Zhi Tong Cai Jing·2026-03-11 03:57Core Viewpoint - The report from CITIC Securities highlights the government's focus on accelerating green transformation and establishing a new power system, indicating a clearer long-term development outlook for major UHV projects [1][2]. Group 1: Green Transformation and Power System Development - The government work report emphasizes the acceleration of comprehensive green transformation, including the formulation of an energy powerhouse construction plan, the establishment of a new power system, and the promotion of smart grid construction [2]. - Key areas of focus include the construction of a clean and low-carbon power system, with smart grid development and green electricity applications being highlighted as priorities [2]. Group 2: Intelligent Economy and Collaborative Development - The government report outlines plans for large-scale intelligent computing clusters and collaborative development of computing and electricity, which are included in the top-level design [3]. - This collaborative approach emphasizes the integration of network and source planning, direct green electricity applications, and the digitalization of the power grid [3]. Group 3: UHV Projects and Development Expectations - A series of major UHV projects are expected to be included in national planning, with recent proposals for projects in various regions such as Shanxi, Xinjiang, and Tibet [4]. - The report suggests that significant project progress is often catalyzed during major policy windows like the Two Sessions, indicating that UHV projects will remain a core aspect of energy and power construction during the 14th Five-Year Plan [4]. Group 4: Investment Strategy - The Two Sessions provide a critical window for the power equipment sector, outlining long-term planning and development trends for the next five years [5]. - The dual carbon goals and the construction of a new power system are expected to be central themes, with a focus on major UHV projects and the exploration of new business models related to computing and electricity [5].