智慧电网：能源数字化的关键一环

Investment Rating - The report maintains an "Outperform" rating for the energy sector, emphasizing the digital transformation as a core driver for the next energy revolution [3]. Core Insights - The digitalization of the energy sector is essential for achieving carbon neutrality and peak carbon emissions, with smart grids playing a crucial role in stabilizing renewable energy supply [3][26]. - The smart grid market has shown a compound annual growth rate (CAGR) of 15.52% over the past five years, indicating robust growth potential [3][19]. - Investment in smart grids is expected to increase, with the proportion of smart grid investment in total grid investment rising from 6.2% in the first phase (2009-2010) to 12.5% in the third phase (2016-2020) [3][19]. Summary by Sections 1. Review of State Grid and Southern Grid Investments and Policy Analysis - Continuous strengthening of funding support for grid construction, with a reported 5.25% year-on-year increase in total grid investment in 2023 [9]. - The State Grid's investment reached a historical high of 501.2 billion yuan in 2022, with expectations to exceed 520 billion yuan in 2023 [9][12]. - The Southern Grid plans to invest 670 billion yuan during the 14th Five-Year Plan, focusing on new power system construction [9][12]. 2. Digital and Intelligent Power "Generation, Transmission, Transformation, Distribution, and Use" - The need for timely data analysis and power generation forecasting has become essential at the generation end [27]. - Digitalization is crucial for ensuring the safety of high-voltage transmission [34]. - Intelligent transformation at substations enhances the coordination between power equipment [39]. 3. Beneficiary Segments and Product Analysis - The smart sensor market is steadily growing, with power inspection robots expected to become a necessity [5]. - The demand for intelligent power scheduling and forecasting systems is increasing due to the rise in renewable energy installations [5]. - The global demand for smart meters is expected to significantly boost industry prosperity [5]. 4. Recommended Stocks in the Energy IT Sector - Longxin Group is positioned well under the dual-wheel strategy in the context of carbon neutrality [5]. - Guodian NARI covers four major sectors and is seen as a restructured energy giant [5]. - State Grid Information Communication is undergoing a business transformation post-asset restructuring [5].