北美电网扩容，电力设备景气逻辑持续演绎

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment industry, indicating an expected performance that exceeds the broader market index by over 10% [3][11]. Core Insights - The approval of $75 billion in transmission expansion projects by three major regional grid operators in the U.S. is expected to enhance the capacity of the existing grid significantly, with a focus on constructing 765kV ultra-high voltage lines, expanding the grid by 10,000 miles, which is four times the current capacity [1]. - The North American power grid is aging, with 70% of transformers and 60% of circuit breakers reaching or exceeding their operational lifespan, necessitating urgent upgrades to meet rising electricity demand and the variability of renewable energy sources [6]. - The report suggests that domestic manufacturers in North America are likely to benefit from the market expansion and share gain opportunities, while new entrants may find openings to supply the market [6]. Summary by Sections North American Grid Expansion - The Mid-Atlantic region (PJM) has approved an $11.8 billion high-voltage line construction plan, while Texas (ERCOT) has approved two projects totaling $33 billion, and the Midwest (SPP and MISO) is advancing projects exceeding $30 billion [1]. Market Dynamics - The report highlights a significant increase in electricity consumption by data centers, which rose from approximately 76 TWh in 2018 to 176 TWh in 2023, projected to reach between 325-580 TWh by 2028, representing a growing share of total U.S. electricity consumption [6]. Investment Opportunities - Recommended companies to watch include: - Siyi Electric - TBEA - Shunma Power - Huaming Equipment - Jinpan Technology - Igor - Anke Intelligent Electric [6].