电力设备2026年年度策略报告：电力焕新，双擎致远-20251217

Core Insights - The report highlights a significant increase in the power equipment sector, with the power equipment index rising by 36.37% as of December 16, 2025, driven by the surge in power demand from AI and the robust domestic energy storage needs [1][12][14] - The outlook for 2026 anticipates continued growth in global power infrastructure investment, focusing on two main themes: overseas expansion of power equipment and domestic market reforms [1][18] Group 1: Global Power Demand and Investment - The AI wave is driving an increase in global power demand, leading to higher requirements for power grids, particularly in North America, where aging infrastructure needs replacement [2][20] - Global power grid investment is projected to reach $413.3 billion in 2025, a 6.63% increase from 2024, with North America, Europe, and China being the primary growth regions [20][21] - The report recommends companies such as Sanyuan Electric, Dongfang Electric, and Shunhua Power as potential beneficiaries of this trend [2][18] Group 2: Domestic Market Reforms and Opportunities - The introduction of policies requiring all renewable energy to enter market trading is expected to enhance investment in power grids, particularly in high-voltage and distribution networks [19][39] - The report emphasizes the need for companies that can address regional resource mismatches through high-voltage and main grid construction, recommending firms like XJ Electric and Pinggao Electric [19][39] - The ongoing reforms in the electricity market are anticipated to create new opportunities for investment in power grid infrastructure, particularly in digitalization and resource optimization [19][39] Group 3: Export Opportunities and Market Dynamics - The report notes a strong performance in exports of power equipment, with transformers, high-voltage switches, insulators, and cables showing over 30% growth, indicating a robust overseas demand [20][22] - Companies with overseas capabilities, such as Dongfang Electric and Siemens Energy, are expected to benefit from the increasing backlog of orders in the global gas turbine market [25][33] - The report highlights that the demand for gas-fired power generation equipment is rising due to the growing electricity needs in North America, particularly from data centers [31][33]