导语 ：西班牙上周的全国性停电事件突显了其系统中潜在的脆弱性，这为其他国家提供了借鉴 意义。随着快速的电气化和向清洁能源的转型，对全球电网提出了新的要求。 根据彭博新能源财经的一项分析，西班牙在电网投资相对于可再生能源投资方面落后于其他欧洲国 家。过去五年间，西班牙的太阳能发电能力增长超过一倍，常常出现发电量远超需求的情况。然 而，西班牙的大部分电网设备是在数十年前安装和建造的，早于太阳能的广泛应用。 向可再生能源的转型带来了特殊挑战。太阳能和风能的供给具有间歇性，必须进行精细管理，而以 可再生能源为主的电网需要额外措施来维持稳定。加剧这一挑战的是，西班牙是一个"电力孤岛"， 缺乏能够在电网发生问题时帮助其他国家稳定系统的跨境输电线路。 当局仍在追寻周一这一前所未有的停电事故的原因，而电网运营方提供的有限解释使得难以确定这 些风险是否以及如何导致了这次故障。然而，作为第一个发生大规模停电的严重依赖可再生能源的 欧洲国家，调查结果将为整个地区乃至世界各国提供重要的经验教训。 西班牙的危机只是近年来从德克萨斯到智利一系列重大电力中断事件中的最新一例。随着世界上越 来越多的能源依赖于电力，无论是用于汽车、家庭供暖还 ...

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

制造·掘金 年报一季报总结电话会议 20250504 摘要 • 风电行业一季度景气度回升，收入同比增长 15%，归母净利润同比增长 3%，为近三年首次。零部件环节盈利显著修复，全产业链存货和应收账款 周转加速，看好 2025 年量利齐升与业绩估值双击。 • 光伏主产业链仍处于景气筑底状态，但储能逆变器环节表现亮眼。一季度 硅片、电池片及硅片组件辅材环节毛利率明显修复，电池片环节率先实现 毛利转正。建议关注经营稳健的头部公司及供需关系良好的核心辅材。 • 新能源车受益于以旧换新政策和出海加速，一季度销量稳定增长。锂电板 块自去年二季度进入复苏阶段，今年一季度逐步进入繁荣期，库存周期从 被动去库向主动补库转移。推荐具备低成本路线和强爆款打造能力的车企。 • 锂电产业链中，高压实密度材料的磷酸铁锂和六氟磷酸锂，以及电芯结构 件、辅材、负极铁锂、三元前驱体隔膜等细分赛道值得重点关注。关注固 态电池产业化进度及布局机器人、半导体等第二增长曲线的公司。 • 电网板块稳步增长，2024 年营收增速约 12%-13%，净利润保持稳定增 长。出海和主网设备环节资本开支高速增长，2025 年一季度电力设备出 口同比增长 17%。 ...

Core Viewpoint - The article emphasizes the importance of supporting the high-quality development of private enterprises in the energy sector, facilitating a comprehensive green and low-carbon transition in the economy and society [3]. Group 1: Challenges Faced by Private Enterprises - Private enterprises encounter high entry barriers and an unfair competitive environment in the energy sector, particularly in traditional oil, gas, and nuclear power fields, which are dominated by state-owned enterprises [4][5]. - Financing difficulties, including high costs and stringent requirements for loans, hinder private enterprises' investment in energy projects [5]. - Existing institutional mechanisms are inadequate to meet the development needs of new energy business models, with private enterprises lacking in innovation capabilities and high-end talent [5][6]. Group 2: Measures to Support Private Enterprises - The notification outlines specific measures to enhance support for private enterprises in energy investments, including participation in infrastructure projects and easing financing pressures [7][8]. - It encourages private enterprises to engage in new energy business models, such as distributed energy and smart microgrids, to leverage their innovative potential [10][11]. - The notification stresses the need for fair competition in the energy market, proposing measures to regulate monopolistic practices and ensure transparency in market operations [12][13]. Group 3: Implementation and Local Government Role - The notification emphasizes the importance of practical implementation of policies, including streamlining energy project approval processes and protecting the legal rights of private enterprises [14][15]. - Local energy management departments are urged to tailor measures to support private enterprises based on local conditions, fostering a conducive environment for their development [15].

Core Viewpoint - The release of the "Notice on Promoting the Development of Private Economy in the Energy Sector" signals strong government support for private enterprises to engage in high-quality development and contribute to the green and low-carbon transformation of the economy and society [2] Group 1: Challenges Faced by Private Enterprises - Private enterprises face high entry barriers and an unfair competitive environment in the energy sector, particularly in traditional oil, gas, and nuclear power fields dominated by state-owned enterprises [3] - Financing difficulties, including high costs and stringent requirements for loans, hinder private enterprises' investment in energy projects [4] - Existing institutional mechanisms are inadequate to meet the demands of new energy business models, with a lack of unified standards and support for emerging sectors [5][6] Group 2: Measures to Support Private Enterprises - The notice emphasizes enhancing support for private enterprises' energy investments, including participation in infrastructure projects and easing financing pressures through various channels [7][8] - It encourages private enterprises to engage in new energy business models, such as distributed energy and smart microgrids, to leverage their innovative potential [9][10] - The notice outlines the need for fair competition in the energy market, including regulatory measures to prevent monopolistic practices and ensure transparency [11][12][13] Group 3: Implementation and Local Support - The notice stresses the importance of implementing policies effectively, including streamlining energy project approval processes and safeguarding the legal rights of private enterprises [14][15] - Local energy management departments are urged to tailor measures to support private enterprises based on regional conditions, fostering a conducive environment for their development [15]

《通知》明确，推动民营企业公平参与市场。健全市场准入制度，推进油气管网运销分离，引导民 营企业更便捷进入油气市场竞争性环节；优化许可条件，支持民营施工企业积极参与电网建设。 徐欣：强化要素保障，将低压办电"零投资"服务对象拓展至160千瓦及以下民营用电企业；加大电 网、油气管网能源公共服务企业的信息公开力度，更好支撑投资决策；探索拓宽融资渠道。规范市场秩 序，健全能源领域公平竞争审查制度；督促管网设施运营企业公平开放；加强市场监管，为民营企业公 平参与能源市场营造良好环境。 央广网北京4月29日消息（记者冯烁）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 《国家能源局关于促进能源领域民营经济发展若干举措的通知》（以下简称《通知》）28日正式发布。 通知提出，要促进能源领域民营经济加快发展，引导民营经济在推进能源绿色低碳转型和建设新型能源 体系中做大做优做强。 《通知》明确支持民营企业提升发展动能。支持投资能源基础设施，支持民营企业参股核电，投资 水电、油气储备设施、油气管网、"沙戈荒"大基地等能源重大项目。支持发展能源新业态新模式，支持 民营企业积极投资新型储能、虚拟电厂、充电基础设施、智能微电网等创新 ...

Core Insights - The report highlights significant growth in the power equipment and new energy sectors, driven by various government initiatives and technological advancements [1][2][3][4][6]. Group 1: Power Equipment and New Energy - The State Grid has announced the second round of equipment bidding for ultra-high voltage projects in 2025, indicating accelerated construction in this area [3][6]. - In Q1, the State Grid completed fixed asset investments exceeding 90 billion yuan, marking a nearly 30% year-on-year increase and setting a historical high for the same period [1][6]. - The application of humanoid robots in infrastructure construction by the Southern Power Grid represents a technological advancement in the sector [1][6]. Group 2: Solar and Energy Storage - Domestic solar installations saw a significant increase in March, with battery component exports also maintaining growth, indicating strong demand both domestically and internationally [2][6]. - The combination of policy changes and market conditions is expected to lead to a recovery in solar demand, particularly for leading companies like Sungrow and Aters [2][6]. Group 3: Wind Energy - The report notes a 366% year-on-year increase in Q1 performance for major wind energy companies, with exports of wind turbines rising by 43% [2][4][6]. - The Global Wind Energy Council's report anticipates continued high growth in onshore wind demand in emerging markets, projecting an average annual growth rate of nearly 20% from 2025 to 2030 [2][4]. Group 4: Electric Vehicles and Lithium Batteries - BYD's Q1 performance aligns with expectations, maintaining a steady operational outlook for Q2, supported by low costs and scale effects [3][7]. - Guoxuan High-Tech has expanded its production capacity for lithium-ion batteries, increasing its annual output target from 20 GWh to 28 GWh [4][7]. - The hydrogen fuel cell vehicle market is showing robust growth, with a significant increase in insurance registrations for these vehicles in Q1 [4][7]. Group 5: Industry Events - Key industry events include the opening of the Shanghai Auto Show and the release of Q1 financial reports from major players like BYD and Tesla [7]. - The establishment of a new battery industry group by Geely aims to enhance its capabilities across the entire battery supply chain [4][7].

国内首次将人形机器人应用于电网建设领域 近日，南方电网云南电网公司在电网建设领域，首次将人形机器人应用于基建施工作业中。在云南省红河哈 尼族彝族自治州开远市红河电厂扩建项目接入配套电网工程220千伏吉安变电站工作现场，人形机器人收到 指令后，灵活地完成了接地螺栓紧固及高空引流线间隔棒安装作业。 可口可乐笑了百事可乐哭了 据媒体报道，因美国对饮料浓缩液加征关税，百事可乐成为受害者之一。饮料浓缩液是碳酸饮料生产的关键 中间品，百事浓缩液生产重心在爱尔兰，目前几乎所有供应美国市场的浓缩液都来自该地，根据最新的关税 清单，这类进口品将面临10%的额外税负。可口可乐的浓缩糖浆主要来自佐治亚州和波多黎各，受关税影响 较小。 针对"二选一"，美团再次辟谣 4月21日，针对要求骑手"二选一"传言，美团声明称没有任何平台有动力、有能力去约束外卖骑手的接单选 择。 四川省政府常务会议：审议通过《四川省商业航天高质量发展行动计划（2025—2030年）》 据四川省政府官网，四川省委副书记、省长施小琳主持召开省政府第47次常务会议。会议审议通过《四川省 商业航天高质量发展行动计划（2025—2030年）》，强调要发挥四川卫星发射条件 ...

这部由国网江苏经研院主导编制的技术规程，明确了电网建设项目水土保持方案报告表的编制要求，以 及工程占地测算和水保措施布设的原则，填补行业空白。 "过去，电网项目水保方案编制缺乏行业化的细分标准，尤其对占地面积测算、水保措施布设等关键环 节的规范不足，精细度不够。"规程编制组介绍。 如果说以前水保方案设计就像用毛笔画工笔，现在有了精确到"米级"的水土精准防控系统，就好比在 用"绣花针"精心勾勒生态边界，用一根根银线"织"密绿色电网。 规程诞生的背后，是依托全省超万公里输电线路建设的深度调研。 绿色发展是高质量发展的底色。今年的政府工作报告提出，"协同推进降碳减污扩绿增长，加快经济社 会发展全面绿色转型"。 江苏是能源消费大省，亦是资源禀赋小省；电网是重要的能源基础设施，亦是践行"双碳"战略的重要载 体。水土保持对电网建设大力推进的江苏尤为关键，《电网建设项目水土保持方案编制技术规程》应运 而生。 交汇点讯 4月22日是第56个世界地球日。今年的主题是"珍爱地球 人与自然和谐共生"，引导全社会支持 参与自然保护和生态修复。 在江苏，国网江苏经研院牵头编制的《电网建设项目水土保持方案编制技术规程》将于5月正式发布。 ...

将投中网设为"星标⭐"，第一时间收获最新推送 下一个十年，我们认为能源和科技是未来人类生活的两大主线。 整理丨 张楠 来源丨 投中网 当下全球经济格局正经历深刻变革，各类新兴技术与产业的快速轮动，为股权投资带来了前所未有的挑战，也伴随着一些与此前截然不同的机遇。 朝希资本在过去十年里，历经并购投资到创业投资的转型，积累了丰富的产业资源与深刻的行业认知，收获了诸多成果。如今，站在时代发展的新起 点，面对能源与科技这两大影响未来人类生活走向的关键领域，朝希资本有自己的独特思考。 4 月 18 日，在投中信息、投中网共同主办的第 19 届中国投资年会·年度峰会上，朝希资本惠亨玉以《双轮驱动未来：能源革命与科技创新的融合共 生》为题进行了演讲，基于朝希资本的实战经验，结合对全球能源现状、科技发展趋势的研究，为投资者和行业提供了一些新思路。 以下是现场演讲实录，投中网略作编辑： 大家下午好！我是朝希资本的惠亨玉。非常感谢投中的邀请，今天我想和大家分享一下在能源革命和科技创新背景下，我对投资机遇的一些看法。 朝希资本成立于 2015 年，今年正好是第 10 年。前 5 年，我们主要从事并购投资，基本是 30% 以上的控股 ...