如何让西部的绿色电能顺畅抵达东部负荷中心？如何让海量新能源平稳并入电网？如何让城乡供电网络更具韧性、更加智能？面对能源转型提出的一道道考题，电网升级已然箭在弦上。

How can the green electricity from the west smoothly reach the eastern load centers? How can a large amount of new energy be smoothly integrated into the power grid? How can the urban and rural power supply networks become more resilient and intelligent? Facing these various challenges posed by the energy transition, the upgrade of the power grid is already imminent.

作为能源体系的核心枢纽，我国大电网支撑着超10万亿千瓦时的年用电量，承载着18亿千瓦以上新能源的并网消纳任务。随着新能源高比例规模化并网、极端天气频发、全社会用电结构持续迭代，传统电网发展迎来了全新挑战。

As the core hub of the energy system, China's large power grid supports an annual electricity consumption of over 10 trillion kilowatt-hours and is responsible for the grid connection and absorption of over 1.8 billion kilowatts of new energy. With the high proportion and large-scale grid connection of new energy, frequent extreme weather events, and continuous evolution of the overall electricity consumption structure of the society, the development of traditional power grids has encountered new challenges.

近日，国家发展改委政策研究室副主任、新闻发言人李超在新闻发布会上表示，“十五五”时期，我国电网领域预计投资超5万亿元，系统推进跨区输电通道、省间电力互济工程、特（超）高压网架优化、城市配网提质、县域及农网短板治理等重点建设，全面打造安全可靠、绿色低碳、坚强韧性、智能灵活的新型电网。

Recently, Li Chao, the deputy director of the Policy Research Office and the spokesperson of the National Development and Reform Commission, stated at a press conference that during the "14th Five-Year Plan" period, China is expected to invest over 5 trillion yuan in the power grid sector. Systematic efforts will be made to promote key construction projects such as cross-regional transmission channels, inter-provincial power mutual assistance projects, optimization of ultra-high and extra-high voltage grids, improvement of urban distribution networks, and rectification of shortcomings in county-level and rural power grids, in order to comprehensively build a new type of power grid that is safe and reliable, green and low-carbon, strong and resilient, and intelligent and flexible.

相较于“十四五”，本轮万亿级投资在建设定位、投向重心、发展模式上实现全面迭代升级，成为未来五年我国构建新型能源体系、推进“双碳”目标落地的核心抓手。

Compared with the "14th Five-Year Plan", this round of trillion-yuan investment has achieved a comprehensive upgrade in terms of construction positioning, investment focus, and development model, and has become the core driving force for China to build a new energy system and implement the "dual carbon" goals in the next five years.

1

从规模补短板转向提质增效、全域协同

Shift from addressing scale deficiencies to improving quality and efficiency, and achieving coordinated development across the entire region.

过去五年，我国电网建设以搭建主干网架、补齐供电缺口、快速扩大硬件规模为核心，重点解决电力供给总量不足的问题，实现了电网体量的跨越式增长。迈入“十五五”，电网建设从规模扩张阶段，转向重效率、重适配、重民生、重智能的高质量发展新阶段。

Over the past five years, China's power grid construction has focused on building the main grid framework, filling the power supply gap, and rapidly expanding the scale of hardware facilities. The main goal has been to address the issue of insufficient power supply overall, achieving a leapfrog growth in the scale of the power grid. Entering the "14th Five-Year Plan" period, power grid construction has shifted from the stage of scale expansion to a new stage of high-quality development that emphasizes efficiency, compatibility, people's livelihood, and intelligence.

国网能源研究院有限公司电网发展综合研究所朱瑞博士向中国工业报记分析，“本轮投资重点从规模快速增长向提升电力资源配置效率转变，不再追求单纯的线路长度和变电容量的增长，而是在‘十四五’的良好基础上，更加注重资源配置能力与配置效率的双提升。”

Dr. Zhu Rui from the Comprehensive Research Institute for Grid Development of State Grid Energy Research Institute analyzed for China Industrial News, "This round of investment has shifted its focus from rapid scale expansion to improving the efficiency of power resource allocation. It no longer pursues merely the increase in line length and transformer capacity, but rather, on the basis of the excellent performance of the '14th Five-Year Plan', it places greater emphasis on the dual improvement of resource allocation capabilities and efficiency."

以精准施策破解深层矛盾，成为本轮投资建设一大亮点。朱瑞表示，“在投资方向上，更加注重以‘小切口’解决‘大问题’，打通网架结构中的堵点、卡点，对民生保电中的短板和薄弱环节做定点清除。”

By implementing precise policies to address deep-seated contradictions, this has become a major highlight of this round of investment and construction. Zhu Rui said, "In terms of investment direction, we place greater emphasis on using 'small measures' to solve 'big problems', eliminating the bottlenecks and dead ends in the power grid structure, and eliminating the shortcomings and weak links in power supply for people's livelihood."

在具体实施路径上，本轮投资体系形成三维发力格局。一是重塑网架层级关系，推进主网、配网、微网一体化协同。更加注重建设好“主配微”协同的新型电网平台，支撑好微电网的发展，从服务好一个个项目，变为将微电网作为一种资源配置形式，纳入到整个网架结构优化的系统性考量当中。二是强化全国能源调配大动脉，持续夯实跨区互济能力。持续加强跨区跨省输电能力以及省间、区域间的互济能力，保证电网的结构安全，支撑好“沙戈荒”和西南大型水电清洁能源基地的开发外送，同时保障好电力支援能力。三是下沉基层补齐民生短板，疏通配网末梢梗阻。进一步畅通配电网“毛细血管”，查缺补漏补强配电网薄弱环节，包括加强薄弱县域电网联系、加大频繁停电和低电压台区治理、提升分布式光伏及充电基础设施接入能力等措施。

In terms of the specific implementation path, this round of investment system has formed a three-dimensional force layout. First, it restructures the hierarchical relationship of the power grid, promoting the integrated and coordinated development of the main grid, distribution grid, and micro-grid. Greater emphasis is placed on building a new type of power grid platform that integrates the main, distribution, and micro grids, supporting the development of micro-grids, shifting from serving individual projects to considering micro-grids as a form of resource allocation and integrating them into the systematic consideration of the optimization of the entire power grid structure. Second, it strengthens the national energy distribution artery, continuously enhancing the inter-regional mutual assistance capabilities. It continuously strengthens cross-regional and cross-provincial transmission capabilities as well as inter-regional and regional mutual assistance capabilities to ensure the structural safety of the power grid, support the development and external transmission of "Sahara Desert and Arid Areas" and large-scale hydropower clean energy bases, and ensure the power support capacity. Third, it focuses on addressing the shortcomings at the grassroots level and resolving the blockages at the end of the distribution grid. It further smooths out the "capillaries" of the distribution grid, identifies and fills in the gaps, strengthens the weak links of the distribution grid, including strengthening the connection of weak county-level power grids, increasing the governance of frequently power outages and low-voltage areas, and enhancing the access capabilities of distributed photovoltaic and charging infrastructure, etc.

特变电工(25.650, 0.00, 0.00%)电气装备集团战略科技部总监张隽哲在接受中国工业报记者采访时，从产业实操层面，概括了两个建设周期的核心差异：“和‘十四五’相比，这次5万亿电网投资，最大变化就是从单纯做规模、补短板，转向提质增效、服务能源转型。”

Zhang Junzhe, the director of the Strategic Technology Department of the Electrical Equipment Group of Teda Electric Power Co., Ltd. (stock code: 25.650, no change, no change),在接受《中国工业报》记者采访时，从产业实际操作层面概括了两个建设周期的核心差异：“与‘十四五’相比，这次 5 万亿电网投资的最大变化在于，从单纯追求规模、补齐短板转向提高质量、增效增效，以及服务能源转型。”

张隽哲阐释，“十四五”建设核心任务是搭建基础主干网架、补齐区域供电缺口，优先做大电网体量、保障基本用电稳定；而“十五五”完全锚定新能源大规模并网和“双碳”转型需求，跳出单一主干网建设思维。

Zhang Junzhe explained, "The core task of the '14th Five-Year Plan' is to build the basic main grid framework and fill the regional power supply gap. The priority is to expand the scale of the power grid and ensure the stability of basic electricity supply. While the '15th Five-Year Plan' is entirely focused on the large-scale integration of new energy and the 'dual carbon' transformation requirements, it breaks away from the single thinking of main grid construction. "

北京工商大学经济学院洪涛教授在接受中国工业报记者采访时，梳理了本轮投资的核心建设内容与发展目标。他表示，本轮投资一方面聚焦骨干网架优化，布局输电通道与省间互济工程，升级特（超）高压交流网络；另一方面全面推进配网改造升级，落地城市配网提质、薄弱县域电网改造、农网停电治理等工程。“本次投资的核心目标是构建更加满足持续攀升的新能源接入需求，缓解区域电力供需不平衡压力，最终建成安全可靠、绿色低碳、坚强韧性、智能灵活的新型电网，适配新能源大规模并网后的电网安全运行需求。”

Professor Hong Tao from the School of Economics at Beijing University of Trade and Industry, in an interview with China Industrial News, outlined the core construction contents and development goals of this round of investment. He stated that this round of investment focuses on optimizing the backbone grid, laying out transmission channels and inter-provincial mutual assistance projects, and upgrading the special (super) high-voltage AC network. At the same time, it comprehensively promotes the transformation and upgrading of distribution networks, and implements projects such as improving the quality of urban distribution networks, renovating weak county-level power grids, and managing power outages in rural areas. "The core goal of this investment is to build a new type of power grid that better meets the continuously increasing demand for new energy access, alleviates the imbalance pressure in regional power supply and demand, and ultimately achieves a safe, reliable, green, low-carbon, strong and resilient, and intelligent and flexible power grid, capable of adapting to the safe operation requirements of the power grid after large-scale integration of new energy."

2

破解资源逆向分布，构建全国一盘棋调度体系

Break the reverse distribution of resources and build a nationwide coordinated scheduling system.

我国能源资源与负荷中心逆向分布的基本格局长期存在，资源富集在西部地区，需求密集在东部地区，需要更强的灵活性来应对能源资源空间制约。

The basic pattern of the reverse distribution of energy resources and load centers in our country has persisted for a long time. Resources are concentrated in the western regions while demand is concentrated in the eastern regions. Stronger flexibility is needed to address the spatial constraints of energy resources.

张隽哲进一步解释，“原有跨区通道不够、网架衔接不紧，导致西部清洁能源消纳难、偶尔弃风弃光，东部高峰保供压力大，省间互相支援、应急互济也不够顺畅。这次布局就是加密通道、优化特高压网架、打通省间壁垒，把全国电力真正连成一张网，提升新能源消纳和全网应急保供能力。”

Zhang Junzhe further explained, "The original cross-regional channels were insufficient and the grid connection was not tight, which led to difficulties in consuming the clean energy from the west, occasional wind and solar power outages, heavy pressure on peak-load supply in the east, and insufficient smoothness in mutual support and emergency mutual assistance among provinces. This layout aims to densify the channels, optimize the ultra-high voltage grid structure, break through provincial barriers, and truly connect the national power into a single network, thereby enhancing the capacity for consuming new energy and emergency power supply across the entire network."

结合行业现状，洪涛进一步剖析了此次网架布局要攻克的四大核心问题：首先是打通绿电外送通道，破解西部新能源“有电送不出”、东部负荷区“有电接不住”的困境；其次是强化系统韧性，依靠省间互济动态调剂电力余缺，应对极端天气下的供电紧张问题；再者是补强交流网架短板，化解华中、华东等地“强直弱交”隐患，防范电网连锁故障；最后是夯实硬件基础，为全国统一电力市场的跨区交易提供支撑。

Taking into account the current situation of the industry, Hong Tao further analyzed the four core issues that need to be overcome in this grid layout: Firstly, it is necessary to open up the channels for the external transmission of green electricity, resolving the dilemma where western renewable energy cannot be delivered and the eastern load areas cannot receive it; Secondly, it is necessary to enhance the system's resilience, relying on inter-provincial mutual assistance to dynamically adjust the surplus and shortage of electricity, addressing the power supply shortage problem during extreme weather; Thirdly, it is necessary to strengthen the shortcomings of the AC grid structure, eliminating the risks of "strong direct current and weak alternating current" in regions such as Central China and East China, and preventing grid chain failures; Finally, it is necessary to lay a solid hardware foundation to provide support for cross-regional transactions of the national unified power market.

洪涛补充说道，东部负荷区“有电接不住”并非缺电，而是绿电（尤其是跨区送来的新能源电力）在“通道不足、价格倒挂、配网消纳弱、机制不协同”下难以高效落地使用。

Hong Tao added that the situation where the eastern power consumption area "can't receive electricity" is not due to a shortage of electricity, but rather because green power (especially the new energy power transmitted across regions) is difficult to be effectively utilized under conditions of "insufficient transmission channels, price inversion, weak distribution network absorption, and uncoordinated mechanisms".

放眼长远，新一轮投资布局将推动我国区域电力调配加速转向“全国统筹、强协同、高韧性”。跨区输电通道扩容，能持续缓解风光、水电外送与东部保供的结构性矛盾；省间联络工程将大幅提升全网应急保障能力；完善特高压交流网架，则为大规模波动性新能源并网筑牢支撑。洪涛提到，网架的全面升级也将加速全国统一电力市场建设，让电价信号真实反映供需关系，长期来看会逐步弱化省级自平衡的传统模式，朝着“全国一张网”迈进，最终形成“西氢东送、北风南光、多能互补、灵活互济”的现代化电力格局，有力保障2030年新能源装机、跨区输电容量的发展目标落地。

Looking at the long term, the new round of investment layout will accelerate the transformation of regional power allocation in China towards "national coordination, strong synergy, and high resilience". The expansion of cross-regional transmission channels can continuously alleviate the structural contradictions in the external transmission of wind and solar power, as well as hydropower, and the supply guarantee in the eastern region; inter-provincial connection projects will significantly enhance the emergency response capacity of the entire power grid; improving the ultra-high voltage AC grid framework will provide a solid support for the grid connection of large-scale fluctuating new energy sources. Hong Tao mentioned that the comprehensive upgrade of the grid will also accelerate the construction of a unified national power market, allowing the electricity price signal to truly reflect the supply and demand relationship. In the long run, it will gradually weaken the traditional provincial self-balancing model and move towards a "national network" model, ultimately forming a modern power pattern of "southern hydrogen transportation, northern wind and light power, multi-energy complementarity, and flexible mutual assistance", which will effectively ensure the realization of the development goals of 2030 for the installation of new energy and the cross-regional transmission capacity.

从系统运行底层逻辑看，电力供需时空错配、不确定性攀升，是当前电网运维难度持续加大的根本原因。极端天气常态化拉大峰谷差，新能源波动性、随机性特征凸显，电动汽车、温控负荷等新型用电快速增长，让电力平衡难度大幅提升。

From the perspective of the underlying logic of the system operation, the mismatch between power supply and demand in terms of time and space, as well as the increasing uncertainty, are the fundamental reasons for the continuous increase in the difficulty of grid operation and maintenance at present. The normalization of extreme weather has widened the peak-valley difference, the volatility and randomness of new energy have become more prominent, and the rapid growth of new types of electricity consumption such as electric vehicles and temperature control loads have significantly increased the difficulty of power balance.

以川渝电网发展过程为例，2022年川渝地区因极端天气原因发生电力短缺后，新投运的特高压交流工程，将川渝地区主干网络电压等级提升至1000kV，大大增强了川西地区对成都、重庆等负荷核心区的电力供应能力。

Taking the development process of the Sichuan-Chongqing power grid as an example, after power shortages occurred in the Sichuan-Chongqing region due to extreme weather in 2022, the newly commissioned ultra-high voltage AC project raised the voltage level of the main network in the Sichuan-Chongqing region to 1000 kV, significantly enhancing the power supply capacity of the western Sichuan region to the load core areas such as Chengdu and Chongqing.

3

万亿投资释放分层清晰市场机遇

Trillion-dollar investment unlocks clear-cut market opportunities with distinct layers

电网产业链条长、覆盖面广、带动性强，是稳增长、促转型、育新产业(43.490, 0.00, 0.00%)的关键抓手。超5万亿元大规模投资，将从上中下游全维度拉动实体经济发展，催生多层次市场机遇。

The power grid industry has a long chain, wide coverage and strong driving force. It is a key leverage for stabilizing growth, promoting transformation and fostering new industries. With an investment of over 5 trillion yuan, it will comprehensively stimulate the development of the real economy from the upstream, midstream and downstream, and create multiple market opportunities at different levels.

朱瑞表示：“电网产业是我国现代化产业体系的重要组成，是能源电力的关键环节，具有产业链条长、投资规模大、承载覆盖广，资金密集、技术密集，创新活跃度高、带动效应性强等特点，既是我国实现高水平安全的重要保障，也是国民经济高质量发展的基础支撑。”

Zhu Rui said: "The power grid industry is an important component of China's modern industrial system and a key link in energy and power. It has a long industrial chain, large investment scale, wide coverage, is highly capital-intensive and technology-intensive, has a high level of innovation activity and strong driving effect. It is not only an important guarantee for achieving high-level security in China, but also a fundamental support for the high-quality development of the national economy."

本轮投资辐射网络基建、新能源、新一代信息技术、人工智能、高端装备制造、低空经济、新能源汽车等众多领域，产业赋能范围极广。2026年一季度数据显示，国家电网单季固定资产投资超1290亿元，带动上下游投资超2500亿元，南方电网同期完成投资384.5亿元，强大的杠杆带动效应充分显现。

This round of investment covers numerous fields such as network infrastructure, new energy, new-generation information technology, artificial intelligence, high-end equipment manufacturing, low-altitude economy, new energy vehicles, etc. The scope of industrial empowerment is extremely wide. Data from the first quarter of 2026 shows that the State Grid's fixed asset investment in a single quarter exceeded 129 billion yuan, driving upstream and downstream investment to over 250 billion yuan. The Southern Grid also completed investment of 38.45 billion yuan in the same period, and the strong leverage effect was fully demonstrated.

面向市场主体发展，朱瑞建议，企业把握三大升级方向：一是要优化市场布局，要深刻把握电力的普遍服务特性，紧跟区域协调发展战略、新型城镇化战略等国家重大战略，合理规划相关业务布局；二是要牢牢把握技术创新优势，密切跟踪人工智能、人形机器人(15.060, 0.00, 0.00%)、无人机、量子技术、新一代信息通信技术等先进技术在电网中的应用，将技术优势快速转化为“电力新质生产力”，持续推动我国电力技术保持国际领先；三是要全面提升产品质量和服务水平，电网发展承载着保障电网安全运行、电力可靠供应，持续优化电力营商环境的重要使命，相关企业的产品质量和服务水平也将直接影响着广大人民群众和市场主体的电力获得感。

Focusing on the development of market entities, Zhu Rui suggests that enterprises should focus on three major upgrading directions: First, they should optimize the market layout. They need to deeply understand the universal service characteristics of electricity, closely follow major national strategies such as regional coordinated development strategies and new urbanization strategies, and reasonably plan the layout of related businesses; Second, they should firmly grasp the technological innovation advantages. They should closely track the application of advanced technologies such as artificial intelligence, humanoid robots (15.060, 0.00, 0.00%), drones, quantum technology, and new generation information communication technologies in the power grid, and quickly transform technological advantages into "new quality productive forces in the power industry", continuously promoting the international leadership of China's power technology; Third, they should comprehensively improve product quality and service levels. The development of the power grid bears the important mission of ensuring the safe operation of the power grid and reliable power supply, and continuously optimizing the power business environment. The product quality and service levels of related enterprises will also directly affect the power satisfaction of the general public and market entities.

本轮投资将产生全链条拉动作用。张隽哲分析，上游带动原材料、核心元器件，包括高端有色、特种钢材、绝缘材料、电力电子器件，加速国产替代。中游直接拉动特高压、变压器、电抗器、智能配电、储能、柔性直流等电力装备，行业产能和高端化水平进一步提升。下游带动电网数字化、数字孪生、智能运维、源网荷储服务等新业态。”

This round of investment will have a comprehensive pull effect throughout the entire chain. Zhang Junzhe analyzed that the upstream sector will drive raw materials and core components, including high-end metals, special steel, insulating materials, power electronic devices, etc., accelerating domestic substitution. The midstream sector directly drives power equipment such as ultra-high voltage, transformers, reactors, intelligent distribution, energy storage, and flexible direct current. The industry's production capacity and high-end level will further improve. The downstream sector will drive new business models such as grid digitalization, digital twins, intelligent operation and maintenance, and power supply, grid, load, and storage services.

不同体量、不同赛道的企业将精准受益，市场格局更加清晰。张隽哲进一步分析：“龙头可以参与特高压、跨区大通道、储能重点工程，抢占高端技术和高端市场；中小企业聚焦配网改造、县域升级、零部件配套和本地化运维；科技企业切入电网智能化、数字化改造，新能源企业依托电网通道扩大风光开发和消纳，整个产业链机会非常清晰。”

Enterprises of different scales and in different sectors will precisely benefit, and the market landscape will become clearer. Zhang Junzhe further analyzed: "The leading enterprises can participate in projects such as ultra-high voltage, cross-regional major channels, and key energy storage projects, seizing high-end technologies and high-end markets; small and medium-sized enterprises focus on distribution network renovation, county-level upgrades, component supply, and local operation and maintenance; technology enterprises enter the intelligent and digital transformation of the power grid, and new energy enterprises rely on power grid channels to expand wind and solar power development and consumption. The opportunities throughout the entire industrial chain are very clear."

洪涛指出，“十五五”电网投资呈现明显的结构性机会分化，特高压、配网智能化、新型储能、关键材料四大赛道需求确定性突出。其中，特高压作为能源输送‘大动脉’，是本轮投资重中之重。按照国家电网规划，“十五五”末我国跨省输电能力较2025年提高30%，多项重大特高压工程将提前启动，将直接拉动换流阀、变压器、组合电器、高压电缆等核心主设备增量需求，中国西电(15.610, 0.00, 0.00%)（601179.SH）、特变电工（600089.SH）、保变电气(13.330, 0.00, 0.00%)（600550.SH）、平高电气(19.610, 0.00, 0.00%)（600312.SH） 等特高压装备龙头企业将率先受益。

Hong Tao pointed out that the investment in the power grid during the "15-16" period shows a significant structural opportunity differentiation. The demand for four major sectors - ultra-high voltage, distribution network intelligence, new energy storage, and key materials - is highly certain. Among them, ultra-high voltage, as the "main artery" for energy transmission, is the top priority of this round of investment. According to the planning of the State Grid, by the end of the "15-16" period, China's cross-provincial transmission capacity will increase by 30% compared to 2025, and several major ultra-high voltage projects will be launched ahead of schedule. This will directly drive the incremental demand for core main equipment such as converter valves, transformers, combined electrical apparatus, and high-voltage cables. Leading enterprises in ultra-high voltage equipment, such as China West Electric (15.610, 0.00, 0.00%) (601179.SH), Tete Wangtong (600089.SH), Baowen Electric (13.330, 0.00, 0.00%) (600550.SH), and Pinggao Electric (19.610, 0.00, 0.00%) (600312.SH), will benefit first.

配电网作为电网体系的“毛细血管”，智能化、自动化升级是“十五五”配网改造核心方向，智能配电终端、环网柜、配电自动化系统等智能化设备市场需求持续旺盛，国电南瑞(23.800, 0.00, 0.00%)（600406.SH）、思源电气(192.800, 0.00, 0.00%)（002028.SZ）、良信股份(13.100, 0.00, 0.00%)（002706.SZ） 等配网智能设备企业有望持续收获市场订单。

The distribution network, as the "capillaries" of the power grid system, the intelligent and automated upgrade is the core direction of the distribution network renovation during the "15th Five-Year Plan" period. The market demand for intelligent equipment such as intelligent distribution terminals, ring main units, and distribution automation systems remains strong. Companies like Guodian Nanshi (23.800, 0.00, 0.00%) (600406.SH), Sinyuan Electric (192.800, 0.00, 0.00%) (002028.SZ), and Liansheng Shares (13.100, 0.00, 0.00%) (002706.SZ), which produce distribution network intelligent equipment, are expected to continue to secure market orders.

储能作为破解新能源间歇性、波动性问题的关键支撑，已成为大型新能源基地建设的硬性配套要求，本轮大规模电网升级将持续带动电化学储能系统、储能变流器、电池管理系统全链条需求增长，阳光电源(164.350, 0.00, 0.00%)（300274.SZ）、宁德时代(408.200, 0.00, 0.00%)（300750.SZ）、亿纬锂能(59.660, 0.00, 0.00%)（300014.SZ） 等储能产业链核心企业迎来稳定发展机遇。

Energy storage, as a key support for addressing the intermittent and fluctuating nature of new energy sources, has become a mandatory requirement for the construction of large-scale new energy bases. This round of large-scale power grid upgrades will continue to drive the growth of the entire chain demand for electrochemical energy storage systems, energy storage converters, and battery management systems. Core enterprises in the energy storage industry chain such as Sunergy Power (164.350, 0.00, 0.00%) (300274.SZ), Ningde Time (408.200, 0.00, 0.00%) (300750.SZ), and Yiwu Liangneng (59.660, 0.00, 0.00%) (300014.SZ) are experiencing stable development opportunities.

此外，电网全链条建设铺开将同步拉动上游核心原材料需求，取向硅钢、铜材、线缆等基础电力材料市场空间持续扩容，望变电气(18.430, 0.00, 0.00%)（603191.SH）、远东股份(26.500, 0.00, 0.00%)（600869.SH） 等电力材料、线缆配套企业将充分受益于本轮电网大规模建设周期。

In addition, the full-scale construction of the power grid will simultaneously stimulate the demand for core raw materials upstream. The market space for oriented silicon steel, copper materials, cables and other basic power materials will continue to expand. We expect power material and cable-related enterprises such as ZHENGHE Electric (18.430, 0.00, 0.00%) (603191.SH) and YUANDOFENG Co., Ltd. (26.500, 0.00, 0.00%) (600869.SH) to fully benefit from this round of large-scale power grid construction cycle.

4

多重攻坚挑战并存

Multiple tough challenges coexist

万亿级电网升级工程利好深远，但大规模、跨区域、系统性建设，也让多重现实难题集中显现，成为“十五五”电网高质量推进必须突破的瓶颈。

The trillion-dollar power grid upgrade project holds significant long-term benefits. However, the large-scale, cross-regional, and systematic construction also brings a multitude of practical challenges that have come to the fore, becoming the bottleneck that must be overcome for the high-quality advancement of the power grid during the "14th Five-Year Plan" period.

从工程实操层面，张隽哲总结了四大核心挑战：一是建设统筹难，跨区通道跨多省市，选址选线、征地拆迁、跨区域协调工作量大，还要兼顾生态红线、基本农田管控。二是技术适配压力大，高比例新能源、高电力电子化给电网稳控、故障防御带来新考验，部分高端器件、极端环境适配技术还要继续突破。三是资金和成本压力，电网投资大、周期长、回报慢，加上原材料、施工、征地成本上涨，对电网企业融资和运营可持续性考验很大。四是机制和运行风险，省间交易壁垒没完全打破，绿电跨省消纳、利益共享机制还不完善；新能源波动大，电网调峰调压、故障连锁和极端天气保供压力都在明显加大。

From the perspective of engineering practice, Zhang Junzhe summarized four core challenges: Firstly, it is difficult to coordinate the construction process. Cross-regional channels span multiple provinces and cities, involving extensive tasks such as site selection, route planning, land acquisition and demolition, as well as cross-regional coordination. Moreover, ecological red lines and basic farmland control must also be taken into account. Secondly, there is a significant pressure in terms of technology adaptation. A high proportion of new energy and high levels of electrical electronicsization pose new challenges for grid stability control and fault prevention. Some high-end components and adaptation technologies for extreme environments still need to be further broken through. Thirdly, there are significant pressures in terms of funds and costs. Grid investment is large, the cycle is long, and the return is slow. In addition, the costs of raw materials, construction, and land acquisition have risen, posing great challenges to the financing and operational sustainability of grid enterprises. Fourthly, there are risks in mechanisms and operations. Inter-provincial trading barriers have not been completely broken, and the mechanisms for cross-provincial consumption of green electricity and benefit sharing are not yet perfect. The fluctuations of new energy are significant, and the pressure on grid peak shaving, voltage regulation, fault cascading, and power supply during extreme weather conditions has significantly increased.

从行业长效管理与体系建设视角，朱瑞博士提出深层次挑战，覆盖投资效益、规划统筹、人才技术三大维度。

From the perspective of long-term industry management and system construction, Dr. Zhu Rui identified deep-seated challenges, covering three major dimensions: investment efficiency, planning coordination, and human resources and technology.

首先是投资效益管控难题。电网企业是重要的公用事业服务企业，电网投资承载着推动产业发展、畅通国民经济循环的多重属性，要尽可能最大化电网投资的社会效益，加强对低效无效投资的管控，始终是电网投资管理的不懈追求。

The first issue is the challenge of controlling investment benefits. Power grid enterprises are important public utility service providers. The investment in the power grid has multiple attributes such as promoting industrial development and facilitating the circulation of the national economy. It is essential to maximize the social benefits of power grid investment and strengthen the control over inefficient and ineffective investments. This has always been the unwavering pursuit of power grid investment management.

其次是跨部门、跨行业协同难题。电网工程尤其是特高压工程规划建设，具有投资大、建设周期长的特点，往往涉及土地、林业、航运、文物保护、生态保护等诸多管理部门，需要与国土空间规划、可再生能源规划等有效衔接，与电源同步纳规、同步建设、同步投产，将能够极大提高电网投资的效率效益。

The next is the challenge of cross-departmental and cross-industry collaboration. Power grid projects, especially those involving ultra-high voltage, have the characteristics of large investment and long construction period. They often involve multiple management departments such as land, forestry, shipping, cultural relic protection, and ecological protection. Effective coordination with land space planning, renewable energy planning, etc. is necessary. Synchronizing the planning, construction, and commissioning with power sources can significantly enhance the efficiency and effectiveness of power grid investment.

最后是人才与技术迭代短板。大规模电网建设需要一支庞大的高素质工程技术和项目管理队伍，但电力行业的专业人才培养与投资规模增长之间仍存在一定时间差。同时，电网技术也正处于快速迭代期，柔性交直流输电、数字孪生、新型储能、超导输电等前沿技术的工程化应用也面临从实验室到规模化部署的转化瓶颈。

Finally, there are shortcomings in terms of talent and technological iteration. The construction of large-scale power grids requires a large team of highly qualified engineering and project management personnel. However, there is still a certain time lag between the cultivation of professional talents in the power industry and the growth of investment scale. At the same time, the power grid technology is also in a period of rapid iteration. The engineering application of cutting-edge technologies such as flexible AC/DC transmission, digital twin, new energy storage, and superconducting transmission also faces a bottleneck in the transformation from the laboratory to large-scale deployment.

结合当前行业发展现状与外部环境，洪涛教授补充了五大系统性挑战。目前，风光等间歇性电源装机占比已超60%，配套储能、智能调控能力不足，电网灵活调节能力亟待提升；特高压通道审批协调、城乡配网改造资金缺口，也制约着工程落地。与此同时，年均超万亿元的投资规模远超以往，但现有融资模式、电价机制尚不完善，社会资本参与意愿受限。此外，特高压核心器件、高端电力装备仍存在供应链风险，电网数字化还面临数据安全、标准不统一等问题。而算电、交通、热力等多网融合，以及电力市场相关机制仍在试点推进，部门壁垒、政策衔接不畅也增加了项目推进难度。他建议，要通过强化顶层设计、创新投融资模式、推进核心技术国产化、建立跨部门协同机制等方式系统破局，保障2030年新型电力系统建设目标顺利推进。

Taking into account the current industry development status and external environment, Professor Hong Tao added five systemic challenges. Currently, the installed capacity of intermittent power sources such as wind and solar power has exceeded 60%, but the supporting energy storage and intelligent regulation capabilities are insufficient, and the flexibility of the power grid needs to be significantly enhanced; the approval and coordination of ultra-high voltage transmission channels, as well as the funding gap for urban and rural distribution networks renovations, also constrain the implementation of the projects. At the same time, the annual investment scale of over one trillion yuan is far beyond previous levels, but the existing financing models and electricity pricing mechanisms are still not perfect, and the willingness of social capital to participate is restricted. Moreover, there are supply chain risks in the core components and high-end power equipment of ultra-high voltage, and the digitalization of the power grid also faces issues such as data security and inconsistent standards. The integration of multiple networks such as computing power, transportation, and heat supply, as well as the related mechanisms of the power market are still in the pilot stage, and departmental barriers and policy coordination deficiencies have also increased the difficulty of project implementation. He suggests that by strengthening top-level design, innovating financing models, promoting the domestication of core technologies, and establishing cross-departmental collaboration mechanisms, we can systematically break through the obstacles and ensure the smooth progress of the 2030 new power system construction goals.

5

智能韧性电网筑牢新型能源体系核心枢纽

Intelligent resilient power grid strengthens the core hub of the new energy system

随着超5万亿元投资逐步落地，我国电网将实现从规模全球最大向质量最优、韧性最强、智能最高、绿色最足的历史性跨越，全面适配新型能源体系建设和“双碳”目标需求。

With the gradual implementation of over 5 trillion yuan of investment, China's power grid will achieve a historic leap from being the world's largest in scale to being the highest in quality, the strongest in resilience, the most intelligent, and the most green. It will fully adapt to the construction of the new energy system and the "dual carbon" goals.

张隽哲展望：“本轮投资落地之后，特高压网架将全面成型，城乡配网短板补齐，农村和县域供电可靠性大幅提升，再加上全面数字化智能化，源网荷储能灵活协同，电网防灾抗灾、故障处置、柔性调节能力上一个大台阶。”

Zhang Junzhe predicted: "After this round of investment is implemented, the ultra-high voltage grid framework will be fully established, the shortcomings of urban and rural distribution networks will be remedied, the reliability of power supply in rural areas and county-level regions will be significantly improved, and in addition, with comprehensive digitalization and intelligence, the flexible coordination of power generation, power consumption and energy storage, as well as the grid's disaster prevention and resistance capabilities, fault handling and flexible regulation capabilities will reach a new level."

全新电网体系将成为绿色转型核心支撑。张隽哲进一步分析：“对‘双碳’来说，跨区大通道能大幅提升风光消纳、压低弃风弃光，扩大绿电使用比例，替代化石能源；同时支撑工业、交通、建筑全面电气化，助力如期实现碳达峰、碳中和。”

The new power grid system will serve as the core support for the green transformation. Zhang Junzhe further analyzed: "For the 'dual carbon' goal, cross-regional large transmission channels can significantly increase the consumption of wind and solar energy, reduce the waste of wind and solar power, expand the proportion of green electricity usage, and replace fossil energy; at the same time, they can support the full electrification of industries, transportation, and buildings, helping to achieve the carbon peak and carbon neutrality goals on schedule."