国内特高压线路建设不断推进，关注电网ETF（561380）

Core Viewpoint - The article highlights the ongoing development of China's ultra-high voltage (UHV) power transmission projects, emphasizing the increasing demand for electricity driven by AI advancements and the need for infrastructure upgrades in the global power system [2][3]. Group 1: UHV Projects and Investment - The Zhejiang UHV AC ring network project has received approval from the National Development and Reform Commission, with a planned completion and operation by 2029 and a total investment of approximately 29.3 billion yuan [2]. - In 2023, two UHV DC lines and three UHV AC lines have been approved, indicating a strong ongoing demand for UHV infrastructure, which is characterized by high capacity, long-distance transmission, and low losses [2]. - The construction of a unified national electricity market is accelerating, with clear demands for inter-regional power interconnection and electricity export from the western regions, suggesting a potential increase in non-UHV main network construction [2]. Group 2: Electricity Demand and Supply Chain Opportunities - From January to October 2023, the electricity consumption for internet data services in China increased by 43%, highlighting the surge in electricity demand driven by AI development [2]. - The global consensus that "the end of computing power is electricity" is becoming more pronounced, with Microsoft CEO Satya Nadella noting that the core bottleneck for the AI industry is the shortage of electricity [2]. - The persistent electricity shortages in North America and the urgent need for upgrades and expansions in global power systems may drive advancements in distributed and high-resilience power supply technologies, presenting systemic development opportunities for China's power grid equipment supply chain [2]. Group 3: Investment Outlook - Given the expected growth in domestic power grid construction investment and the opportunities for equipment exports against the backdrop of overseas electricity shortages, the outlook for the power grid sector remains positive [3]. - Investors are encouraged to pay attention to the power grid ETF (561380) as a potential investment opportunity [3].