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]

以下为研究报告摘要： 电力设备板块：25H1业绩稳健。2025H1电网板块合计实现营收1740.49亿元，同比增长 10%；实现归母净利润139.98亿元，同比增长10%。25Q2板块保持增长趋势，收入实现 1045.20亿元，同比增长12%；归母净利润实现90.71亿元，同比增长8%。25H1板块毛利率为 25.57%，同比下降1.52pcts；净利率为7.33%，同比上升0.72pct，25H1盈利能力有所承压判 断主要系大宗材料价格波动小幅影响。 人形机器人：25H1营收和利润均实现双位数同增。2025H1板块合计实现营收1122.08亿 元，同比增长11.94%；实现归母净利润119.83亿元，同比增长21.23%。单季度来看，25Q2 实现营收599.73亿元，同比增长11.44%；实现归母净利润66.21亿元，同比增长16.71%。 风险提示：政策不达预期、电网投资不及预期、行业竞争加剧致价格超预期下降、资产 减值风险、原材料价格波动风险、新技术不及预期、海外经营风险等。（民生证券 邓永康, 王一如,朱碧野,李孝鹏,李佳,林誉韬,席子屹,赵丹,许浚哲,郝元斌） 民生证券近日发布电新行业2025年半 ...

Core Viewpoint - The implementation opinion released by the National Development and Reform Commission and the National Energy Administration aims to establish a preliminary integration innovation system between energy and artificial intelligence by 2027, enhancing the collaboration between computing power and electricity, and achieving significant breakthroughs in core technologies empowered by AI in the energy sector [1][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to deepen the integration of AI with the real economy, focusing on expanding application scenarios in the energy sector and enhancing the technological level of AI innovation [2]. - The goal is to improve the safety, reliability, and efficiency of energy systems, ensuring stable energy supply and supporting green and low-carbon transitions [2]. Group 2: Goals by 2027 - By 2027, the integration innovation system will be established, with significant breakthroughs in AI technologies applied to energy, including the deployment of over five specialized large models in various energy sectors [3]. - The initiative aims to identify over ten replicable and competitive demonstration projects and explore hundreds of typical application scenarios, fostering a batch of AI technology application R&D platforms in the energy sector [3]. Group 3: Application Scenarios - AI applications in the power grid will focus on safety, efficiency, and renewable energy consumption, including intelligent forecasting, diagnostic analysis, and planning [5][7]. - AI will also enhance new energy applications, such as virtual power plants and distributed energy storage, improving load-side optimization and dynamic response capabilities [9][10]. Group 4: Key Technology Supply - The initiative emphasizes addressing technical bottlenecks in the energy sector, including data isolation, fragmented computing power, and algorithm opacity, by promoting common key technology breakthroughs [31]. - It aims to establish high-quality data sets and enhance the integration of computing power and electricity, ensuring a robust foundation for AI applications in energy [31][32]. Group 5: Implementation and Support - Local energy authorities and relevant enterprises are encouraged to establish mechanisms to promote the development of AI in the energy sector, ensuring safety and innovation [33]. - The initiative will support pilot demonstrations of AI applications in energy, encouraging cross-sector collaboration and the establishment of innovation alliances [34][35].