电网转型：从周期性过渡到结构性成长；可再生能源消纳和人工智能是两大利好因素（摘要）

Investment Rating - The report rates Nari Tech as a "Buy" and also recommends buying for companies such as Sungrow, Times Electric H, Envicool, and Kehua, which provide essential technologies for renewable energy integration [3][14]. Core Insights - The Chinese power grid is expected to undergo a transformation, with a projected annual compound growth rate (CAGR) of 8% from 2024 to 2030, driven by the increasing integration of renewable energy and advancements in smart grid technology [9][31]. - In 2025, China's power grid investment is anticipated to reach a record high of RMB 690 billion, representing a 13% year-on-year increase, supported by counter-cyclical policies and the acceleration of ultra-high voltage (UHV) construction [10][23]. - The share of renewable energy in China's total electricity generation is expected to rise from 15% in 2023 to 35% by 2030, necessitating significant investments in grid infrastructure to accommodate this transition [11][37]. Summary by Sections Investment Outlook - The report forecasts that nearly 60% of incremental grid investment from 2024 to 2030 will focus on renewable energy integration, highlighting the urgent need for grid upgrades to manage the increasing share of renewables [31][32]. - UHV transmission is projected to be the fastest-growing segment, with investments expected to grow by 43% year-on-year in 2025, as it plays a critical role in transporting renewable energy from generation sites to consumption centers [32][51]. Renewable Energy Integration - The integration of renewable energy sources is crucial, as the current grid infrastructure faces challenges in accommodating the variability of wind and solar power [40][44]. - The report emphasizes the importance of digital technologies and smart grid solutions to enhance grid flexibility and reliability, which are essential for managing the increasing share of renewable energy [32][40]. Comparative Analysis - China's grid investment significantly outpaces that of other regions, with an allocation of approximately USD 74 billion in 2023, indicating its leadership in global grid development [58]. - The report draws parallels with Germany's experience, where a substantial increase in renewable energy share necessitated a fourfold increase in grid investment from 2011 to 2023 [11][58].