关键词：能源互联网；可再生；清洁能源；电力改革；投资机会
摘 要：“能源互联网”意味着更清洁高效的电力中国是全球最大的能源市场，也是可再生能源最大的投资国。但其老旧的基础设施意味着在将电力可靠、高效地输送给用户方面存在困难。为了使其能源网络现代化，中国制定了“ 能源互联网”的宏伟计划，特点包括降低输配损耗、在紧急情况时电网更稳定、改善可再生能源/微电网的整合以及提高电力供应的可靠性。
目 录：
Overview: 4 opportunities; UHV, distribution automation, EV charging and energy storage 3
Opportunity 1: Transmission - UHV to lower transmission cost and new energy curtailment 9
Opportunity 2: Distribution - Automation required to enhance efficiency 17
Opportunity 3: Consumption - EV charging infrastructure powering up for growth 22
Opportunity 4: China energy storage unveils US$258bn market potential by 2020 28
Structural challenge: Coal power oversupply and low demand pressuring thermal capex 29
Shanghai Electric: The worst is yet to come; demanding valuation; initiate at Sell 48
Dongfang Electric: Bittersweet business mix yet valuation appears fair; initiate at Neutral 56
Zhongheng Electric: Three burgeoning businesses but fair valuation; initiate at Neutral 60
Disclosure Appendix 77
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