China Post Securities: Further increase in grid investment, optimistic about the development of intelligent power grids

The Zhitong Finance App learned that China Post Securities released a research report saying that on December 31, 2025, the National Development and Reform Commission and the National Energy Administration issued “Guiding Opinions on Promoting High-Quality Development of Power Grids”. By 2030, the scale of “West-to-East Transmission” will exceed 420 million kilowatts, adding about 40 million kilowatts of electricity mutual support capacity between provinces, supporting about 30% of new energy generation, and the capacity to accept distributed new energy sources has reached 900 million kilowatts, supporting more than 40 million units of charging infrastructure.

The bank pointed out that the new power system requires integrated development of the main distribution network. The bank believes that there is currently no definite technical direction for the consumption of a high proportion of new energy sources, so it is necessary to be open to various technologies. The overall tone is to increase investment in power grids. Carry out power grid investment and construction moderately ahead of schedule, step up efforts to upgrade existing power grids; encourage eligible private capital to participate in power grid investment and construction.

According to the report, the top-down and bottom-up power grids are combined with each other. (1) The main power grid needs to solve the planning efficiency problem. Power grid safety is the bottom line, combine power market price signals to improve transmission efficiency and economy, and maintain a reasonable pace of transmission channel planning and construction; (2) Plan the layout of transmission and distribution facilities moderately ahead of schedule, and the distribution grid has become an active two-way interactive system. The requirements for intelligence are increasing. It is the core of supporting distributed new energy sources, and is also a link to effectively improve the utilization rate of power grid assets; (3) The self-balancing of smart microgrids can effectively reduce the difficulty of trend calculation, and theoretically reduce the impact on the power grid. The Internet is a public product, Overall safety must be a prerequisite, and self-balanced information must be grasped. If microgrids go off the grid to “protect themselves,” it may have an impact on grid safety; the corresponding document mentions “supporting smart microgrids to achieve flexible grid connection and off-grid operation on the premise that they bear equal economic, social, and safety responsibilities”.

The bank believes that power grids are safety first, followed by new energy consumption; what the two have in common is the intelligent power grid. It is recommended to focus on Guodian Nanrui (600406.SH), Sifang Co., Ltd. (601126.SH), Guodian Nanzi (600268.SH), and Jinzhi Technology.