智通财经APP获悉，华源证券发布研报称，风电设备整机盈利能力有望持续提升，国内企业加速出海。 国内风电招标量维持高位，招标价格呈上升趋势，该行判断2026年整机成本端或仍有改善趋势，风机盈 利能力有望恢复。此外我国风机企业成本优势明显，出口加速，国内外共振下风电整机有望迎来投资机 遇。 (1)特高压：历史上特高压建设节奏与电力供需变化有关。"十四五"后期我国电力供需形式趋于缓和， 特高压建设也随之放缓。但"十五五"我国电改全面铺开，绿电需求有望上升，特高压作为新能源输送和 消纳的核心环节之一，建设有望重新提速，此外新输配电价定价机制允许特高压直流采用容量电价，有 望进一步提高建设积极性;(2)配电网："十四五"投资占比持续位于低位，有望成为"十五五"建设重 点。"十四五"期间配电网的投资比例持续下降，但最高用电负荷增长较快，导致配网容载比持续下降， 供电可靠性受到挑战。但绿电直连项目采用容量电价政策同时利好用户和电网公司，加上最新一批配网 招标价格回升，2026年配网设备有望迎量价齐升。建议关注：许继电气、国电南瑞、平高电气、中国西 电等。 电力设备出海：算力投资不断上调，美国电力供需显著不足 OpenAI已 ...

Core Viewpoint - The article emphasizes the critical role of the distribution network in the power system, highlighting its function as the "capillary" that connects the transmission network to end users, and the expected significant investment growth in the distribution network driven by the rise of distributed photovoltaics and charging stations during the 14th Five-Year Plan period [2][3][4]. Distribution Network Overview - The distribution network is described as the key component responsible for the distribution and supply of electrical energy, connecting the transmission network to various users [6][9]. - It operates at lower voltage levels compared to the transmission network, which is characterized by high voltage and long-distance energy transport [10][9]. Investment Growth Drivers - The rapid development of distributed photovoltaics and charging stations is identified as the main driver for the growth of distribution network investments, with the current penetration rate of distributed photovoltaics at approximately 31.3%, indicating over twofold growth potential [3][28]. - The investment in the distribution network is projected to reach around 1.75 trillion yuan during the 14th Five-Year Plan, with an annual average investment of about 350 billion yuan, reflecting a growth rate of over 15% compared to the previous plan [3][48]. Equipment Update and Market Reform Opportunities - The article discusses the need for equipment updates in the distribution network to support the integration of high-capacity transformers and energy storage systems, driven by the requirements of distributed photovoltaics and high-speed charging stations [4][55]. - The market reform in the distribution network is expected to create financial service opportunities as more social capital enters the investment landscape, with banks potentially finding new clients among provincial grid companies [4][54]. Challenges in Integration - The article highlights the challenges faced by the traditional distribution network in accommodating the rapid growth of distributed photovoltaics, including mismatches in construction pace and existing equipment limitations [19][20]. - The integration of charging stations presents additional challenges, such as spatial imbalances and technological gaps, necessitating upgrades to the distribution network to handle increased load demands [33][35]. Policy and Regulatory Framework - The article outlines the recent policy initiatives aimed at enhancing the quality and capacity of the distribution network, including guidelines for integrating distributed energy sources and improving infrastructure [49][48]. - It notes that the government has set ambitious targets for the distribution network, including the ability to accommodate 500 million kilowatts of distributed renewable energy and 12 million charging stations by 2025 [48][47]. Financial Services and Investment Landscape - The article suggests that the financial services sector should adapt to the evolving landscape of distribution network investments, with opportunities arising from equipment updates and market reforms [54][69]. - It emphasizes the importance of developing comprehensive energy services to ensure the economic viability of new investments in the distribution network [79][69].