◎本报记者李均 近日，在长三角地区的江苏亚威变压器有限公司，国内首台345千伏级全绝缘超高压大容量变压器下 线，发往美国市场。据介绍，去年4月，这家企业凭借优越技术方案、过硬品控能力及显著交付优势， 在国际竞标中脱颖而出，拿下美国一家电力企业的三台特种变压器订单。该订单产品需同时满足大容 量、超高压、全绝缘等要求，此前国内制造企业尚未涉足该领域，无经验可循。在获得订单后，这家企 业立即组建专项设计研发小组，从电磁计算、结构布置等方面进行科学论证，筛选出最好的设计方案。 研发团队还运用最新款模拟仿真验证软件，对全物理过程进行模拟验证，最终一次性通过客户评 生产线全线满产，订单量充足；新增产能加速落地，工人们各司其职赶工交付……近日，科技日报记者 从广东、江苏、河北、山东等地部分电力设备制造企业了解到，当前，随着全球算力建设迎来爆发式增 长以及能源工程的加速推进，面向数据中心、算力中心的订单大多已排至2027年，海外订单更是呈井喷 式增长，企业正加快生产步伐。中国电力设备制造产业凭借核心技术突破和全产业链布局的硬核优势， 已形成"特高压技术引领、智能运维升级、绿色低碳转型、全球市场拓展"的立体格局，牢牢占据全球市 ...

北交所策略 主网补短板周期启动下的结构性机会 投 资 投 资 北交所专题报告 2026 年 2 月 26 日 分析师：李紫忆 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 策 略 策 略 资料来源：ifind，东莞证券研究所 行 业 研 究 证 行 业 研 究 证 券 投资要点： 风险提示：流动性风险；政策出台不及预期；企业业绩不及预期。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 SAC 执业证书编号： 电网投资规模扩容+需求旺盛，行业进入高景气周期。国家电网"十 五五"4万亿元固定资产投资落地，较"十四五"提升40%，叠加新 能源大基地外送与跨区消纳需求，电网资本开支进入明确扩张期。 投资节奏或呈现"前高"特征，2026年特高压重点工程加速开工， 核准与落地进程持续前置，行业需求放量确定性强，为产业链上下 游带来长期成长空间。 北证 50 指数走势 主网优先政策主导，特高压成核心增长引擎。"十五五"电网建设 聚焦"主网强骨架"，特高压 ...

2026年开年以来，电网设备板块延续强劲势头，板块指数持续走高，多只个股连续涨停。这一轮行情的驱动，源于国内外的双重需求共振。 国家电网宣布"十五五"期间固定资产投资规模将达4万亿元，较"十四五"增长40%。与此同时，AI算力爆发式增长引发全球"电力焦虑"。此外，欧美电网 升级需求迫切，交付周期已排至2030年，为中国电力设备企业出海打开黄金窗口。 | < ロ | | | 电网设备主题〔931994〕 | | | | --- | --- | --- | --- | --- | --- | | | | | 02-06 15:00:12 | | | | 2963.74 | | 昨收 | 2944.18 | 成交额 | 564.83亿 | | +19.57 | +0.66% | 今开 | 2912.49 | 成交量 | 31.65亿 | | 上涨 | 0 | 平昌 | 0 | 下跌 | 0 | | 最高价 | 3004.89 | 市智率 | 36.40 | 近20日 | 10.18% | | 最低价 | 2910.41 | 市净率 | 3.42 | 今年来 | 17.47% | | 分时 | 五日 | 日K | 周 ...

许继电气2月6日公告，许继电气九届三十五次董事会已审议通过公司《关于选举第九届董事会董事长的议案》，即， 公司董事会选举季侃先生为公司第 九届董事会董事长，任期至第九届董事会届满之日止，同时为代表公司执行公司事务的董事。在公司总经理空缺期间，由季侃先生代行公司总经理职责。 季侃的职业生涯始终围绕电力系统核心技术领域展开。1969年出生的他拥有教授级高级工程师职称和博士学位，早年在国网电力科学研究院担任城乡电网 自动化研究所所长，随后进入国内电网自动化领域龙头企业国电南瑞科技股份有限公司，从副总经理逐步晋升至总经理，并担任党委副书记等职务。这段 经历使其积累了深厚的电网自动化技术背景和大型科技企业管理经验。 此后他调任山东电工电气集团有限公司，先后担任副总经理、总经理等职务，进一步拓展了在电气装备制造领域的实践视野。 季侃目前仍兼任中国电气装备集团储能科技有限公司党委书记、董事长，这种跨公司、跨领域的双重任职模式，体现了当前能源产业变革对复合型领导人 才的特殊需求。 中国电气装备集团于2021年正式成立，由许继集团、山东电工电气等企业重组组建，核心目标是提升输配电装备产业链的整体竞争力，季侃的任职正是这 一战略 ...

Group 1 - The industry has transitioned from a traditional "cyclical defensive" attribute to a "growth offensive" track, driven by the clearing of production capacity in the power grid equipment sector and multiple strategic benefits [1] - The latest investment plan from the State Grid for 2025 exceeds 650 billion yuan, marking an 8% year-on-year increase and a historical high, with significant changes in investment structure [2] - The construction of the power grid is shifting from merely pursuing transmission capacity to a comprehensive transformation focusing on "strong backbone + quality distribution network + intelligence" [2] Group 2 - The approval and construction of domestic UHV projects have significantly accelerated, with the bidding amounts for UHV materials and equipment expanding year by year, indicating a robust demand for UHV networks [3] - In the global context, the power grid is undergoing a historic restructuring, with developed countries facing mandatory asset updates and emerging economies needing to fill infrastructure gaps, leading to structural expansion in global grid investment [4] - China's key power equipment exports reached 71.5 billion USD from January to November 2025, a 20% year-on-year increase, with high-value transmission and transformation equipment driving export growth [4][5] Group 3 - The index selected 80 listed companies involved in UHV industry, smart grid construction, green energy, and energy storage, with a high weight of 88% in smart grid and 65% in UHV, indicating strong support from funds and policies [6] - The top three weight sectors of the index as of February 3, 2026, are transmission and transformation equipment (35.2%), grid automation equipment (21.7%), and cable components (12.6%) [8] - The Tianhong CSI Power Grid Equipment Theme Index Fund offers flexible share options suitable for long-term investors and those looking to capture industry fluctuations, providing a convenient tool for investing in the energy sector [9]

Core Viewpoint - The A-share market experienced a significant downturn, but the high-voltage power transmission sector saw a remarkable surge due to three powerful driving forces: substantial investment plans, accelerated domestic substitution, and expanding overseas markets [1][3][5]. Investment Plans - The State Grid's "14th Five-Year Plan" outlines a fixed asset investment of 4 trillion yuan in the power grid sector over the next five years, representing a 40% increase from the previous period. Over 60% of this investment will be directed towards ultra-high voltage (UHV) and inter-regional transmission projects, translating to at least 2.4 trillion yuan flowing into the UHV and related industries [3][5]. Domestic Substitution - There is a clear policy directive to increase the domestic production rate of core UHV equipment from 90% to 98% by 2026, with procurement ratios for domestic equipment rising from 30% to over 50%. This shift is expected to redirect significant orders and profits from foreign manufacturers to domestic companies, benefiting leading firms in high-voltage switches, converters, and transformers [5][10]. Overseas Market Expansion - China's UHV technology is leading globally, with increasing demand for power grid upgrades and energy transitions worldwide. The "Belt and Road" initiative is facilitating the export of UHV technology, exemplified by successful projects like the Belo Monte UHV project in Brazil [6][7]. Market Performance - On February 2, the UHV sector saw a collective surge in stock prices, with companies like Electric Power Research Institute and Anke Intelligent Electric experiencing gains of 19.95% and 16.56%, respectively. Other companies in the sector also reported significant increases, with many stocks hitting their daily limit [2][10]. Industry Dynamics - The global market for large power transformers is currently facing a structural shortage, with a supply gap of 30%. The lead time for orders has extended from an average of 18 months in 2021 to over four years now, creating a favorable environment for Chinese companies with full industrial chain capabilities [7][10]. Order Growth - From the second half of 2025, several UHV equipment companies have reported significant year-on-year increases in contract amounts, indicating a strong order backlog that will support revenue growth in 2026 and 2027 [17]. Key Players - Major companies in the UHV sector include China Western Electric, which holds a dominant position in the market with over 40% share in core equipment like converters and GIS, and TBEA, recognized as a global leader in UHV transformers [15][16]. Investment Sentiment - Institutional investors, particularly social security funds, have heavily invested in key players like Anke Intelligent Electric and China Western Electric, indicating strong confidence in the sector's growth potential [10][14]. Conclusion - The convergence of substantial investment, domestic substitution policies, and international market opportunities is positioning the UHV sector for robust growth, attracting significant market interest and investment [1][3][5].

证券日报网讯 1月29日，国电南瑞在互动平台回答投资者提问时表示，目前国电南瑞已掌握柔性直流输 电核心技术，换流阀、IGBT等核心部件已完全具备全国产化能力。国内订单方面，近年来公司陆续中 标宁夏至湖南±800千伏特高压直流输电工程、金上-湖北±800千伏特高压直流输电工程、甘肃-浙江±800 千伏特高压直流输电工程、蒙西-京津冀±800千伏特高压直流输电工程、藏东南-粤港澳特高压柔性直流 工程等项目；国际业务方面，中标德国BorWin6海上风电工程、巴西伊泰普水电站±600千伏直流送出工 程、沙特柔直工程等，实现特高压高端装备出口。2024年公司已开展产线扩能适配"沙戈荒"等项目交付 节奏，已形成±800kV电压等级柔性直流换流阀批量生产能力。 （编辑 王雪儿） ...

Core Insights - The "14th Five-Year Plan" includes a significant investment of 4 trillion yuan in ultra-high voltage (UHV) infrastructure, which is expected to drive the A-share UHV sector to new heights, with the sector index rising from around 2700 points at the beginning of the year to over 5000 points, outperforming the broader market [1][2] - The investment plan represents a 40% increase compared to the previous five-year plan, focusing on UHV direct current transmission channels and smart distribution networks, indicating a golden era for the UHV industry [2][3] Investment and Market Dynamics - Leading stocks in the UHV sector, such as XJ Electric, Pinggao Group, and China XD Electric, have seen price increases exceeding 35%, with an overall rise of over 60% in the past year [2] - The National Grid's investment plan aims to enhance cross-regional transmission capacity by over 30% before 2030, addressing structural imbalances in energy resource distribution across China [4][8] Technological Advancements - Continuous technological innovations are enhancing the efficiency and reliability of UHV systems, exemplified by the ±800 kV flexible direct current project, which improves grid stability and adaptability to renewable energy fluctuations [6][19] - The global energy transition is creating historical opportunities for UHV technology to expand internationally, particularly in Europe, where energy security concerns are driving demand for UHV infrastructure [8][9] Industry Structure and Key Players - The UHV industry exhibits a "dumbbell" structure, with core equipment and materials at the upstream and grid construction and operation at the downstream, creating a capital and technology-intensive ecosystem [13] - Major companies like State Grid, Southern Grid, and key equipment manufacturers are expanding their international market presence, with annual investments in UHV projects along the Belt and Road Initiative expected to reach approximately 400 billion yuan [12][34] Financial Performance and Growth Projections - Companies like Guodian NARI and Pinggao Electric are showing robust financial growth, with Guodian NARI reporting a revenue increase of 18.45% year-on-year in the first three quarters of 2025 [35][37] - The UHV sector is projected to benefit from a historical high in national grid investment, expected to reach 608.3 billion yuan in 2024, with a year-on-year growth of 15.3% [28][31] Future Outlook - The UHV sector is poised for significant growth driven by the "14th Five-Year Plan" investments and the ongoing development of international markets, particularly in regions like Southeast Asia and Europe [41] - The establishment of a new power system is expected to further integrate flexible direct current and mixed AC/DC distribution networks, promoting efficient, intelligent, and green energy solutions [33][41]

南瑞支撑建设的陇东—山东±800千伏特高压直流工程获评央企十大超级工程 南瑞参与研制的换流阀入选央企十大国之重器 南瑞支撑西藏电网侧带超容构网型SVG项目建设 南瑞支撑建设的江苏句容抽蓄电站 南瑞自主研发的首套30兆瓦中压集中式电能质量治理装置投运，实现电压跌落响应、振荡抑制全覆盖 南瑞技术人员在江苏句容抽蓄电站开展系统调试 南瑞技术人员在IGBT封装测试生产线开展技术攻关 南瑞技术人员开展基于数字孪生电网的新型电力系统运行控制平台集中攻关 南瑞技术人员开展全国产化安全隔离装置性能测试 南瑞技术人员在系统保护实验室开展科技攻关 南瑞助力南京地铁5号线全线贯通运营 1月初，国务院国资委发布"2025年度央企十大超级工程"和"2025年度央企十大国之重器"。国网电科院 （南瑞集团）深度参与的陇东—山东±800千伏特高压直流工程和参与研制的全球首台±800千伏/800万千 瓦可控换相换流阀荣登双榜，充分彰显了我国电力装备领域的硬核技术实力与重大工程建设成就。 一路发展，实力铸就，荣誉见证：2025年国网电科院（南瑞集团）累计获省部级及以上科技奖励171 项，牵头发布4项IEC国际标准，10个项目入选能源领域首台（套 ...

记者丨凌晨编辑丨朱益民 伴随着电网建设进入高强度投资周期，电力板块景气度高增。 1月22日，A股三大指数集体上涨。电网设备ETF连续10个交易日获得资金净流入，合计"吸金"108.39亿元。 产业链企业随之受益。以中国西电为例，1月19日—21日该公司连续3个交易日内日收盘价格涨幅偏离值累计超20%。截至1月23日，中国西电报15.94元/ 股，总市值达817.1亿元，年内股价上涨超75%，周内上涨超22%。 这一市场波动的背景，来自多重因素的集体催化。 一方面，在全球能源转型加速、人工智能算力爆发的背景下，电网设备需求正在陆续释放。 天风证券研报表示，欧洲数据中心加速建设下电力供需矛盾显现，进一步催生海风和电力互联需求，欧洲电网改造需求持续高增，利好主网变压器、开 关。 另一方面，国内学界从底层技术层面，为电力装备的效能提升与产业升级提供新的解决方案。 如西安电子科技大学团队成功将粗糙的"岛状"界面转变为原子级平整的"薄膜"，已发表在《自然·通讯》与《科学进展》上。 市场行情、宏观政策与技术突破，正共同勾勒出电力产业链变革的清晰图景。 正因此，未来的4万亿投资计划，更为市场注入一剂强心针。 上述投资计划官宣 ...