2024年1至12月份，中国西电的营业收入构成为：输变电设备制造行业占比97.97%，其他业务占比 2.03%。 每经AI快讯，中国西电（SH 601179，收盘价：8.33元）11月28日晚间发布公告称，2025年11月28日， 国家电网有限公司电子商务平台（http://ecp.sgcc.com.cn）发布了"国家电网有限公司2025年第六十四批 采购（特高压项目第四次设备招标采购）中标公告"。中国西电电气股份有限公司（以下简称公司）下 属8家子公司为相关中标人。根据上述中标公告，公司下属西安西电变压器有限责任公司、常州西电变 压器有限责任公司、西安西电开关电气有限公司、西安西电高压开关有限责任公司、西安西电电力系统 有限公司、西安西电高压套管有限公司、西安西电电力电容器有限责任公司、西安西电避雷器有限责任 公司为项目中标人之一，中标换流变压器、交流变压器、组合电器、电阻器、交直流断路器、隔离开关 和接地开关、换流阀、直流穿墙套管、电容器、测量装置、避雷器等产品，总中标金额为约29.80亿 元。 截至发稿，中国西电市值为427亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还 ...

人民财讯11月28日电，中国西电(601179)11月28日公告，11月28日，国家电网有限公司电子商务平台发 布了"国家电网有限公司2025年第六十四批采购（特高压项目第四次设备招标采购）中标公告"。公司下 属8家子公司为相关中标人。中标换流变压器、交流变压器、组合电器等产品，总中标金额为29.8亿 元。 转自：证券时报 ...

每经AI快讯，11月28日，中国西电(601179.SH)公告称，公司下属8家子公司中标国家电网有限公司2025 年第六十四批采购（特高压项目第四次设备招标采购），中标产品包括换流变压器、交流变压器等，总 中标金额为29.7967亿元。该项目的履行将对公司未来经营发展产生积极影响，但目前公司尚未与国家 电网有限公司相关机构签署正式商务合同，合同条款尚存在不确定性，对公司当期业绩的影响存在不确 定性。 （文章来源：每日经济新闻） ...

格隆汇11月28日丨中国西电(601179.SH)公布，2025年11月28日，国家电网有限公司电子商务平台 （http://ecp.sgcc.com.cn）发布了"国家电网有限公司2025年第六十四批采购（特高压项目第四次设备招 标采购）中标公告"。公司下属8家子公司为相关中标人，中标换流变压器、交流变压器、组合电器、电 阻器、交直流断路器、隔离开关和接地开关、换流阀、直流穿墙套管、电容器、测量装置、避雷器等产 品，总中标金额为29.7967亿元。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

Investment Rating - The report maintains an "Overweight" rating for the energy and power equipment sectors [7] Core Viewpoints - The acceleration of the national unified electricity market is driving the construction of ultra-high voltage (UHV) projects, which are essential for achieving interconnection within the national grid [2][19] - The construction of UHV is not only to meet renewable energy consumption but also to address long-term energy imbalances, with significant demand for long-distance transmission solutions [14][41] - The report anticipates a peak in approvals for UHV projects, with expectations of 5-6 direct current (DC) and 3-4 alternating current (AC) projects approved in 2025, a significant increase from 2024 [3][45] Summary by Sections UHV Project Acceleration - The report predicts that the pace of UHV project approvals will accelerate, with an expected average of 6-7 UHV projects starting annually during the 14th Five-Year Plan period [1][3] - The expected annual order volume for UHV projects is projected to reach approximately 46 billion yuan, a 182% increase compared to the average winning bid amount from 2020 to 2024 [3][14] Market Dynamics - The UHV equipment market is characterized by high barriers to entry and concentrated profits, with major equipment components accounting for 80% of the market share [5][15] - Key suppliers such as State Grid NARI, Pinggao Electric, China XD Electric, and XJ Electric are expected to benefit significantly from the upward cycle of the sector [6][15] Back-to-Back Projects - Back-to-back DC transmission projects are crucial for addressing the power interconnection needs of adjacent provinces with asynchronous grids, with 5-6 projects expected to be approved within the year [4][16] - The report highlights that suppliers of converter transformers and converter valves are likely to see significant benefits from these projects [4][16] Financial Projections for Key Companies - State Grid NARI is projected to generate net profits of 1.15-1.64 billion yuan from each conventional/flexible DC UHV project, with an estimated profit elasticity of 1.1-1.6% [6][18] - Pinggao Electric is expected to earn 0.84/1.05 billion yuan from each DC/AC UHV project, with a profit elasticity of 4.2%/5.3% [6][18] - China XD Electric is projected to earn 2.4/1.2 billion yuan from each DC/AC UHV project, with a profit elasticity of 10.1%/5.0% [6][18] - XJ Electric is expected to generate net profits of 0.66-0.99 billion yuan from each conventional/flexible DC UHV project, with a profit elasticity of 3.1-4.7% [6][18]