<p>（彭博社）——中国长期以来致力于能源来源的建设，因中东战争而获得新的动力，这进一步巩固了这一战略，促使电网运营商进行债券销售狂潮，并向市场注入数千亿美元。</p>
<p>作为全球第二大经济体，中国已成为全球最大的电网投资者之一，近年来在基础设施上投入巨资，以吸收更多可再生能源并减少对进口的依赖。融资的增长使国有电网运营商成为国内最大的债券发行者，销售额达到前所未有的水平，收益率接近历史低点。</p>
<p>彭博社最受关注的新闻</p>
<ul>
<li>两艘液化石油气船通过霍尔木兹海峡前往遭遇短缺的印度</li>
<li>第二艘 Dynacom 油轮通过霍尔木兹，其他船东则选择观望</li>
<li>Mamdani 希望纽约遗产税门槛削减 90% 至 75 万美元</li>
<li>关键阿联酋港口在无人机袭击和火灾后暂停石油装载</li>
<li>委内瑞拉官员正在谈判将被拘留的马杜罗盟友送往美国</li>
</ul>
<p>这些巨额投资突显了电网在北京战略中的核心作用，该战略涉及将风能和太阳能等能源从偏远的西部地区输送到中国的工业中心。鉴于石油供应中断带来的冲击，分析师表示，增长的速度可能会加快。</p>
<p>“中国的基础设施建设效率远高于大多数国家，电网也不例外，” 惠誉评级高级董事 Penny Chen 表示。随着电价飙升成为其他地区人工智能和制造业雄心的制约因素，这一优势将进一步扩大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/IYyCZ5LfZzZioojpXSI8gA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNw--/https://media.zenfs.com/en/bloomberg_holding_pen_162/cd0f7370dd43fb4b74ef83080548af0a?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/IYyCZ5LfZzZioojpXSI8gA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNw--/https://media.zenfs.com/en/bloomberg_holding_pen_162/cd0f7370dd43fb4b74ef83080548af0a"/></p>
<p>根据彭博社汇编的数据，国家电网公司和中国南方电网公司这两家最大的电网运营商，今年迄今已发行 925 亿元人民币（135 亿美元）的国内债券，此外，2025 年还创下 9010 亿元的记录。债券的平均定价为 1.7%，为历史最低水平。</p>
<p>国家电网运营的电力线路覆盖全国 80% 以上的地区，为超过 10 亿人提供电力。南方电网则负责大部分其他地区，包括经济强省广东。</p>
<p>国家电网尚未立即回应寻求评论的请求。</p>
<p>对电力基础设施的资金需求使得全球最大的公用事业公司国家电网自 2024 年以来重新夺回了中国最大债券发行者的称号，超越了主要商业银行和国家铁路建设者。该公司去年仅在国内发行了创纪录的 7545 亿元债券，几乎是前一年的三倍，此前其资本支出增长了 20%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/x.jiIEdlzoRAqj9FRunZ.Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--/https://media.zenfs.com/en/bloomberg_holding_pen_162/ea5195c023ba25630a548a43a8726d4c?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/x.jiIEdlzoRAqj9FRunZ.Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--/https://media.zenfs.com/en/bloomberg_holding_pen_162/ea5195c023ba25630a548a43a8726d4c"/></p>
<p>摄影师：Qilai Shen/彭博社</p>
<p>根据北京 G 资本私募基金管理中心创始人李根的说法，国家电网未来五年的平均年度债券发行量可能在 1.2 万亿至 1.4 万亿人民币之间。在今年和明年的建设高峰期，年度发行量甚至可能超过 1.5 万亿人民币，这 “牢牢巩固了其作为中国最大企业债券发行者的地位”，甚至超过了许多省份的总发行量。</p>
<p>这些努力是中国计划在未来五年内投入约 5 万亿元人民币用于电力网络的一部分，自 2024 年以来，电网投资和借贷创下新高，传输瓶颈变得更加严重。这些资金将用于帮助建设超级电网，以确保可再生能源的有效输送。</p>
<p>国家电网报告称，今年前两个月固定资产投资为 757 亿元人民币（110 亿美元），比去年同期增长 81%。该公司优先考虑超高压输电线路、主干电网升级和配电网络项目。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/54KxNVes7_o0lEdVBxb8Dw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNQ--/https://media.zenfs.com/en/bloomberg_holding_pen_162/435881a6ecc17095d5a12395bce62cfc?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/54KxNVes7_o0lEdVBxb8Dw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNQ--/https://media.zenfs.com/en/bloomberg_holding_pen_162/435881a6ecc17095d5a12395bce62cfc"/></p>
<p>在某种程度上，电网投资突显了能源安全——曾被视为习近平主席的远大目标——如今正成为经济自我保护的迫切和关键来源。中国希望减轻邻国如日本和韩国所经历的石油和天然气短缺的影响。</p>
<p>国家电网和南方电网今年的支出预计接近 1 万亿元，投资预计将持续增长到本十年末。根据惠誉的陈女士的说法，国有电网公司通常拥有强健的资产负债表，这为其承担额外杠杆提供了充足的空间。根据标普全球评级，国家电网的调整后运营资金覆盖利息支出约 14 倍，超过了许多海外电力公用事业的个位数比率。</p>
<p>但是，廉价和充足的电力不仅仅依赖于巨额支出。中国的输电和电池储存资产利用率低，解锁这些资产的市场改革路径仍不明确。关于国家电网如何偿还创纪录的债务负担的问题也在增加，尤其是在效率未能改善的情况下。</p>
<p>尽管如此，霍尔木兹海峡最近的干扰突显了中国战略背后的逻辑。“这些事件强调了本地化能源来源以确保安全和稳定的重要性，” 厦门大学能源政策研究所所长林伯强表示。他补充说，中国向绿色能源的转型是正确的战略举措。</p>
<p>（更新了第十一段关于国家电网投资激增的额外信息。）</p>
<p>彭博商业周刊最受欢迎的文章</p>
<ul>
<li>‘天哪，这太可怕了’：五角大楼如何沉迷于人工智能战争机器</li>
<li>让我们谈谈特朗普的鞋子事件</li>
<li>为什么战争结束后汽油价格仍会保持高位</li>
<li>假警察局和监狱般的牢房：柬埔寨诈骗综合体内幕</li>
<li>龙舌兰酒不再流行。名人们正在创造无酒精饮品品牌</li>
</ul>
<p>©2026 彭博社</p>

南网能源

南网储能

ST南都

国电电力

国投电力

<p>中国正在大力投资其能源基础设施，特别是电网，以增强在全球供应中断情况下的能源安全。该国已成为全球电网投资的领先者，国有运营商发行创纪录的债券来融资这一增长。到 2026 年，国家电网公司和中国南方电网已经发行了 925 亿元的债券，此前在 2025 年创下 9010 亿元的纪录。中国计划在未来五年内投资约 5 万亿元于电力网络，重点关注特高压输电和可再生能源的整合</p>

<p>(Bloomberg) -- China’s long-running effort to build out its energy sources is getting fresh momentum from the war in the Middle East, reinforcing a strategy that’s sent grid operators on a bond-selling binge and funneled hundreds of billions of dollars into the market.</p>
<div class="lb-trans"><p>（彭博社）——中国长期以来致力于能源来源的建设，因中东战争而获得新的动力，这进一步巩固了这一战略，促使电网运营商进行债券销售狂潮，并向市场注入数千亿美元。</p>
</div><p>The world’s No. 2 economy has become one of the biggest investors in power grids globally, spending heavily in recent years on infrastructure to absorb more renewables and curb its reliance on imports. Financing that growth has turned state-owned grid operators into the country’s biggest bond issuers, with sales hitting unprecedented levels and yields near historic lows.</p>
<div class="lb-trans"><p>作为全球第二大经济体，中国已成为全球最大的电网投资者之一，近年来在基础设施上投入巨资，以吸收更多可再生能源并减少对进口的依赖。融资的增长使国有电网运营商成为国内最大的债券发行者，销售额达到前所未有的水平，收益率接近历史低点。</p>
</div><p>Most Read from Bloomberg</p>
<div class="lb-trans"><p>彭博社最受关注的新闻</p>
</div><ul>
<li>Two LPG Ships Sail Through Hormuz to Shortage-Hit India</li>
<li>Second Dynacom Oil Tanker Passes Hormuz as Other Owners Hold Back</li>
<li>Mamdani Wants New York Estate Tax Threshold Cut 90% to $750,000</li>
<li>Key UAE Port Suspends Oil Loadings After Drone Attack, Fire</li>
<li>Venezuela Officials in Talks to Send Detained Maduro Ally to US</li>
</ul>
<div class="lb-trans"><ul>
<li>两艘液化石油气船通过霍尔木兹海峡前往遭遇短缺的印度</li>
<li>第二艘 Dynacom 油轮通过霍尔木兹，其他船东则选择观望</li>
<li>Mamdani 希望纽约遗产税门槛削减 90% 至 75 万美元</li>
<li>关键阿联酋港口在无人机袭击和火灾后暂停石油装载</li>
<li>委内瑞拉官员正在谈判将被拘留的马杜罗盟友送往美国</li>
</ul>
</div><p>The heavy investments highlight the central role of grids in Beijing’s strategy, which involves moving energy like wind and solar power from remote western regions into China’s industrial heartlands. Given the shock of oil supply disruptions, analysts say the pace of growth is likely to accelerate.</p>
<div class="lb-trans"><p>这些巨额投资突显了电网在北京战略中的核心作用，该战略涉及将风能和太阳能等能源从偏远的西部地区输送到中国的工业中心。鉴于石油供应中断带来的冲击，分析师表示，增长的速度可能会加快。</p>
</div><p>“China’s infrastructure build out is far more efficient than that of most countries, and the power grid is no exception,” said Penny Chen, a senior director with Fitch Ratings. As surging power prices become a binding constraint on AI and manufacturing ambitions elsewhere, that advantage is set to widen.</p>
<div class="lb-trans"><p>“中国的基础设施建设效率远高于大多数国家，电网也不例外，” 惠誉评级高级董事 Penny Chen 表示。随着电价飙升成为其他地区人工智能和制造业雄心的制约因素，这一优势将进一步扩大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/IYyCZ5LfZzZioojpXSI8gA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNw--/https://media.zenfs.com/en/bloomberg_holding_pen_162/cd0f7370dd43fb4b74ef83080548af0a" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/IYyCZ5LfZzZioojpXSI8gA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNw--/https://media.zenfs.com/en/bloomberg_holding_pen_162/cd0f7370dd43fb4b74ef83080548af0a"/></p>
<p>Already, the country’s two largest grid operators — State Grid Corp. of China and China Southern Power Grid Co. — have issued 92.5 billion yuan ($13.5 billion) of domestic bonds so far this year, on top of a record 901 billion yuan sold in 2025, according to Bloomberg compiled data. The notes have been priced at an average 1.7% so far this year, an all‑time low.</p>
<div class="lb-trans"><p>根据彭博社汇编的数据，国家电网公司和中国南方电网公司这两家最大的电网运营商，今年迄今已发行 925 亿元人民币（135 亿美元）的国内债券，此外，2025 年还创下 9010 亿元的记录。债券的平均定价为 1.7%，为历史最低水平。</p>
</div><p>State Grid operates power lines covering more than 80% of the country, delivering electricity to more than 1 billion people. Southern Grid handles most of the rest of the nation, including the economic powerhouse Guangdong.</p>
<div class="lb-trans"><p>国家电网运营的电力线路覆盖全国 80% 以上的地区，为超过 10 亿人提供电力。南方电网则负责大部分其他地区，包括经济强省广东。</p>
</div><p>State Grid did not immediately respond to a request seeking comment.</p>
<div class="lb-trans"><p>国家电网尚未立即回应寻求评论的请求。</p>
</div><p>The rush to fund power infrastructure has allowed State Grid, the world’s largest utility firm, to regain the title as the country’s largest bond issuer since 2024, overtaking major commercial banks and the state railway builder. The firm issued a record 754.5 billion yuan of bonds domestically last year alone, almost tripling the previous year’s total, after its capital spending increased by 20% a year earlier.</p>
<div class="lb-trans"><p>对电力基础设施的资金需求使得全球最大的公用事业公司国家电网自 2024 年以来重新夺回了中国最大债券发行者的称号，超越了主要商业银行和国家铁路建设者。该公司去年仅在国内发行了创纪录的 7545 亿元债券，几乎是前一年的三倍，此前其资本支出增长了 20%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/x.jiIEdlzoRAqj9FRunZ.Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--/https://media.zenfs.com/en/bloomberg_holding_pen_162/ea5195c023ba25630a548a43a8726d4c" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/x.jiIEdlzoRAqj9FRunZ.Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--/https://media.zenfs.com/en/bloomberg_holding_pen_162/ea5195c023ba25630a548a43a8726d4c"/></p>
<p>Photographer: Qilai Shen/Bloomberg</p>
<div class="lb-trans"><p>摄影师：Qilai Shen/彭博社</p>
</div><p>State Grid’s average annual bond issuance could be around 1.2 to 1.4 trillion yuan over the next five years, according to Li Gen, founder of Beijing G Capital Private Fund Management Center. During peak construction this year and next, annual issuance could even exceed 1.5 trillion yuan, which “firmly cements its position as China’s largest corporate bond issuer” and even surpassing total issuance of many provinces.</p>
<div class="lb-trans"><p>根据北京 G 资本私募基金管理中心创始人李根的说法，国家电网未来五年的平均年度债券发行量可能在 1.2 万亿至 1.4 万亿人民币之间。在今年和明年的建设高峰期，年度发行量甚至可能超过 1.5 万亿人民币，这 “牢牢巩固了其作为中国最大企业债券发行者的地位”，甚至超过了许多省份的总发行量。</p>
</div><p>The efforts are part of a plan by China to spend roughly 5 trillion yuan into electricity networks over the next five years, compounding record grid investment and borrowing since 2024 when transmission bottlenecks became more acute. The funds will be used to help build a supergrid to ensure renewable generation is properly transported.</p>
<div class="lb-trans"><p>这些努力是中国计划在未来五年内投入约 5 万亿元人民币用于电力网络的一部分，自 2024 年以来，电网投资和借贷创下新高，传输瓶颈变得更加严重。这些资金将用于帮助建设超级电网，以确保可再生能源的有效输送。</p>
</div><p>State Grid reported fixed‑asset investment of 75.7 billion yuan ($11 billion) in the first two months of the year, up 81% from a year earlier, according to a company statement on Saturday. The firm is prioritizing ultra‑high‑voltage transmission lines, backbone grid upgrades and distribution‑network projects.</p>
<div class="lb-trans"><p>国家电网报告称，今年前两个月固定资产投资为 757 亿元人民币（110 亿美元），比去年同期增长 81%。该公司优先考虑超高压输电线路、主干电网升级和配电网络项目。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/54KxNVes7_o0lEdVBxb8Dw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNQ--/https://media.zenfs.com/en/bloomberg_holding_pen_162/435881a6ecc17095d5a12395bce62cfc" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/54KxNVes7_o0lEdVBxb8Dw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTczNQ--/https://media.zenfs.com/en/bloomberg_holding_pen_162/435881a6ecc17095d5a12395bce62cfc"/></p>
<p>In some ways, the grid investments highlight how energy security — once viewed as a lofty, long-term goal of President Xi Jinping — is now becoming an immediate and crucial source of economic insulation. China is keen to blunt impacts of a shortage of oil and gas experienced by neighbors like Japan and South Korea.</p>
<div class="lb-trans"><p>在某种程度上，电网投资突显了能源安全——曾被视为习近平主席的远大目标——如今正成为经济自我保护的迫切和关键来源。中国希望减轻邻国如日本和韩国所经历的石油和天然气短缺的影响。</p>
</div><p>State Grid and Southern Power Grid are set to spend nearly 1 trillion yuan this year, with investment expected to keep rising through the end of the decade. According to Fitch’s Chen, state-owned grid firms tend to have robust balance sheets, which leaves adequate room to take on additional leverage. State Grid’s adjusted funds from operations cover interest expense roughly 14 times, exceeding the single-digit ratios of many overseas power utilities, according to S&amp;P Global Ratings.</p>
<div class="lb-trans"><p>国家电网和南方电网今年的支出预计接近 1 万亿元，投资预计将持续增长到本十年末。根据惠誉的陈女士的说法，国有电网公司通常拥有强健的资产负债表，这为其承担额外杠杆提供了充足的空间。根据标普全球评级，国家电网的调整后运营资金覆盖利息支出约 14 倍，超过了许多海外电力公用事业的个位数比率。</p>
</div><p>But cheap and plentiful electricity requires more than just heavy spending. China’s transmission and battery-storage assets are underutilized, and the path to market reforms that would unlock them remains unclear. Questions are also mounting over how state grids will pay back record debt loads, especially if efficiency fails to improve.</p>
<div class="lb-trans"><p>但是，廉价和充足的电力不仅仅依赖于巨额支出。中国的输电和电池储存资产利用率低，解锁这些资产的市场改革路径仍不明确。关于国家电网如何偿还创纪录的债务负担的问题也在增加，尤其是在效率未能改善的情况下。</p>
</div><p>Still, the recent disruptions in the Strait of Hormuz underscore the logic behind China’s strategy. “These incidents highlight the importance of localizing energy sources to ensure security and stability,” said Lin Boqiang, director of the China Institute for Studies in Energy Policy at Xiamen University. China’s shift toward green energy is the right strategic move, he added.</p>
<div class="lb-trans"><p>尽管如此，霍尔木兹海峡最近的干扰突显了中国战略背后的逻辑。“这些事件强调了本地化能源来源以确保安全和稳定的重要性，” 厦门大学能源政策研究所所长林伯强表示。他补充说，中国向绿色能源的转型是正确的战略举措。</p>
</div><p>(Updates with additional info on State Grid’s investment surge in the eleventh paragraph.)</p>
<div class="lb-trans"><p>（更新了第十一段关于国家电网投资激增的额外信息。）</p>
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中国的 ‘超级电网’ 为习近平提供了抵御能源冲击的缓冲