在此背景下，国内外电网侧投资加速前移。根据国家能源局数据，2025年前11个月，全国电网工程累计 投资完成额达5604亿元，同比增长5.9%。海外市场方面同样表现亮眼，根据海关总署数据，2025年前 11个月，我国变压器出口额达80.80亿美元，同比增长35.19%，保持较快增长态势。 需求端的强劲增长已持续传导至产业链上市公司，核心设备企业订单与业绩双双高增。 AIDC供配电系统方面，国内干式变压器龙头海南金盘智能科技股份有限公司近日公告称，公司及其控 股子公司与海外客户签订用于数据中心项目合同，提供电力产品，合同金额为9899万美元。 此外，长高电新科技股份公司相关负责人对《证券日报》记者表示，公司组合电器、隔离开关、开关柜 及变压器产品都可以应用于为算力中心提供电源的变电站或配电站，比如公司10KV高能效非晶合金变 压器分别于2021年应用于"中国移动甘肃天水云数据中心"，2023年应用于"国网湖南配网智能应用数据 中心"。 本报记者 何文英 目前，全球人工智能（AI）算力竞赛正从芯片层加速向能源层传导。随着AI服务器出货量持续攀升， 电力供应瓶颈日益凸显，电力设备产业链迎来前所未有的结构性机遇。1月8 ...

2026.01.07 值得关注的是，中国西电股价在2025年11月10日盘中一度创下历史次高（11.08元），其外资股东通用 电气新加坡公司在去年三季度进行了大幅减持1.53亿股，占总股本比例3%。外资的退出与国内资本的 涌入形成鲜明对比，勾勒出电网设备行业资本流向的微妙图景，而其背后是整个行业驱动力深刻的结构 性变化。 根据机构测算，2025年国内电网设备企业对应市场总规模超2万亿元，同比增长15%，网内约8230亿 元，同比增长9%，主要系国网与南网投资规模稳定增长，预计2026年国网主网投资有望同比提升 15%，这将进一步带动主干网输变电的投资规模。 本文字数：2398，阅读时长大约4分钟 作者 |第一财经 魏中原 2026年开年，电网设备板块成为A股市场的一抹亮色。1月7日，行业龙头中国西电（601179.SH）强势 涨停，直逼2025年的历史次高点11.08元。这家公司不久前刚中标国家电网逾14亿元的输变电项目，为 其新年业绩开了好头。值得关注的是，其外资股东通用电气新加坡在去年三季度进行了大幅减持。 外资股东的退出与国内资本的涌入，构成了当前电网设备行业资本流向的微妙图景。这背后是整个行业 景气度 ...

Core Viewpoint - The electric grid equipment sector is experiencing a significant upturn in the A-share market, with leading company China Xidian (601179.SH) recently winning a bid for over 1.4 billion yuan in transmission and transformation projects, marking a strong start to 2026 [3][4][6]. Industry Overview - The electric grid equipment industry is entering a new phase characterized by stable overall growth and structural differentiation, with domestic main grid transmission and transformation and overseas power equipment exports becoming core growth engines [3][4][7]. - The market size for domestic electric grid equipment enterprises is projected to exceed 2 trillion yuan in 2025, reflecting a year-on-year growth of 15%, driven by stable investment from State Grid and Southern Grid [7]. Investment Trends - The investment in the electric grid is expected to accelerate in 2026, supported by policy enhancements and the rapid approval of ultra-high voltage projects, which will provide clear guidance for State Grid's investment growth [9][10]. - The bidding volume for State Grid's transmission and transformation equipment saw a significant increase in 2025, with the total amount reaching 91.9 billion yuan, a year-on-year growth of 26% [7][10]. Structural Changes - The internal dynamics of the electric grid equipment sector are showing signs of structural differentiation, with high demand for main grid and transformer exports, while segments like smart meters are facing some pressure [7][10]. - The approval of ultra-high voltage projects is expected to provide ample project reserves for related enterprises, enhancing visibility for future performance over the next 2-3 years [10][11]. Export Opportunities - The demand for overseas upgrades and renovations in the electric grid is creating significant export opportunities for Chinese companies, with transformer exports reaching 5.5 billion USD in 2025, a year-on-year increase of 49% [7][11]. - The new generation of solid-state transformers is anticipated to become a key focus in 2026, with efficiency improvements over traditional transformers [11]. Market Sentiment - The recent surge in electric grid equipment stocks is attributed to market expectations of accelerated investment and sustained high demand for exports in 2026 [9][10]. - Analysts suggest that the electric power transformer has become a "hard currency" in the global supply-demand mismatch, indicating strong future demand for Chinese electric equipment exporters [11].

主网输变电高景气延续 2026年开年，电网设备板块成为A股市场的一抹亮色。1月7日，行业龙头中国西电（601179.SH）强势 涨停，直逼2025年的历史次高点11.08元。这家公司不久前刚中标国家电网逾14亿元的输变电项目，为 其新年业绩开了好头。值得关注的是，其外资股东通用电气新加坡在去年三季度进行了大幅减持。 外资股东的退出与国内资本的涌入，构成了当前电网设备行业资本流向的微妙图景。这背后是整个行业 景气度变化——电网设备行业正迈入总量稳定增长、结构分化的新阶段。机构普遍研判，2026年电网设 备行业将呈现显著结构性分化，国内主网输变电与电力设备出海成核心增长引擎，叠加技术革新红利， 行业有望迈入总量稳增、结构分化的2万亿新阶段，为龙头公司估值提升提供坚实支撑。 资金博弈国网投资提速 中国西电2025年12月31日发布的产品中标公告，其下属14家子公司成功中标"国家电网有限公司2025年 第八十五批采购（输变电项目第六次变电设备招标采购）"，中标产品涵盖变压器、组合电器、隔离开 关、电容器等核心输变电设备，总金额高达14.47亿元。2024年中国西电的营收222.8亿元，公司作为输 变电领域龙头，此单为 ...

Core Viewpoint - Changgao Electric New announced that its subsidiaries won multiple bids from the State Grid Corporation of China, totaling approximately 160.85 million yuan for various electrical equipment projects [2] Group 1: Bidding Announcements - The State Grid Corporation of China released procurement announcements for the 85th, 86th, and 87th batches related to substation equipment [2] - The bids include procurement for switchgear, isolating switches, and switch cabinets [2] Group 2: Winning Subsidiaries - Changgao Electric New's wholly-owned subsidiaries, including Hunan Changgao Electric Co., Hunan Changgao High Voltage Switch Co., Hunan Changgao Complete Electrical Equipment Co., and Hunan Changgao Senyuan Power Equipment Co., won the bids [2] - The total amount won by the four subsidiaries is 160.8467 million yuan [2]

人民财讯12月30日电，中国西电（601179）12月30日公告，12月30日，国家电网有限公司电子商务平台 发布了"国家电网有限公司2025年第八十五批采购(输变电项目第六次变电设备(含电缆)招标采购)中标公 告"。公司下属14家子公司为相关中标人，中标变压器、组合电器、隔离开关、开关柜、电容器、互感 器、避雷器等产品，总中标金额为14.47亿元。 ...

Core Viewpoint - Changgao Electric (002452.SZ) announced that its wholly-owned subsidiaries have won bids in three categories of products, totaling 161 million yuan in contracts [1] Group 1: Company Achievements - Changgao Electric's subsidiaries, including Hunan Changgao Electric Co., Hunan Changgao High Voltage Switch Co., Hunan Changgao Complete Electrical Equipment Co., and Hunan Changgao Senyuan Power Equipment Co., have successfully secured bids [1] - The total value of the contracts won by the four subsidiaries amounts to 161 million yuan [1]

Group 1 - The core point of the article is that Changgao Electric New Technology Co., Ltd. announced successful bids in multiple procurement projects by the State Grid Corporation of China, totaling approximately 160.85 million yuan [1] Group 2 - The State Grid Corporation of China released procurement announcements for various electrical equipment projects, including the 85th, 86th, and 87th batches for 2025 [1] - Changgao Electric's subsidiaries, including Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Complete Electrical Equipment Co., Ltd., and Hunan Changgao Senyuan Power Equipment Co., Ltd., won bids in categories such as combined electrical appliances, isolating switches, and switchgear [1] - The total amount won by the four subsidiaries in these bidding projects is 160.8467 million yuan [1]

Group 1 - The core point of the article is that Changgao Electric New Technology Co., Ltd. announced successful bids in multiple procurement projects by the State Grid Corporation of China, totaling approximately 160.85 million yuan [1] Group 2 - The State Grid Corporation of China released procurement announcements for various electrical equipment projects, including the 85th, 86th, and 87th batches for 2025 [1] - Changgao Electric's subsidiaries, including Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Complete Electrical Equipment Co., Ltd., and Hunan Changgao Senyuan Power Equipment Co., Ltd., won bids in categories such as combined electrical appliances, isolating switches, and switchgear [1] - The total amount won by the four subsidiaries in these bidding projects is 160.8467 million yuan [1]

Core Viewpoint - Longgao Electric New (002452) announced that its subsidiaries won bids in multiple categories for the State Grid Corporation of China, totaling 161 million yuan, which represents 9.14% of the company's audited consolidated revenue for 2024 [1] Group 1 - The State Grid Corporation of China released procurement announcements for various electrical equipment, including the 85th, 86th, and 87th batches for 2025 [1] - Longgao Electric New's four wholly-owned subsidiaries won bids in the categories of combination electrical appliances, isolating switches, and switchgear [1] - The contracts, once signed, are expected to positively impact the company's operating performance in 2026 and beyond [1]