今年 ， 全国两会释放的政策信号中， "算电协同"与"新型电力系统"成为 市场的关注点， 叠加 "十五五"规划中明确提出的电网高质量发展目标，一 条围绕AI时代算力需求重构的电力投资主线正加速清晰。 最新数据显示， "十五五"期间国家电网投资规模计划将达4万亿元，较"十四五"期间增长约 40%，一轮由政策与技术共同驱动的电力基础设施大周期已正式开启。 与以往以用电增长为核心驱动的电力投资不同，本轮周期的底层逻辑正在发生变化。两会提出的 "算电协同"，本质上是将算力基础设施与电力系统进 行一体化重构，使电力不再只是支撑性资源，而成为数字经济时代的"底层操作系统"。 基于此， 本期和讯热点赛道速递聚焦《深挖 AI时代"新卖铲 人"》 ，探究谁将主导下一轮电力基础设施红利，拆解特高压、智能配电网与储能三大赛道。 研究 指出，一方面，新能源装机占比持续提升，当前已接近一半，但风光发电的波动性与区域分布不均问题突出，导致电力系统面临显著的空间与时间 错配；另一方面， AI产业快速发展，数据中心用电需求进入高增长通道，预计全球数据中心用电量到2030年将较2024年增长超过一倍。 在双重压力之下，传统电网正从 "输电通道 ...

Core Viewpoint - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, representing a 40% year-on-year increase, focusing on green transformation, enhancing resilience, and breaking through key core technologies [1] Investment Focus - The investment will primarily target three areas: 1. Green transformation to support an annual increase of 200 million kilowatts in wind and solar power 2. Enhancing resilience by establishing a new type of grid platform that integrates main networks, distribution networks, and microgrids, with cross-regional and cross-provincial transmission capacity expected to increase by over 30% compared to the end of the 13th Five-Year Plan 3. Advancing key core technologies to achieve comprehensive self-control in new power systems, aiming to become a globally influential source of original technology in the energy and power sector [1] Beneficiary Sectors - The 4 trillion yuan investment plan is expected to drive rapid development in several sectors, including: 1. Ultra-high voltage technology 2. Intelligent distribution networks 3. Energy storage systems 4. Direct current transmission 5. Digital transformation - This investment will enhance the transmission of renewable energy, strengthen distribution networks, and activate digital empowerment, thereby increasing the economic value and sustainability of China's economy [1]

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]