在推动能源绿色转型方面，现货、中长期市场价格信号反映了不同时段、不同区域的电力供需关系，让 新能源在电力供应充足时段的环境价值、高峰时段的保供价值得到充分体现；辅助服务市场则进一步完 善了调节资源的价值实现机制，激励调节资源积极参与系统调节。 2025年，跨电网经营区常态化电力交易机制建立，在国家电网、南方电网分别组织电力交易的基础上， 建立了"网上电力商城"，保障全国统一电力市场体系高效运行。迎峰度夏期间，南方区域首次送电支援 上海、浙江、安徽；10月，国家电网与南方电网首次以现货交易形式实现跨区电力调配。 三是绿色电力交易电量迅猛增长，达3285亿千瓦时，同比增长38.3%，规模达到2022年的18倍，多年期 绿电协议成交电量达600亿千瓦时，跨经营区常态化交易机制首次实现大湾区用户用上内蒙古绿电、长 三角用户引入广西绿电。同时，新能源全面参与市场，在交易中心注册的经营主体数量突破100万家。 全国统一电力市场体系为推进新型电力系统建设和经济社会发展提供了重要支持，发挥了多重作用。在 跨地区资源优化方面，西部丰富的清洁能源、北部充足的火电资源能够精准对接东部沿海、南部负荷中 心的用电需求，有效缓解了不同地 ...

创新成果的不断出现得益于从制度层面激发创新活力。前不久，一支青年创新队伍来到山东济南，更新 调试虚拟电厂运营服务平台。该工作室成员平均年龄不到33岁，带头人金玉龙从清华大学毕业后就入职 南瑞集团，一心扑在"虚拟电厂"上已6年有余。"科研的前期投入大、成果产出周期长。我们用'里程碑 +长周期'的激励机制，鼓励青年科研人员把'冷板凳'坐热。"南瑞集团组织部副主任于昆介绍。 "2021年，初代产品刚完成，团队就获得了荣誉称号；2022年，产品测试上线，尚未完全实现产业化， 我个人就获得褒奖以及第二批股权激励。"金玉龙回忆。该团队研发的虚拟电厂产品已在20多个省份推 广应用，相关技术成果获得中国电力企业联合会2025年度电力创新奖一等奖。 在南瑞集团，多元激励机制改革已成为干事创业的重要内驱力。以"贡献者受益"为价值导向，"一业一 策""一企一策"定制考核分配方案，保障业绩与薪酬同步增长。对科技型企业实施股权与分红激励，让 核心骨干与企业共享发展成果，持续激发干事创业的内生动力。 何以破局开路？"重组南瑞研究院，强化前沿技术瞭望和应用基础研究；整合成立研发中心，着眼应用 技术，提升共性平台支撑能力；优化整合各专业公司 ...

Group 1 - The core viewpoint of the articles highlights the proactive measures taken by State Grid Electric Power Research Institute (NARI Group) to enhance the stability and efficiency of the power grid through advanced technologies and reforms [1][2][3] - NARI Group is accelerating the implementation of "scientific reform actions" and deepening state-owned enterprise reforms to promote breakthroughs in key areas [1] - The company has established seven specialized research teams and seven "ten-year sword" teams, adopting a flat organizational structure to focus on solving industry pain points [2] Group 2 - By 2025, NARI Group is expected to have accumulated 171 provincial and ministerial-level scientific and technological awards, with 10 projects recognized as major technological equipment in the energy sector [2] - The company has implemented a multi-dimensional incentive mechanism to stimulate innovation, ensuring that performance and compensation grow in tandem [3] - NARI Group is expanding its focus beyond traditional power systems into energy internet and industrial internet sectors, aiming to cultivate a "second growth curve" [3]

国家知识产权局信息显示，华能会理风力发电有限公司、北京华能新锐控制技术有限公司、华能新能源 股份有限公司、国电南瑞科技股份有限公司取得一项名为"一种模拟量板卡及模拟量采集方法"的专利， 授权公告号CN120801795B，申请日期为2025年9月。 天眼查资料显示，华能会理风力发电有限公司，成立于2020年，位于凉山彝族自治州，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本120672.7539万人民币。通过天眼查大数据分析，华 能会理风力发电有限公司参与招投标项目222次，专利信息76条，此外企业还拥有行政许可26个。 来源：市场资讯 华能新能源股份有限公司，成立于2002年，位于北京市，是一家以从事电力、热力生产和供应业为主的 企业。企业注册资本1243121.4343万人民币。通过天眼查大数据分析，华能新能源股份有限公司共对外 投资了724家企业，参与招投标项目5000次，财产线索方面有商标信息1条，专利信息804条，此外企业 还拥有行政许可32个。 国电南瑞科技股份有限公司，成立于2001年，位于南京市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本803208.8259万人 ...

- The report primarily focuses on the investment value of the "恒生A股电网设备指数" (HSCAUPG.HI), which is a thematic index designed to reflect the performance of China's A-share listed companies in the power grid equipment sector. The index was launched on February 28, 2022, and its methodology includes selecting companies with at least 40% of their revenue derived from energy infrastructure, power equipment, industrial components, and intelligent technologies. The index is weighted by free-float market capitalization, with a cap of 10% per constituent stock[37][38][39] - The index underwent a significant revision in 2025, reducing the number of constituent stocks from 100 to 50, focusing more on downstream power grid equipment manufacturing. This adjustment enhanced the index's purity and representation of the modernization and specialization of China's power grid equipment sector[37][38][39] - The index's sectoral distribution is highly concentrated, with approximately 70% allocated to power grid equipment, 13% to communication equipment, and smaller proportions to automotive components, metal materials, wind power equipment, and other industries. This structure ensures a strong focus on the modernization of power grid infrastructure, automation, and digitalization[39][41][42] - The index's internal structure is dominated by high-tech and high-certainty segments, such as transmission and transformation equipment (31% weight) and power grid automation equipment (21% weight). These segments benefit from China's "十五五" strategic planning, which emphasizes the construction of ultra-high voltage backbone networks, upgrades to main grid systems, and the integration of renewable energy bases[39][41][43] - The index has demonstrated strong performance, with a cumulative return of 335.48% since its base date, significantly outperforming the申万电网设备行业指数 (151.41%) and the上证指数 (64.96%). It exhibits high returns, moderate volatility, and superior risk-adjusted returns, with a Sharpe ratio of 4.42 over the past year and consistently above 1.0 over longer periods[55][56][58]

证券日报网讯1月29日，国电南瑞（600406）在互动平台回答投资者提问时表示，公司积极响应国家共 建"一带一路"倡议，持续深化国际化战略布局，推动特高压、智能电网、新能源等领域的技术与产品走 向海外。目前重点布局的市场包括东南亚、中东、拉美等电力建设及能源转型需求旺盛的地区。未来， 公司将继续稳步推进海外业务高质量发展，持续提升国际市场的规模与效益。近两个季度公司海外业务 收入及利润实现稳步提升，毛利率较同期略有提高，公司将通过优化业务结构、提升定价能力、深化成 本管控及强化财务风险管理等系统性举措，致力于实现海外业务毛利率的持续稳健增长。 ...

Group 1 - The core viewpoint of the article highlights that Guodian NARI is actively engaged in the development of the electricity spot market and virtual power plants, positioning itself as a leader in these areas [1] - The company has been involved in the construction of technical support systems for electricity spot markets in multiple regions, including Guangdong, Gansu, Inner Mongolia, and Zhejiang [1] - Guodian NARI is also responsible for the operation service platforms for virtual power plants in regions such as Shanxi, Ningxia, Shandong, and Chongqing [1] Group 2 - The company is expanding its services to electricity trading users and virtual power plant operators by developing decision support systems for electricity trading and aggregation platforms for virtual power plants [1] - Guodian NARI has successfully supported various clients, including central energy enterprises, local energy companies, electricity sales companies, and large electricity users, thereby enhancing the efficiency of the electricity spot market and virtual power plant operations [1] - The ongoing expansion of electricity spot trading and virtual power plant businesses is leading the company to explore energy internet data services [1]

证券日报网讯 1月29日，国电南瑞在互动平台回答投资者提问时表示，目前国电南瑞已掌握柔性直流输 电核心技术，换流阀、IGBT等核心部件已完全具备全国产化能力。国内订单方面，近年来公司陆续中 标宁夏至湖南±800千伏特高压直流输电工程、金上-湖北±800千伏特高压直流输电工程、甘肃-浙江±800 千伏特高压直流输电工程、蒙西-京津冀±800千伏特高压直流输电工程、藏东南-粤港澳特高压柔性直流 工程等项目；国际业务方面，中标德国BorWin6海上风电工程、巴西伊泰普水电站±600千伏直流送出工 程、沙特柔直工程等，实现特高压高端装备出口。2024年公司已开展产线扩能适配"沙戈荒"等项目交付 节奏，已形成±800kV电压等级柔性直流换流阀批量生产能力。 （编辑 王雪儿） ...

Investment Rating - The report indicates a strong investment opportunity in the power inspection drone industry, highlighting its transition towards intelligent grid systems and the expected market growth [5][19]. Core Insights - The power inspection drone industry is evolving from a simple aerial imaging tool to a comprehensive diagnostic platform, driven by the increasing demand for efficient inspection methods and advancements in AI and IoT technologies [6][8]. - The market is projected to grow significantly, with the global market size reaching approximately 19.516 billion yuan in 2023, and expected to exceed 23.4 billion yuan in 2024, driven by smart grid upgrades and aging infrastructure [19][20]. Summary by Sections Industry Overview - The report outlines the evolution of power inspection drones, emphasizing the shift from manual inspections to automated systems due to the expansion of the power grid and aging equipment [7][12]. - The National Grid's investment of 12 billion yuan aims to establish a nationwide drone inspection system covering 80% of high-voltage lines by 2025, which is expected to drive the industry scale beyond 20 billion yuan [7][19]. Technological Architecture - The report discusses the critical technological advancements in the industry, including multi-modal sensor integration, lightweight AI models, and digital twin technology, which enhance the accuracy and efficiency of inspections [24][25]. - Key performance indicators for 2025 include a defect recognition accuracy of 98.7% and the ability to conduct inspections over distances of 50 kilometers per flight [16][19]. Platform Evolution - The platformization of drone technology is transforming traditional power maintenance processes, enabling real-time monitoring and automated defect identification, significantly reducing response times from 8 hours to 2.5 hours [43][44]. - The report highlights a successful case study where a drone group combined with digital twin technology achieved a 95% warning accuracy rate and reduced fault rates by 40% [44][45]. Market Dynamics - The report identifies three phases of market growth: hardware sales dominance from 2023 to 2025, a rise in software and services from 2025 to 2027, and platform ecosystem competition from 2028 to 2030 [20][21]. - The growth is fueled by the demand for smart grid upgrades, government subsidies, and the need for efficient maintenance of aging infrastructure [19][20]. Challenges and Solutions - The report addresses challenges such as airspace management, algorithm adaptability, and data fusion, proposing solutions like geographic fencing technology and federated learning to enhance operational efficiency [59][64]. - A pilot project in Shenzhen demonstrates effective urban drone application management, achieving a threefold increase in inspection efficiency while maintaining compliance with urban airspace regulations [60][62].

证券日报网讯1月29日，国电南瑞（600406）在互动平台回答投资者提问时表示，公司在南美及中东市 场的电网自动化及保护设备业务已取得重要进展。在高级配电管理、智能调度技术支持、配电网运维及 高级计量架构等领域成功落地多个具有行业影响力的标志性项目。同时，在巴拉圭、菲律宾等重点区 域，公司的变电站保护与自动化系统也已实现规模化部署与应用。公司高度重视国际市场的战略地位， 并将其定位为核心增长引擎。当前，海外业务已展现出强劲的增长势头。公司计划到2030年，将海外业 务收入规模提升至全新量级，持续推动其在市场规模、营业收入和业务结构上实现系统性跨越。 ...