China XD(SH:601179) 第一财经·2026-01-07 13:44Core Viewpoint - The electric grid equipment sector is experiencing a significant upturn in the A-share market, with leading company China Xidian (601179.SH) recently winning a bid for over 1.4 billion yuan in transmission and transformation projects, marking a strong start to 2026 [3][4][6]. Industry Overview - The electric grid equipment industry is entering a new phase characterized by stable overall growth and structural differentiation, with domestic main grid transmission and transformation and overseas power equipment exports becoming core growth engines [3][4][7]. - The market size for domestic electric grid equipment enterprises is projected to exceed 2 trillion yuan in 2025, reflecting a year-on-year growth of 15%, driven by stable investment from State Grid and Southern Grid [7]. Investment Trends - The investment in the electric grid is expected to accelerate in 2026, supported by policy enhancements and the rapid approval of ultra-high voltage projects, which will provide clear guidance for State Grid's investment growth [9][10]. - The bidding volume for State Grid's transmission and transformation equipment saw a significant increase in 2025, with the total amount reaching 91.9 billion yuan, a year-on-year growth of 26% [7][10]. Structural Changes - The internal dynamics of the electric grid equipment sector are showing signs of structural differentiation, with high demand for main grid and transformer exports, while segments like smart meters are facing some pressure [7][10]. - The approval of ultra-high voltage projects is expected to provide ample project reserves for related enterprises, enhancing visibility for future performance over the next 2-3 years [10][11]. Export Opportunities - The demand for overseas upgrades and renovations in the electric grid is creating significant export opportunities for Chinese companies, with transformer exports reaching 5.5 billion USD in 2025, a year-on-year increase of 49% [7][11]. - The new generation of solid-state transformers is anticipated to become a key focus in 2026, with efficiency improvements over traditional transformers [11]. Market Sentiment - The recent surge in electric grid equipment stocks is attributed to market expectations of accelerated investment and sustained high demand for exports in 2026 [9][10]. - Analysts suggest that the electric power transformer has become a "hard currency" in the global supply-demand mismatch, indicating strong future demand for Chinese electric equipment exporters [11].