电力设备行业周报（20250310-20250316）：从两会各省代表看十五五特高压项目规划-2025-03-17

Investment Rating - The report maintains a "Buy" recommendation for the power equipment industry, particularly focusing on the high-speed growth of UHV projects during the 14th Five-Year Plan period [1][10]. Core Insights - The report highlights the significant proposals made by various provincial representatives during the Two Sessions regarding UHV construction, indicating strong governmental support for infrastructure development in the power sector [10]. - The power equipment sector is currently experiencing a resonance of domestic and international demand, with expectations for high investment growth in 2025 [7][12]. - The report identifies three main investment themes: UHV flexible direct current and GIL, overseas expansion of power equipment, and the informatization and intelligence of distribution networks [7][12]. Summary by Sections 1. UHV Project Planning from Two Sessions - Multiple provinces proposed UHV project suggestions during the Two Sessions, including support for the "Xinjiang Power to Hunan" project and the construction of new UHV transmission channels [10][11]. 2. Market Performance Review - The new energy sector rose by 1.46% this week, ranking 17th among 30 industry sectors, underperforming the CSI 300 index which increased by 1.59% [12][17]. - The top-performing sub-sectors included energy storage (5.62%) and distribution equipment (3.11%) [12][14]. 3. Industry Investment Tracking - As of December 2024, cumulative investment in power generation projects reached 1,168.7 billion yuan, a year-on-year increase of 20.8%, while investment in grid projects totaled 608.3 billion yuan, up 15.3% year-on-year [36][39]. 4. Transformer Export Data - In December 2024, transformer exports amounted to 791.9 million USD, reflecting a year-on-year growth of 2.05% and a month-on-month increase of 5.23% [39][40]. 5. Important Company Announcements - Key announcements include Huazhong Cable's acquisition of Hunan Xingxin Aerospace New Materials Co., and Jinbei Electric's plan to establish a production base in Europe [45][46]. 6. Industry Dynamics - The establishment of virtual power plants in Hunan and Jiangsu, and the commencement of the Gansu-Zhejiang UHV project construction, are notable developments in the industry [48][49].