TBEA(SH:600089) Xin Lang Cai Jing·2025-12-12 05:31Group 1 - The Zhejiang UHV AC ring network project has been approved by the National Development and Reform Commission with a total investment of approximately 29.3 billion yuan, expected to be operational by 2029, marking it as the highest investment and largest single project in China's UHV AC engineering [1] - Huatai Securities indicates that the construction of UHV projects is at a high demand level, with an expected annual commencement rate of "4 direct and 2 alternating" during the 14th Five-Year Plan period, leading to a robust order flow for main network equipment companies [1] - The National Development and Reform Commission and the National Energy Administration have issued a notice to optimize market pricing for centralized renewable energy generation, aiming to enhance the efficiency of electricity resource allocation and support the construction of a new power system [1] Group 2 - The construction of a unified national electricity market is progressing, with expected grid investments surpassing 4 trillion yuan during the 14th Five-Year Plan, significantly higher than the previous plan [2] - The demand for high-voltage main network construction, particularly for 750kV and 500kV, is increasing, with a 19.1% year-on-year growth in the State Grid's bidding amounts for transmission and transformation projects from January to May 2025 [2] - In the U.S., the demand for on-site power solutions is rising due to long power access cycles and supply constraints for data centers, with solid oxide fuel cell (SOFC) systems being more adaptable to urgent power needs compared to traditional gas turbines [2] Group 3 - Citi reports that the global electricity demand is being driven up by AI data centers, electrification, and renewable energy integration, with a structural upcycle beginning for key grid equipment and energy storage companies in Asia [3] - The Grid ETF (159320) has seen a 2.63% increase, with the top ten weighted stocks accounting for 54.46% of the total, indicating strong performance among key players like TBEA and Xinyise [3] - The Grid ETF closely tracks the Hang Seng A-share grid equipment index, which reflects the overall performance of listed companies in the grid equipment sector, with competitive management and custody fees [3]