需求稳步增长，投资力度不断加大，电网ETF（561380）涨超2%

Group 1 - The core viewpoint is that the new power system is experiencing steady demand growth, with significant investment increases from State Grid and Southern Grid [1] - In the first quarter, State Grid's investment in the grid surged by 27.7% year-on-year, reaching a historical high, with accelerated equipment upgrades and renovations [1] - By 2025, State Grid and Southern Grid are projected to exceed investment scales of 650 billion yuan and 175 billion yuan respectively, totaling over 825 billion yuan, indicating a rapid advancement in grid construction [1] Group 2 - The dual carbon strategy is deepening, leading both major grids to continue enhancing the construction of the new power system, which will boost the capacity for renewable energy consumption and inject strong momentum into energy transition [1] - The Electric Grid ETF (code: 561380) tracks the Hang Seng A-share Electric Grid Equipment Index (code: HSCAUPG), which includes listed companies involved in electric grid equipment manufacturing and services [1] - Investors without stock accounts can consider the Guotai Hang Seng A-share Electric Grid Equipment ETF Initiated Link A (023638) and Link C (023639) [1]