电网设备行业2025年策略报告：投资持续发力，全球需求共振

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry, with specific companies recommended for investment [8]. Core Insights - The domestic investment in grid infrastructure is increasing, driving demand for grid equipment. From January to October, grid engineering investment reached 450.2 billion yuan, a year-on-year increase of 20.7% [18]. - The focus on UHV (Ultra High Voltage) construction is expected to continue, with several new lines planned for next year. The maturity of flexible DC technology is anticipated to facilitate the delivery of renewable energy [8][29]. - Policies supporting distribution networks are expected to accelerate investment, enhancing the integration of distributed energy sources [8][56]. - The global demand for grid equipment is rising due to government initiatives promoting clean energy and upgrading traditional grids, benefiting Chinese companies in the international market [8][73]. Summary by Sections 1. Sector Review - The investment in grid infrastructure is being prioritized, with significant increases in funding from both the State Grid and Southern Grid, reaching historical highs [18]. - The report highlights that the investment in grid projects is expected to exceed 600 billion yuan this year, with a focus on UHV and digital upgrades [18]. 2. UHV Development - A new wave of UHV construction is underway, with several projects making significant progress this year. The report outlines the expected completion of multiple UHV lines during the 14th Five-Year Plan [29][31]. - The report emphasizes the importance of UHV projects in enhancing energy interconnectivity and supporting the development of renewable energy sources [34]. 3. Distribution Network - The report indicates that distribution networks are crucial for integrating distributed energy sources, with planned investments exceeding 1.2 trillion yuan during the 14th Five-Year Plan [56]. - Policies are being implemented to enhance the capacity and reliability of distribution networks, which are essential for accommodating new energy loads [66][67]. 4. Export Opportunities - The global investment in grid infrastructure is projected to reach 618 billion USD by 2030, driven by the need for renewable energy integration and grid modernization [73]. - Chinese companies are expected to benefit from this trend, particularly in the export of smart meters and transformers, as they gain competitive advantages in performance and cost [8][73].