两两相争，第三方受益

Group 1 - The electric grid equipment sector has seen a significant surge, with an overall increase of nearly 8%, driven by a series of positive developments rather than sudden news [3][4] - Domestic demand has been confirmed, with the State Grid announcing a fixed asset investment growth target of 40% during the 14th Five-Year Plan, amounting to a total investment of 4 trillion yuan [3] - Overseas demand is also rising, particularly in transformer exports, which are projected to grow by 36% in 2025, significantly outpacing other export goods [4] Group 2 - The tourism sector, alongside offline consumption and services, is experiencing a notable upward trend, indicating a recovery in consumer spending [3] - The expansion of global emerging industries, especially data centers, is contributing to a sustained demand for electric grid equipment, with supply constraints expected to continue [4]