Zhi Tong Cai Jing·2026-03-05 06:13Core Viewpoint - The United States has initiated the construction of 765kV ultra-high voltage transmission lines to alleviate congestion in existing infrastructure and enhance grid reliability and long-term system stability [2]. Group 1: Infrastructure Development - The 765kV is the highest transmission voltage level in the U.S., with major lines primarily located in the Eastern Interconnection, covering approximately 2,000 miles. By the end of 2025, Texas, the Mid-Atlantic, and the Midwest grid operators have been approved for a total of about $75 billion in transmission expansion projects, with the 765kV lines being a key focus, expected to extend to 10,000 miles [2]. - The introduction of competitive bidding and other models is aimed at accelerating grid construction due to the increasing electricity demand from AI data centers and the manufacturing sector, which has led to a growing conflict between electricity demand and aging grid infrastructure [3]. Group 2: Opportunities for Chinese Companies - The U.S. power system is entering a new investment cycle not seen since the 1970s, coupled with increased electricity demand from the AI industry, making it difficult to complete grid construction in the short term. Currently, overseas high-voltage equipment companies have the longest lead times for high-voltage transformers extending to 2030, and the supply-demand situation for high-voltage switches and insulators will also tighten further, with 765kV ultra-high voltage capacity being particularly scarce [4]. - Demand for high-voltage and ultra-high-voltage equipment may spill over to companies in Japan, South Korea, and China, as overseas high-voltage equipment verification cycles are longer, typically taking 5-10 years. Companies with established product layouts and good reputations are expected to seize opportunities [4]. Group 3: Recommended Companies - Companies that have gained a foothold in overseas markets and are entering the localization phase in the end market, or those deeply integrated into the supply chains of large overseas enterprises, are recommended. Notable mentions include Si Yuan Electric (002028), Shenma Electric (603530), Jinpan Technology (688676), and Igor (002922), with additional attention to Tebian Electric (600089), China XD Electric (601179), Pinggao Electric (600312), Anke Intelligent Electric (300617), Baiyun Electric (603861), Huaming Equipment (002270), and Changgao Electric (002452) [5].