北交所专题报告：主网补短板周期启动下的结构性机会

Investment Highlights - The report emphasizes that the National Grid's "14th Five-Year Plan" will see a fixed asset investment of approximately 4 trillion yuan, a 40% increase compared to the previous plan, focusing on the construction of a new power system [14] - The investment is expected to lead to an average annual compound growth rate of about 6%-7% over the five years, with a significant increase in renewable energy capacity [14] - The report indicates that the investment will prioritize the construction of a strong main grid, with a focus on ultra-high voltage (UHV) as the core growth engine [27][28] UHV Development - UHV technology is highlighted as the most advanced and capable of long-distance power transmission, becoming a key component of the new power system [27] - The report notes that UHV construction is expected to accelerate, with a significant increase in project approvals and construction pace compared to the previous five-year plan [31] - The value concentration in core equipment for UHV is significant, with major components like converter transformers and converter valves accounting for over 60% of the investment [35][37] Companies in Focus - Guangxin Technology is identified as a leading supplier of insulation fiber materials, with strong ties to major power transmission and transformation companies, benefiting from the UHV market expansion [38][41] - Minshida specializes in aramid paper and its derivatives, recognized for its high-performance materials used in various sectors, including power and aerospace, with a strong market presence and technological advantages [44][46] Investment Strategy - The report recommends focusing on core equipment and upstream key material sectors that benefit from the acceleration of UHV construction, suggesting a long-term growth perspective in a high-demand environment [52]