经历2018-2022年的行业低谷后，随着电网设备板块产能出清充分，以及多重战略红利交织下，行业或已从传统的"周期防 御"属性转向"成长进攻"赛道。从特高压骨干网架到配电网毛细血管，从传统输变电装备到数字化智能设备，产业链各环节 正迎来需求放量与技术迭代的双重共振。 政策方面，近期国家电网最新公布的2025年投资计划首次突破6500亿元，同比增幅约8%，创下历史新高。 更值得关注的是投资结构的深刻变化：特高压工程建设投资占比提升至35%以上，配电网高质量发展专项投资同比大增 60%，电网数字化智能化投资保持两位数增长。 这意味着电网建设已从单纯追求输电能力转向"强骨干+优配网+智能化"的立体化改造。南方电网同步跟进"数字电网"建 设，十四五后期投资强度明显提速。两大电网资本开支的共振向上，为变压器、GIS组合电器、换流阀、继电保护等核心 设备厂商提供了跨越3-5年的订单能见度。 图：中国电力设备出口产品总览 | | 2025年1-11月 | | 2025年11月 | | | --- | --- | --- | --- | --- | | 重点产品 | 金额(亿美元) | 同比增速 | 金额(亿美元) | 同比 ...

2026年开年以来，中国电力设备板块表现亮眼。摩根大通1月28日发布一份研究报告，称其覆盖的电力 设备公司股价年初至今平均上涨约20%，大幅跑赢同期上证综指约5%的涨幅。 摩根大通认为，这一强劲表现背后，是超预期的电网资本开支与持续旺盛的出口需求形成的双重支撑。 随着"十五五"规划对电网投资的部署逐步明晰，特高压、配网自动化等关键领域投资加速，电力设备行 业正迎来新一轮黄金发展周期。 01 十五五电网投资蓝图明晰 摩根大通与行业专家交流确认，"十五五"期间中国电网投资将呈现加速态势，投资重点明确且增长动力 强劲。 在投资规模方面，特高压作为电网投资的核心抓手，投资额度将实现显著跃升。"十五五"期间特高压投 资将从"十四五"的3800亿元增至5000亿元以上，规划批准20条直流特高压线路和15条交流特高压线路。 其中，仅"十五五"前两年就将批准6条直流特高压线路，特高压审批速度的加快将直接拉动相关设备需 求集中释放。 投资结构上，"十五五"电网投资将聚焦三大核心领域：特高压工程、二次设备以及配网建设。具体来 看，继电保护设备、电力调度自动化系统、虚拟电厂相关系统、电力交易系统等产品需求将持续旺盛， 直流特高压线 ...

Group 1 - The core message emphasizes the importance of quality in driving economic development, with Jiangsu province aiming to lead in quality enhancement initiatives [1][3][9] - Jiangsu has achieved significant results in quality improvement, brand cultivation, and quality infrastructure development, receiving an A grade in national quality assessments for three consecutive years [1][4] - The upcoming 6th China Quality Conference in Nanjing is expected to showcase Jiangsu's quality achievements and promote new quality-driven productivity [1][9] Group 2 - Jiangsu's market regulatory authority is focusing on enhancing quality across key industries, including integrated circuits and power batteries, through targeted quality improvement actions [4][11] - The establishment of a quality financing system has enabled over 13,000 enterprises to secure financing totaling 126.2 billion yuan, with a significant portion benefiting small and micro enterprises [11][12] - The province is actively promoting the "Quality Jiangsu" initiative, which includes six major actions aimed at improving quality, brand creation, and consumer safety [9][10] Group 3 - Jiangsu has developed a comprehensive quality evaluation system to assess regional quality status, leading to the selection of 41 counties for quality enhancement initiatives [4][8] - The "Jiangsu Quality" certification program has seen 898 enterprises with 916 products certified, reflecting a growing brand presence [7][8] - The province has initiated the "Governor's Quality Award" program, recognizing outstanding quality management practices among enterprises [8][9] Group 4 - The establishment of "Quality Stations" in Nanjing has provided localized support for small and micro enterprises, significantly improving their testing efficiency and product delivery rates [13][14] - Jiangsu is enhancing its quality infrastructure by creating a one-stop service platform to support 50 key industrial chains, benefiting approximately 200,000 enterprises annually [14][15] - The province is also focusing on standardization efforts across various industries, promoting collaboration between technology, standards, and industry [15][16]

Investment Rating - The report maintains a "Recommended" investment rating for the wind power and grid equipment industry [2]. Core Insights - The wind power sector has shown significant improvement in profitability, driven by strong demand for onshore wind installations and enhanced supply chain performance. The industry is expected to continue its positive trend into the second half of 2025, with domestic onshore wind installations projected to reach 100 GW and state grid investments anticipated to exceed 650 billion yuan [9]. - The grid equipment sector is experiencing sustained growth, supported by domestic grid investments and increasing demand from data centers and international markets. The overall performance of the grid equipment industry remains robust, with positive growth across all segments [9]. Summary by Sections Wind Power - The wind power equipment industry achieved a revenue of 192 billion yuan in 2024, a year-on-year increase of 4.37%, but the net profit decreased by 21.03% to 5.8 billion yuan. In Q1 2025, revenue was 37.2 billion yuan, down 0.79% year-on-year, while net profit rose by 18.74% to 1.2 billion yuan [8][28]. - The analysis of 32 representative companies revealed that the bearing, casting, and forging segments saw substantial profit increases in Q1 2025, with net profit growth rates of 381.85%, 120.39%, and 52.77% respectively. This was attributed to increased demand, price hikes, and product structure optimization [40]. - The turbine and submarine cable segments experienced revenue growth but a decline in net profit, with net profit changes of -27.69% and -1.45% respectively. The tower and pile segment saw revenue and net profit improvements, with major players like Dajin Heavy Industry leading in overseas orders [8][49]. Grid Equipment - The grid equipment industry reported a revenue of 785.2 billion yuan in 2024, a year-on-year increase of 8.21%, while net profit fell by 11.37% to 36.7 billion yuan. In Q1 2025, revenue was 169.8 billion yuan, up 6.58%, and net profit increased by 8.33% to 9.3 billion yuan [9][35]. - All segments within the grid equipment sector showed positive growth, with transformers and combination electrical devices experiencing high growth rates. The transformer segment's net profit growth exceeded 30% for several companies, driven by increased orders from data centers [61][65]. - The report highlights that the grid equipment sector is benefiting from both domestic and international demand, with companies optimizing their production capacities globally to capitalize on the rising trend in grid investments [9][61].

Core Viewpoint - The article highlights the continuous innovation and high-quality development of state-owned enterprises in the electric power sector, emphasizing the importance of technology in ensuring the safety and stability of the power grid [1]. Group 1: Technological Innovations - The State Grid Electric Power Research Institute (NARI Group) has developed the largest electromagnetic compatibility laboratory in the power industry, which is used for extreme testing of relay protection devices in a pollution-free environment [1]. - The intelligent manufacturing area features 16 board production lines and 6 device production lines, capable of producing an average of 1 board per minute, which are essential for relay protection and stability control equipment [2]. - A new type of relay protection system has been developed that does not rely on power source characteristics, showcasing significant advancements in traditional technology frameworks [2][3]. Group 2: Importance of Relay Protection - Over 70% of major blackouts globally are triggered or exacerbated by incorrect actions of relay protection, underscoring the critical role of this technology in maintaining grid safety [2]. - The relay protection system aims to isolate faults in the power system in the shortest time and smallest area, preventing the spread and escalation of issues [2]. Group 3: Carbon Emission Monitoring - The Jiangsu thermal power generation energy-saving and emission reduction monitoring system covers 292 power plants and 670 units, with a total installed capacity exceeding 100 million kilowatts, making it the largest and most comprehensive monitoring system in the country [3]. - This system features an average of 2000 measurement points per unit, with data refreshing every 10 seconds, achieving full-process monitoring of thermal power emissions [3]. Group 4: Future Directions - The State Grid Jiangsu Electric Power Company plans to continue focusing on national strategies and deliver more innovative results to support energy transition [3].