金吾财讯 | 中信证券表示，2025年12月31日，国家发改委、国家能源局发布《关于促进电网高质量发展的指导意见》（以下简称《意见》）。《意见》旨在解决新能源高比例接入带来的系统稳定性挑战，优化资源配置效率，并带动产业链升级和民生用电质量提升，通过强化顶层设计、技术创新和监管机制，促进电网向安全、高效、智能的方向转型。该机构指，“十五五”期间电网投资预计将维持稳定增长态势，结合用电量增长预期与“十四五”电源建设强度判断，该机构预计2026-2030年国家能源局口径下的电网基本建设投资完成额将达到约3.8万亿元，对应年均投资额约7500亿元。核心驱动因素来自用电量的持续增长，预计“十五五”期间用电量年均增速为5%-6%，增速相较GDP增速弹性维持在1.2-1.25区间。市场对内需的交易呈现明显的预期前置特征，特高压、数智化等在2025年面临较大压力后已出现触底反转预期，主网架与互联互济等环节保持向好态势，该机构判断上述板块将在新的五年规划的窗口期下具备布局价值。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.