前言 站在当下看全球能源格局，俄欧之间那些纵横交错的管道特别有意思。 红色石油线、绿色天然气管织成一张密网，这网不只是运输通道，更藏着文明争霸的核心逻辑：谁能 让"廉价能源"真正触达需求端，谁就能在时代洗牌中站稳脚跟。 这道理不是新鲜事，往历史里翻，英国靠煤炭崛起、美国凭石油称霸，其实都是把"资源调配"玩到了极 致。 而中国的能源故事，恰好是从看懂这份历史逻辑开始。 一、能源与霸权：被忽略的"资源调配逻辑" 如今俄欧间那些红色石油线、绿色天然气管，密密麻麻织成的不只是能源网络，更是人类文明竞争的底 层密码——谁能掌控"可及的廉价能源"，谁就能在时代更迭中占据主动。 这规律，早被几百年的历史反复验证，只是很多时候，人们更愿意谈论"文化先进""制度优越"，却忽略 了背后最实在的"资源能不能送到位"。 2000年美国学者彭慕兰提出一个颠覆认知的观点：一战前西方在工业上碾压东方，未必是文化多高明， 核心是"挖煤比东方方便"。 这说法当时在美国引发热议，细究起来却戳中了历史要害。先看英国，第一次工业革命的核心是蒸汽 机，而蒸汽机的"粮食"是煤炭。英国工业重镇伯明翰旁边就是焦煤产区，早期靠运河运煤，后来修了铁 路，煤矿到 ...

Core Viewpoint - The article emphasizes the importance of Inner Mongolia's clean energy resources and the development of a stable and reliable power grid system to efficiently transmit this energy across the country, aligning with the "14th Five-Year Plan" for a clean, low-carbon, safe, and efficient energy system [1][3]. Group 1: Energy Infrastructure Development - Inner Mongolia is the largest province in China for installed renewable energy capacity, playing a crucial role in supporting the national power grid during peak demand periods [3]. - The Zhangbei-Success 1000 kV UHVAC project is set to be operational by October 31, 2024, establishing a UHV transmission corridor between two key substations, enhancing the safety and stability of power transmission [5][7]. - The project will expand the UHV substation capacity by 9 million kVA, enabling the transmission of over 70 billion kWh of electricity annually, equivalent to the annual consumption of 19 million households, with 72% coming from renewable sources [7]. Group 2: Technological Innovations and Challenges - UHV technology is critical for reducing power losses during long-distance transmission, as it allows for higher voltage and lower current, minimizing heat losses [3]. - The development of GIS (Gas Insulated Switchgear) technology is essential for ensuring the safe and stable operation of the power grid, although pre-warning for GIS faults remains a global challenge [9][11]. - A new panoramic perception laboratory for long-term operation of UHV GIS has been established to simulate typical working conditions and detect internal anomalies, utilizing advanced detection technologies [11]. Group 3: Green Energy Transactions - Inner Mongolia has established itself as the leader in green electricity trading in China, having formed cooperative agreements with eight provinces for green electricity delivery [13]. - The region has developed eight UHV transmission corridors and supporting grid projects aimed at delivering clean energy to North and East China, with a total of 26 UHV supporting facilities under construction during the "14th Five-Year Plan" [14]. - As of now, Inner Mongolia has transmitted over 630 billion kWh of electricity, with approximately 145 billion kWh being clean energy [14].

Core Insights - The article discusses the critical role of China's power grid, particularly the State Grid Corporation, in ensuring energy supply during peak demand periods, especially in summer when temperatures soar [1][3][4] - It highlights the ongoing efforts to unify the northern and southern power grids to optimize resource allocation and enhance electricity distribution across regions [4][6][7] - The article emphasizes China's advancements in high-voltage transmission technology and its expansion into international markets, positioning itself as a global leader in electricity infrastructure [10][11][14] Group 1: Domestic Power Supply and Infrastructure - The article notes that the State Grid has been the world's top revenue generator in the electric power industry for nine consecutive years, ranking third in the 2024 Fortune Global 500 [3] - It describes the historical context of electricity shortages in eastern provinces and the subsequent construction of power plants to meet demand, with installed capacity reaching second globally by 1996 [4][6] - The article mentions that in 2024, Guangdong's electricity consumption is projected to reach 912.1 billion kilowatt-hours, with a significant shortfall in local generation [6] Group 2: Technological Advancements and Market Reforms - The article outlines the shift in China's electricity development focus from scale to quality, leading to a diversified energy supply structure that includes renewable sources [6] - It highlights the government's initiative to standardize cross-regional electricity trading rules by the end of the year, enhancing market efficiency [7] - The article states that China's investment in power grid construction is expected to exceed 608.3 billion yuan in 2024, reflecting a 15.3% year-on-year increase [12] Group 3: International Expansion and Influence - The article details the State Grid's international investments, including significant stakes in power grids across Southeast Asia, Europe, and South America, totaling over $40 billion in Brazil, Peru, and Chile [10] - It emphasizes the strategic importance of high-voltage technology, with China leading in the development of 1000 kV AC and ±1100 kV DC transmission systems [11] - The article concludes that China's energy globalization is reshaping international order, positioning the country as a central player in the global electricity market [14]

Group 1 - The core viewpoint highlights China's continuous innovation breakthroughs, marked by significant achievements such as the launch of the first domestically produced aircraft carrier Fujian, the operational commencement of the world's first fourth-generation nuclear power plant, and the commercial flight of the C919 aircraft [1][3]. - The innovation breakthroughs are attributed to a systematic strategic framework that enhances the efficiency of basic research transfer and transformation, with R&D investment intensity reaching 2.68% and the proportion of basic research increasing to 12.3% by 2024 [3][4]. - The collaborative effort across society is emphasized, where government, enterprises, research institutions, and markets work in sync to drive innovation, exemplified by the continuous advancements in the electric vehicle industry, which has led to China maintaining the world's largest production and sales of new energy vehicles for ten consecutive years [4][6]. Group 2 - The sustainable supply of talent is identified as a key driver of innovation, with China having the largest total human resources and R&D personnel globally, producing over 5 million graduates annually in science, technology, engineering, and mathematics [6][7]. - Looking ahead to the 15th Five-Year Plan, innovation is positioned as the core driving force for high-quality development, with a focus on strengthening basic research, enhancing collaborative innovation, and building a robust talent pipeline to ensure continuous innovation momentum [7].

Core Insights - The recent surge in electricity demand in China, driven by high temperatures, has led to record power loads, with a peak of 1,465 million kilowatts on July 4, marking a significant increase compared to the end of June and the same period last year [1] - The State Grid is leveraging ultra-high voltage (UHV) technology to manage electricity supply, with cross-regional transmission capacity exceeding 200 million kilowatts, highlighting the importance of UHV in connecting energy production and consumption [1] - The steady increase in national electricity consumption is expected to support the high-quality development of the UHV industry, with a projected 5% growth in total electricity consumption by 2025 [1] Industry Developments - China's UHV transmission technology is internationally leading, with 70% of clean energy transmitted through the "West-to-East Power Transmission" project [2] - The State Grid's investment in UHV projects is set to exceed 600 billion yuan in 2024 and is expected to surpass 650 billion yuan in 2025, focusing on UHV construction, county-level grid enhancements, and digital upgrades [2] - The acceleration of UHV construction presents growth opportunities for related listed companies, with the total market capitalization of UHV concept stocks exceeding 750 billion yuan as of July 4, 2023 [2] Company Insights - Among UHV concept stocks, companies like Hengtong Optic-Electric, TBEA, State Grid Yingda, Changgao Electric, and Zhongtian Technology have rolling P/E ratios below 30, with State Grid Yingda at only 16.58 and a 45.22% year-on-year profit increase in Q1 [4] - Notably, several UHV concept stocks also exhibit low P/B ratios, with 12 stocks having P/B ratios below 2, including TBEA and Hengtong Optic-Electric, which have shown significant profit growth [4] - Pinggao Electric, with a 55.94% year-on-year profit increase in Q1 2025, has actively participated in UHV projects and has a leading market share in State Grid projects, attracting investments from insurance and social security funds [4]