新型电力系统月度观察：主网招标景气向上看好特高压核准加速

中金公司2025-08-07

行业近况2025 年1-6 月全国电网工程完成投资2911 亿元，同比增长14.6%。上半年国网完成固定资产投资超2700 亿元，规模创历史同期新高。我们持续看好国内外电网投资景气上行，相关公司有望受益。评论特高压：3Q起核准招标有望加速。6 月底，藏东南-粤港澳、蒙西-京津冀特高压直流工程相继核准，7 月底浙江交流环网工程进入初步设计阶段。向前看，我们预计陕西-河南、南疆-川渝等项目有望自 3Q...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2557559650?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-07 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2557559650","market":"sh","top_or_hot":-1,"title":"新型电力系统月度观察：主网招标景气向上 看好特高压核准加速","media":"中金公司","content":"<div>\n<p>行业近况2025 年1-6 月全国电网工程完成投资2911 亿元，同比增长14.6%。上半年国网完成固定资产投资超2700 亿元，规模创历史同期新高。我们持续看好国内外电网投资景气上行，相关公司有望受益。评论特高压：3Q起核准招标有望加速。6 月底，藏东南-粤港澳、蒙西-京津冀特高压直流工程相继核准，7 月底浙江交流环网工程进入初步设计阶段。向前看，我们预计陕西-河南、南疆-川渝等项目有望自 3Q...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250807182148a47aba5a&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>新型电力系统月度观察：主网招标景气向上 看好特高压核准加速</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n新型电力系统月度观察：主网招标景气向上 看好特高压核准加速\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-07 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250807182148a47aba5a&s=b><strong>中金公司</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>行业近况2025 年1-6 月全国电网工程完成投资2911 亿元，同比增长14.6%。上半年国网完成固定资产投资超2700 亿元，规模创历史同期新高。我们持续看好国内外电网投资景气上行，相关公司有望受益。评论特高压：3Q起核准招标有望加速。6 月底，藏东南-粤港澳、蒙西-京津冀特高压直流工程相继核准，7 月底浙江交流环网工程进入初步设计阶段。向前看，我们预计陕西-河南、南疆-川渝等项目有望自 3Q...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250807182148a47aba5a&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"605162","symbol_name":"新中港","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250807182148a47aba5a&s=b","article_id":"2557559650","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250807182148a47aba5a&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2557559650","pubTimestamp":1754496000,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"上半年国网完成固定资产投资超2700 亿元，规模创历史同期新高。我们持续看好国内外电网投资景气上行，相关公司有望受益。评论特高压：3Q起核准招标有望加速。主要公司中，特变电工、思源电气、许继电气、四方股份前3批中标金额同比增速均达60%以上。多省份发布136 号文配套细则征求意见，我们持续看好电改加速，虚拟电厂、电力交易等环节有望充分受益。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600312":"平高电气","600406":"国电南瑞","600930":"华电新能","601126":"四方股份","601179":"中国西电","601567":"三星医疗","605162":"新中港","688676":"金盘科技","BK0028":"国家队","BK0130":"工业4.0","BK0188":"融资融券","BK0012":"证金概念","BK0158":"能源互联网","BK0224":"电气机械","BK0069":"特高压","BK0078":"智能电网"},"translate_title":"Monthly observation of new power systems: The main grid bidding boom is upward, optimistic about the acceleration of UHV approval","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600312":0.9,"600406":0.9,"600930":0.9,"601126":0.9,"601179":0.9,"601567":0.9,"605162":0.9,"688676":0.9},"content_text":"行业近况2025 年1-6 月全国电网工程完成投资2911 亿元，同比增长14.6%。上半年国网完成固定资产投资超2700 亿元，规模创历史同期新高。我们持续看好国内外电网投资景气上行，相关公司有望受益。评论特高压：3Q起核准招标有望加速。6 月底，藏东南-粤港澳、蒙西-京津冀特高压直流工程相继核准，7 月底浙江交流环网工程进入初步设计阶段。向前看，我们预计陕西-河南、南疆-川渝等项目有望自 3Q 起陆续核准落地，同时此前核准的项目有望迎来设备招标或给板块带动催化。我们维持全年特高压核准“五直四交”预期，同时看好背靠背直流工程贡献增量，相关公司业绩有望直接受益。主网：招投标超预期，核心厂商中标金额高增。国网今年已发布四批输变电招标，其中已公示的前3 批输变电设备招标金额同比+23.5%（含单一来源，下同）。主要公司中，特变电工、思源电气、许继电气、四方股份前3批中标金额同比增速均达60%以上。其中超高压组合电器、变压器招标放量大增，主网保护类设备单价企稳向上，招标量同增超40%。我们看好主网投资仍具韧性。出海：延续高景气，高压开关、大容量变压器出口走强。1-6 月电力设备出口总额达109 亿美元，同比+24%，其中高压开关、变压器出口金额同比+37%、+36%，电表出口整体平稳。我们持续看好出海景气延续，建议重点关注欧洲、中东区域机会。电力市场：绿电直连或将开启新能源高质量发展的新篇章；各地推动新能源入市。《关于有序推动绿电直连发展有关事项的通知》发布，首次从国家层面为“绿电直连”模式构建了完整的规则框架。我们认为这一政策的核心要义在于通过相对明确的物理隔离与权责重构，为新能源高效消纳与碳足迹溯源认证带来新的市场机遇。多省份发布136 号文配套细则征求意见，我们持续看好电改加速，虚拟电厂、电力交易等环节有望充分受益。估值与建议我们持续看好国内外电网投资建设景气度上行，推荐：1）特高压及主网：平高电气、国电南瑞、许继电气、中国西电、四方股份；2）虚拟电厂：国能日新（和计算机组联合覆盖）；3）电力设备出海：思源电气、明阳电气、三星医疗、金盘科技等。风险新能源装机不及预期，电网投资不及预期，宏观政策环境影响。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2557559650","isCrawlerRequest":true}

新型电力系统月度观察：主网招标景气向上 看好特高压核准加速

精彩评论

新型电力系统月度观察：主网招标景气向上看好特高压核准加速