电网设备专题研究：全球电网需求共振，把握特高压和出海两条主线

Investment Rating - The industry rating is optimistic, with expectations for the industry index to outperform the CSI 300 index by more than 10% in the next six months [61]. Core Insights - The construction of new power systems is accelerating, leading to increased demand for grid expansion and upgrades. The installed capacity of renewable energy continues to rise, and there is a growing need for grid construction and upgrades [8]. - The high voltage direct current (HVDC) technology is a key focus in domestic grid construction, with ongoing advancements in flexible HVDC technology. The proportion of direct current HVDC is expected to increase [8]. - Global grid construction is experiencing high demand, driven by the acceleration of renewable energy integration and the need for upgrades to aging infrastructure. Companies involved in transformer production and smart meter manufacturing are likely to benefit from this trend [8]. Summary by Sections New Power System Construction - Renewable energy installation continues to rise, enhancing the need for grid construction and upgrades [8]. - Since 2021, the investment completion rate for the grid has shown a consistent upward trend, with expectations for further increases in investments from the State Grid [8]. - Overall electricity consumption is steadily growing, with new demands emerging from data centers and other sectors [8]. High Voltage Direct Current (HVDC) - The share of direct current HVDC is expected to increase, with flexible HVDC technology showing significant potential [8]. - The ongoing construction of HVDC systems is a central theme in domestic grid development, with core components like converter valves being crucial for growth [8]. Global Opportunities - The global grid construction market is thriving, driven by the rapid integration of renewable energy and the need for infrastructure upgrades [8]. - The transformer industry is experiencing a tight supply-demand balance, presenting opportunities for companies engaged in transformer exports [8]. - The smart meter market is rapidly expanding, particularly in emerging markets where growth potential is substantial [8]. Investment Recommendations - The report suggests a positive outlook for investments in the industry, particularly in companies involved in HVDC technology, transformers, and smart meters [8].