（来源：淘金ETF） 1. 长江电力（600900） 作为全球水电龙头，长江电力掌控长江流域核心水电资产，旗下三峡、葛洲坝、溪洛渡、向家坝等电站 装机规模与发电量稳居全球第一，水电业务具备稳定、清洁、低成本的核心优势。在全国统一电力市场 建设中，公司作为跨区电力供给核心主体，将充分受益于市场化交易机制完善与绿电溢价提升，同时 AI算力需求爆发带动电力资产价值重估，公司稳定的电力供给能力与绿电属性凸显，在电力行业价值 重构中占据核心地位。此外，公司积极布局抽水蓄能与储能业务，提升调节能力，适配统一市场下的辅 助服务需求，进一步强化全产业链价值。 2. 华电新能（600930） 华电集团旗下新能源核心平台，聚焦风电、光伏等清洁能源项目开发、投资与运营，装机规模持续扩 张，绿电占比不断提升。公司在国内多个区域布局新能源电站，深度绑定"东数西算"等算力项目，提供 稳定绿电直供服务。全国统一电力市场的推进，将为公司绿电交易提供更广阔的平台与更优的溢价空 间；AI算力用电需求高增，也将带动绿电直供与源网荷储协同需求，公司作为新能源发电核心企业， 将充分受益于行业景气度提升。同时，公司积极拓展储能、虚拟电厂等业务，提升调节 ...

Core Insights - The National Energy Administration has announced the first batch of pilot projects for enhancing the construction capacity of new power systems, including seven energy storage-related projects primarily focused on grid-structured technology applications [1][2]. Group 1: Pilot Projects Overview - Seven energy storage projects have been selected, with six focusing on grid-structured technology applications, located in Inner Mongolia, Zhejiang, Anhui, Yunnan, Shanxi, and Gansu [1][2]. - Key project units involved include China Energy Construction, State Power Investment Corporation, Huaneng, NARI Technology, Southern Power Grid Energy Storage, Wuqing Economic Cooperation Green Energy Technology Co., Ltd., and Juhua New Energy [1][2]. Group 2: Specific Project Details - The Baotou City dual-good grid-structured energy storage project has a planned total capacity that includes both renewable energy and new energy storage, utilizing low-voltage centralized grid technology with a single unit capacity of 30MW and a total scale of 102,000 kW/408,000 kWh [3][14]. - The Zhejiang Longyou shared energy storage project has a total scale of 80MW/160MWh, featuring a dedicated 10MW/20MWh grid-structured unit, providing flexible and stable shared power services to multiple park enterprises, with a 30% increase in equipment utilization and a cost per kilowatt-hour reduced to below 0.2 yuan [3][15]. - The Yunnan Wenshan Qiubei independent energy storage project leads with a scale of 200MW/400MWh, employing cold plate liquid cooling technology and including a 20MW/40MWh sodium-ion battery system, marking it as the first large-scale lithium-sodium hybrid grid-structured energy storage station in the country [3][15]. - The Shaanxi Wuqing Economic Cooperation grid-structured energy storage project is located in the Loess Plateau at an altitude of 1550-1625 meters, covering approximately 90 acres, and includes 75 integrated boost conversion machines and 150 energy storage battery warehouses [3][15]. - The Gansu Juhua New Energy (Yumen) 1GW wind farm project will cover an area of 15.5620 hectares, with a total installed capacity of 1GW and a supporting energy storage system capacity of 150MW/600MWh [3][15].

据悉， 电站地下工程由厂房和33个功能各司其职的洞室构成，总长超过22公里，总体积达210万立方 米，像一座布置密集的"电力地宫"。当前，地下工程贯通总长已突破11公里，进度过半，为我们马年加 快推进项目建设树立了信心。国家抽水蓄能中长期规划重点实施项目——桂林灌阳抽蓄电站总投资约80 亿元，装机规模120万千瓦。春节临近，除了多个地下洞室的同时开挖，体积相当于145个标准游泳池大 小的厂房施工也在加快推进。当前，7层厂房的第3层已开挖完成，开挖量突破13万方。 广西桂林灌阳抽蓄业主项目部副总经理辛晟介绍， 春节期间，电站建设不停工。300多名建设者将抢抓 初春的施工黄金期，同时推进7个作业面的施工任务。电站建成后，每年可消纳广西清洁能源21.6亿千 瓦时，相应减少二氧化碳排放约220万吨。 中国发展网讯 记者皮泽红报道 2月11日，在广西桂林市的抽水蓄能电站工地上，工人们正用奋斗的"爆 竹"声，鸣响项目推进的喜讯。 在广西桂林灌阳县新圩镇，随着最后一次爆破的顺利完成，长达2376米的自流排水洞全面贯通，给为期 18个月的爆破开挖画上了圆满的句号。本次贯通的自流排水洞是桂林灌阳抽水蓄能电站地下工程中最长 的洞 ...

Core Viewpoint - The successful integration of the first domestically produced voltage-source static frequency converter (SFC) at the Nanning pumped storage power station marks a significant advancement in China's independent research and development of new pumped storage technology, enhancing the safety of the energy storage supply chain and promoting the construction of a new power system [1][4]. Group 1: Technological Advancements - The new voltage-source SFC significantly reduces harmonic distortion in output current, achieving a total harmonic distortion rate of only 0.9%, well below the design requirement of 3% [6]. - The acceleration performance of the new SFC improves by over 35% compared to the previous current-source SFC, enhancing the ability to accelerate the motor from a standstill to rated speed [6]. Group 2: Industry Context and Future Prospects - With the rapid development of renewable energy in China, the demand for high-performance control devices in pumped storage systems is increasing, necessitating advancements in technology [4]. - The long-term development plan for pumped storage in China includes over 580 key and reserve projects, with a total capacity exceeding 720 million kilowatts, indicating a broad market for the new SFC [7]. - The company plans to accelerate the pilot application of the new SFC in more pumped storage units and expand its application in areas such as energy storage, phase adjustment, and gas turbines, promoting deeper integration of technological and industrial innovation [7].

Core Insights - Ningxia Zhongwei Baohua Energy Storage Technology Co., Ltd. has been established with a registered capital of 430 million yuan [1] - The company is involved in various sectors including power generation, transmission, distribution, electrical installation services, battery sales, and charging pile sales [1] - The company is jointly owned by Southern Power Grid Energy Storage (600995) and Beijing Taihe New Energy Technology Development Co., Ltd. [1]

Group 1 - The Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index increased by 0.08%, and the ChiNext Index fell by 0.60% as of February 11 [2] - Small metals, energy metals, and cobalt sectors showed significant gains, with the battery ETF (561910) increasing by 1.21% [2] - Key stocks such as Greeenmei (002340.SZ) hit the daily limit, while New Zhoubang (300037.SZ), Zhongwei New Materials (300919.SZ), and Duofuduo (002407.SZ) rose over 5% [2] Group 2 - Aijian Securities forecasts that the domestic battery and lithium iron phosphate cathode material production will exceed that of the same period in 2024, with lithium carbonate prices recently declining and energy storage cell prices rising [3] - The implementation of a new pricing mechanism for independent energy storage capacity on the grid side is expected to further drive energy storage demand, promoting growth in the lithium battery industry [3] - Xinyi Securities notes that since the second half of 2024, solid-state battery sector has seen frequent catalytic events, boosting the overall prosperity of the lithium battery sector [3]

Core Viewpoint - The Guangdong Electric Power Storage Project has reached a significant milestone with the completion of underground excavation, marking the transition to the electromechanical installation phase, which is expected to enhance clean energy development in the region [1] Group 1: Project Details - The project is located in the deep mountains of western Guangdong, featuring giant wind turbine blades and significant construction activity [1] - The underground plant, situated 100 meters deep, will house four units of 300,000 kilowatts each, capable of converting 1.26 million cubic meters of water into 1.2 million kilowatt-hours of clean electricity per hour [1] - The project is part of China's medium- to long-term plan for pumped storage hydropower, with an expected operational date for all units in the first half of 2028 [1] Group 2: Environmental Impact - Upon completion, the power station is projected to reduce carbon emissions equivalent to planting 120,000 trees annually [1] - The facility is expected to consume 2.16 billion kilowatt-hours of clean energy each year, ensuring stable delivery of clean power in western Guangdong [1] Group 3: Technological Innovations - The project has implemented 3D visualization safety monitoring technology to strictly control excavation parameters and operational indicators [1] - This technological advancement is aimed at enhancing safety and efficiency during the construction phase [1]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has announced the inclusion of South Grid Energy Storage Company in the list of world-class leading enterprises and cultivation enterprises among state-owned enterprises, highlighting its significant role in the energy sector during the transition to a new power system [1] Group 1: Company Overview - South Grid Energy Storage Company is the first publicly listed company in China focusing on pumped storage and new energy storage businesses [1] - The company aims to build a world-class enterprise by focusing on both "hard power" (key performance indicators) and "soft power" (management capabilities) [1] Group 2: Industry Context - The selection of leading enterprises comes at a critical time as China advances its "dual carbon" strategy and accelerates the construction of a new power system [1] - Energy storage is recognized as a crucial resource for ensuring the safe and stable operation of the power grid, becoming an important support for the transformation of China's energy structure [1] Group 3: Strategic Positioning - South Grid Energy Storage Company positions itself as a key player in the new power system, focusing on maintaining grid safety and stability, leading the pumped storage industry, and being a frontrunner in the new energy storage sector [1] - The company has achieved global leadership in core energy storage indicators and has developed the first domestically produced pumped storage unit export switchgear, achieving autonomy in core control system components [1]

Core Viewpoint - The Southern Power Grid Company has achieved significant recognition for its "Smart Logistics" application, which has been awarded as one of the top ten innovative achievements in the 2025 "Small Leaf" Innovation Action evaluation, highlighting the company's advancements in digital transformation and reform in logistics [1][2] Group 1: Innovation and Recognition - The "Smart Logistics" application was selected as one of the top ten innovative achievements and received the "Golden Leaf" project award and the "Small Leaf" Innovation Action Organization Award [1] - This recognition reflects the company's commitment to integrating digital solutions with business operations [2] Group 2: Application Features and Impact - The "Smart Logistics" application has 21 functional modules and has processed over 12,200 service orders, serving more than 21,000 employees [1] - The average response time for service requests has been reduced from hours to 20 minutes, significantly enhancing service efficiency and employee experience [1] - The application promotes online and standardized business processes, facilitating cross-departmental and cross-regional collaboration, and has contributed to a reduction in labor costs by approximately 15% [1] Group 3: Future Development - The company plans to continue optimizing the platform's functionality and deepen data empowerment to provide a more intelligent, convenient, and warm logistics service experience for employees [2] - This ongoing development aims to support the company's high-quality growth [2]

Core Viewpoint - The recent adjustments in pricing policies for pumped storage and new energy storage by the National Development and Reform Commission and the National Energy Administration are expected to impact the company's revenue and market participation, introducing both opportunities and uncertainties in the energy storage sector [2][3]. Group 1: Company Performance - As of February 6, 2026, the stock price of Southern Power Grid Energy (600995) closed at 13.37 yuan, down 1.33% from the previous week [1]. - The stock reached a weekly high of 14.5 yuan on February 4 and a low of 13.12 yuan on February 6 [1]. - The company's current total market capitalization is 42.731 billion yuan, ranking 17th out of 102 in the power sector and 471st out of 5186 in the A-share market [1]. Group 2: Policy Adjustments - The new pricing policy categorizes pumped storage power stations into three types, with the first type continuing to follow government pricing, the second type using average cost for capacity pricing, and the third type benefiting from a reliable capacity compensation mechanism [2][3]. - New energy storage stations will be eligible for capacity pricing and will participate in market transactions, although the revenue uncertainty has increased due to the need for provincial-level clarification on policy implementation [2][3]. - The policy aims to promote marketization in the energy storage sector, but the specific implementation details require further definition by provincial authorities [2][3].