你有没有想过，现在连电都不够用了？全球工业4.0一路狂奔，智能制造、数据中心、AI算力全都在疯 狂吃电，电网压力直接拉满。 不少国家已经开始叫苦连天，限电、断电频发，而背后真正卡脖子的，其实是那一台台看起来不起眼的 电力设备。 这些设备可不是谁都能造的，它背后拼的是整个国家的工业底子。结果你猜怎么着？咱们国内几家电力 设备公司，订单已经排到2032年去了，连大年三十都得加班赶工。 这时候，能够抗住这种冲击、又能远距离输送能量的"血管"和"起搏器"，就成了全世界争抢的硬通货。 就在这样的背景下，中国制造不再是那个只能提供廉价零部件的配角，而是成了唯一能接住这场泼天富 贵的主角。 2032年，听起来像是科幻电影的年份。 但对中国变压器龙头特变电工来说，这只是一个具体的交付截 止日期。 要是此时此刻翻开中国几大核心电力设备商的订单薄，会发现"2027年"乃至"2032年"这样的排期字眼正 密密麻麻地占据着每一行。 春节不放假、生产线三班倒，这些曾经听起来属于低端代工的繁忙景象，如今正发生在掌握着全球顶级 特高压技术的车间里。 这一切疯狂景象的背后，绝不仅仅是多卖了几台机器那么简单，而是一场席卷全球电网的"心脏手术" ...

投资建议：展望"十五五"，国内电网投资有望维持高景气度。2025 年 7 月雅鲁藏布江下游水电工程开工， 西南水电外送需求持续增加；财政部部长蓝佛安表示，2026 年将继续实施更加积极的财政政策，通过扩大 财政支出、优化支出结构等措施，着力扩大内需。预计特高压设备、电网智能化升级改造等板块有望从中 受益。建议关注平高电气、国电南瑞。 风险提示：电网投资力度不及预期；市场竞争加剧的风险；原材料价格大幅上涨的风险。 评论： 12 月 29 日，国家电网公司党组召开会议，传达学习习近平总书记近期重要文章、重要贺信精神。公司党 组书记、董事长张智刚强调，要充分发挥电网基础支撑和投资拉动作用，以更大的力度、更实的举措助力 扩内需、稳增长；加大电网投资力度，坚持电力发展适度超前，紧密对接国家重大战略，衔接"两新""两 重"建设，更加有效带动社会投资和产业链供应链发展。 全国财政工作会议 12 月 27 日至 28 日在北京召开，财政部部长蓝佛安表示，明年将继续实施更加积极的 财政政策。"更加积极"既体现在资金规模上，更体现在提高资金使用效益上。具体包括：扩大财政支出 盘子，确保必要支出力度；优化政府债券工具组合，更好发挥 ...

Core Viewpoint - The power grid and industrial control sectors are expected to show steady growth through 2025, with a focus on structural investment opportunities, particularly in high-elasticity areas such as AIDC and overseas expansion [2][4]. Power Grid - The investment in the national power grid during the 14th Five-Year Plan is projected to grow at an average annual rate of over 5%, driven by high-intensity construction of ultra-high voltage projects and sustained high levels of main network investment [4][6]. - The total investment in the power grid during the 14th Five-Year Plan is estimated to be around 2.8 trillion yuan, with an average annual investment of approximately 550 billion yuan [6]. - The ultra-high voltage construction is expected to maintain high intensity, with a total investment of over 800 billion yuan anticipated during the 14th Five-Year Plan [8][10]. - The main network investment has shown strong growth, with a year-on-year increase of nearly 20% in the first five batches of equipment tenders [10][12]. - The digitalization of the power grid is expected to continue growing, with significant increases in tender amounts for digital equipment and services [14][15]. Industrial Control - The industrial control sector is currently in a phase of internal recovery, with moderate market improvement observed in demand and inventory levels [16][17]. - The OEM market has shown a year-on-year increase, driven by demand from the energy storage and new energy sectors [20][21]. - Structural growth opportunities are anticipated in the industrial control sector, particularly in the context of the ongoing expansion of the new energy industry [21][22]. AIDC - The AIDC sector is expected to focus on high-slope directions in both strong and weak power supply, with significant advancements anticipated in power density and efficiency [22][24]. - The strong power side is evolving towards more efficient systems, while the weak power side is seeing upgrades that could significantly increase product average selling prices (ASP) [26][28]. Overseas Expansion - The global power investment cycle is expected to create opportunities for the export of power equipment, particularly in regions facing electricity shortages [30][31]. - The demand for gas turbines and SOFCs is anticipated to rise, with China positioned to benefit from these trends through increased exports [47][48]. - China's transformer exports have seen significant growth, with a year-on-year increase of 40% in the first ten months of 2025, reflecting a strong international demand [39][40].

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 11 月 30 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 投资评级： 看好（维持） 关注储能容量电价机制进展 输配电价定价办法 出台 ——大能源行业 2025 年第 48 周周报（20251130） 投资要点： 储能：省级规划加快出台 关注各省容量机制进展 2025 年 11 月，湖北省、黑龙江省分别印发《湖北省储能体系建设方案（2025-2030 年）》 和《黑龙江省新型储能规模化建设专项实施方案（2025-2027 年）》。其中： 1）湖北省：到 2027 年全省储能装机达到 800 万千瓦，到 2030 年全省储能装机达到 1700 万千瓦，支撑 8000 万千瓦以上的新能源合理消纳利用。分类型 ...

Group 1 - The total scale of public funds in China reached 36.96 trillion yuan, marking the seventh historical high this year [1] - In October, the scale of money market funds increased by over 380 billion yuan, contributing the most to the overall growth [1] - The first batch of AI ETFs saw a subscription scale exceeding 900 million yuan on the first day, nearing the upper limit of 1 billion yuan [1] Group 2 - The third quarter global DRAM sales reached 40.3 billion USD, with SK Hynix maintaining the highest market share at 34.1% [2] - The HPV vaccine market is experiencing significant challenges, with major companies reporting substantial revenue and profit declines [4] - The liquor industry is facing difficulties, with several small enterprises, including Guizhou Wuyou Liquor, encountering operational issues [5] Group 3 - Heavy Drug Holdings disclosed that 22 subsidiaries paid a total of 443.026 million yuan in back taxes [6] - Beijing Nengsi Software has restarted its IPO process after previously withdrawing its application [7] - ST Lifan's stock will be subject to delisting risk warnings due to serious violations of securities laws [14]

平高电气（600312）(600312.SH)公告，公司及子公司为"国家电网有限公司2025年第六十四批采购(特高 压项目第四次设备招标采购)"中标单位，中标金额合计约为7.73亿元，占2024年营业收入的6.24%。 ...

平高电气11月28日公告，公司及子公司河南平芝高压开关有限公司、平高东芝（廊坊）避雷器有限公司 为国家电网有限公司2025年第六十四批采购（特高压项目第四次设备招标采购）中标单位，中标金额合 计7.73亿元，占2024年营业收入的6.24%。 ...

Core Points - The company and its subsidiaries have won bids in the State Grid Corporation of China's 2025 procurement for ultra-high voltage projects, with a total bid amount of approximately 773 million yuan, accounting for 6.24% of the projected revenue for 2024 [1] - The breakdown of the winning bids includes 610 million yuan for Henan Pinggao Electric Co., Ltd., 120 million yuan for Henan Pingzhi High Voltage Switch Co., Ltd., and 43.42 million yuan for Pinggao Toshiba (Langfang) Lightning Arrester Co., Ltd. [1] - The signing of the contract is expected to have a positive impact on the company's future operations, although there is currently no formal business contract signed with the State Grid Corporation, leading to uncertainties regarding delivery timelines and the impact on current performance [1]

Core Viewpoint - The recent share reduction announcement by China XD Electric (601179.SH) has caused significant market reactions, with the fifth largest shareholder, GE SMALLWORLD (SINGAPORE) PTE LTD, planning to reduce its stake by up to 154 million shares, potentially cashing out around 1.36 billion yuan [2][3]. Group 1: Shareholder Actions - GE SMALLWORLD plans to reduce its holdings, which represent 3% of China XD Electric's total shares, through centralized bidding and block trading between December 12, 2025, and March 11, 2026 [3][4]. - This is the third time GE SMALLWORLD has reduced its stake in the past year, indicating an accelerated exit strategy [5]. - The previous reductions occurred in 2024 and February 2025, with the first reducing 154 million shares for 1.22 billion yuan and the second reducing 102 million shares for 648 million yuan [5]. Group 2: Market Reactions - Following the announcement, China XD Electric's stock price dropped to 7.96 yuan, marking a weekly decline of 14.6% [3][6]. - The broader electric grid equipment sector also experienced a significant downturn, with the sector index falling 10% and many leading companies seeing stock price drops exceeding 10% [3][6]. Group 3: Industry Context - The timing of the share reduction comes after a substantial increase in stock prices, with the electric grid equipment index reaching a ten-year high earlier in November [3][7]. - Analysts suggest that the reduction signals a potential peak in valuation for both China XD Electric and the electric grid equipment sector, prompting a reassessment of the sector's valuation after a period of rapid growth [3][7]. - Despite the short-term volatility, the long-term growth prospects for the electric grid equipment industry remain strong, driven by the transition to a new power system and increased investments from state-owned enterprises [8][9].

Core Viewpoint - The announcement of share reduction by GE SMALLWORLD (SINGAPORE) PTE LTD, a major shareholder of China XD Electric (601179.SH), has caused significant market reactions, with a potential cash-out of approximately 1.36 billion yuan, marking the third reduction in a year [1][2][3] Group 1: Shareholder Actions - GE SMALLWORLD plans to reduce its stake by up to 154 million shares, representing a maximum of 3% of the total share capital, with a potential cash-out of around 1.36 billion yuan based on the closing price on the announcement date [2][3] - This reduction follows two previous reductions in the past year, indicating an accelerated exit strategy by the shareholder [2][3] Group 2: Market Reactions - Following the announcement, China XD Electric's stock price dropped significantly, closing at 7.96 yuan, with a weekly decline of 14.6% [1][3] - The overall electric grid equipment sector also experienced a sharp decline, with the index falling by 10% in the week following the announcement, reflecting a broader market reassessment of the sector's valuation [1][4] Group 3: Industry Context - The electric grid equipment sector had previously seen substantial gains, with the index reaching a ten-year high in early November, but has since entered a downward trend [4][5] - The reduction in shareholding by a foreign investor at high price levels raises questions about the valuation of both China XD Electric and the broader electric grid equipment sector [1][3] Group 4: Long-term Industry Outlook - Despite short-term volatility, the long-term growth prospects for the electric grid equipment industry remain strong, driven by the transition to a new power system and increased investments from state-owned enterprises [5][6] - The national grid plans to invest over 800 billion yuan in high-voltage direct current projects during the 14th Five-Year Plan, indicating robust demand for electric grid infrastructure [6]