电力短缺背景下，如何布局电网设备？

Core Viewpoint - The article discusses the growing investment opportunities in the power grid equipment sector, driven by the increasing demand for electricity and the need for infrastructure upgrades, particularly in the context of artificial intelligence and energy transition [4][5]. Investment Logic of Power Grid Equipment - Domestic investment in power grids remains robust, with projections indicating an average annual investment exceeding 700 billion yuan during the 14th Five-Year Plan period [7]. - Chinese leading companies are expanding internationally, capitalizing on the urgent need for grid upgrades in developed regions and the industrialization challenges in developing countries [8]. - The global energy transition and the explosion of computing power demand from AI data centers are driving increased demand for various power equipment, including transformers and energy storage systems [9]. ETF Performance and Comparison - Significant capital has flowed into power grid equipment ETFs, with the leading ETF (159326.SZ) seeing its fund size increase nearly sixfold over two months [11]. - The performance of different ETFs tracking power grid equipment indices has diverged significantly, with the ETF tracking the Hang Seng A-share Power Grid Equipment Index returning over 70% this year, compared to less than 40% for the ETF tracking the CSI Power Grid Equipment Theme Index [16][20]. - The disparity in performance is attributed to differences in portfolio concentration and industry purity, with the CSI index focusing more on traditional power grid equipment leaders, while the Hang Seng index includes a more diverse set of stocks [17][18]. Index Adjustments and Future Outlook - The Hang Seng Power Grid Equipment Index underwent significant adjustments to enhance focus, reducing the number of constituent stocks from 100 to 50 and removing companies related to upstream materials [23][25]. - The new index aims to better reflect the performance of core equipment manufacturing in the power grid sector, with a notable increase in the weight of power grid equipment [25][28]. - Despite the adjustments, both indices share a high degree of overlap, with 35 common constituent stocks, indicating a similar investment focus [25][27].