2026年配网设备有望迎量价齐升，电网ETF（561380）收涨近4%，近20日净流入超15亿元

Core Viewpoint - The electric grid ETF (561380) has seen a nearly 4% increase, with over 1.5 billion yuan net inflow in the past 20 days, indicating strong investor interest in the sector [1] Group 1: Industry Trends - Historically, the pace of UHV (Ultra High Voltage) construction is related to changes in electricity supply and demand. The supply-demand situation in China is expected to stabilize in the later stages of the 14th Five-Year Plan, leading to a slowdown in UHV construction [1] - The upcoming 15th Five-Year Plan will see comprehensive electricity reforms, with an anticipated rise in green electricity demand. UHV is expected to accelerate again as a core component for the transmission and consumption of renewable energy [1] - The new pricing mechanism for transmission and distribution allows UHV DC to adopt capacity pricing, which is expected to further enhance construction enthusiasm [1] Group 2: Investment Insights - Investment in distribution networks during the 14th Five-Year Plan has remained low, but it is expected to become a key focus in the 15th Five-Year Plan [1] - The proportion of investment in distribution networks has been declining, while peak electricity load has been growing rapidly, leading to a continuous decrease in the distribution network's capacity ratio and challenges to supply reliability [1] - The green electricity direct connection projects benefiting from capacity pricing policies are favorable for both users and grid companies. Additionally, the latest round of distribution network bidding prices has rebounded, suggesting that by 2026, distribution network equipment may experience a simultaneous increase in both volume and price [1] Group 3: ETF Overview - The electric grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which aims to reflect the performance of mainland listed companies related to electric grid equipment [1] - The index covers sectors such as grid infrastructure and communication equipment, focusing on transmission and transformation equipment as well as grid automation [1] - It emphasizes trends in grid modernization and digital transformation, exhibiting a high degree of industry concentration [1]