（来源：淘金ETF） 1. 国电南瑞（600406） 地处南京，是能源互联网整体解决方案提供商，属央企体系，获评央企"科改标杆"。构建了完善科研体 系，成立研究院和研发中心，组建"十年磨剑"研究团队等。在构网型技术上成果显著，研制构网型SVG 等五类核心产品，首套电网侧带超容构网型SVG入选"央企十大超级工程"。其调度自动化系统国内市占 率超75%，特高压换流阀市占率超50%。AI算力和电力需求激增推动新型电力系统建设，它的光明电力 大模型可助力电网规划运维，构网型产品能解决新能源发电带来的电网稳定性问题，海外业务也在拓 展，配电变压器等产品出口多国，迎来广阔增长空间。 2. 思源电气（002028） 位于上海，是输配电综合供应商，布局特高压、储能等领域。作为国内最大的高压包、高压线圈生产 商，产品涵盖高压电抗器、组合电器等核心设备。在变压器领域实力突出，2024年海外营收中变压器占 比达60%，且海外订单增速超50%，2025年上半年海外营收增速更是高达89%。当前AI算力中心和新能 源项目对高压输配电设备需求激增，其产品能适配特高压电网的高效输电需求，同时适配储能项目的配 套电力设备需求。依托成熟的海外渠 ...

本报记者 马洪超 近日，吉林省科技厅透露，截至今年9月底，该省各重点产业科技创新联合体累计落地投产科技成果50 项，创造经济效益超10亿元。科创联合体为全省重点产业发展提供了有力支撑。 近年来，吉林省聚焦新能源、新装备、新材料、新医药、现代农业、冰雪等重点产业发展需求，以骨干 企业、高校、科研机构为牵头单位，吸收产业链上下游、各细分环节优势企业、高校院所为成员，组建 了16个联合体，推动共建共享交流平台、开展共性关键核心技术攻关、联合培养科技人才，实现全产业 链深度融合发展。 新能源已成为吉林省发展第一大电源。与传统火力发电厂不同，风电、光伏等新能源场站自身电压和惯 量支撑能力不足，电力系统"高比例新能源、高比例电力电子设备"特征显著，往往会带来系统惯量下 降、抗扰动能力减弱等问题。 吉林省各重点产业科技创新联合体有关成果正不断涌现。据悉，该省肉牛产业科技创新联盟成员单位吉 林农业大学团队日前成功繁育出我国首例体细胞克隆延边牛；该省生物药产业科技创新联合体成员单位 长春金赛药业自主研发的一类创新生物药某产品前不久正式上市销售。 "打个比方，当汽车发生碰撞时，瞬间弹出的安全气囊可以保护车内人员安全。当电力系统发 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of approximately 8.496 billion CNY, indicating stable growth in operations [2] - The revenue growth rate was 37.8%, primarily driven by overseas markets, with domestic market growth around 30% [9] - The overseas revenue increased by nearly 89% year-on-year, with high-voltage switchgear and transformers being the main products [4][5] Order and Project Updates - The growth in orders for the first half of 2025 is in line with the company's initial operational goals, although specific new order statistics are not yet available [6] - Key infrastructure projects are progressing as planned, with several entering the debugging and completion stages [2] - The company is focusing on enhancing supply chain collaboration and project execution efficiency to optimize inventory turnover [3] Product and Market Insights - The company is actively investing in overseas markets, with plans to evaluate new factory setups based on market demand and operational efficiency [11] - The storage business is showing positive trends, with significant growth in household storage and multiple system integration projects being implemented [13] - The company is committed to maintaining a stable delivery cycle for transformers and high-voltage switchgear, supported by ongoing capacity expansion and technological upgrades [7] Strategic Outlook - The company aims to achieve its annual revenue and order growth targets despite uncertainties in the external environment [3] - R&D expenses are expected to remain high as the company continues to invest in innovation-driven development [8] - The company maintains a cautious yet optimistic outlook for market demand in 2026, responding proactively to industry trends [26]

Core Insights - Jiangning District's smart grid industry achieved a production value of 90.114 billion yuan from January to May, marking an 11.2% year-on-year growth, with a goal to reach a scale of 500 billion yuan by 2025 [1] - The district has signed a significant investment project with State Grid Electric Power Research Institute (Nanjing) to enhance its smart grid industry cluster [1] Industry Development - The smart grid has become a crucial industry in Jiangning, recognized as a national leader with over 252 large-scale enterprises and 17 listed companies, achieving a 60% market share in smart control devices across transmission, transformation, and distribution sectors [6] - The integration of smart grid technology with artificial intelligence and big data is emerging as a key trend in the industry [9] Technological Advancements - NARI Technology has been advancing its "network construction" technology since 2012, focusing on energy storage and flexible direct current technologies, with nearly 20 product series developed [4] - The "network construction" technology acts as a vital support mechanism for the grid, enabling rapid response to stability needs and enhancing power delivery capabilities [5][7] Future Goals - Jiangning aims to achieve a smart grid industry revenue exceeding 250 billion yuan by 2025, with plans to establish over 100 key facilities [13] - The district is committed to leading the industry from a domestic to a global level, focusing on technological innovation and establishing a world-class smart grid industry cluster [15]