电网板块景气上行，电网ETF（561380）大涨超2%，近20日净流入超9亿元

Group 1 - The core viewpoint is that the State Grid has announced a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan period, with expectations for high voltage planning to reach new heights [1] - During 2025, domestic grid investment is expected to show structural differentiation, with the State Grid's investment in transmission and transformation equipment increasing by 25.2% year-on-year, while the investment in ultra-high voltage equipment and electric meters is projected to decline [1] - Strong performance in the export of primary equipment is noted, with liquid transformers and high-voltage switches seeing year-on-year export increases of 48.6% and 31.5%, respectively [1] Group 2 - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which covers listed companies in the electric grid equipment sector within the Chinese A-share market, focusing on power transmission, distribution systems, and related services [1] - The index constituents are primarily concentrated in manufacturing, supplemented by information technology and research services, reflecting the overall performance of securities in the electric grid equipment industry [1]