges dams [11] - The hydropower project is strategically significant for controlling water resources, supporting China's dual carbon goals, and enhancing regional economic cooperation with South Asian countries [12][13] Group 3: Economic Impact - The Yarlung Tsangpo hydropower project is projected to generate over 20 billion RMB in annual fiscal revenue for Tibet, reducing reliance on transfer payments [14] - The projects are expected to stimulate economic growth, expand domestic demand, and develop upstream and downstream industries, with a total investment exceeding one trillion RMB [14]

Core Insights - Ningxia's electricity export volume reached a record high of 46.632 billion kilowatt-hours in the first half of the year, a year-on-year increase of 6.8%, with renewable energy accounting for 28% of the total [1] - The three major electricity export channels in Ningxia, namely Yindong DC, Lingshao DC, and Zhongheng DC, have been operating at high loads to ensure reliable power supply to East, North, and Central China [1][2] - Since the launch of the first electricity export channel in 2011, Ningxia has cumulatively exported over 833.8 billion kilowatt-hours, significantly contributing to carbon emission reductions and energy structure optimization [2] Electricity Export Performance - Ningxia's electricity export volume for the first half of the year was 46.632 billion kilowatt-hours, with a 6.8% increase compared to the previous year [1] - Renewable energy accounted for 28% of the total electricity exported [1] - The Yindong DC operated at full load for over 86 hours, delivering 1.737 billion kilowatt-hours to Shandong, while Lingshao DC operated at 95% capacity for 17.5 hours, supplying 3.3 billion kilowatt-hours to Zhejiang [1] Environmental Impact - The cumulative electricity export since 2011 is equivalent to the conversion of 330 million tons of standard coal, resulting in a reduction of 831.3 million tons of CO2, 22.679 million tons of particulate matter, and 12.507 million tons of nitrogen oxides [2] - This reduction has significantly decreased fossil energy consumption and carbon emissions in recipient areas, contributing to national energy transition and carbon neutrality goals [2] Operational Efficiency - The company focuses on enhancing the energy utilization rate of DC channels and has established a comprehensive operational maintenance and cross-regional power supply system [2] - A "four-in-one" operational maintenance guarantee system has been developed, incorporating daily inspections, special inspections, and professional inspections [2] - The company employs a combination of manual inspections, video remote monitoring, and drone inspections to ensure the long-term safe and stable operation of the three major DC projects [2]

Market Overview - The A-share market has entered a new upward trend since April 8, with the Shanghai Composite Index rising over 15% to close at 3583.31 points on August 4, compared to 13.27 times TTM P/E ratio on April 7, now at 15.52 times [1][2] Sector Analysis - Current valuation levels indicate that sectors like consumer goods, midstream manufacturing, and midstream materials have TTM P/E ratios above historical medians, while essential consumption and resource sectors are below historical medians [2] - Analysts suggest that sectors like home appliances, oil and petrochemicals, and coal are in relative "value traps," where low valuations are not sufficient for generating excess returns without improvements in macro liquidity and industry policies [2][3] Focus on Growth Sectors - The non-ferrous metals and electric power equipment sectors are highlighted for their better growth potential despite lower valuations, making them attractive investment options [2][4] - The non-ferrous metals industry shows low TTM P/E and P/B ratios, with high ROE levels, driven by global supply constraints and increasing demand from both traditional manufacturing and AI sectors [3][4] Policy and Economic Factors - The electric power equipment sector benefits from national policies like the "dual carbon" goals and the "West-East Power Transmission" strategy, with significant growth expected due to rising domestic and international demand for renewable energy infrastructure [4] - Analysts expect that the recovery of low-valued assets in sectors like food and beverage, coal, and oil will depend on strong economic recovery expectations and supply-side adjustments [2][3] Technology Sector Opportunities - The technology sector, particularly semiconductor equipment and materials, is becoming a favored investment theme, with high growth potential driven by AI and related technologies [4][5] - The semiconductor sector is undergoing a transformation, with significant revenue and profit growth anticipated by Q1 2025, supported by policy backing and favorable market conditions [5] Investment Sentiment - The market sentiment is shifting towards sectors with high growth potential, with analysts optimistic about the recovery of the semiconductor and AI-related sectors, especially as they have lagged behind in recent performance [5]

Core Insights - In July, Ningxia's monthly electricity export reached 10.3 billion kWh, marking a new historical high since August 2022 when it was 10.09 billion kWh [1] - The "Ning Electric into Hunan" direct current project contributed 1.8 billion kWh to this total, highlighting Ningxia's role as a key electricity supplier in the "West-to-East Power Transmission" initiative [1] - Ningxia's electricity export capacity is expected to reach new heights with the full operation of the "Ning Electric into Hunan" project by July 2025 [1] Electricity Export Performance - Ningxia's electricity exports have been significant, with a cumulative export of 844 billion kWh since 2011, including 114.8 billion kWh from renewable sources [1] - The Silver East and Ling Shao direct current channels have maintained high utilization rates, playing a crucial role in meeting summer electricity demand across various provinces [1] Future Outlook - With the ongoing high temperatures leading to increased electricity demand, Ningxia is enhancing its support to provinces like Shandong, Zhejiang, Hunan, and Sichuan-Chongqing [1] - The maximum operating power of the Silver East and Ling Shao direct current channels reached 4 million kW and 8 million kW respectively in July, contributing to national electricity supply stability during peak demand [1]

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, aiming to raise up to 5.825 billion yuan for hydropower projects [1] Group 1 - The company plans to use the net proceeds from the stock issuance to fund the RM and TB hydropower station projects [1] - The implementation of these projects will enhance the layout of hydropower stations in the Lancang River basin, optimizing the power generation structure and improving transmission efficiency [1] - The projects will support the development of a comprehensive wind-solar-hydropower integration model in Southwest China, contributing to the "West-to-East Power Transmission" strategy [1]