● 本报记者何昱璞 随着国家电网公司"十五五"期间4万亿元投资蓝图的发布，一条条跨越千里的电力"主动脉"进入密集建 设期。日前，新疆维吾尔自治区发展改革委发布公告，公开征集民营企业参与疆电(南疆)送电川渝特高 压直流工程投资。业内人士表示，这一举措也标志着我国特高压建设正积极探索更加多元化的投融资模 式，为行业发展注入新的动力，相关产业链上市公司有望受益。 政策持续支持 在国家能源战略的明确指引下，特高压建设已进入系统化、规模化推进的新阶段。 2025年以来，国家发改委、国家能源局等多部门出台系列配套政策，在项目审批、用地、环评等关键环 节为特高压工程开辟"绿色通道"。目前，大同—怀来—天津南、蒙西—京津冀等特高压工程已进入施工 高峰；浙江特高压交流环网、攀西特高压交流等工程前期工作加快推进，预计将于2026年上半年集中开 工建设。 国家电网数据显示，截至2025年底，我国已累计建成特高压工程42项，华东、华北、华中、西南地区特 高压交流骨干网架已基本形成，能源资源配置能力与系统韧性显著增强。业内人士分析称，随着大型风 光基地陆续投产，配套外送通道的建设需求将持续释放，未来三年特高压项目将迎来核准与开工的高峰 ...

Core Insights - The article highlights the significant investment plan of 4 trillion yuan by the State Grid Corporation during the 14th Five-Year Plan, marking a new phase in the construction of ultra-high voltage (UHV) power transmission systems [1][2] - The involvement of private enterprises in UHV projects, as evidenced by the Xinjiang UHV project, indicates a shift towards diversified investment models in the sector, which is expected to inject new momentum into industry development [1][3] Policy Support - The National Development and Reform Commission and the National Energy Administration have introduced a series of supportive policies since 2025, facilitating project approvals and environmental assessments for UHV projects [2] - By the end of 2025, China is expected to have completed 42 UHV projects, significantly enhancing energy resource allocation capabilities and system resilience [2] Exploration of Diverse Development Paths - The Xinjiang UHV project, with a total investment of 31.1 billion yuan, will allow private enterprises to invest, marking a significant breakthrough in private capital participation in state-led UHV construction [2][3] - The project aims to transport over 40 billion kilowatt-hours of electricity annually, primarily harnessing solar and wind resources from the southern Xinjiang region [3] Industry Chain Benefits - The acceleration of UHV construction and investment innovation is expected to maintain high prosperity across the entire industry chain, with significant orders for upstream equipment manufacturers [4] - Companies like China Xidian, a core supplier of UHV equipment, reported a 29.27% year-on-year increase in contract liabilities, indicating a substantial growth in order backlog [4] Strategic Importance - UHV infrastructure is increasingly recognized as a national-level key infrastructure that ensures energy security, promotes clean energy consumption, and stimulates effective investment [5] - The collaborative push from policies, funding, and market dynamics is leading the UHV industry into a new phase of high-quality development, with industry chain companies poised to benefit continuously [5]

国家电网公司认真落实中央经济工作会议部署，把扩大有效投资作为一季度经营发展的重中之重，固化形成工作 机制，加强各级电网统一规划建设，尽快形成实物工作量，充分发挥电网基础支撑和投资拉动作用，确保一季度 投资起步快、开门红。统计数据显示，公司1月份固定资产投资累计完成308亿元，同比增长35.1%。 ▲国网新源浙江磐安抽水蓄能电站建设现场 电网基建工程取得新进展。公司陆续投产新疆五彩湾北750千伏输变电工程、安徽合肥金牛500千伏输变电工程等 项目，新开工安徽淮南凤台风光储一体化500千伏送出工程、北京丰台500千伏输变电工程等项目，大力推进在建 的若羌—花土沟750千伏线路工程以及辽宁500千伏川州二期输变电工程等电网工程。公司37座在建抽水蓄能电站 工程正有序推进。同时，公司加快推进电网生产技改项目，开工2万余项、竣工投运2000余项。 ▲江苏省送变电公司员工在滨海电厂—鹤栖500千伏线路工程安装附件 公司将统筹安排全年投资计划，加快推进电网建设，有力保障国家能源安全、推动绿色低碳转型，带动上下游企 业协同扩产，助力稳增长、扩内需，服务经济社会高质量发展。 ▲大同—怀来—天津南1000千伏特高压交流工程建设现 ...

1 电网投资迈入新阶段 在能源转型与数字革命交汇的时代，铜、铝的长期需求格局正被重新定义：中国"十五五"规划以特高压与配网智能化为核心的电网结构性投资、全球光伏产 业从高速增长迈向高质量发展平台期的深刻转型，以及由AI引爆的全球数据中心建设与升级浪潮。这三者逻辑各异、节奏不同，却共同构成了研判铜、铝 未来需求的宏观框架。厘清这三大驱动力的内在机制与互动关系，至关重要。 我国电网建设已从规模扩张阶段全面转入以构建新型电力系统为核心的高质量发展阶段。自2025年以来，电网投资总量攀升至历史新高的同时，其结构正经 历从"重电源"到"重消纳与输送"的深刻转型，这为铜、铝消费提供了结构化且持续的核心驱动力。 从投资结构看，重心明确聚焦于三大方向：首先是特高压骨干网架建设，这是保障"沙戈荒"等大型清洁能源基地电力外送的关键。2025年已有陇东—山东、 宁夏—湖南等多个特高压工程投产，蒙西—京津冀等新工程开工。预计"十五五"期间特高压总投资规模有望达到8000亿元以上，年平均投资额1600亿元以 上。其次是配电网智能化升级。为适应海量分布式新能源和充电桩接入，配电网向有源双向交互系统转型。预计"十五五"期间配电网投资CAG ...

Core Viewpoint - China's electricity consumption is projected to exceed 10 trillion kilowatt-hours by 2025, marking a historic milestone and reflecting the country's unique economic transformation and growth trajectory [1][2]. Group 1: Electricity Consumption Growth - China's electricity consumption has doubled in the last decade, with a significant increase from 1 trillion kilowatt-hours in 1996 to 10 trillion kilowatt-hours by 2025, outpacing other major economies [1]. - By 2025, the contribution of the tertiary industry and residential electricity consumption to overall growth is expected to reach 50%, indicating a structural shift in electricity usage [1]. Group 2: Industrial and Service Sector Trends - In Jiangsu, the communication and electronic equipment sectors have surpassed steel and chemical industries, leading the manufacturing sector [2]. - The data center operations in Hangzhou are projected to see a 47.2% increase in electricity consumption by 2025, highlighting the rapid growth of the data industry [2]. - New infrastructure such as charging stations and 5G base stations is driving over 30% growth in electricity consumption in the internet and related service sectors, with the charging industry seeing nearly 50% growth [2]. Group 3: Power Supply and Infrastructure - China's strong and intelligent power grid, supported by 42 ultra-high voltage projects, has a cross-regional transmission capacity of 370 million kilowatts, effectively addressing the global challenge of energy resource distribution [3]. - The renewable energy sector has surpassed thermal power for the first time, with one-third of electricity coming from green sources, showcasing China's commitment to a clean and low-carbon energy structure [3]. Group 4: Market Mechanisms and Governance - The national unified electricity market system is being rapidly improved, with significant increases in market transaction volumes, demonstrating effective governance and market mechanisms [3]. - Policies such as peak and valley pricing are effectively guiding demand and promoting consumption, ensuring the safe and efficient operation of the complex electricity system [3]. Group 5: Societal Impact and Future Outlook - The evolution of electricity services is enhancing the quality of life, with improvements in urban and rural electricity access and the promotion of smart home technologies [4]. - China's stable electricity supply amidst global energy challenges reflects a commitment to a people-centered development approach, providing a model for global energy governance [4]. - The strategic importance of electricity as a core infrastructure for future industries like AI and digital economy is emphasized, with significant investments planned to bolster the new power system [5].

Market Overview - A total of 88 stocks hit the daily limit up, while 20 stocks faced limit down, resulting in a sealing rate of 60% [1] - The Shanghai Composite Index rose by 0.29%, and the Shenzhen Component Index increased by 0.09%, while the ChiNext Index fell by 0.7% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day [1] Stock Performance - Fenglong Co. achieved a 14-day consecutive limit up, while Xinhua Department Store reached a 4-day consecutive limit up [1] - Jia Mei Packaging and Victory Energy had 15 limit ups in 22 days, and Youbang Ceiling achieved 9 limit ups in 13 days [1] - The market saw over 3,500 stocks rise, with leading sectors including power grid equipment, military industry, robotics, and precious metals [1] Sector Analysis - The power grid equipment sector continued its strong performance, with significant projects announced by the State Grid, including the construction of 42 ultra-high voltage projects by the end of 2025 [5] - The robotics sector remained strong, driven by favorable industry news, including the appointment of a former Tesla executive [6] - The commercial aerospace sector showed signs of recovery, with several companies initiating IPO processes, leading to a rebound in related stocks [7] - Precious metals prices reached historical highs, with gold surpassing $4,690 and silver exceeding $94 per ounce, positively impacting the sector [8] Future Outlook - The market exhibited mixed performance, with the Shanghai Composite Index recovering from a four-day decline, while the ChiNext Index faced pressure from AI hardware and software [9] - Despite over 3,500 stocks rising, there were still over 20 non-ST stocks hitting the limit down, indicating that bearish momentum has not fully dissipated [9] - The Shanghai Composite Index is currently facing resistance from the 5-day moving average, suggesting that short-term adjustment trends may continue [9]

Group 1 - The core viewpoint of the article highlights the significant enhancement in the resilience and reliability of China's power supply, with the completion of 42 UHV (Ultra High Voltage) projects by the State Grid Corporation, achieving a cross-regional and cross-provincial transmission capacity of 370 million kilowatts by the end of 2025 [1] - The State Grid has optimized its grid structure through the construction of key power grid projects, with a historical peak in inter-provincial electricity trading reaching 1.67 trillion kilowatt-hours in 2025, a 10% year-on-year increase, and the first time surpassing 1.6 trillion kilowatt-hours [1] - The market transaction volume of renewable energy exceeded 1 trillion kilowatt-hours for the first time, accounting for 57% of the total renewable energy generation [1] Group 2 - Looking ahead to the 14th Five-Year Plan's starting year in 2026, the State Grid has outlined new major engineering tasks, including the construction of the Zhejiang UHV AC ring network and the second phase of the Liaoning Qingyuan pumped storage power station [2] - The company plans to accelerate the construction of several UHV projects, including Dazhong-Huailai-Tianjin South and Aba-Chengdu East, as well as the Karamay 750 kV transformer substation [2] - The timely operation of UHV transmission projects such as Shaanxi-Anhui and Gansu-Zhejiang is also on the agenda, along with the pumped storage power stations in Henan and Hebei [2]

Core Viewpoint - The announcement of a 4 trillion yuan investment by the State Grid during the 14th Five-Year Plan period marks a significant increase of 40% compared to the previous plan, indicating a historic peak in investment aimed at technological innovation and the construction of a new power system [1][5]. Investment Plans - The State Grid's investment plan for the 14th Five-Year Plan is set at 4 trillion yuan, while the Southern Power Grid plans to invest 175 billion yuan in 2025, indicating a synchronized increase in investment from both major grid companies [5]. - The combined investment plans suggest that China's grid investment scale may reach an average of 1 trillion yuan annually during the 14th Five-Year Plan period [5]. Focus Areas of Investment - The 4 trillion yuan will primarily focus on technological innovation and the construction of a new power system, with an expected annual increase of 20 million kilowatts in installed capacity for wind and solar energy [6]. - The investment aims to enhance the system's adjustment capabilities, optimize the layout of pumped storage stations, and support the large-scale development of new energy storage [6]. Market Reaction - Following the announcement, the electric grid equipment ETF saw an opening increase of over 6%, closing with a 2.05% gain, with several stocks reaching their daily limit [3][4]. Industry Opportunities - The 4 trillion yuan investment is expected to create a ripple effect across the entire industry chain, benefiting five major sectors including ultra-high voltage, main network equipment, and distribution network upgrades [8]. - The ultra-high voltage sector is highlighted as a key focus, with significant projects already underway and more expected to be approved in the coming years [8]. Future Demand - The demand for grid upgrades is driven by the increasing electricity demand, projected to grow by over 40% globally by 2035, alongside a doubling of electricity consumption from artificial intelligence [7]. - The investment in distribution networks is also emphasized, with a focus on smart upgrades and the anticipated release of demand for primary and secondary equipment [9].

Group 1 - The core viewpoint of the articles highlights the significant advancements made by the State Grid Corporation in constructing ultra-high voltage (UHV) power transmission projects, aiming to enhance energy supply resilience and reliability in China by the end of 2025 [1][2] - By the end of 2025, the company plans to complete 42 UHV projects, achieving a cross-regional and cross-provincial transmission capacity of 370 million kilowatts [1] - The construction of key UHV projects such as Dazhong-Huailai-Tianjin South and Mengxi-Beijing-Tianjin-Hebei has commenced, while others like Longdong-Shandong and Hami-Chongqing have been completed and put into operation [1] Group 2 - The State Grid has set new major engineering construction tasks for the 14th Five-Year Plan, including the construction of the Zhejiang UHV AC ring network and the second phase of the Qingyuan pumped storage power station [2] - The company aims to accelerate the progress of ongoing UHV projects and ensure timely operation of key transmission projects, thereby supporting the high-quality development of the power grid [2]

Group 1: Core Insights - The company has achieved high-quality development by adhering to the principles set forth by the Party's 20th National Congress and subsequent plenary sessions, maintaining an A-level performance assessment from the State-owned Assets Supervision and Administration Commission for 21 consecutive years [1] - The company ranks third in the Fortune Global 500 and has received a sovereign credit rating from the three major international rating agencies for 13 consecutive years [1] Group 2: Infrastructure Development - Key high-voltage power grid projects are being advanced, with several projects such as the Dazhong-Huailai-Tianjin South and Mengxi-Jingjinji high-voltage projects commencing construction in 2025 [1] - By the end of 2025, the company will have completed 42 high-voltage projects, enhancing cross-regional and cross-provincial transmission capacity to 370 million kilowatts [1] Group 3: Technological Innovation - The company has been recognized as an excellent enterprise in technological innovation for two consecutive years, with six achievements awarded at the 25th China Patent Awards, ranking first among central enterprises [2] - The company has developed the world's first ±800 kV/8 GW controllable commutation converter valve, which has been recognized as one of the top ten national key devices for central enterprises in 2025 [2] Group 4: Market Reform and Performance - The company is actively promoting power market reforms, contributing to the establishment of a unified national electricity market, with inter-provincial trading volume reaching 1.67 trillion kilowatt-hours in 2025, a 10% increase year-on-year [2] - The market transaction volume of renewable energy exceeded 1 trillion kilowatt-hours, accounting for 57% of renewable energy generation, indicating a strong push towards optimizing power resource allocation and facilitating a green energy transition [2] Group 5: Future Plans - In 2026, the company will continue to implement the decisions of the central government, focusing on accelerating power grid construction and supporting high-quality development of renewable energy [3] - New projects such as the Zhejiang high-voltage AC ring network and the second phase of the Liaoning Qingyuan pumped storage power station will be initiated to better serve national economic and social development [3]