巨量电能安全、高效流动的背后，是我国建成的世界上规模最大、电压等级最高、技术最先进、覆盖范 围最广的输电网络。44条跨区输电通道纵横交织，供电可靠率达99.924%。这张如巨龙脊梁般的坚强电 网，横贯东西、纵穿南北，成为保障国家能源安全、推动绿色低碳转型、支撑高质量发展的决定性力 量。 "3.4亿千瓦"见证资源配置新高度 过去五年，在我国"西电东送"的宏大布局中，特高压工程深刻重塑着我国能源流动的版图。 国家能源局最新数据显示，"十四五"期间，我国特高压建设按下"加速键"，跨省跨区输电能力实现跨越 式提升，从"十三五"末的2.7亿千瓦跃升至3.4亿千瓦，增幅超25%，为能源资源大范围优化配置筑牢根 基。 直流通道持续扩容，成为"西电东送"的核心骨干。五年间，陕北至湖北、白鹤滩至江苏、陇东至山东等 8条特高压直流工程相继投产，新增线路长度1.36万千米，使全国特高压直流线路总里程突破4万千米， 较"十三五"时期的2.8万千米增长43%。 交流网架不断完善，为电网安全运行提供坚实支撑。在"十三五"华北、华东特高压主网架基础上，"十 四五"时期华中四省、川渝地区成功构建特高压交流主网架，使特高压交流线路长度从1.2 ...

Core Insights - China's electricity consumption is projected to exceed 10 trillion kilowatt-hours by 2025, surpassing the total consumption of the EU, Russia, India, and Japan combined for 2024 [1] - The country has established the world's largest and most advanced power transmission network, with a reliability rate of 99.924% [1] Group 1: Power Transmission Capacity - During the "14th Five-Year Plan," China's ultra-high voltage (UHV) construction accelerated, increasing cross-province and cross-region transmission capacity from 270 million kilowatts at the end of the "13th Five-Year Plan" to 340 million kilowatts, a growth of over 25% [2] - The total length of UHV direct current lines has surpassed 40,000 kilometers, a 43% increase from the 28,000 kilometers during the "13th Five-Year Plan" [2] - The length of UHV alternating current lines has increased by over 67%, from 12,000 kilometers to over 20,000 kilometers [2] Group 2: Electricity Demand and Load - In the summer of 2025, China's electricity load reached a historical peak, with the total electricity consumption exceeding 1 trillion kilowatt-hours for two consecutive months [3] - The peak load reached 1.508 billion kilowatts, setting a new record [3] Group 3: Green Energy Transition - The proportion of clean energy transmitted through cross-regional UHV direct current channels increased from less than 40% at the end of the "13th Five-Year Plan" to nearly 60% by 2024, with annual clean energy transmission reaching 420 billion kilowatt-hours, a 70% increase [4] - New UHV projects have been developed to facilitate the transmission of renewable energy, including the first integrated UHV project for wind, solar, and storage [4] Group 4: Technological Advancements - China's UHV technology has achieved breakthroughs in various fields, establishing a self-controlled technical standard system and creating 26 world-first achievements [6] - Key technologies have overcome significant challenges, such as high altitude and severe weather conditions, enhancing the country's position as a global leader in UHV technology [6] - The integration of digital technology has improved the efficiency and reliability of the power grid, with significant advancements in operational decision-making and equipment assessment [7] Group 5: Global Influence - China's UHV technology is being exported globally, exemplified by the successful operation of UHV projects in Brazil, which has facilitated the export of clean hydropower over long distances [7] - The development of a comprehensive energy security network supports China's modernization and green development goals [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：刘煜辉的高维宏观 中国资本市场应当承担起为"东大治权时代"进行全球资产定价的新使命——这意味着我们要逐步淡出 对"西大"估值体系的被动映射，转而建立一套自己的独立资产定价体系。全球产业格局正在发生根本性 位移：过去由西大主导的技术叙事和金融定价，越来越难以反映我们在工业制造、系统集成上的压倒性 优势。 东大在落地能力和完整产业生态上的优势无以伦比。在AI领域，全球绝大多数端侧设备（手机、PC等 等）的硬件制造和供应链整合集中于中国；在新能源车领域，从电池材料、电芯到整车，中国已形成闭 环产能，占据全球60%以上份额； 在光伏、风电、特高压电网等绿色能源基础设施上，东大也输出全球；从新能源到废塑化学循环，都是 刨西大王朝能源基的祖坟，挑战传统石化能源路径。这就是东大的超级工业Power，它的"超级"在于不 依赖于资源的能源产能、电网等等。 这些凝聚着工匠精神和大国重器的产业，未来理应享有全球资产溢价。反观西大，其定位已经越来越接 近于一个纯粹的技术蓝图输出者。而支撑其AI叙事的Scaling Law（"模型性能随算力、数据和参数规模 ...

朋友们，我是帮主郑重！站在2025年的尾巴上往2026年看，是不是觉得市场热点轮动快得让人眼花缭 乱，手里的钱不知道往哪儿投才稳妥？别急，作为跑了20年财经线、只做中长线的老炮，见惯了风口起 起落落，今天就掏心窝子跟大家唠唠——迷雾之中，主线其实早就藏不住了！刚刚结束的中央经济工作 会议，还有国内外顶尖机构的2026展望，都齐刷刷指向了这几个方向，这可不是短炒的概念，而是决定 未来五到十年国运和财富的超级赛道。 第二个风口，是"新能源与电力体系"的全面升级。这可不是以前单纯的光伏风电了，现在AI数据中心 爆发式增长，全球都可能面临"电力短缺"，这既可能推高能源价格，也让整个电力系统必须变得更强 大、更智能。从储能（现在政策允许储能当独立主体参与电力交易，赚钱效应越来越明显）到特高压电 网，再到支撑清洁能源的铜、稀土等有色金属，供需缺口摆在那儿，长期逻辑特别硬。 首先，以"AI+"和"高端制造"为长期核心仓，这是新质生产力的脊梁，波动中要敢于坚守；其次，关 注"再通胀"背景下的周期机遇，全球电力紧张可能给能源、有色金属带来阶段性双击；最后，在喧嚣中 保持冷静，2026年市场会更看重实打实的盈利，不是飘在空中的故 ...

中国的电力需求在过去几十年中稳步增长，尤其是制造业和高科技产业的崛起，推动了对能源的需求飞速上升。 尤其是近年来，新能源汽车产业的迅猛发展以及智能化产业对电力的依赖，使得电力供应成为国家发展的一项战略性问题。 每年，中国各类电站的建设规模逐步扩大，从传统的煤电、核电到新能源的风能和太阳能，电力基础设施建设正在以超乎寻常的速度推进。 中国正加速推动风能、光伏等新能源项目，全球能源格局悄然变化。 从西藏山南风电场到青海光伏电力的远程输送，再到特高压电网的突破，种种迹象表明，中国正朝着成为全球电力"帝国"的目标迈进。 这不仅是为了环保，更是为了确保能源安全、稳定供应，并提升产业竞争力。 为什么在电力已经充足的情况下，我们还要继续加大投资建设电力设施？ 中国的能源问题长期以来都是国家战略中的一个"痛点"。 尤其是石油、天然气等传统能源的对外依赖度过高，石油的对外依存度高达70%，意味着我们每使用10桶油，有7桶要从国际市场进口，这使得中国在面对 全球能源市场波动时，显得格外脆弱。 在2022年俄乌冲突爆发后，国际油价飙升，导致国内物流成本增加，甚至连快递费用都因为油价上涨而有所增加。 这种"卡脖子"的局面，迫使中国政 ...

Core Insights - The article contrasts India's frequent power outages with China's successful implementation of ultra-high voltage (UHV) power transmission technology, highlighting the importance of timely energy delivery rather than just resource availability [1][28]. Group 1: India's Energy Challenges - India faced a severe power outage in 2012, affecting 600 million people and exposing the inadequacies of its outdated power system [1]. - The Indian power grid is limited to 400 kV, lacking segmentation and protection, which leads to nationwide impacts from localized issues [6]. - India's energy distribution is inefficient, with abundant resources in the north and west but significant losses during long-distance transmission [7][9]. Group 2: China's UHV Solution - China has effectively utilized UHV technology to transport electricity from resource-rich western regions to the energy-demanding eastern areas, overcoming the challenges of energy distribution [3][14]. - The UHV technology allows for long-distance power transmission with minimal losses, making it a more efficient solution compared to traditional methods [9][20]. - The construction of UHV lines has been a monumental effort, involving thousands of scientists and workers over a decade, culminating in the first UHV line operational in 2010 [23]. Group 3: Environmental and Social Impact - UHV technology supports China's dual carbon goals by enabling the transmission of renewable energy sources, significantly reducing deforestation and carbon emissions [20][25]. - The UHV network ensures equitable energy access across China, reaching remote areas and providing reliable power even during emergencies [24][26]. Group 4: Comparative Analysis - The article illustrates a stark contrast between India's reactive approach to energy crises and China's proactive development of infrastructure, reflecting differing national development strategies [28].

Core Viewpoint - The article highlights the significance of "Great Craftsmen" in the development of China's UHV (Ultra High Voltage) technology, emphasizing the synergy between skilled workers and technological advancements in the energy sector [3][4][14]. Group 1: Event Overview - The Third National Craftsman Innovation Exchange Conference and Forum was held in Chongqing from September 23 to 26, organized by the All-China Federation of Trade Unions, the Chongqing Municipal Committee of the Communist Party of China, and the Chongqing Municipal People's Government [1]. - Three "Great Craftsmen" from State Grid Shandong Electric Power were invited to participate in the event [1]. Group 2: Recognition of Craftsmen - The All-China Federation of Trade Unions issued a notice recognizing the "Great Craftsman" talent for 2025, with Li Min from State Grid Shandong Electric Power included [3]. - Wang Jin was awarded the title in 2018, and Feng Xinyan received it in 2022, showcasing a strong tradition of excellence in the company [3]. Group 3: UHV Technology and Talent Development - The three "Great Craftsmen" specialize in UHV operation and maintenance, reflecting the concentration of technology and talent in Shandong, which is a key area for UHV construction and operation in China [4][6]. - UHV technology is characterized by stringent standards and a lack of precedents, making Shandong a training ground for talent since the initiation of the Ximeng-Shandong 1000 kV UHV project in 2014 [6]. Group 4: Individual Contributions - Wang Jin's career exemplifies the high demands of UHV work, having completed the world's first ±660 kV live-line operation in response to an urgent defect [8]. - Feng Xinyan developed a four-step method to diagnose transformer issues, showcasing the high difficulty of UHV equipment maintenance [10]. - Li Min has integrated drone inspection technology into UHV maintenance, advancing from manual to autonomous operations [12]. Group 5: Craftsmen as a Driving Force - "Great Craftsmen" are seen as the driving force behind UHV development, with their expertise and innovation crucial for the sector's progress [14]. - The commitment to safety and precision by these craftsmen has resulted in a 100% success rate in live-line maintenance for UHV transmission lines [16]. Group 6: Mechanisms Supporting Talent Development - The "One Door, Three Craftsmen" model illustrates the dual commitment to talent and business growth within State Grid Shandong Electric Power [21]. - The company has established various training programs and innovation studios to foster talent, resulting in the recognition of 769 high-end talents, including 42 national-level talents [23]. Group 7: Conclusion - The collaboration between UHV technology and skilled craftsmen, supported by effective mechanisms, leads to enhanced development outcomes, embodying the principle that "1+1>2" [25].

Core Viewpoint - The article highlights the achievements of three "Great Craftsmen" from State Grid Shandong Electric Power, showcasing their contributions to the development of ultra-high voltage (UHV) technology in China and the cultivation of skilled talent in the industry [3][22]. Group 1: Recognition of Great Craftsmen - Three outstanding skilled talents from State Grid Shandong Electric Power have been recognized as "Great Craftsmen," with Li Min being included in the 2025 talent notification by the All-China Federation of Trade Unions [3][22]. - Wang Jin, Feng Xinyan, and Li Min represent a successful model of talent cultivation within Shandong Electric Power, demonstrating the effectiveness of the company's training programs [3][22]. Group 2: Importance of UHV Technology - UHV technology is described as a "national heavy weapon" that requires high precision and innovation, with Shandong being a key area for UHV construction and operation in China [5][6]. - The rigorous standards of UHV technology have fostered a culture of craftsmanship, where the pursuit of excellence in skills is essential for the industry's growth [5][6]. Group 3: Individual Contributions and Innovations - Wang Jin's proactive approach in addressing urgent technical challenges has led to significant advancements in UHV operations, exemplifying the high skill demands of the field [7][14]. - Feng Xinyan has developed a systematic approach to diagnosing transformer issues, showcasing the necessity for innovative problem-solving in the industry [9][14]. - Li Min has integrated drone technology into UHV inspections, leading to significant improvements in operational efficiency and safety [12][14]. Group 4: Mechanisms for Talent Development - State Grid Shandong Electric Power has established various platforms for talent development, including the Shandong Electric Power Craftsman Academy and numerous innovation studios, to nurture skilled workers [18][20]. - The company has implemented a "racehorse system" and other innovative project management strategies to enhance talent utilization and foster a culture of continuous improvement [20][22]. Group 5: Future Prospects - The ongoing influence of the three "Great Craftsmen" is expected to inspire a new generation of skilled workers in the electric power sector, contributing to the industry's high-quality development [22].

Core Viewpoint - The article highlights the stark contrast between Europe's electricity crisis due to extreme heat and China's robust power supply, attributing the latter to the country's investment in ultra-high voltage (UHV) power transmission technology [1][9]. Group 1: Europe's Electricity Crisis - Europe is experiencing severe heatwaves leading to wildfires and significant electricity shortages, with reports of fatalities and a failing power grid [1][3][4]. - The aging electricity infrastructure in Europe is unable to cope with the extreme temperatures, resulting in damaged cables and underperforming power plants [4][6]. - The reliance on hydropower has been compromised due to low water levels, while traditional coal and gas power generation faces efficiency and environmental challenges [4][6]. Group 2: China's UHV Power Transmission - China's UHV power transmission system allows for the long-distance and high-capacity transfer of electricity, effectively connecting renewable energy sources in remote areas to major urban centers [5][9]. - The UHV system is designed to withstand extreme weather conditions, ensuring stable electricity supply even during high-temperature events [5][9]. - Significant investments over the past decade have positioned China as a leader in UHV technology, with a focus on enhancing energy security and grid resilience [5][9]. Group 3: Future Implications - The current electricity crisis in Europe serves as a wake-up call, prompting discussions on the need for increased investment in modernizing their power grid [7][9]. - The challenges faced by Europe in adopting UHV technology stem from high initial costs, complex political landscapes, and varying national priorities [6][9]. - The article emphasizes the importance of proactive infrastructure investment in energy systems to mitigate future risks associated with extreme weather events [9].

Core Viewpoint - The new large-scale equipment update and consumer goods replacement policy in China, initiated in 2024, is set to significantly boost economic development by expanding funding support and coverage areas, aiming for a 25% increase in equipment investment across seven major sectors by 2027 [1][5]. Group 1: Policy Dynamics and Key Points - The funding scale for equipment updates has been expanded to 200 billion yuan, with the first batch of approximately 173 billion yuan allocated to 7,500 projects across 16 sectors [2][5]. - The second batch of funding, amounting to 81 billion yuan, is being reviewed for projects focusing on consumer goods replacement and equipment updates [5]. - The 2025 policy introduces new support areas such as electronic information and safety production, creating a "16+N" coverage system [5][8]. Group 2: Implementation Mechanism Optimization - The policy has removed the previous investment threshold of 100 million yuan for projects, lowering the entry barrier for small and medium-sized enterprises [5][7]. - A dual review mechanism of "local audit + national review" has been established to streamline the approval process [5][7]. - New upgrade directions in the energy and power sector include ten specific areas, enhancing the efficiency and safety of energy facilities [8][9]. Group 3: Comparison of 2024 and 2025 Policies - The 2024 policy focused on seven key sectors, while the 2025 policy expands to 16 sectors with a dynamic expansion mechanism [7]. - The funding intensity has increased with an additional 81 billion yuan and a 1.5% interest subsidy on loans [7]. - The 2025 policy introduces 294 new national standards, enhancing the regulatory framework for project applications [7]. Group 4: Key Supported Areas and Renovation Focus - Major industrial sectors targeted for equipment updates include petrochemicals, steel, non-ferrous metals, and machinery, focusing on replacing outdated equipment and upgrading production lines [8][10]. - Energy facilities will see upgrades in areas such as high-efficiency energy motors and waste heat recovery systems, aimed at reducing energy consumption [8][10]. - Transportation infrastructure will undergo significant updates, including intelligent systems for railways and urban transit, enhancing operational efficiency [10][11].