Core Viewpoint - The approval of the Xiangqian, Xiangyue, and Yuchuan flexible interconnection projects will significantly enhance the power transmission capacity between Southern Power Grid and State Grid, with a total investment exceeding 15.6 billion yuan and a maximum transmission capacity of 9 million kilowatts [1][2]. Group 1: Project Details - The three projects are set to start construction by the end of this year and are expected to be completed before the summer peak in 2027 [1]. - The new projects will increase the number of transmission channels between Southern Power Grid and State Grid from 2 to 5, thereby significantly enhancing cross-regional power exchange capabilities [2]. Group 2: Implementation and Coordination - Southern Power Grid has established a multi-disciplinary collaborative mechanism to enhance internal coordination and has formed a joint working group with State Grid to facilitate project planning and execution [3]. - The projects will include the construction of three flexible DC back-to-back converter stations, each with a capacity of 3 million kilowatts, located in Tongren, Guizhou; Chenzhou, Hunan; and Chongqing [4]. Group 3: Benefits and Strategic Importance - The projects will improve power supply security and renewable energy absorption capabilities, particularly benefiting regions with complementary power load characteristics, such as Hunan and Guizhou [10]. - The successful implementation of these projects will provide a solid physical foundation for regular power trading across grid operating areas, enhancing emergency support capabilities during extreme weather events [7][10].

聚焦重点区域隐患治理，李家塔矿业公司于11月初对职工"三堂一室"开展了专项消防安全与用电安全检 查，重点针对乱拉电线、插座老化、使用大功率电器等典型隐患进行排查，及时消除潜在的安全风险。 该公司坚持 "当下改"与"长久立"相结合，健全消防安全隐患定期排查与动态清零机制，推动安全管理 从"被动处置"向"主动发现"转变，持续加固安全防线。 （文章来源：新华财经） 为使消防宣传直达基层，金山热电公司安全环保部还组织消防员深入集控室和生产班组发放消防宣传 册，将消防安全知识送到生产最前沿。此外，依托公司自有专业消防队伍，日常防火巡查检查机制持续 运行。消防队员每日对油区、氢站、蓄电池室等重点防火区域进行严格巡检，确保消防设施完好有效， 从源头上织密消防安全防护网。 "在使用灭火器前，要对灭火器进行仔细检查！室外灭火时，要站在上风区，对着火点根部喷射！"近 日，在新丰热电公司厂区空地上，进行了一场消防演练活动。伴随着急促的警报声，职工们迅速按照应 急预案行动，展现了扎实的应急处置功底。 长城发电公司统筹推进隐患排查与宣传教育，开展全区域、全流程自查行动，重点检查消防器材是否完 好、自动消防设施是否正常运行、疏散通道是否 ...

记者从国家发展改革委了解到，渝黔、湘粤、湘黔等5项电力互济工程近日正式获得核准批复，我国跨 区域电力互济能力将得到进一步提升。 （文章来源：央视新闻） 据介绍，这5项工程总投资达244亿元，其中国家电网投资184亿元，南方电网投资60亿元。工程将新建5 座容量300万千瓦的柔直换流站，线路长度达到1227千米。计划2027年迎峰度夏前投产，投产后，共可 增加1500万千瓦的省间双向送电能力，能够提升紧急事故支援能力和调度运行灵活性，降低运行风险， 有力保障经济社会和民生用电需求。 ...

证 券 研 究 报 告 红利回报稳中有进 燃气降本蓄势待发 2026年公用事业行业投资策略 证券分析师：王璐 A0230516080007 朱赫 A0230524070002 2025.11.18 投资分析意见 ◼ 火电：容量电价改善盈利稳定性，火电分红能力有望提升 www.swsresearch.com 证券研究报告 2 ◼ 水电：秋汛偏丰利好今冬明春水电蓄能，看好折旧到期和财务费用改善提升利润空间 • 2025年9月秋汛来水同比大幅增长，上游蓄水量显著提高，保障今冬明春发电量无虞。水电进入资本开支下降阶段，降息周期中可通过债务结构优化等方式降低 利息支出。2026年是三峡水电站机组折旧到期的小高峰，打开盈利空间。推荐长江电力、国投电力、川投能源和华能水电等大水电公司。 • 火电稳定的容量收入来源有效对冲了电量电价波动的风险，使火电企业的盈利结构从 "单一电量依赖" 转向 "电量收入 + 容量收入 + 辅助服务收入" 的多元 化模式。推荐煤电一体化的国电电力、内蒙华电，产业链布局的广州发展。以及大机组占比高的大唐发电、华能国际（A+H）、华电国际。 ◼ 核电：商业模式类比水电，成长性提升估值水平 • 核电燃 ...

Market Overview - The electricity sector experienced a decline of 1.02% on the previous trading day, with Tuojin New Energy leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers included Hengsheng Energy, which rose by 4.36% to a closing price of 39.99, and ST Lingda, which increased by 2.56% to 10.80 [1] - Conversely, Tuojin New Energy saw a significant drop of 10.08%, closing at 4.55, while Mindong Electric fell by 9.99% to 13.34 [2] Trading Volume and Value - Hengsheng Energy recorded a trading volume of 65,400 shares with a transaction value of 256 million yuan [1] - Tuojin New Energy had a trading volume of 1,527,900 shares, with a transaction value of 708 million yuan [2] Capital Flow - The electricity sector saw a net outflow of 2.474 billion yuan from major funds, while retail investors contributed a net inflow of 1.924 billion yuan [2] - Major funds showed a net inflow in stocks like Yunnan Energy Investment and Hubei Energy, while stocks like Guotou Electric Power experienced net outflows [3] Individual Stock Capital Flow - Guotou Electric Power had a major fund net outflow of 38.3954 million yuan, while Hengsheng Energy saw a net inflow of 30.5739 million yuan [3] - Yunnan Energy Investment recorded a net inflow of 19.8059 million yuan from major funds [3]

Group 1: Installed Capacity Overview - The company has a diversified power generation structure, including coal, LNG, and hydropower projects. As of the first three quarters of 2025, the total installed capacity is 40,559.3 MW, with coal power accounting for 20,010 MW (49.34%) [2] - The installed capacity for gas power is 11,847 MW (29.21%), wind power is 3,895 MW (9.60%), solar power is 4,574.5 MW (11.28%), and hydropower is 132.8 MW (0.33%). The total renewable energy capacity is 8,702.3 MW (21.46%) [2] Group 2: New Capacity Additions During the 14th Five-Year Plan - During the 14th Five-Year Plan, the company has added approximately 2,860 MW of coal power, 2,865 MW of gas power, 3,812.7 MW of wind power, 3,286 MW of solar power, and 100 MW of biomass power [2][3] Group 3: Ongoing and Future Projects - Currently, the company has 8,000 MW of coal power under construction, with an expected 3,000-5,000 MW to be operational by the end of 2025, and the remainder in 2026-2027 [3] - There are also 2,942 MW of gas power projects and 1,250 MW of solar and wind projects under construction, with potential adjustments to the operational timeline based on construction progress [3] Group 4: Financial Health and Debt Management - As of Q3 2025, the company's debt-to-asset ratio is 79.45%. The company plans to explore equity financing channels to manage and reduce this ratio [4] - In 2023, the company raised 4.5 billion CNY through equity financing by introducing six strategic investors [4] Group 5: Dividend Policy - The company adheres to a "profit means dividend" policy, aiming to distribute at least 10% of the annual distributable profit as cash dividends. The minimum cash dividend proportion in any profit distribution should be 20% [5] - Over the last three years, the cumulative cash dividends should not be less than 30% of the average annual distributable profit [5]

Group 1: Financial Performance - In the first three quarters of 2025, the company's coal power business achieved a net profit of approximately 41,630 million yuan [3] - The gas power business reported a net profit of approximately 15,113 million yuan [3] - The renewable energy business incurred a net loss of approximately 3,202 million yuan [3] Group 2: Fuel Procurement and Cost Management - The procurement ratio of domestic and imported coal is approximately 50% each [3] - Fuel costs decreased by 13.38% year-on-year due to falling coal prices [3] Group 3: Project Development and Capacity Expansion - The company has 8 million kilowatts of coal power units under construction, with an expected 3 million kilowatts to be operational in 2025 [3] - There are also gas power units under construction totaling 300-500 million kilowatts, expected to be operational in 2026-2027 [3] - Solar and wind projects under construction total approximately 125 million kilowatts, with similar timelines for completion [3] Group 4: Pricing and Market Outlook - The average transaction price for Guangdong's bilateral negotiation in 2025 is 391.87 yuan per kilowatt-hour, a decrease of approximately 15.84% year-on-year [3] - The company anticipates uncertainties in next year's long-term electricity pricing due to various macroeconomic factors [3] Group 5: Asset Management and Financing - The board has approved the issuance of asset-backed special plans (REITs) with a scale not exceeding 38.01 billion yuan [3] - The company is also working on a series of REITs products with a total scale of up to 30 billion yuan to optimize capital structure and reduce interest expenses [3]

Core Insights - The Tianjin Electric Power Company has developed a high-quality sample set for transmission image monitoring, enhancing the AI platform data for the Tianjin power grid and improving the intelligent operation and maintenance level of transmission channels [1] - The sample set includes over 230,000 images of transmission towers and lines, and 170,000 images of cable channels, providing a comprehensive data foundation for the intelligent monitoring model [1] - The AI team addressed the previous limitations in model generalization due to a lack of high-quality and rare hazard samples, which restricted the large-scale application of the intelligent inspection system [1] Group 1 - The sample set integrates multi-source operation and maintenance data from the Tianjin power grid, supporting the autonomous training and iteration of intelligent monitoring models [1] - The AI team spent six months developing the sample set, focusing on the actual needs of intelligent operation and maintenance of transmission lines [1] - The integration of image resources from two operational platforms, the panoramic platform and the refined management platform, was crucial for achieving accurate data [1] Group 2 - To ensure image annotation quality, the AI team established a four-step process: "collection—cleaning—annotation—review," enhancing the standardization of the annotation platform [2] - The team implemented multi-level human intervention and review mechanisms, along with a calibration sample embedding mechanism to dynamically assess the quality of the workflow [2] - Continuous optimization of annotation quality is a key focus of the team's efforts [2]

（央视财经《第一时间》）韩国正在加速推进人工智能相关研究项目，但相应的供电压力不断增大。据韩国媒体报道，由于电力紧张， 一些高校甚至不得不暂时关闭其他实验室的服务器，以满足AI相关项目的用电需求。 一些专家还表示，除发电外，电力传输方面也面临着压力。由于输电基础设施遭遇瓶颈，韩国的电网建设跟不上，输电压力较大。一项 调查显示，韩国《第11次电力供需基本计划》所列的54个输电项目中，有30个项目已经推迟或预期推迟竣工。 转载请注明央视财经 韩国媒体16日报道，随着AI领域竞争加剧，韩国高校日益面临供电紧张的掣肘。在首都首尔的一所大学，一名不愿公开姓名的教授透 露，"AI研究消耗大量电力，与供电有关的问题频频出现。" 编辑：潘煦 目前，韩国着重发展太阳能、风能等可再生能源。韩国总统李在明9月曾表示，韩国迫切需要大量电力来支撑数据中心运转，而可再生 能源是唯一能够快速满足这一需求的能源体系。 然而针对这一说法，一些分析师指出，现阶段韩国可再生能源发电成本相对较高，根据相关定量指标估算，韩国2024年太阳能的发电成 本几乎是全球平均值的三倍，为每兆瓦时98美元（约合人民币700元），因此建议关注天然气等其他发电方式。 ...

Core Viewpoint - The successful listing of Southern Power Grid Digital Research Institute Co., Ltd. marks a significant step in the company's digital transformation and integration into the capital market, highlighting the importance of digital power grids in China's energy transition [1][6][7] Group 1: Company Overview - Southern Power Grid Digital Research Institute, the fourth listed company cultivated by Southern Power Grid, officially listed on the Shenzhen Stock Exchange on November 18 [1] - The company aims to become a leading player in the digital power grid sector, supporting the intelligent, green, and integrated transformation of the energy and power industry [2][3] Group 2: Strategic Goals - The company will focus on implementing the strategies of Digital China and Energy Power Nation, enhancing the digital power grid industry ecosystem to better support the energy sector's transformation [2] - The goal is to create a new quality of energy production capacity through digitalization and innovation [2] Group 3: Technological Achievements - Southern Power Grid Digital has made significant advancements in core technologies, including the development of a unified IoT operating system for the power industry and a large-scale domestic digital system [4] - The company has established national-level platforms and has been recognized as a model enterprise for scientific reform by the State-owned Assets Supervision and Administration Commission [4][5] Group 4: Market Position and Future Plans - The rapid listing process, completed in just 145 days, reflects the company's strong compliance and operational foundation, as well as the capital market's support for technology-driven enterprises [6][7] - The company plans to enhance its governance, strengthen its core position in technological innovation, and expand into cutting-edge technology fields such as artificial intelligence and quantum sensing [7]