外资股东一年三度减持中国西电，带崩电网设备板块

Core Viewpoint - The announcement of share reduction by GE SMALLWORLD (SINGAPORE) PTE LTD, a major shareholder of China XD Electric (601179.SH), has caused significant market reactions, with a potential cash-out of approximately 1.36 billion yuan, marking the third reduction in a year [1][2][3] Group 1: Shareholder Actions - GE SMALLWORLD plans to reduce its stake by up to 154 million shares, representing a maximum of 3% of the total share capital, with a potential cash-out of around 1.36 billion yuan based on the closing price on the announcement date [2][3] - This reduction follows two previous reductions in the past year, indicating an accelerated exit strategy by the shareholder [2][3] Group 2: Market Reactions - Following the announcement, China XD Electric's stock price dropped significantly, closing at 7.96 yuan, with a weekly decline of 14.6% [1][3] - The overall electric grid equipment sector also experienced a sharp decline, with the index falling by 10% in the week following the announcement, reflecting a broader market reassessment of the sector's valuation [1][4] Group 3: Industry Context - The electric grid equipment sector had previously seen substantial gains, with the index reaching a ten-year high in early November, but has since entered a downward trend [4][5] - The reduction in shareholding by a foreign investor at high price levels raises questions about the valuation of both China XD Electric and the broader electric grid equipment sector [1][3] Group 4: Long-term Industry Outlook - Despite short-term volatility, the long-term growth prospects for the electric grid equipment industry remain strong, driven by the transition to a new power system and increased investments from state-owned enterprises [5][6] - The national grid plans to invest over 800 billion yuan in high-voltage direct current projects during the 14th Five-Year Plan, indicating robust demand for electric grid infrastructure [6]