16股创新高！这一板块，年内大涨43%

Core Viewpoint - The A-share market's power grid equipment sector has surged, driven by the dual narratives of artificial intelligence (AI) catalysis and energy transformation, with a notable 12.45% increase in the first trading week of November, highlighting the sector's potential amidst concerns over actual performance support and growth potential [3][4]. Market Performance - The Shenwan Power Grid Equipment Index rose by 12.46% in the week, reaching 5872.41 points, with a year-to-date increase of 43.11%, marking the highest level since June 2015 [4]. - The average increase for 137 stocks in the power grid equipment sector was 8.8%, with several companies, including TBEA Co., Ltd. and Jinpan Technology, hitting historical highs [4]. AI and Power Demand - The surge in the power grid equipment sector is largely attributed to the "power hunger" driven by AI, particularly in data centers, with the U.S. Energy Information Administration (EIA) predicting record-high electricity consumption in 2025 and 2026 [5]. - Goldman Sachs forecasts that AI data centers will increase global electricity demand by 175% by 2030 compared to 2023 [5]. Investment Trends - The National Grid's fixed asset investment exceeded 420 billion yuan from January to September, a year-on-year increase of 8.1%, with expectations for total investment to surpass 650 billion yuan in 2025 [5]. - The "14th Five-Year Plan" emphasizes the importance of new energy systems, advocating for accelerated construction of smart grids and microgrids [5]. Financial Performance - In the first three quarters, 42 key companies in the power grid equipment sector reported revenues of 263.7 billion yuan, a 12% year-on-year increase, and a net profit of 22.2 billion yuan, up 14% [7]. - The net profit growth rates for different segments varied significantly, with non-UHV main networks leading at 38.2%, while distribution and meter companies faced declines of -23.6% and -28.4%, respectively [7]. Institutional Holdings - Public funds slightly reduced their holdings in the power grid equipment sector in Q3, with the sector accounting for 0.6% of total holdings, down 0.6 percentage points year-on-year [8]. - Institutions favored companies with overseas expansion and those involved in data center business growth, such as Siyi Electric and TBEA [8]. Emerging Technologies - Institutions are increasingly researching solid-state transformer (SST) developments, which are seen as optimal solutions for data center power needs due to their smaller size and better adaptability to renewable energy grids [9]. - Jinpan Technology has developed an SST prototype suitable for high-voltage direct current (HVDC) applications, with plans for further testing and certification [9].