电力设备与新能源行业：配网侧投资有望提速，数智化、一次设备更新改造等为重点投资领域

Investment Rating - The report maintains an "Outperform" rating for the industry [1][74]. Core Viewpoints - The investment in the power grid by the State Grid in 2024 is expected to exceed 600 billion yuan for the first time, with an increase of 71.1 billion yuan year-on-year, focusing on UHV (Ultra High Voltage) construction, enhancing county grid connections, and digital upgrades [2][37]. - The distribution network is transitioning from merely distributing electricity to integrating sources, networks, loads, and storage, enhancing its reliability and capacity, with a growing investment demand in smart technology and equipment upgrades [2][69]. Summary by Sections 1. New Power System Construction - The National Development and Reform Commission, National Energy Administration, and National Data Bureau have outlined a plan for accelerating the construction of a new power system from 2024 to 2027, focusing on nine key actions [5][7]. 2. Investment Demand in Distribution Networks - The distribution network is evolving to accommodate distributed energy sources and new loads, with significant investment opportunities in smart technology and equipment upgrades [2][42][69]. - The report suggests focusing on companies such as Guodian NARI, XJ Electric, and Dongfang Electronics for potential investment [2][69]. 3. Policy Developments - Recent policies emphasize the need for high-quality development of distribution networks, aiming for a flexible, intelligent, and digital transformation by 2030, with specific targets for distributed energy and charging infrastructure [42][43][46]. 4. Market Dynamics - The distribution transformer market is competitive, with Guodian NARI and other companies leading in market share for various equipment [63][65].