当云南的风掠过山脊，当峡谷的光穿透云层，昆柳龙直流工程将西部源源不断的能量跨 越1452公里山河湖海，送入粤港澳大湾区的繁华都市。今年，世界首个±800千伏特高压多 端柔性直流输电工程——昆柳龙直流工程，迎来安全运行五周年的重要节点。作为中国电力 工业发展史上的重要里程碑，昆柳龙工程在世界上首次采用特高压柔性直流输电技术，引领 全球输电技术进入特高压柔性直流时代。 柔性直流技术具备独特的"应急救场"能力，依托有功无功协同的主动支撑技术，系统可 在电网正常运行时传输有功功率，而在电网发生故障的20毫秒内快速切换至紧急无功支援模 式，为受端电网提供强力电压支撑，如同一位"电力急救员"，守护电网安全。不仅如此，特 高压柔性直流输电技术还是新能源发电基地的"稳定器"，通过构网控制技术，昆柳龙工程成 功解决了风电、光伏等波动性电源的并网难题，为沙戈荒等大型新能源基地的电力外送提供 了关键技术保障，助力规模化开发可再生能源。 ■■迈向"世界引领"彰显中国创造力量 五年来，昆柳龙直流工程持续稳定运行，累计输送清洁电能超过1135亿千瓦时，相当于 减排二氧化碳8700万吨，为中国乃至全球低碳发展注入了强劲动力。该工程共创造了 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]