电力设备行业：特高压、配网等为电网重点投资领域，海外需求高景气

Investment Rating - The report does not explicitly provide an overall investment rating for the industry, but it highlights specific investment opportunities in key areas such as ultra-high voltage (UHV), distribution networks, and overseas markets [2][3][93] Core Views - The report emphasizes the acceleration of UHV and distribution network construction, driven by the need to support large-scale renewable energy projects and enhance grid reliability [2][33][34] - Overseas demand for power equipment is expected to remain strong, contributing to growth opportunities for Chinese power equipment manufacturers [3][93] - The report identifies UHV, distribution networks, and overseas markets as key investment areas, with a focus on digitalization, equipment upgrades, and flexible DC technologies [2][34][40] Summary by Sections 1. Accelerating the Construction of a New Power System - The National Energy Administration and State Grid Corporation of China (SGCC) plan to invest over 600 billion yuan in 2024, marking the first time annual grid investment exceeds this threshold [33] - The focus is on UHV projects, strengthening connections between regional grids, and enhancing grid digitalization and intelligence [33][34] - The "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" outlines nine key initiatives, including improving grid stability, promoting high-proportion renewable energy integration, and enhancing grid flexibility [6][8] 2. UHV: Urgent Construction Needs and Rising Flexible DC Proportion - UHV construction is expected to accelerate, with 37 new energy-related grid projects planned for 2024, including 3 UHV DC and 2 UHV AC projects [36][38] - Flexible DC technology is gaining traction due to its ability to adapt to large-scale renewable energy integration and improve grid stability [40] - Key companies to watch include State Grid NARI, XJ Electric, and China XD Group for UHV DC, and Pinggao Electric and China XD Group for UHV AC [42] 3. Distribution Networks: Increasing Investment and Digitalization - Distribution networks are transitioning from passive to active systems, with a focus on integrating distributed energy resources and improving grid observability and controllability [44][47] - By 2025, distribution networks are expected to support 500 GW of distributed renewable energy and 12 million charging points, with full digitalization and flexibility by 2030 [45] - Key investment areas include digitalization, primary equipment upgrades, and smart grid technologies, with companies like State Grid NARI, XJ Electric, and Dongfang Electronics highlighted [80] 4. Overseas Markets: High Growth Potential - Global grid investment is expected to grow at an annual rate of 11% through 2030, driven by renewable energy expansion, grid modernization, and rising energy demand in emerging markets [82][83] - The US, EU, and Latin America are leading in grid investment growth, with significant opportunities for Chinese power equipment exporters [87][88][89] - Key companies to watch in the overseas market include Siyuan Electric, Huaming Equipment, and Jinpan International [93] 5. Export Performance and Market Trends - Chinese power equipment exports, including transformers, meters, and high-voltage switches, showed strong growth in 2024, with transformer exports increasing by 23% year-on-year in October [91] - The report highlights the potential for Chinese companies to capitalize on global grid investment trends, particularly in emerging markets [93]