电网ETF（561380）昨日净流入超5000万元，供给侧出清与海外缺电催生估值修复预期

Core Viewpoint - The current high elasticity in the power equipment industry is attributed to long-term undervaluation due to overcapacity in previous years, coinciding with the end of supply-side adjustments and overseas power shortages leading to both valuation and performance recovery [1] Industry Summary - The power equipment sector, particularly electrical instruments and meters, shows low trading congestion and high profitability valuation matching, indicating potential for price increases [1] - Overseas power shortages highlight the value of China's energy transition capacity, prompting a market reassessment of China's global leadership in new energy system construction and its low-cost energy advantages for manufacturing [1] - The power equipment industry is experiencing low capital expenditure with capacity expansion at a bottom level, and the inventory cycle is showing an upward trend from the bottom [1] - The increase in costs for high-energy-consuming industries due to overseas power shortages will further enhance the competitive advantage of related industries in China, such as non-ferrous metals, non-metallic minerals, and steel, presenting opportunities for global market share growth [1] - The short-term revaluation trend in the power system is expected to continue, with medium-term manufacturing momentum recovery and increased electricity consumption driving a comprehensive reassessment of China's manufacturing advantages [1] Company Summary - The Grid ETF (561380) tracks the Hang Seng A-share power grid equipment index, which selects listed companies in the power grid equipment sector from the mainland market to reflect the overall performance of the power grid equipment industry chain [1]