在黄渤海交汇处的砣矶岛、大钦岛等北方五岛，国内首个柔性互联海岛微电网群工程，正为"山东智造"提供绿色样板。自2015年建成微电网、2020年建成 微电网群，烟台市长岛县砣矶岛、大钦岛等北方五岛"完全靠海缆供电的时代"彻底结束，"停电"成为历史。不仅如此，海面上起伏着的首台110千瓦的振 荡浮子式波浪能发电装置，也在利用波浪起伏的动能发电。 打造柔性互联海岛微电网群工程的单位，正是位于市中区望岳路的国网山东电科院。走进电科院新能源并网技术实验室，可以看到技术人员实时监测砣矶 岛微电网群的运行状态，光伏、储能与波浪能发电系统协同工作，通过智能调度算法实现能源最优配置。"自主研发的微电网群控制技术，已成功应对外 部海缆故障、极端天气冲击等挑战，保障了海岛可靠、清洁的电力供给，助力打造零碳生态海岛，"国网山东电科院首席专家孙树敏介绍，该工程为百姓 造福而创新，通过这个项目，百姓可以享受到由新能源转变而来的稳定、优质、绿色的电能，告别完全依靠外部供电的历史，逐步实现低碳排放、甚至零 排放。 (山东长岛智能微电网群示范工程分布式光储系统) (国网首席专家孙树敏组织开展长岛智能微电网群运行分析) 齐鲁晚报.齐鲁壹点杜春娜通 ...

近日，渤海银行股份有限公司(以下简称"渤海银行")围绕国家电网、南方电网、内蒙古电力(以下简 称"三大电网")业务场景，创新推出"电费票"场景产品，通过"渤银e票通，e票一场景"实现电费结算全流 程线上化，为用电企业破解"购电高频、计价浮动、对账耗时、资金低效"等痛点，构建电网金融服务新 生态。 三大场景、五步闭环 打造"电力+金融"新生态 据介绍，渤海银行"电费票"产品以《国家能源局关于明确电网企业电费结算要求的通知》为政策依据， 针对国家电网、南方电网、内蒙古电力这三大不同区域电网特性定制服务。 国网电费票聚焦用电企业与国网汇通的电费代缴结算，支持电子银行承兑汇票全流程线上操作，涵盖出 票、承兑、贴现融资、到期扣款等环节，满足企业灵活支付需求；南网电费票适配其互联网结算模式， 可实现电费资金"秒级到账"，助力新能源、制造业等企业高效用电；蒙网场景下，依托"渤银承贴易"自 动贴现功能，最快实现T+0实时销账，解决内蒙古地区煤炭、化工等高耗能企业高频购电的资金周转难 题。 站在票据市场与能源转型的交汇点，渤海银行将持续完善"电费票"产品体系，深化与三大电网的场景合 作，把金融服务与电力产业需求深度融合，让金融 ...

自7月在沪启动"交银蕴通万里行"系列活动以来，交通银行以"交银蕴通"品牌为纽带，深入全国重点区 域、直达核心产业集群，打通金融支持实体经济发展的"最后一公里"。近日，活动走进贵州，以"蕴力 同行 电网通行向黔"为主题，聚焦电力产业绿色转型与高质量发展，发布"交银电网通2.0"服务方案，推 动金融服务与区域电力产业深度融合。交通银行总行公司机构业务部副总经理钱江、交通银行贵州省分 行副行长吴天俣、贵州南方电网财务共享服务中心总经理黎青、贵阳供电局副总经理张祺等出席活动。 专属定制 覆盖电网产业全链的综合金融服务方案 例如，以"秒承+委托回款秒贴"组合，为山西某国家级专精特新小巨人、省级产业链链主、省级制造业 单项冠军企业成功办理国网缴电费业务，实现放款全流程线上化、缴费资金"秒级"到账，业务办理效率 有效提高，满足企业经营过程中"成本要低、结算要快"的资金周转需求。 又如，以"委托回款+银企付"组合，完成与蒙西电网供应链金融平台的系统直联对接，为电网平台构建 起订单、票据与资金的自动化匹配与处理闭环，实现贴现资金秒级到账和电费账单快速销账，显著提升 了电费结算效率与客户体验。 深度合作 为三大电网提供智慧、高效 ...

对比传统人工运维模式，该应用将单起故障从发现到推送告警的耗时从40分钟缩短至5分钟内。更值得 一提的是，系统会自动存档所有操作记录，形成完整的运维台账，为后续系统优化、故障分析提供翔实 的数据支撑。 该应用以RPA技术为核心，构建起"监测—告警—处置"全流程数字化闭环：通过预设智能规则，实时采 集系统运行数据，自动监控桌面云系统利用率、磁盘利用率及运行工况；同时，24小时不间断巡检防火 墙端口状态，一旦发现异常，系统立即生成精准告警信息，大幅缩短故障发现与处置时间。 "防火墙检测到异常流量，已定位风险源并推送告警信息至运维终端。"近日，在南网超高压公司百色局 信息运维中心，值班员收到一条智能告警提示，仅用3分钟便完成故障处置。这一高效场景的实现，得 益于该局自主研发的"RPA技术智能监测及处理应用"正式投入稳定运行，标志着电网信息运维从此告 别"被动等待故障反馈"的传统模式，迈入"主动发现处置问题"的数字化新阶段。 为破解以往信息运维耗时费力、人工数据采集重复烦琐的困境，百色局组建专项研发团队，将目光聚焦 于机器人流程自动化（RPA）技术，决心打造一套适配电网信息运维场景的智能解决方案。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The issuance scale of medium- and long-term bonds by State Grid and Southern Grid in 2025 will far exceed historical levels, with expected investments exceeding 825 billion yuan, an increase of 220 billion yuan compared to 2024 [2][12] - The financial indicators show that State Grid has a lower debt ratio, while Southern Grid exhibits slightly higher profitability quality [3][42] - The establishment of settlement companies by both grids aims to address the renewable energy subsidy gap through specialized financing [4][51] Summary by Sections 1. Bond Issuance Scale - In 2025, the bond issuance scale of State Grid and Southern Grid will significantly surpass historical levels, with State Grid expected to issue 1.46 trillion yuan in bonds during the 14th Five-Year Plan period, which is more than the total of the 12th and 13th Five-Year Plans combined [2][20] - For the first eight months of 2025, State Grid's bond issuance reached 439.5 billion yuan, a 56% increase compared to the entire year of 2024 [21][24] - Southern Grid's bond issuance from 2002 to August 2025 totaled 968.8 billion yuan, with 406.3 billion yuan issued during the 14th Five-Year Plan period [33][34] 2. Financial Indicators Comparison - As of the first half of 2025, State Grid's total assets reached 5.96 trillion yuan with a debt ratio of 54.2%, while Southern Grid's assets were 1.39 trillion yuan with a debt ratio of 60.6% [3][42] - In 2024, State Grid's operating revenue and net profit were 391.93 billion yuan and 77.3 billion yuan, respectively, which were 4.6 and 3.9 times that of Southern Grid [3][45] 3. Establishment of Settlement Companies - The establishment of Beijing and Guangzhou Renewable Energy Development Settlement Service Companies aims to address the subsidy gap for renewable energy through market-oriented financing solutions [4][53] - The subsidy gap for renewable energy has been estimated at approximately 400 billion yuan as of the end of 2021 [4][51] 4. Investment Recommendations - Given the acceleration of capital expenditures in the grid sector in 2025, the report recommends focusing on various renewable energy operators and companies involved in the transformation of thermal power to renewable energy [5][54]

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

随着数智化转型不断推进，电网网络安全面临新挑战。而过去几年，南方电网公司（下称"南方电网"） 成功抵御各类高危网络攻击230万余次。 9月15日，第一财经记者从南方电网获悉，在9月15日至21日的2025年网络安全宣传周之际，南方电网 以"智慧网安，守护万家灯火"为主题，向公众全面展示网络安全领域的创新成果，其中"云盾"一体化安 全运行平台的表现尤为突出。 在南方电网称，面对日益复杂的网络安全威胁和新型电力系统建设带来的全新挑战，南方电网坚持"安 全为基、科技为要、自主为本"的发展导向，系统谋划、超前布局，打造出业界领先的"云盾"一体化安 全运行平台。 这一平台创新采用"云+AI+安全+运行"融合模式，实现了网络安全从被动防护向主动预警、从单点防御 向体系化作战的革命性转变。平台汇聚全时域安全感知、全链路监控分析、全区域资产测绘、全流程指 挥调度等多项核心能力，形成"监、防、管、控、服""五位一体"的安全支撑体系，真正实现了业务数字 化、资产可视化、态势智能化和处置自动化。 "在实际运行中，'云盾'平台就像电网的'安全大脑'，能够7×24小时不间断地对全网网络安全态势进行感 知、分析和研判。"南方电网公司数字 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued implementation opinions to promote high-quality development of artificial intelligence in the energy sector, setting phased goals for AI development in this field by 2027 and 2030 [1] Group 1: Goals and Objectives - By 2027, the focus will be on establishing a solid foundation, setting benchmarks, and improving systems, with an emphasis on the "Five-Hundred" project, which includes the application of over five specialized large models in various energy sectors [1] - The project aims to identify more than ten replicable and competitive demonstration projects, explore a hundred typical application scenarios, and develop a hundred technical standards [1] - The initiative also seeks to cultivate a number of industry-level R&D innovation platforms to create a technology innovation development model suitable for China's energy sector [1] Group 2: Future Vision - By 2030, the goal is for AI-specific technologies and applications in the energy sector to reach a world-leading level [1] - The focus during this phase will be on independent innovation of core technologies and deep integration applications, enhancing the safety, greenness, and efficiency of energy systems [1] - This development will support the construction of a new energy system in China [1]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration of China have issued implementation opinions to promote the high-quality development of "Artificial Intelligence + Energy," outlining phased goals for AI development in the energy sector by 2027 and 2030 [1] Summary by Relevant Sections 2027 Goals - By 2027, the focus will be on establishing a solid foundation, setting benchmarks, and improving systems. The "Five-Hundred" project aims to: - Promote the deep application of over five professional large models in industries such as power grids, power generation, coal, and oil and gas - Identify more than ten replicable, easily promoted, and competitive key demonstration projects - Explore a hundred typical application scenarios and empowerment paths - Develop and refine a hundred technical standards - Cultivate a number of industry-level R&D innovation platforms - Formulate a technology innovation development model for AI in the energy sector that aligns with China's national conditions [1] 2030 Goals - By 2030, the AI-specific technologies and applications in the energy sector are expected to reach a world-leading level. The focus during this phase will be on: - Independent innovation of core technologies and deep integration applications - Enhancing the safety, greenness, and efficiency of energy systems through AI technology - Supporting the construction of a new energy system in China [1]

Core Insights - The National Development and Reform Commission and the National Energy Administration have issued implementation opinions to promote high-quality development of artificial intelligence in the energy sector, outlining phased goals for development [1] Summary by Sections Phase Goals - By 2027, the focus will be on establishing a solid foundation, setting benchmarks, and improving systems. The "Five-Ten-Hundred" initiative aims to promote the deep application of over five professional large models in sectors such as power grids, power generation, coal, and oil and gas [1] - The initiative also seeks to identify more than ten replicable, easily promoted, and competitive key demonstration projects, explore a hundred typical application scenarios, and develop a hundred technical standards [1] Technological Development - By 2030, the goal is for artificial intelligence technologies and applications in the energy sector to reach a world-leading level. This phase emphasizes independent innovation of core technologies and deep integration applications [1] - The application of artificial intelligence is expected to enhance the safety, greenness, and efficiency of energy systems, supporting the construction of a new energy system in China [1]