2026.01. 26 本文字数：1566，阅读时长大约3分钟 作者 | 第一财经 郭霁莹 近日，两大电网、五大发电集团、两大核电集团等多家能源央企密集召开年度工作会议，部署2026年重点 任务。 当前，国内能源转型与安全保障的双重需求突出。据国家统计局数据，2025年全社会能源消费总量初步统 计比上年增长3.5%。其中，全社会用电量历史性增至10.4万亿千瓦时，同比增长5%，相当于美国全年用 电量的两倍多，超过欧盟、俄罗斯、印度、日本四个经济体的年用电量总和。而且在"双碳"目标下，国内 2025年非化石能源占能源消费总量比重较上年提高约2个百分点，超过石油成为第二大能源类型，成为能源 增量主体。 第一财经记者梳理发现，挖掘潜力扩大有效投资、靠前谋划一批重大项目和标志性工程，保障能源电力安全 可靠供应，以及加快产业数智化转型、推动科技创新与产业创新深度融合，是能源央企在2026年工作规划 中谈及最多的三大任务。 扩大有效投资是上述企业"十五五"开局工作的核心抓手。电网与核电领域的标志性工程率先落地。1月中 旬，国家电网以"十五五"期间4万亿元创纪录的固定资产投资计划拉开序幕，南方电网紧随其后披露了 2026年 ...

Group 1 - The core focus of energy state-owned enterprises for 2026 includes expanding effective investment, planning major projects, ensuring reliable energy supply, and accelerating digital transformation and technological innovation [1][2][3] - The investment plan for the "14th Five-Year Plan" includes a record 4 trillion yuan from the State Grid and 180 billion yuan from the Southern Grid, targeting ultra-high voltage transmission, distribution network upgrades, and digital transformation [1] - The nuclear power sector is highlighted with the launch of the Jiangsu Xuwei nuclear heating power plant, which will supply 32.5 million tons of industrial steam annually and reduce carbon emissions by 19.6 million tons [2] Group 2 - The demand for energy transition and security is increasing, with a projected 3.5% growth in total energy consumption by 2025, and electricity consumption reaching 10.4 trillion kilowatt-hours, more than double that of the US [3] - Energy state-owned enterprises are prioritizing technological innovation and digital transformation as key drivers for high-quality development in 2026, with significant investments planned in these areas [3][4] - Policies from the National Development and Reform Commission and the National Energy Administration aim to integrate artificial intelligence with the energy sector, targeting the establishment of an innovation system by 2027 [4]

Core Viewpoint - The announcement of significant investments by State Grid and Southern Power Grid marks a new phase in China's electricity grid construction, with a total investment nearing 5 trillion yuan over the next five years, supporting the transition to a new energy system [2][3]. Investment Scale - State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan period (2026-2030), a 40% increase compared to the previous plan, averaging 800 billion yuan annually [2]. - Southern Power Grid's investment for 2026 is projected at 180 billion yuan, with total investments expected to reach around 1 trillion yuan during the same period [2]. New Energy System Development - The investments are aligned with the National Development and Reform Commission and the Energy Administration's guidelines, aiming for a new grid platform by 2030 that supports renewable energy generation accounting for approximately 30% of total energy [3]. - The new grid will enhance distributed energy capacity to 900 million kilowatts and support over 40 million charging facilities [3]. Focus Areas of Investment - The two major grids will focus on three key areas: ultra-high voltage transmission, distribution network upgrades, and digital transformation [3]. - Ultra-high voltage transmission will enhance cross-regional transmission capacity by over 30% compared to the end of the previous five-year plan [3]. Economic Impact - The nearly 1 trillion yuan annual investment is expected to inject significant momentum into China's economic development, with State Grid emphasizing its role in driving domestic demand and stabilizing growth [4]. - Southern Power Grid aims to leverage its large investment scale and extensive industry chain to better serve high-quality economic development [4]. Infrastructure and Technology Upgrades - Both companies will prioritize infrastructure updates and digital transformation, with a planned investment of no less than 50.6 billion yuan in large-scale equipment updates this year [5]. - The investments are anticipated to create a full industry chain effect, benefiting sectors such as ultra-high voltage, main network equipment, and distribution network upgrades [5].

Core Viewpoint - The investment in China's power grid construction is entering a new phase with an annual investment nearing 1 trillion yuan, marking a significant shift from planning to implementation in the construction of a new power system [2][3]. Investment Scale - The State Grid announced a total fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan period (2026-2030), a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan [2]. - The Southern Power Grid disclosed an investment scale of 180 billion yuan for 2026, with expectations that total investment during the 14th Five-Year Plan will reach around 1 trillion yuan, bringing the total investment from both grids to nearly 5 trillion yuan over five years [2][3]. New Power System Construction - The new power system construction is guided by the National Development and Reform Commission and the Energy Administration, aiming for a new grid platform to be established by 2030, supporting renewable energy generation to account for about 30% and distributed energy capacity to reach 900 million kilowatts [3]. - Key initiatives include enhancing the security of the main grid, improving the supply capacity of distribution networks, and increasing the reliability of power supply in remote areas through smart microgrids [3]. Economic Impact - The nearly 1 trillion yuan annual investment is expected to inject strong momentum into China's economic development, with the State Grid emphasizing its role in supporting domestic demand and stabilizing growth [4]. - The Southern Power Grid plans to leverage its large investment scale and extensive industry chain to better serve high-quality economic development, focusing on major projects that stimulate effective investment [5]. Beneficiaries of Investment - Analysis indicates that the nearly 5 trillion yuan investment will create a full industry chain driving effect, with five major sectors, including ultra-high voltage, main network equipment, and distribution network upgrades, expected to benefit directly [6].

Core Viewpoint - The investment in China's power grid construction is set to reach nearly 5 trillion yuan during the 14th Five-Year Plan period, marking a significant increase and supporting the transition to a new energy system [1][2][3] Investment Scale - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase compared to the previous plan, averaging 800 billion yuan annually [1] - The Southern Power Grid disclosed an investment scale of 180 billion yuan for 2026, with expectations of a total investment of around 1 trillion yuan during the 14th Five-Year Plan period [1] - Combined, the total investment from both grids is projected to approach 5 trillion yuan, significantly exceeding the 2.64 trillion yuan and 2.85 trillion yuan investments during the 13th and 14th Five-Year Plans, respectively [1] Focus Areas - The investments will primarily target three areas: ultra-high voltage transmission, distribution network upgrades, and digital transformation [2] - Ultra-high voltage transmission is identified as a core component for cross-regional power transmission, expected to enhance transmission capacity by over 30% compared to the end of the 14th Five-Year Plan [2] Economic Impact - The annual investment of nearly 1 trillion yuan is anticipated to inject substantial momentum into China's economic development [3] - The State Grid aims to leverage its foundational support and investment-driving role to bolster domestic demand and stabilize growth, aligning closely with national strategic initiatives [3] - The Southern Power Grid plans to expand fixed asset investments over five years, focusing on energy infrastructure to better serve high-quality economic development [3] Industry Benefits - The nearly 5 trillion yuan investment is expected to create a full industry chain driving effect, benefiting sectors such as ultra-high voltage, main network equipment, and distribution network upgrades [3]