国内外电网投资景气共振，推动电网设备需求快速增长

Investment Rating - The investment rating for the industry is "Overweight" [1][28]. Core Insights - Domestic and international grid investment trends are resonating, leading to rapid growth in demand for grid equipment during the 14th Five-Year Plan period [2]. - The aging of power grids in developed countries is driving a strong demand for global grid upgrades and renovations [3]. - The ongoing AI infrastructure development is expected to generate a demand for electrical equipment worth hundreds of billions [4]. - The domestic grid is accelerating its transformation to support the construction of a new power system, which is likely to boost demand for domestic electrical equipment [6]. Summary by Sections Section: Investment Trends - The mismatch between renewable energy investments and grid investments during the 14th Five-Year Plan is setting the stage for unprecedented levels of domestic grid investment and upgrades [2]. - From 2019 to 2023, domestic grid investment growth rates lagged behind power generation projects, but a reversal is expected starting in 2024 [12]. Section: Global Market Dynamics - The International Energy Agency (IEA) forecasts significant global grid investment needs, with a projected investment of 5,840 billion by 2030 [3]. - The global data center electricity consumption is expected to grow significantly, with a compound annual growth rate (CAGR) of 14.7% from 2024 to 2030 [26]. Section: Future Projections - The demand for AIDC (Artificial Intelligence Data Center) distribution systems is projected to range from 863 to 2,878 billion from 2025 to 2030 [27]. - The UPS (Uninterruptible Power Supply) market is expected to see a market space of 385 to 1,284 billion during the same period [27].