“4万亿”在路上，电网投资站上强劲风口丨每日研选

Group 1 - The core investment plan of the State Grid for the "14th Five-Year Plan" period is set at 4 trillion yuan, representing a significant increase of 40% compared to the previous plan, establishing a high-growth outlook for domestic grid construction [1] - The investment plan indicates an implied annual compound growth rate (CAGR) of approximately 7% from a baseline of 650 billion yuan in 2025, consistent with the previous plan's growth rate of 7.1%, suggesting a shift from stabilizing growth to accelerating the construction of a new power system [1][2] - The demand for high-voltage direct current (HVDC) and alternating current (AC) projects is at a high level, with core equipment manufacturers expected to benefit significantly from this trend [2] Group 2 - The joint guidance from the National Development and Reform Commission and the National Energy Administration emphasizes proactive grid investment, providing clear top-level design and policy support for the industry's long-term development [2] - AI data centers are becoming a new variable driving global grid investment, with their high power and reliability requirements exacerbating the electricity shortage in North America and creating new demand for supporting power equipment [2] - Domestic companies have strong cost and delivery advantages in transformers, switches, and smart meters, positioning them to capture a larger share of the overseas grid investment cycle [3]