新能源时代中美电网分析，配电网建设或为破局关键

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector, indicating a positive outlook for investment opportunities in this area [1]. Core Insights - The rapid growth of renewable energy installations on the supply side and the increasing electricity demand on the user side are driving significant changes in the power grid landscape. In 2023, renewable energy accounted for 30% of global electricity supply, with new installations reaching a record high, comprising approximately 86% of total new power capacity [1][9]. - The shift in global grid investment focus from transmission to distribution networks is expected to be a key area for future development, particularly in the context of increasing renewable energy integration and the need for enhanced grid capacity [1][18]. - In the U.S., the aging power grid infrastructure and the surge in electricity demand from data centers, re-industrialization, and electric vehicles highlight the urgent need for grid expansion and modernization [1][26]. Summary by Sections 1. Factors Driving Grid Investment Recovery - The surge in energy installations and rising electricity demand are outpacing grid construction capabilities, leading to a significant need for investment in grid infrastructure [1][9]. - Global grid investment has entered an upward trend, with a notable shift towards distribution network investments, projected to reach $474.1 billion by 2030 [1][18]. 2. U.S. Power Grid Dynamics - The U.S. is experiencing a rapid increase in renewable energy capacity, driven by supportive policies and a growing demand for clean energy. By 2028, the U.S. is expected to add nearly 340GW of renewable energy capacity [1][26]. - The electricity demand in the U.S. is projected to grow significantly, with estimates indicating a rise to 41,230 billion kWh in 2024 and 41,980 billion kWh in 2025, driven by various factors including data center growth and electric vehicle adoption [1][30]. 3. China's Power Grid Opportunities - China's electricity demand is expected to grow rapidly, with projections indicating that by 2025, it will account for one-third of global electricity consumption. The country is also facing challenges such as significant wind and solar energy curtailment, necessitating urgent grid development [1][14]. - The focus on distribution networks is expected to increase in China, particularly in the context of the "14th Five-Year Plan," which emphasizes the importance of smart and digitalized grid infrastructure [1][9]. 4. Investment Recommendations - The report suggests focusing on companies involved in distribution network equipment and digitalization, such as Jinpan Technology, Suwen Electric, and others, as they are well-positioned to benefit from the ongoing grid development trends [1].