4万亿大投资，增幅超40%，国家电网最新宣布！“中标王”公司出炉

Investment Scale - The State Grid Corporation's fixed asset investment is expected to reach 4 trillion yuan during the "14th Five-Year Plan" period, a 40% increase compared to the "13th Five-Year Plan" [1][9] - In recent years, the investment in the power grid has been increasing, with 2022's investment at 509.4 billion yuan, surpassing 500 billion yuan for the first time, and projections for 2023 exceeding 520 billion yuan [10][11] - By 2025, the investment is expected to exceed 650 billion yuan, with forecasts indicating acceleration in 2026 [10][11] Investment Directions - Key investment areas include the construction of a new power system, with an annual increase of approximately 20 million kilowatts in wind and solar energy capacity, aiming for electricity to account for 35% of terminal energy consumption [1][9] - The construction of ultra-high voltage direct current transmission channels will enhance cross-regional and cross-provincial transmission capacity by over 30% compared to the end of the "13th Five-Year Plan" [1][9] - The electrification level of terminal energy use will be improved to accommodate 35 million charging facilities [1][9] Regulatory Guidance - The National Development and Reform Commission and the National Energy Administration issued guidelines for high-quality development of the power grid, aiming for a new power grid platform to be established by 2030 [3][11] - The guidelines set targets for optimizing resource allocation, with "West-to-East Power Transmission" capacity exceeding 420 million kilowatts and supporting renewable energy generation to reach 30% of total generation [3][11] Company Performance - Long Cable Technology has forecasted a net profit of 130 to 160 million yuan for 2025, representing a year-on-year growth of 74.07% to 114.24% [16] - Seven power grid equipment companies reported a doubling of net profits in the first three quarters of 2025, with Beijing Keri showing a growth of over 14 times [16] - Companies with a stock price increase of less than 30% since 2025 and a rolling P/E ratio below 30 include 16 firms, with some like Juhua Technology and Kai Fa Technology having P/E ratios below 20 [16][17] Bid Announcements - In 2025, there were 51 bid announcements related to the State Grid, the highest since 2019, with over 40 announcements in both 2024 and 2023 [12][14] - Ten companies have issued more than ten bid announcements since 2019, with Dalian Electric Porcelain, Changgao Electric, and Tongda Co., Ltd. leading in the number of announcements [14]