1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - From January 12 to January 16, 2026, the secondary - market prices of listed public REITs in China fluctuated and declined, and the market trading enthusiasm decreased compared with last week. The returns of REITs were weaker among mainstream large - asset classes. The secondary - market prices of both property - type and franchise - type REITs fell, while ecological and environmental protection - type and park - type REITs had positive returns. In terms of trading volume and other indicators, there were differences among different underlying asset types and individual REITs. There was no new REIT product listed in the primary market this week, but the project status of one REIT product was updated [1][2][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **Large - asset level**: The secondary - market prices of listed public REITs in China fluctuated and declined. The China Securities REITs (closing) and China Securities REITs Total Return Index closed at 790.22 and 1025.26 respectively, with a weekly return of - 0.36%. The weighted REITs index had a weekly return of - 0.34%. Among mainstream large - asset classes, the return ranking from high to low was: gold > convertible bonds > crude oil > A - shares > pure bonds > REITs > US stocks [11]. - **Underlying asset level**: The secondary - market prices of property - type and franchise - type REITs both declined, with returns of - 0.18% and - 0.61% respectively. Ecological and environmental protection - type REITs had the largest increase this week. The underlying asset types with positive returns were ecological and environmental protection - type and park - type, with returns of 0.56% and 0.38% respectively [17][20]. - **Single - REIT level**: This week, public REITs showed mixed trends, with 29 rising and 49 falling. The top three in terms of increase were CITIC Prudential Wumart Consumer REIT, Huatai - PineBridge Shanghai Real Estate Rental Housing REIT, and Huaxia Hefei High - tech REIT, with increases of 3.59%, 3.15%, and 2.24% respectively. The top three in terms of decline were Huaxia Nanjing Transportation Expressway REIT, CSC Mingyang Smart New Energy REIT, and CICC Chongqing Liangjiang REIT, with declines of 4.14%, 3.07%, and 2.9% respectively. In terms of annualized volatility, the top three were Huaxia Jinyu Zhizao Factory REIT, Huaxia Anbo Warehouse REIT, and Huaxia Shenzhen International REIT, with annualized volatilities of 20.72%, 19.62%, and 18.57% respectively [22]. 3.1.2 Trading Volume and Turnover Rate - **Underlying asset level**: The trading volume of public REITs this week was 2.65 billion yuan. New - type infrastructure - type REITs led in the average daily turnover rate during the period. The total trading volume of 78 listed REITs was 2.65 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REIT asset types were consumer infrastructure, park infrastructure, and transportation infrastructure, with trading volumes of 496 million, 494 million, and 457 million yuan respectively. In terms of turnover rate, the top three REIT asset types with the average daily turnover rate during the period were new - type infrastructure - type, municipal facilities - type, and ecological and environmental protection - type, with rates of 1.03%, 0.82%, and 0.82% respectively [25]. - **Single - REIT level**: The trading volume and turnover rate of single - REITs continued to show differences. In terms of trading volume, the top three were Bosera Shekou Industrial Park REIT, Huaxia Hefei High - tech REIT, and Soochow Suyuan Industrial REIT, with trading volumes of 30 million, 24 million, and 24 million shares respectively. In terms of trading amount, the top three were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Huaxia China Communications Construction REIT, with trading amounts of 160 million, 98 million, and 92 million yuan respectively. In terms of turnover rate, the top three were AVIC Yishang Warehouse Logistics REIT, AVIC Shougang Green Energy REIT, and E Fund Huawei Market REIT, with turnover rates of 8.20%, 6.70%, and 6.68% respectively [28]. 3.1.3 Main - force Net Inflow and Block - trading Situation - **Main - force net inflow situation**: The total main - force net inflow this week was 75.38 million yuan, and the market trading enthusiasm decreased compared with last week. From the perspective of different underlying asset REITs, the top three in terms of main - force net inflow during the period were consumer infrastructure - type, energy facilities - type, and affordable rental housing - type, with net inflows of 64.06 million, 13.47 million, and 12.15 million yuan respectively. From the perspective of single - REITs, the top three REITs in terms of main - force net inflow during the period were Huaxia China Resources Commercial REIT, Huaxia Joy City Commercial REIT, and CICC Yinli Consumer REIT, with net inflows of 37.63 million, 7.88 million, and 5.69 million yuan respectively [31]. - **Block - trading situation**: The total block - trading amount this week reached 207 million yuan, an increase compared with last week. There were block - trading transactions on 5 trading days this week, with a total block - trading amount of 207 million yuan. The block - trading amount on Wednesday (January 14, 2026) was the highest during the period, reaching 63.38 million yuan. In terms of single - REITs, the top three in terms of block - trading amount during the period were Huaxia Fund China Resources Youchao REIT, Red Land Innovation Yantian Port REIT, and China Merchants Fund Shekou Rental Housing REIT, with trading amounts of 86.73 million, 67.52 million, and 35.86 million yuan respectively, and corresponding average discount/premium rates of - 0.01%, + 0.07%, and - 1.18% respectively [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of January 16, 2026, the number of public REIT products in China reached 78, with a total issuance scale of 201.749 billion yuan. Among them, the transportation infrastructure - type had the largest issuance scale, reaching 68.771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan. No new REIT product was listed this week [37]. 3.2.2 Projects to be Listed - According to the project dynamic disclosure of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 19 REITs in the state of being to be listed, including 16 initial - issuance REITs and 3 REITs to be expanded. This week, the project status of Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (initial issuance) was updated to "feedback received" [41][42].

- The Beta factor achieved a positive return of 1.22% this week, while the size factor recorded a negative return of -0.79%, indicating a small-cap style in the market. Residual volatility and liquidity factors also showed negative returns of -0.77% and -0.56%, respectively[1][18][20] - In the CSI 300 stock pool, the top-performing factors this week were the 6-day moving average of transaction amounts (3.60%), 5-day average turnover rate (3.53%), and net profit gap (3.35%). The worst-performing factors were net inflow of large orders (-1.48%), the correlation between intraday volatility and transaction amounts (-1.30%), and the price-to-book ratio factor (-1.29%)[12][13] - In the CSI 500 stock pool, the best-performing factors this week were total asset growth rate (1.23%), post-morning return factor (1.12%), and single-quarter ROA YoY (1.02%). The worst-performing factors were the correlation between intraday volatility and transaction amounts (-2.89%), net inflow of large orders (-2.35%), and the price-to-book ratio factor (-2.30%)[14][15] - In the liquidity 1500 stock pool, the top-performing factors this week were single-quarter ROE (1.67%), total asset gross profit margin TTM (1.47%), and single-quarter ROA (1.33%). The worst-performing factors were the price-to-book ratio factor (-1.77%), the proportion of downside volatility (-1.39%), and the correlation between intraday volatility and transaction amounts (-1.19%)[16][17] - The PB-ROE-50 portfolio achieved positive excess returns this week, with -0.20% in the CSI 500 stock pool, 1.98% in the CSI 800 stock pool, and 2.85% in the overall market stock pool[23][24] - The institutional research portfolios also delivered positive excess returns this week. The public fund research stock selection strategy achieved an excess return of 3.24% relative to the CSI 800, while the private fund research tracking strategy achieved an excess return of 2.59% relative to the CSI 800[25][26] - The block trade portfolio, constructed based on the "high transaction, low volatility" principle, achieved an excess return of 3.94% relative to the CSI All Share Index this week[29][30] - The directed issuance portfolio, constructed around event-driven stock selection strategies, achieved an excess return of 1.16% relative to the CSI All Share Index this week[35][36]

Report Industry Investment Rating No relevant content provided. Core View of the Report - From January 12 to January 16, 2026, the issuance volume of credit bonds increased overall on a month - on - month basis, and the credit spreads of various industries also showed an overall upward trend [1]. Summary According to the Directory 1. Primary Market 1.1 Issuance Statistics - During January 12 - 16, 2026, a total of 342 credit bonds were issued, with a total issuance scale of 331.801 billion yuan, a month - on - month increase of 6.25%. Among them, 156 industrial bonds were issued, with a scale of 171.1 billion yuan (a 26.40% month - on - month increase, accounting for 51.57% of the total); 162 urban investment bonds were issued, with a scale of 92.801 billion yuan (a 33.19% month - on - month decrease, accounting for 27.97%); 24 financial bonds were issued, with a scale of 67.9 billion yuan (a 78.68% month - on - month increase, accounting for 20.46%) [1][11]. - The average issuance term of credit bonds this week was 2.67 years. The average issuance term of industrial bonds was 2.11 years, urban investment bonds was 3.40 years, and financial bonds was 1.68 years [1][13]. - The average issuance coupon rate of credit bonds this week was 2.17%. The average issuance coupon rate of industrial bonds was 2.04%, urban investment bonds was 2.33%, and financial bonds was 1.87% [2][17]. 1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [23]. 2. Secondary Market 2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement in the credit spread of AAA - rated industries was in real estate, up 6.9BP; the largest upward movement in the AA + - rated industries was in electrical equipment, up 12.3BP, and the largest downward movement was in leisure services, down 0.4BP; the largest upward movement in the AA - rated industries was in leisure services, up 21.6BP [3]. - By region for urban investment bonds, the largest upward movement in the AAA - rated credit spread was in Anhui, up 6.2BP; the largest upward movement in the AA + - rated was in Xinjiang, up 6BP, and the largest downward movement was in Henan, down 1.8BP; the largest upward movement in the AA - rated was in Shanghai, up 3BP, and the largest downward movement was in Guangxi, down 0.5BP [3]. - Overall, credit spreads in various sectors such as coal, steel, urban investment, non - urban investment, state - owned enterprises, and private enterprises showed an upward trend, while regional urban investment credit spreads showed mixed trends [25]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1521.829 billion yuan, a month - on - month increase of 8.40%. The top three types of credit bonds in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 506.172 billion yuan (an 8.35% month - on - month increase, accounting for 33.26%); corporate bonds was 398.637 billion yuan (an 8.05% month - on - month increase, accounting for 26.19%); medium - term notes was 362.973 billion yuan (a 19.35% month - on - month increase, accounting for 23.85%) [4][27]. 2.3 Actively Traded Bonds This Week - The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [29].

行业及公司评级体系 | | 评级 | 说明 | | --- | --- | --- | | 行 | 买入 | 未来 6-12 个月的投资收益率领先市场基准指数 15%以上 | | 业 | 增持 | 未来 6-12 个月的投资收益率领先市场基准指数 5%至 15%； | | 及 | | | | 公 | 中性 | 未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差-5%至 5%； | | 司 | 减持 | 未来 6-12 个月的投资收益率落后市场基准指数 5%至 15%； | | 评 | 卖出 | 未来 6-12 个月的投资收益率落后市场基准指数 15%以上； | | 级 | | | | | 无评级 | 因无法获取必要的资料，或者公司面临无法预见结果的重大不确定性事件，或者其他原因，致使无法给出明确的投资评级。 | | | 基准指数说明： | A 股市场基准为沪深 300 指数；香港市场基准为恒生指数；美国市场基准为纳斯达克综合指数或标普 500 指数。 | 分析、估值方法的局限性说明 本报告所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。本报告采用的各种估值方法及模型均有其局限性，估值 ...

Group 1: Market Conditions - From January 12 to January 16, 2026, the CSI Convertible Bond Index rose by +1.08% (last week's increase was +4.45%), and the CSI All-Share Index changed by +0.47% (last week's increase was +5.04%). Since 2026, the CSI Convertible Bond Index has risen by +5.57%, and the CSI All-Share Index has risen by +5.54% [1] - By bond rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) rose by -1.17%, +0.45%, +0.90%, -0.01%, and -0.68% respectively this week, with medium-rated bonds having the highest increase [1] - By convertible bond scale, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 0.5 and 1 billion yuan), and small-scale convertible bonds (balance < 0.5 billion yuan) rose by -1.14%, +2.24%, +1.78%, -0.57%, and -0.07% respectively this week, with medium-large-scale convertible bonds having the highest increase [2] - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) rose by -1.39%, -1.40%, -0.52%, +0.60%, +0.08%, -0.35%, and -0.97% respectively this week, with medium parity bonds having the highest increase [2] Group 2: Convertible Bond Price, Parity, and Conversion Premium Ratio - As of January 16, 2026, there were 396 outstanding convertible bonds (398 at the end of last week), with a balance of 548.444 billion yuan (551.501 billion yuan at the end of last week) [3] - The average convertible bond price was 137.71 yuan (137.03 yuan at the end of last week), with a percentile of 99.59% (from the beginning of 2023 to January 16, 2026) [3] - The average convertible bond parity was 106.52 yuan (104.54 yuan at the end of last week), with a percentile of 98.64% [3] - The average convertible bond conversion premium ratio was 33.01% (32.80% at the end of last week), with a percentile of 44.35% [3] Group 3: Convertible Bond Performance and Allocation Direction - The convertible bond market rose this week. Under the current supply-demand pattern of convertible bonds, the driving effect of the underlying stocks is expected to be strong, and the valuation may still have upward room. It is recommended to select bonds carefully, comprehensively judge based on convertible bond terms and underlying stock conditions, and pay attention to industries catalyzed by policies and industries with high prosperity [4] Group 4: Top 15 Convertible Bonds by Increase This Week | Rank | Convertible Bond Name | Underlying Stock Name | Industry | Latest Closing Price (Yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | --- | --- | --- | --- | --- | --- | --- | | 1 | Jin05 Convertible Bond | Jinpan Technology | Power Equipment | 198.89 | 26.44 | 1.07 | | 2 | Huayi Convertible Bond | Feikang Haojing | Pharmaceutical Biology | 263.55 | 24.20 | 22.98 | | 3 | Dingjie Convertible Bond | Dingjie Shuzhi | Computer | 236.00 | 23.72 | 15.74 | | 4 | Haohan Convertible Bond | Haohan Shendu | Computer | 196.17 | 22.35 | 30.57 | | 5 | Jingce Zhuan2 | Jingce Electronics | Machinery and Equipment | 254.00 | 21.95 | 26.69 | | 6 | Weice Convertible Bond | Weice Technology | Electronics | 285.73 | 21.88 | 20.31 | | 7 | Taifu Convertible Bond | Taifu Quanye | Machinery and Equipment | 177.28 | 19.54 | 8.96 | | 8 | Jiaoxi Convertible Bond | Jiaoxi Electronics | Electronics | 246.66 | 19.06 | 24.43 | | 9 | Anji Convertible Bond | Anji Technology | Electronics | 294.89 | 18.21 | 12.69 | | 10 | Huicheng Convertible Bond | Huicheng Co., Ltd. | Electronics | 339.18 | 18.02 | 23.16 | | 11 | Dinglong Convertible Bond | Dinglong Co., Ltd. | Electronics | 278.71 | 17.35 | 6.95 | | 12 | Lanxiao Zhuan02 | Jianyuan Technology | Basic Chemicals | 179.47 | 16.92 | 9.06 | | 13 | Chaoda Convertible Bond | Chaoda Equipment | Automobile | 179.00 | 15.30 | 4.94 | | 14 | Dianhua Convertible Bond | Xiangtan Electrochemical | Power Equipment | 178.47 | 15.29 | -0.14 | | 15 | Jingda Convertible Bond | Jingda Co., Ltd. | Power Equipment | 530.61 | 14.35 | 4.55 | [17]

Core Insights - The report highlights a differentiated recovery in consumer spending, emphasizing structural opportunities within the service sector, particularly in dining, education, and travel industries [3][5]. Group 1: Sector Review - The consumer confidence index in China has shown a slight recovery, but consumer willingness remains cautious, with a notable increase in savings and a decline in credit consumption [9][10]. - Service consumption is growing significantly faster than goods consumption, with a widening gap in growth rates, indicating a shift towards experience and service-oriented spending [21][25]. - Lower-tier cities are outperforming higher-tier cities in terms of consumption growth, driven by rising disposable incomes and stable property values [28][35]. Group 2: Dining Sector - The dining sector is experiencing a weak recovery, with a focus on cost-effectiveness and freshness. Recommendations include high-value brands like Xiaocaiyuan and Guming, as well as industrialized tea brands like Mixue [5][73]. - The average dining price has been under pressure, with a decline from 85 yuan in October 2023 to 73 yuan in November 2025, reflecting a shift towards more affordable dining options [72][76]. - The market share is increasingly concentrated among leading dining enterprises, with the revenue share of large-scale dining businesses rising from 20.2% in 2019 to 28.6% in 2025 [72][73]. Group 3: Education Sector - The education sector is witnessing strong demand, with improved competitive dynamics and reduced uncertainty due to clearer policies. Key players include TAL Education and Xueda Education, which leverage AI capabilities [5]. Group 4: Travel and Hospitality Sector - The domestic leisure travel market is growing, with inbound tourism contributing to incremental growth. Recommendations include focusing on scenic areas with strong operational capabilities like Emei Mountain and Changbai Mountain [5]. - The hotel sector is seeing a gradual recovery, with mid-to-high-end hotels performing better than budget hotels. The average daily rate (ADR) for high-end hotels has returned to pre-pandemic levels [60][63].

2026 年 1 月 16 日 行业研究 M2 增速升至 8.5%，财政货币一揽子政策蓄势待发 ——2025 年 12 月份金融数据及财政金融协同促内需一揽子政策点评 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 信贷投放较早呈现年末收官特征——2025 年 11 月 份金融数据点评 贷款增长再现"小月"，社融与货币降速——2025 年 10 月份金融数据点评 事件： 贷款熨平波动，货币持续活化——2025 年 9 月份 金融数据点评 社融遇拐点，货币见活化——2025 年 8 月份金融 数据点评 1、2026 年 1 月 15 日，央行公布了 12 月金融统计数据，数据显示： （3）新增人民币贷款 9100 亿，同比少增 800 亿，增速 6.4%，同 11 月末持平； 信贷扩张季节性回落，存款资金入市节奏提速 —— ...

2026 年 1 月 16 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】结构性降息影响几何？——2025 年 12 月金融数据&国新办会议点评 12 月金融数据平稳收官：企业信贷增长加快是一大亮点，但考虑春节错位因素，持 续性值得关注；人民币升值推动居民结汇，居民存款大幅增长；股市持续活跃仍将提 振 M2 增速。货币政策结构性降息以及扩大并优化结构性工具的使用，更有利于提振 风险偏好，短期内股强债弱的格局将持续。风险提示:财政刺激政策落地不及预期； 流动性投放有缺口导致资金面出现波动。 【宏观】消费反弹，美国一季度经济继续偏强——2025 年 11 月美国零售数据点评 考虑到关税政策与政府停摆扰动影响收敛，叠加 11 月是传统消费旺季，美国消费数 据回升在"意料之中"，11 月零售环比增速录得+0.6%，高于预期。展望看，基数效 应下，如果 2026 年一季度政府可以顺利完成运转，则在政府预算集中支出和税收返 还的影响下，2026 年一季度美国各项经济数据或显著上行，短期内进一步降息必要 性不强，待新一届美联储主席上任后，降息节奏或有所加快。 行业研究 【电新】渠道与场景加持，光伏组件企业大举进入储 ...

Investment Rating - The report indicates a positive outlook for the solar component companies entering the energy storage sector, suggesting a new growth space for these companies [4]. Core Insights - Leading solar component companies are accelerating their entry into the energy storage market, with notable players like Canadian Solar, Trina Solar, Jinko Solar, JA Solar, and LONGi Green Energy making significant moves [3][9]. - The entry of these companies into the energy storage sector is supported by two main advantages: strong customer channels and the ability to leverage existing global networks [3][13]. - The energy storage market is characterized by a strong binding trend between solar and storage projects, particularly in regions with rapidly growing electricity demand [21]. Summary by Sections 1. Accelerated Layout of Leading Component Companies in Energy Storage - Major solar component companies are focusing on large-scale energy storage, with significant market potential and a trend towards joint development of solar-storage projects [9][11]. 2. Competitive Advantages: Reusing Global Networks in Customer and Channel - Solar and energy storage customers overlap significantly, providing solar companies with inherent customer acquisition advantages [13][17]. - Leading solar companies have established global sales and service systems, enhancing their ability to develop energy storage businesses [17][20]. 3. Competitive Advantages: Strong Binding of Scenarios and Applications - The trend of integrating solar and energy storage projects is becoming mainstream, especially in countries with less developed electricity markets [21]. 4. Investment Recommendations - The report emphasizes that the entry of solar component companies into the energy storage sector is expected to open new growth opportunities, with a focus on three key indicators for assessing growth potential: commitment to energy storage, overseas market expansion in the next 1-2 years, and profitability contributions [4][24]. - Specific companies to watch include Canadian Solar, which has already seen significant profit contributions from its energy storage business, and Trina Solar, which is rapidly expanding its overseas energy storage operations [24].

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5]. Core Insights - During the "14th Five-Year Plan" period, the State Grid's fixed asset investment exceeded 2.85 trillion yuan, with a record high of over 650 billion yuan in 2025. The planned investment for the "15th Five-Year Plan" is expected to reach 4 trillion yuan, representing a 40% increase from the previous period, with an average annual investment of 800 billion yuan and a compound annual growth rate of 7% from 2026 to 2030 [1][4]. - The State Grid aims to focus on green transformation, targeting an average annual increase of 200 million kilowatts in installed wind and solar energy capacity, with non-fossil energy consumption expected to reach 25% and electricity's share in terminal energy consumption to reach 35% [2]. - The State Grid plans to enhance its transmission capacity by over 30% by the end of the "15th Five-Year Plan," supporting the development of clean energy bases. The construction of ultra-high voltage projects is expected to continue to thrive, with significant investments in both main and distribution networks [3][4]. Summary by Sections Investment Plans - The State Grid's fixed asset investment is projected to reach 4 trillion yuan during the "15th Five-Year Plan," with a 40% increase from the "14th Five-Year Plan" [1]. - The average annual investment is set at 800 billion yuan, with a compound annual growth rate of 7% anticipated from 2026 to 2030 [1]. Green Transformation - The State Grid is committed to achieving national emission reduction targets, with significant increases in renewable energy capacity and consumption [2]. - The focus will be on enhancing system regulation capabilities and supporting the development of new energy storage solutions [2]. Infrastructure Development - The State Grid aims to build a new type of grid platform that integrates main, distribution, and micro grids, with a focus on digital infrastructure [3]. - The construction of ultra-high voltage transmission lines is expected to continue, with a goal of increasing cross-regional transmission capacity significantly [3]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the main grid construction, distribution networks, and digital transformation of the grid [4].