寒潮致国家电网负荷承压，产业链景气度持续提升

Group 1 - The State Grid has experienced a significant increase in electricity demand due to a widespread cold wave, with maximum load reaching 1.168 billion kilowatts, a 12.2% increase from last year's peak of 1.041 billion kilowatts [1] - The State Grid has set a record for winter electricity load eight times this winter, with regions such as North China, Northeast China, and Northwest China achieving historical highs [1] - The State Grid is leveraging its ultra-high voltage grid's resource allocation advantages to ensure stable electricity supply, maintaining a maximum cross-regional power transmission of around 120 million kilowatts [1] Group 2 - First Capital Securities highlights that the State Grid's investment during the 14th Five-Year Plan will focus on building a new power system to support an annual increase of approximately 20 million kilowatts in renewable energy capacity [2] - The expected R&D expenditure of the State Grid during the 14th Five-Year Plan is over 240 billion yuan, with digital technology deeply integrated into all aspects of grid planning, construction, operation, and service [2] - The outlook for the domestic power industry, including ultra-high voltage, high-voltage main networks, distribution networks, smart grid equipment, and energy storage, is expected to continue improving [2] Group 3 - Southern Power Grid focuses on pumped storage, peak regulation hydropower, and the development, investment, construction, and operation of new energy storage businesses [3] - XJ Electric is recognized as a leading international company with capabilities in ultra-high voltage direct current transmission and flexible direct current transmission equipment solutions [3]