我国特高压建设提速，柔性直流输电市场潜力巨大

Investment Rating - The report indicates a strong investment potential in the flexible direct current (VSC-HVDC) transmission market, driven by the acceleration of ultra-high voltage (UHV) construction in China [1][3]. Core Insights - Flexible direct current transmission technology has significant advantages over conventional direct current transmission, including reactive power compensation, independence from supporting power sources, and flexible power control, making it a crucial component for future power systems [1]. - The total investment in flexible direct current projects is projected to approach 100 billion yuan in 2024, with the industry scale expected to reach 145.88 billion yuan by 2027, indicating a compound annual growth rate (CAGR) of 19.5% for the flexible direct current converter valve market [2]. - The "14th Five-Year Plan" emphasizes the construction of a new energy supply and consumption system, with a focus on large-scale wind and solar bases, which will significantly enhance the demand for converter valves and related industries [3]. Summary by Sections Section 1: Overview of Flexible Direct Current Transmission - Flexible direct current transmission (VSC-HVDC) is based on voltage source converters and has been developed for over 30 years, achieving significant application in various scenarios such as wind power transmission and interconnection of power grids [1]. Section 2: Market Size of Converter Valves - The converter valve market is expected to grow rapidly alongside the scaling of flexible direct current projects, with an estimated market size of 8.75 billion yuan in 2024, increasing to 14.92 billion yuan by 2027 [2]. Section 3: Investment in Ultra-High Voltage Projects - The "14th Five-Year Plan" outlines a significant increase in investment in ultra-high voltage projects, with a total investment of 380 billion yuan planned for the construction of 24 AC and 14 DC lines, covering over 30,000 kilometers [3].