Core Insights - The surge in stock prices of key players in the power equipment sector reflects the accelerated construction of the "new generation power grid," with significant investments from State Grid and Southern Grid totaling 825 billion yuan this year, marking a historical high [1][5][10] - The demand for ultra-high voltage and intelligent distribution networks is rapidly increasing, driven by the need for smart upgrades and the integration of distributed renewable energy sources [3][5][10] Investment Landscape - The investment in ultra-high voltage projects reached 112 billion yuan this year, a 34% increase year-on-year, with major projects like the Cangyu DC Super Project exceeding 53.2 billion yuan [5] - The market for intelligent distribution equipment is expected to grow at an annual rate of over 18%, while the core equipment market for ultra-high voltage has surpassed 210 billion yuan, with a domestic production rate exceeding 90% [5][10] Technological Advancements - The efficiency of power electronic transformers using silicon carbide (SiC) devices can exceed 98%, with a significant reduction in size and weight compared to traditional transformers [8] - The global power supply market is projected to exceed 350 billion dollars in 2023, with a compound annual growth rate of nearly 12%, and the clean power conversion equipment segment is expected to grow at a rate of 23.8% from 2024 to 2030 [8] Market Dynamics - The demand for power electronic transformers is expected to grow by 30% annually due to the increasing number of AI data centers, which are projected to reach 120, with power investment accounting for 18% of their costs [8][10] - The market for solid-state transformers used in AI data centers in China is expected to grow from 2.9 billion dollars in 2025 to 7.4 billion dollars by 2030 [8] Company Performance - Key companies such as Guodian NARI, Chint Electric, and Xinte Energy have seen significant stock price increases of 48%, 55%, and 39% respectively, benefiting from the demand for ultra-high voltage and intelligent distribution network upgrades [1][10] - The opportunities within the power grid industry are clear, with each segment showing potential for growth driven by substantial investments and technological advancements [10]