电气设备：25年国网投资拟超6500亿元，电网投资持续高景气

Investment Rating - The industry investment rating is "Outperform the Market" [2][11] Core Insights - The National Grid is expected to invest over 650 billion yuan in 2025, marking a significant increase in grid investment and indicating sustained high demand in the sector [1][5] - The focus for 2025 will be on optimizing the main grid, strengthening the distribution network, and supporting the high-quality development of renewable energy [1][5] - The completion of three ultra-high voltage projects in 2024 brings the total to 38, with additional key projects planned for 2025 [1][5] Summary by Sections Investment Outlook - In 2024, the total investment in national grid projects reached 529 billion yuan, a year-on-year increase of 18.7% [5] - The expected investment for 2025 is projected to exceed 650 billion yuan, up from an estimated 600 billion yuan in 2024, representing the highest level since 2015 [5] Project Developments - Key projects for 2025 include the Shaanxi to Henan ultra-high voltage line and several pumped storage power stations [1][5] - The national energy conference on December 15, 2024, emphasized the acceleration of four ultra-high voltage direct current projects, with a notable increase in the application of flexible direct current technology [5] Distribution Network Enhancements - The total bidding amount for distribution network equipment in 2024 reached 12.636 billion yuan, a 52.32% increase year-on-year [5] - By 2025, the distribution network is expected to have enhanced reliability and flexibility, with significant capacity for distributed renewable energy and charging stations [5] Data Center Growth - The rapid expansion of data centers is driving a surge in electricity demand, with projections indicating that by 2026, data centers may consume over 1,000 TWh of electricity [6] - The synergy between computing power and electricity is becoming a new model for data center construction, necessitating increased demand for electrical equipment such as UPS systems and transformers [6] Investment Recommendations - The report suggests focusing on key suppliers of ultra-high voltage and main grid equipment, including Guodian NARI, China XD Electric, and others [6] - For distribution network construction and digitalization, companies like Haixing Electric and Zhongheng Electric are recommended for investment consideration [6]