Xin Lang Cai Jing·2026-01-16 01:52Group 1 - The core viewpoint of the news is that the Hong Kong stock market saw a significant rise in electric power equipment stocks, with notable increases in shares of companies like Dongfang Electric, Harbin Electric, Shanghai Electric, and Xinyi Solar [1][6]. Group 2 - During the "14th Five-Year Plan" period, the State Grid Corporation of China is expected to reach a fixed asset investment of 4 trillion yuan, representing a 40% increase compared to the "13th Five-Year Plan" investment, aimed at promoting high-quality development of the new power system industry chain and supply chain [3][8]. - The National Development and Reform Commission and the National Energy Administration issued guidelines on December 31, 2025, to promote high-quality development of the power grid, emphasizing the need for appropriate advance in grid investment and construction [3][8]. - HSBC Qianhai Securities noted that historically, grid investments tend to be higher in the first year of the "Five-Year Plan," and a similar trend is expected in 2026 [3][8]. - In the last batch of bidding for backbone network equipment by the State Grid in 2025, the total bidding amount increased by 88% year-on-year, indicating an acceleration in investment in ultra-high voltage grids, as backbone network equipment is typically used in conjunction with ultra-high voltage networks [3][8]. - Compared to ultra-high voltage direct current projects, the progress of ultra-high voltage alternating current projects is expected to be faster than anticipated, benefiting from more mature technology and shorter coverage areas [3][8].