国网豪掷4万亿，电网设备板块迎超级风口

Core Viewpoint - The State Grid Corporation of China announced a significant investment plan of 4 trillion yuan during the 14th Five-Year Plan period, representing a 40% increase compared to the previous plan, which is expected to drive the development of a new power system and meet the growing electricity demand fueled by AI advancements [1][2][4]. Investment Plan - The 4 trillion yuan investment will focus on expanding effective investments to support the high-quality development of the new power system industry chain, aiming to increase the annual installed capacity of wind and solar energy by approximately 200 million kilowatts [2]. - The plan includes achieving a 25% share of non-fossil energy consumption and accommodating 35 million charging facilities [2]. - The construction will emphasize a new grid platform and accelerate the development of ultra-high voltage direct current transmission channels, enhancing cross-regional transmission capacity by over 30% compared to the end of the previous plan [2]. AI and Power Demand - The growth in electricity demand is closely linked to the development of AI, with estimates suggesting that every 100 billion yuan increase in computing power expenditure could translate to an additional 3 to 15 billion kilowatt-hours of electricity [4]. - The electricity consumption of data centers in China is projected to grow at a compound annual growth rate of 25% from 2025 to 2030 [4]. - Global concerns about electricity shortages are rising, with significant figures in the tech industry emphasizing the importance of electricity for future developments [4]. Market Performance - The A-share power equipment sector has shown strong performance, with over 90% of stocks rising since early January, driven by favorable policies and demand expectations [5]. - Notable stocks such as Sanbian Technology, China XD Electric, and YN Power have seen increases exceeding 30% [5]. - Institutions predict profit growth for companies like Far East Smarter Energy and Oriental Cable, with the latter recently securing a 1.9 billion yuan overseas cable order [5]. Investment Opportunities - The high investment from the State Grid provides a solid performance cushion for the industry, ensuring strong order volumes for leading companies [7]. - The explosion of AI computing power is reshaping the demand structure for power equipment, creating opportunities in areas such as HVDC, liquid cooling technology, and virtual power plants [7]. - The global wave of data center construction presents investment opportunities, with leading companies in transformers and switchgear expected to break valuation ceilings and gain long-term attention [7].