CMS·2026-03-04 12:01Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Siyuan Electric, Shenma Power, Jinpan Technology, and Igor [2]. Core Insights - The U.S. has initiated the construction of a 765kV ultra-high voltage transmission network, which aims to enhance grid reliability and long-term system stability. This expansion plan involves a total investment of approximately $75 billion, focusing on alleviating congestion in existing infrastructure and integrating new power generation resources into the grid [6][7]. - The introduction of competitive bidding and other models is expected to accelerate grid construction, addressing the growing electricity demand driven by AI data centers and manufacturing sector recovery [6]. - The Chinese high-voltage transmission and transformation equipment industry may have opportunities due to the new investment cycle in the U.S. power system, which is expected to face supply constraints in high-voltage equipment [6]. - Companies with established reputations and product lines in high-voltage equipment are likely to benefit from this demand overflow, particularly those with a strong presence in overseas markets [6]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 784.35 billion and a circulating market value of 686.41 billion [3]. - The absolute performance of the industry has shown significant growth, with a 58.7% increase over 12 months [5]. Company Summaries - Siyuan Electric: A leading player in high-voltage equipment with a comprehensive product line, expected to benefit from the demand for high-voltage equipment in the U.S. market [15]. - Shenma Power: A leader in composite insulators and new insulation materials, with a strong overseas presence and high market share in domestic ultra-high voltage substations [16]. - Jinpan Technology: Established in the U.S. market with strong brand recognition in dry-type transformers, actively expanding overseas [17]. - Igor: Holds a significant market share in renewable energy transformers in the U.S., with potential for growth in overseas markets [18]. - Ankao Smart Electric: Recently secured orders for data center transformers in the U.S., marking a breakthrough in its overseas expansion [20]. - Baiyun Electric: Has a diverse product range in the power equipment sector and is focusing on expanding into international markets [21]. - Other companies to watch include TBEA, China XD Electric, Pinggao Electric, and Changgao Electric [22].