国家电网“十五五”计划投资4万亿元

Core Viewpoint - The National Grid's "14th Five-Year Plan" investment is set to reach 4 trillion yuan, marking a 40% increase from the previous plan, focusing on green transformation and new power system construction [2][3]. Group 1: Investment and Development Plans - The National Grid aims to enhance its investment efforts to support domestic demand and stabilize growth, with a focus on aligning with national strategies and promoting social investment [3]. - By 2030, the "West-to-East Power Transmission" capacity is expected to exceed 420 million kilowatts, with an additional inter-provincial power exchange capacity of around 40 million kilowatts, supporting a 30% share of renewable energy generation [3]. Group 2: Power Supply Expectations - During the "14th Five-Year Plan," the clean energy installed capacity, represented by wind and solar power, is expected to continue growing, transitioning the power supply structure from fossil fuels to reliable renewable energy support [4]. - The power system is evolving from the traditional "source-grid-load" model to a "source-grid-load-storage" model, incorporating various new technologies [4]. Group 3: AI and Power Supply - The power supply is critical for AI development, with the U.S. facing a power shortage due to AI data centers, while China is projected to have three times the power generation capacity of the U.S. by 2026, supporting high-energy AI data centers [4]. - The increase in power supply is seen as a challenge that is often underestimated [4]. Group 4: Investment Opportunities - Analysts suggest focusing on the transformer sector, particularly in the context of technological innovation and demand growth, with specific recommendations for companies like Siyi Electric and Huaming Equipment [5]. - Solid-state transformers (SST) are on the verge of commercial explosion, with prototype validation expected in 2026 and commercial rollout anticipated in 2027, involving companies such as Sifang Co. and China XD Electric [5]. - The anticipated increase in investment during the "14th Five-Year Plan" presents opportunities in the ultra-high voltage sector and new standard electric meters, with companies like Pinggao Electric and XJ Electric highlighted for their potential [5].