电力设备行业事件点评报告：两网投资额持续提升，重视电网设备更新带来的投资机会

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Insights - The report highlights that the State Grid Corporation of China plans to invest 600 billion yuan in the power grid in 2024, marking a year-on-year growth of 13.4% [3] - The Southern Power Grid is also advancing large-scale equipment updates, with an expected investment of 195.3 billion yuan from 2024 to 2027, including a 4 billion yuan increase in 2024 [3] - The report emphasizes the importance of enhancing the reliability of the distribution network, with a projected investment share of 14.66% in the current round of equipment updates [3] - The construction of ultra-high voltage projects is confirmed, with a total investment of 380 billion yuan planned during the 14th Five-Year Plan period [3] - The development of smart grids is progressing steadily, with an expected investment of approximately 375 billion yuan during the 14th Five-Year Plan period [3] Summary by Sections Investment Highlights - The State Grid's investment will focus on ultra-high voltage projects, digital upgrades, and improving disaster resilience [3] - The Southern Power Grid aims to achieve a 52% increase in equipment update investments by 2027 compared to 2023 [3] Smart Grid Development - By the end of 2020, a unified strong smart grid was essentially completed, with smart investments accounting for 11.13% of total investments from 2009 to 2020 [3] - The report anticipates a gradual increase in the proportion of smart investments in total grid investments during the 14th Five-Year Plan [3] Investment Recommendations - The report suggests focusing on companies such as Pinggao Electric, Sifang Co., and State Grid Information & Communication for potential investment opportunities [3]