Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability and performance realization from industry chain companies [2][5]. Core Insights - The report highlights the expected significant growth in the performance of companies like Jin'an Guoji, which forecasts a net profit of 280-360 million yuan for 2025, representing a year-on-year increase of 655-871% [2]. - The demand for copper-clad laminates is anticipated to continue rising due to improved market conditions and price recovery, with companies like Jian Tao and Sheng Yi Technology actively increasing prices [2][5]. - The storage chip market is projected to see substantial price increases in 2026, with DRAM contract prices expected to rise by 55-60% and NAND Flash by 33-38% in Q1 2026, leading to a forecasted market size of $551.6 billion in 2026 [2][5]. - The report emphasizes the strong demand for AI applications, which is expected to drive growth in the PCB and core computing hardware sectors, as well as the semiconductor equipment and Apple supply chain [2][5][29]. Summary by Sections Consumer Electronics - The report notes the continuous expansion of C-end application scenarios, particularly in the Apple supply chain and smart glasses, driven by advancements in AI and model optimization [6]. PCB - The report indicates that the demand for copper-clad laminates remains high, with expectations of price increases due to strong demand from automotive and industrial control sectors [7]. Semiconductor Industry - The report highlights a positive outlook for the storage segment, with expectations of price increases driven by demand from cloud service providers and consumer electronics [24][25]. - The semiconductor equipment sector is noted for its robust growth, with significant investments from major manufacturers like Micron and Samsung [26][28]. Key Companies - Jin'an Guoji is expected to see a substantial increase in profits due to its strategic positioning in the copper-clad laminate market [30]. - Northern Huachuang is recognized for its leading technology in semiconductor equipment, covering a wide range of core processes [31]. - Sanhua Group is noted for its advancements in MLCC products and the growth of its SOFC business, driven by AI demand [36].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The recent strength of the bond market is mainly driven by three factors: stable buying by allocation funds and full clearing of trading funds, alleviation of the pressure from the price - comparison relationship, and the central bank's liquidity support. The current market recovery is more of a phased rebound, and the trend pressure on the fundamentals has not been falsified. After the second quarter, the possibility of the resonance of rising investment returns, the recovery of corporate leverage, and capital inflows needs to be monitored [2][5][7]. 3. Summary by Related Catalogs 3.1 Factors Driving the Bond Market Strength - **Stable Buying by Allocation Funds**: Since the beginning of the year, small and medium - sized banks, insurance companies, and wealth management products have maintained a seasonal or even higher - than - usual allocation intensity. For example, due to the "good start" effect, insurance companies have net - bought over 220 billion yuan of bonds since the beginning of the year, higher than the levels in the same period of 2024 and 2025. Large banks have actively increased their allocation of 7 - 10 - year bonds, indicating the release of the allocation capacity for long - duration assets after the EVE indicator adjustment at the beginning of the year [2][7][8]. - **Full Clearing of Trading Funds**: From multiple perspectives, it can be seen that the selling pressure of trading funds was concentrated in the first two weeks of the year. For example, the selling scale of funds in the first five trading days was close to the weekly extreme of the past year. The overall duration of medium - and long - term bond funds has fallen to around 2.7 years (the 25th percentile in the past three years), and the market divergence index has risen to around the 69th percentile in the past three years, presenting a pattern of "low duration + high divergence" that is conducive to a rebound. The micro - trading sentiment index of the bond market has also shown a certain release of pessimistic sentiment [17]. - **Alleviation of Price - Comparison Pressure**: In the past two weeks, the pressure from the seesaw relationship between equities, commodities, and bonds has eased. On one hand, the regulatory authorities have actively cooled the equity market. On the other hand, from a price - comparison perspective, the valuation of interest rates relative to commodities is at a reasonable level. After the adjustment at the beginning of the year, the 10 - year interest rate has rebounded to the 15th percentile since 2021, and the prices of commodities such as building materials, rebar, coke, and the copper - gold ratio have also rebounded to certain percentiles, with the average percentile of interest rates and commodities basically matching [19]. - **Adequate Liquidity Injection**: Although the structural monetary tools took the lead at the beginning of the year and there were many seasonal disturbance factors, the central bank's overall liquidity injection scale remained at an adequate level. Since January, the central bank has net - injected 1 trillion yuan through MLF and outright repurchase, with a large - scale net injection of 70 billion yuan through MLF and an earlier injection time, which has alleviated the market's concerns about the recurrence of last year's situation in the capital market under the "good start" of credit and supply pressure [22]. 3.2 Sustainability of the Bond Market Rebound - **Historical Experience**: Referring to the performance of rebound markets during periods of cautious sentiment in history, the average duration is about 15 trading days, with an amplitude of about 18BP. The rebound in October last year lasted for 24 trading days, with an amplitude of 11BP. In contrast, the current rebound has lasted for about 12 trading days, with an amplitude of about 7BP, indicating that there is still room for the rebound in terms of both duration and amplitude [3][26]. - **Sentiment Indicators**: The market sentiment has currently recovered to around the median level (about the 54th percentile), and the duration and divergence indicators are still in the "low duration + high divergence" pattern, which is usually conducive to the continuation of the rebound. Moreover, the market's expectation of loose monetary policy is still relatively cautious, and there is still room for moderate recovery if the central bank continues to show a positive attitude [3][26]. 3.3 Comparison with the 2022 - 2023 Market and the Nature of the Current Market - **Differences from 2022 - 2023**: There are several important differences between the current environment and that of 2022 - 2023. In terms of the credit cycle, the transmission chain of PPI→ROIC→credit cycle is being formed, and the transmission smoothness is expected to improve. In the inventory cycle, the current industrial enterprises are at the end of the destocking cycle, and the rebound of the leading indicator PPI increases the possibility of a new cycle start. In terms of asset - pricing expectations, the macro - expectations implied by the exchange rate and the equity market are significantly stronger than those at the end of 2022 to the beginning of 2023, and the enterprise's willingness to settle foreign exchange has been continuously rising [4]. - **Nature of the Current Market**: The current market recovery is more of a phased rebound. Considering the "short duration + high divergence" pattern in the microstructure of the bond market and the relatively low fundamental headwinds at present, the market is in a phased rebound process. However, the trend pressure on the fundamentals has not been falsified, and after the second quarter, the possibility of the resonance of rising investment returns, the recovery of corporate leverage, and capital inflows needs to be monitored [5][44]. 3.4 Market Performance and Index Analysis - **Central Bank's Monetary Operations**: This week, the central bank carried out a net injection of 22.95 billion yuan through reverse repurchase, and conducted a 900 - billion - yuan 1 - year MLF operation on Friday, with a net injection of 70 billion yuan, the highest since January 2024 [46]. - **Funds Rate Movement**: The operating centers of DR001, DR007, and DR014 have moved up 1bp, down 2bp, and up 4bp respectively to 1.37%, 1.49%, and 1.58%. Affected by the tax - payment period, the funds rate first rose and then fell during the week [46]. - **Treasury Yield Changes**: Except for the 1 - year treasury yield, which rose by 4bp to 1.28%, the yields of other - term treasuries declined. The 10 - year treasury yield fell by 1bp to 1.83%, and the 10 - 1 - year term spread narrowed by 5bp to 55bp [47]. - **Bond Duration Changes**: From January 19th to January 23rd, the median duration of public funds increased slightly by 0.01 to 2.71 years, at the 28th percentile in the past three years. The duration divergence index rose rapidly to 0.58, at the 91st percentile in the past three years [49]. - **Interest Rate Synchronous Indicators**: This week, the signals released by the ten interest rate synchronous indicators were mainly "bearish", accounting for 6/10. Compared with last week, the enterprise recruitment forward - looking index and the US dollar index sent "bearish" signals [52]. 3.5 Local Bond Market Analysis - **Local Bond Financing and Issuance Scale**: This week, the net financing scale of local bonds increased month - on - month, with a significant increase in the issuance scale of special refinancing bonds. From January 1st to 23rd, 2026, the total issuance of local bonds was 424.1 billion yuan, slightly lower than 513.7 billion yuan in the same period of 2025. The issuance scale of various types of local bonds was lower than that of last year, with the issuance scale of new general bonds and ordinary refinancing bonds significantly lower than last year [53][65]. - **Local Bond Issuance Term**: This week, the weighted average issuance term of local bonds decreased month - on - month, mainly due to the decrease in the issuance term of special refinancing bonds. From January 1st to 23rd, 2026, the weighted average issuance term of local bonds was 18 years, basically the same as last year. The weighted average issuance terms of new general bonds and special refinancing bonds decreased, while those of new special bonds and ordinary refinancing bonds increased [58][67]. - **Local Bond Issuance Spread**: This week, the issuance spread of local bonds decreased by 3bp month - on - month. The weighted average spread between the local bond issuance rate and the secondary - market local bond rate of the same term was - 4bp, a slight decrease from - 1bp last week. Except for ordinary refinancing bonds, the issuance spreads of other types of local bonds continued to decline [61]. - **Local Bond Issuance Progress**: In January, the actual issuance progress of local bonds was 52% of the planned issuance. Sichuan, Zhejiang, Ningbo, Gansu and other places have completed the planned issuance scale, while Hunan, Jiangsu, Inner Mongolia, and Jiangxi have relatively slow issuance progress. Next week (January 26th - 30th), the expected issuance scale of local bonds is 383.1 billion yuan [71].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The real - estate market has shown different trends in new and second - hand housing this week. In the future, with the arrival of the "Golden March and Silver April", the transaction volume of new and second - hand housing may reverse. [2][4][7][11] 3) Summary by Related Content New Housing Market - This week (1.17 - 1.23), the new housing market's downward trend in prosperity slowed down. The transaction volume of new houses in 47 cities decreased by 0.5% week - on - week and 32.0% year - on - year, with the decline slightly widening compared to last week. [2][4] - It is expected that the new housing market will continue the off - season mode in January, with relatively stable transaction volume. Affected by the Spring Festival misalignment effect, the year - on - year growth rate of the new housing transaction area may turn positive in the next two weeks. [2][4] Second - hand Housing Market - This week (1.17 - 1.23), the second - hand housing market bottomed out and stabilized. The transaction volume of second - hand houses in 22 cities continued to rise, with a week - on - week increase of 1.0% and a year - on - year growth rate turning positive at 10.0%. [2][7] - Since the beginning of the year, the supply of high - quality new houses has been relatively limited, and the "seesaw" effect between second - hand and new housing demand has been continuously evident. Meanwhile, the continuous return of housing prices to the valuation bottom has accelerated the release of demand. [7] Future Outlook - With the arrival of the "Golden March and Silver April", the transactions of new and second - hand housing may reverse again. The entry of high - quality supply will drive the increase in new housing transactions, while second - hand housing transactions will tend to be stable. [2][11]

Investment Rating - The report maintains a positive outlook on the price increase chain, particularly for traditional electronic fabrics, indicating a bullish sentiment for the sector [1][13]. Core Insights - The report highlights a significant price increase in 7628 electronic fabrics, rising from 4.15 CNY/m to 4.75 CNY/m since late September 2025, driven by supply constraints due to AI demand and copper price fluctuations [1][13]. - The waterproof coating sector is also experiencing price hikes, with a 5-10% increase announced by Keshun for certain products starting February 2026, reflecting a trend of consolidation and structural demand in non-real estate sectors [2][14]. - The report emphasizes the potential of UTG and TCO glass in the space photovoltaic sector, with SpaceX and Tesla aiming for an annual solar manufacturing capacity of 100GW within three years [3][15]. - In the AI-PCB upstream materials segment, there is a positive outlook for substrate materials driven by CPU shortages and price increases, with a notable 30% price hike planned by a leading Japanese company [4][16]. Summary by Sections Weekly Discussion - The report anticipates the continuation of the price increase chain through Q1 2026, particularly for traditional electronic fabrics, with a notable price increase observed since Q4 2025 [1][13]. - The electronic fabric market is transitioning to a supply-demand gap pricing model, with low inventory levels and bullish expectations for future prices [1][13]. Price Changes in Construction Materials - The report notes that the national average price for cement remains stable at 348 CNY/ton, with a significant drop in average shipment rates to 29.5% [5][17]. - The average price for float glass is reported at 1138.82 CNY/ton, with a slight increase observed, while the inventory levels are decreasing [5][17]. Market Performance - The construction materials index showed a strong performance with an 8.82% increase, outperforming the Shanghai Composite Index [20][23]. - Specific sectors such as glass manufacturing and fiberglass also reported significant gains, indicating robust market conditions [20][23]. Important Developments - The waterproof coating sector is seeing price increases, with Keshun announcing a price hike for certain products [6][14]. - The report highlights the ongoing expansion in solar energy production capabilities by major companies, indicating a shift towards renewable energy solutions [6][15].

Group 1: Portfolio Strategy Performance Tracking - The simulated portfolio yields have generally shown marginal decline this week, with the secondary ultra-long and urban investment ultra-long strategies leading in the interest rate style portfolio, yielding 0.2% and 0.18% respectively. In the credit style portfolio, the secondary ultra-long and urban investment ultra-long strategies achieved yields of 0.36% and 0.26% respectively [2][14][15] - The average yield of the credit style time deposit heavy portfolio decreased by 5.2 basis points to 0.11%, indicating a lack of aggressive attributes in recent weeks. The urban investment heavy portfolio's average yield fell by 3.9 basis points to 0.17%, with the duration strategy being the only one showing continuous improvement, achieving an absolute yield of 0.23% [2][18] - The average yield of the secondary capital bond heavy portfolio decreased by 14.3 basis points to 0.18%, benefiting from the rise in ultra-long bond components. The mixed-dumbbell strategy remains superior to other portfolios, while the secondary bond duration strategy slightly outperformed the corresponding interest rate style portfolio but underperformed compared to the similar duration urban investment heavy portfolio [2][18] Group 2: Sources of Returns - Most ultra-long bond heavy strategies derive over 80% of their returns from capital gains. The simulated portfolio's coupon rates have begun to decline, with the credit style secondary bond and secondary ultra-long strategies experiencing a weekly coupon rate drop of over 0.1%. The annualized returns of the urban investment and secondary ultra-long strategies are still 35.9 basis points and 44.7 basis points away from their lowest points since 2025 [3][27] - The contribution of portfolio coupons is concentrated between 15% to 40%, while over 85% of the returns from the secondary ultra-long strategy come from capital gains, effectively amplifying the yield spread [3][27] Group 3: Credit Strategy Excess Returns Tracking - Over the past four weeks, the secondary perpetual bond duration strategy has significantly outperformed, with cumulative excess returns exceeding the benchmark for most strategies. The cumulative excess returns for the secondary bond duration, perpetual bond duration, and perpetual bond sinking strategies reached 22.7 basis points, 18 basis points, and 16.4 basis points respectively [4][32] - In terms of strategy duration, the excess returns of medium to long-term strategies have been narrowing for two consecutive weeks. In the short term, the time deposit strategy and urban investment sinking strategy outperformed the benchmark, with excess returns widening. However, the medium to long-term strategies' excess returns have gradually shrunk, with most strategies underperforming the benchmark by less than 3 basis points [4][35] - For the ultra-long end, the urban investment, industry, and secondary ultra-long combinations achieved excess returns of 8.9 basis points, 8.6 basis points, and 19.6 basis points respectively, indicating a divergence in performance between non-financial credit and secondary bond heavy portfolios [4][35]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The demand for AI-related applications is increasing, with Anthropic's annual revenue doubling from $4 billion in July 2025 to over $9 billion by the end of the year, driven by strong demand in high-compliance sectors like finance and healthcare [10]. - Intel reported strong financial performance in Q4 2025, achieving revenue of $13.7 billion and a non-GAAP gross margin of 37.9%, but indicated that supply constraints would significantly limit its ability to meet strong market demand in Q1 2026 [11]. - The report highlights a significant recovery in the activity levels of overseas chat assistant applications, with Gemini reaching new highs in traffic [10]. Summary by Sections Overseas Market Review - The report notes a recovery in the activity levels of chat assistant applications, with most applications showing stable performance domestically [10]. - Intel's Q4 2025 results reflect a strong demand-supply imbalance, with management indicating that supply constraints will be most severe in Q1 2026 [11]. Company Performance - Intel's Q4 2025 financials include a revenue of $13.7 billion, a non-GAAP EPS of $0.15, and a positive free cash flow of $2.2 billion, despite facing significant supply constraints [11]. - Anthropic's revenue growth is attributed to its Constitutional AI architecture, which has seen increased adoption in regulated industries [10]. Market Trends - The report indicates that the AI server shipment pace is currently constrained by inventory shortages, which are expected to ease as supply improves [14]. - The report emphasizes the importance of monitoring supply improvements and cost structures in the upcoming quarters to assess the potential recovery in gross margins [14].

Investment Rating - The report indicates a positive investment outlook for the humanoid robotics industry, highlighting 2026 as a pivotal year for the commercialization and mass production of humanoid robots [3]. Core Insights - The industry is experiencing accelerated growth, with significant developments such as OpenAI establishing a humanoid robotics research institute and Tesla planning to launch consumer sales by 2027 [1]. - Recent patent approvals for humanoid robot designs by Yushun Technology signal a focus on modular and scalable designs suitable for various applications, including industrial production and space exploration [1][22]. - Partnerships, such as the agreement between UBTECH and Airbus for the deployment of humanoid robots in high-precision manufacturing environments, illustrate the expanding application of robotics in diverse sectors [1][21]. Summary by Sections Industry Dynamics - The report notes a shift from policy guidance to commercial implementation, fostering long-term growth in the embodied intelligence sector [8]. - Key events include the establishment of a provincial humanoid robot training ground in Jinan, aiming for an industry scale of 80 billion yuan by 2026 [9][11]. Core Components - Yiyou Technology has launched its first automated production line for robot joints, increasing annual capacity to 100,000 units, with future upgrades expected to raise this to 150,000 units [2]. - Li Auto is actively recruiting talent to restart its humanoid robot development, indicating a strategic focus on comprehensive R&D in this field [2]. Investment Recommendations - The report emphasizes 2026 as a critical year for the humanoid robotics sector, with expectations for significant production increases and the emergence of a competitive landscape [3]. - Key areas of focus include the convergence of Tesla's supply chain, advancements in electric drive technologies, and opportunities within international supply chains involving major tech companies [3]. Important Industry Events - The report highlights several significant events, including the launch of a humanoid robot training ground in Jinan and the establishment of a robot trading center in Chengdu, aimed at promoting innovation and application in the robotics sector [4][10].

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability in performance [2][5]. Core Insights - The report highlights the significant growth in the performance of companies within the copper-clad laminate and storage chip sectors, with expectations of continued price increases driven by strong demand, particularly in AI applications [2][5]. - Companies like Jin'an Guoji are projected to see substantial profit increases, with forecasts suggesting a net profit of 280-360 million yuan in 2025, representing a year-on-year growth of 655-871% [2]. - The storage chip market is expected to experience a price surge in Q1 2026, with DRAM contract prices anticipated to increase by 55-60% and NAND Flash by 33-38% [2]. - The overall semiconductor industry is projected to reach $551.6 billion in 2026, a 134% year-on-year increase, with further growth expected in 2027 [2]. Summary by Sections Consumer Electronics - The report emphasizes the ongoing expansion of AI applications in consumer electronics, particularly within the Apple supply chain and smart glasses, which are expected to drive demand for related components [6]. PCB - The report notes a sustained high demand for copper-clad laminates, with price increases expected due to rising demand from automotive and industrial control sectors, alongside AI applications [7]. Components - The report identifies growth opportunities in passive components, particularly in MLCCs and inductors, driven by increased usage in AI mobile devices and laptops [22]. IC Design - The report expresses optimism regarding the storage sector, forecasting a significant price increase for DRAM due to rising demand from cloud service providers and consumer electronics [24][25]. Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic production capabilities and the need for self-sufficiency in semiconductor equipment and materials [26][28]. Key Companies - Companies such as Shenghong Technology and Northern Huachuang are highlighted for their strong market positions and growth potential in the semiconductor and PCB sectors [30][31][36].

Investment Rating - The report suggests a positive outlook for the securities sector, indicating a potential for significant gains in the coming months, particularly for quality brokers with valuation mismatches [2][43]. Core Insights - The securities sector remains underweight, with a public fund holding value of 11.8 billion yuan, reflecting a 14% quarter-on-quarter increase. The industry allocation ratio is at 0.73%, which is still 2.67 percentage points below the benchmark, although this gap has narrowed by 0.29 percentage points [1]. - The monthly active users of securities apps reached 175 million in December 2025, marking a 1.75% increase from the previous month and a 2.26% increase year-on-year, setting a new monthly record for 2025 [1][39]. - The report anticipates strong profit growth for brokers in Q1 2026, highlighting opportunities for sector rebound [1]. Summary by Sections Securities Sector - The report notes that the securities sector is currently underweight, with a public fund holding value of 11.8 billion yuan, which is a 14% increase quarter-on-quarter. The industry allocation ratio stands at 0.73%, still 2.67 percentage points below the benchmark, but this gap has narrowed by 0.29 percentage points [1]. - Monthly active users of securities apps reached 175 million in December 2025, reflecting a 1.75% month-on-month growth and a 2.26% year-on-year increase, achieving a new monthly high for 2025 [1][39]. - The report projects a bright profit growth outlook for brokers in Q1 2026, suggesting a focus on rebound opportunities within the sector [1]. Investment Recommendations - The report recommends focusing on three main lines: 1. Strongly recommend high-quality brokers with significant valuation and performance mismatches, particularly highlighting Guotai Junan [2]. 2. Attention to Sichuan Shuangma, which is positioned well in the technology sector and is expected to benefit from investments in gene therapy [2]. 3. Highlighting multi-financial firms with impressive performance growth, suggesting a focus on Yixin Group, Far East Horizon, and Jiufang Zhitu Holdings [2]. Insurance Sector - The latest research indicates that the preset interest rate for life insurance is at 1.89%, with expectations that it will not decrease further in 2026 [3]. - China Pacific Insurance announced a profit increase forecast of 215%-225% for 2025, primarily due to favorable investment conditions and tax adjustments [4]. - The report maintains a positive recommendation for the insurance sector, emphasizing the upward trend in both short-term and long-term fundamentals [5]. Market Dynamics - The report highlights that the A-share market has shown mixed performance, with the non-bank financial sector underperforming the broader market [11]. - The report also notes significant growth in the issuance of equity funds and bond underwriting, indicating a robust capital market environment [17]. Regulatory Updates - The China Securities Regulatory Commission has released new guidelines for the performance benchmarks of publicly offered securities investment funds, aiming to enhance transparency and accountability in the sector [38].

Investment Rating - The report maintains a positive outlook on the photovoltaic sector, highlighting significant growth potential driven by Elon Musk's ambitious plans for solar power production [2][3][6]. Core Insights - The report emphasizes the strong performance of the photovoltaic sector, particularly due to Musk's announcement of a target to establish 100GW of solar power capacity in both space and on the ground within three years, which has sparked renewed interest and investment in the industry [3][8]. - It identifies key areas of opportunity within the photovoltaic sector, including equipment, auxiliary materials, and battery components, as well as other sectors such as wind power, hydrogen energy, and advanced cooling technologies [2][4][7]. Summary by Relevant Sections Photovoltaic Sector - The report highlights the expected resurgence of the photovoltaic sector in 2026, driven by improved financial forecasts for companies and a rebound in stock prices following a period of low expectations [3][8]. - It notes that the demand for solar energy is expected to exceed previous forecasts, supported by advancements in technology and supply chain improvements [6][8]. Wind Power - The China Wind Energy Association (CWEA) predicts that domestic wind power installations will maintain a level of 120GW from 2026 to 2028, indicating significant growth potential in the sector [4][18]. - The report mentions that major European offshore wind developers are considering sourcing wind turbines from China, which could enhance the competitive position of domestic manufacturers in international markets [19][20]. Energy Storage and Hydrogen - The report underscores the importance of hydrogen as a key component in industrial decarbonization, with new policies reinforcing its role in the green transition [4][6]. - It highlights the expected growth in the hydrogen sector, particularly in fuel cells, as companies secure new orders and government support increases [4][6]. Advanced Cooling Technologies - The report notes the rising interest in advanced cooling technologies, particularly in the context of AI and data centers, with domestic companies poised to capture a larger share of the global market [4][36]. - It emphasizes the potential for significant growth in the AIDC power and liquid cooling sectors, driven by increasing demand for efficient cooling solutions in high-performance computing environments [4][36]. Electrical Grid - The report indicates that major electrical equipment exports are expected to grow, with a notable increase in transformer and high-voltage switch exports, reflecting strong international demand [24][25]. - It also highlights substantial investments planned by the Southern Power Grid, which are expected to support long-term growth in the domestic electrical infrastructure [25][26].