电力设备：2024年电网工程投资完成6083亿元，同比+15.3%

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - In 2024, the completion of grid engineering investment is projected to reach 608.3 billion yuan, representing a year-on-year increase of 15.3%. The first batch of "Shagehuang" large-scale wind and photovoltaic base projects is expected to be 95% completed by the end of 2024, with a total installed capacity of 91.99 million kilowatts [1] - The National Grid is accelerating the construction of major grid projects, with plans to invest over 650 billion yuan in 2025, focusing on optimizing the main grid and supporting the high-quality development of new energy [2] - The Southern Power Grid plans to increase fixed asset investment to 175 billion yuan in 2025, continuing to support the construction of the grid and the integration of renewable energy sources [3] Summary by Sections Grid Investment - The grid engineering investment for 2024 is set at 608.3 billion yuan, a 15.3% increase from the previous year, with significant progress in the first batch of large-scale renewable energy projects [1] - The National Grid's investment in 2025 is expected to exceed 650 billion yuan, focusing on enhancing the main grid and supporting renewable energy integration [2] Southern Power Grid - The Southern Power Grid's fixed asset investment for 2025 is planned at 175 billion yuan, marking a historical high and supporting the ongoing development of the grid and renewable energy [3] Investment Opportunities - The report suggests focusing on companies that will benefit from the growth in grid investment, including Jinpan Technology, Igor, Haixing Electric Power, Samsung Medical, XJ Electric, Pinggao Electric, and China XD Electric [4]