Di Yi Cai Jing·2025-12-15 23:57Core Viewpoint - The overall performance of the power grid and industrial control industries is expected to be stable and upward in 2025, with a focus on structural investment opportunities [1] Power Grid Industry - Domestic power grid investment remains optimistic, with ultra-high voltage projects entering an accelerated approval and bidding phase in the second half of the year [1] - The power grid is viewed as a post-cycle investment for renewable energy, indicating a significant investment gap that still needs to be filled [1] - Continued optimism for the power grid investment climate is highlighted [1] Industrial Control Industry - The overall cycle remains unchanged, currently in an endogenous recovery phase [1] - Demand is expected to continue to grow steadily in the coming year [1] - AIDC (Automatic Identification and Data Capture) and overseas expansion are identified as two high-elasticity investment directions to watch [1]