Summary of Conference Call Notes on Greater China Electrical Equipment Sector Industry Overview - The conference call discusses the Greater China Electrical Equipment sector, focusing on the State Grid's capital expenditure (capex) plans for the 15th Five-Year Plan (2026-2030E) [1][2]. Key Points State Grid Capex Plans - State Grid has budgeted its capex to reach Rmb4 trillion in the 15th Five-Year Plan, which is approximately 40% higher than the Rmb2.8 trillion allocated in the 14th Five-Year Plan (2021-2025) [1][2][9]. - This increase in capex is expected to facilitate the development of a new power grid platform aimed at enhancing clean energy usage [1][3]. Growth Projections - The projected capex translates to a compound annual growth rate (CAGR) of 7% over the next five years, which is higher than the 5.9% year-on-year growth of PRC power grid capex reported in the first eleven months of 2025 [1][9]. - The capex increase is anticipated to boost non-fossil energy consumption in China to 25% by 2030, up from 16% in 2020 and 20% in 2025 [3]. Infrastructure Development - The capex will be allocated towards building a new power grid platform that integrates main, distribution, and micro-grids, along with enhancing ultra-high voltage (UHV) DC transmission lines to improve inter-regional and inter-provincial power transmission capacity by over 30% compared to the end of the 14th FYP [4]. - There will also be a focus on accelerating the construction of distribution networks and off-grid micro-grid models, as well as developing digital and intelligent infrastructure [4]. Company Feedback - NARI Technology Co. and Pinggao Electric expressed that the Rmb4 trillion capex exceeds their previous estimates, indicating a positive outlook for new orders from State Grid [7][8]. - Both companies expect increased demand for high voltage and power distribution equipment over the next five years due to the capex increase [8]. Investment Recommendations - The report maintains a positive outlook on the PRC power grid equipment sector, identifying it as a preferred sub-sector within the renewable, utility, and power grid equipment space in PRC/HK [1]. - Buy ratings are reiterated for companies including Sieyuan, Pinggao, XJ Electric, and NARI, based on their expected benefits from the increased capex [1]. Risks - Key risks identified for Pinggao include potential delays in the approval process for UHV transmission line projects, lower-than-expected raw material cost reductions, and lower-than-expected PRC grid capex [12]. - For NARI, risks include lower-than-expected market demand and delays in project schedules [14]. - Sieyuan faces similar risks, including lower-than-expected PRC grid capex and higher raw material costs [16]. Conclusion - The significant increase in State Grid's capex is expected to drive growth in the electrical equipment sector, particularly benefiting companies closely tied to State Grid. The focus on clean energy and infrastructure development aligns with China's broader energy transition goals.

Group 1 - The core viewpoint of the article highlights the positive performance of the Free Cash Flow ETF (159201), which has seen a 0.64% increase in early trading on January 16, with leading stocks such as Yaxiang Integration, Pinggao Electric, and Silver Industry rising over 4% [1] - The Free Cash Flow ETF (159201) has experienced net inflows in 8 out of the last 10 trading days, totaling over 782 million yuan [1] - Huatai Securities Research Institute expresses optimism about the allocation value of the "old economy" sector, citing four key reasons for this outlook, including the positive correlation between new and old economies, low valuations in the old economy sector, strong recovery potential from the cyclical bottom, and a preference for value styles among incremental funds [1] Group 2 - The Free Cash Flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [2]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600938 | 甲国海海 | -0.47% | 9.87% | | 600104 | 上汽集团 | 3.16% | 8.71% | | 000858 | 五粮液 | 0.00% | 7.32% | | 000651 | 格力电器 | 0.62% | 6.54% | | 603993 | 洛阳辑业 | 3.28% | 5.12% | | 601600 | 中国铝业 | 1.82% | 4.26% | | 601225 | 陕西煤业 | 0.95% | 4.25% | | 601727 | 上海电气 | 2.09% | 3.08% | | 601877 | 正泰电器 | 3.09% | 2.85% | | 600755 | 厦门国贸 | -0.72% | 2.82% | 截至2026年1月16日9:42，国证自由现金流指数上涨0.94%，成分股亚翔集成上涨7.69%，平高电气上涨6.69%，白银有色上涨4.47%，神火股份上涨3.68%， 三生国健上涨3.55%。自由现金流ETF(159201)上涨0. ...

Group 1 - The A-share market's smart grid concept stocks continue to perform strongly, with Wan Sheng Intelligent approaching a 20% limit up, and Can Energy Power rising over 13% [1] - The investment in China's power grid during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with annual investments around 1 trillion yuan during the 15th Five-Year Plan [1] - The investment forecast for State Grid and Southern Grid in 2026 is expected to reach 700 billion yuan and 189 billion yuan, respectively, with year-on-year growth of 7.6% and 8.0% [1] Group 2 - European data centers are accelerating construction, revealing power supply and demand contradictions, which further stimulate the demand for offshore wind and power interconnection [1] - The continuous high growth in the demand for European grid renovation is beneficial for main grid transformers and switches [1] Group 3 - The stock performance of various companies in the smart grid sector shows significant increases, with Wan Sheng Intelligent up by 19.44%, Can Energy Power by 13.45%, and He Shun Electric by 12.49% [2] - The total market capitalization of Wan Sheng Intelligent is 7.876 billion yuan, while Can Energy Power stands at 2.447 billion yuan [2] - The year-to-date performance of these stocks indicates strong growth, with Wan Sheng Intelligent at 46.38% and Can Energy Power at 35.06% [2]

Group 1 - The virtual power plant index experienced a strong surge, indicating positive market sentiment in the sector [2] - Xinlian Electronics reached the daily limit increase, reflecting strong investor interest [2] - Wansheng Intelligent also hit the daily limit, showcasing robust performance in the market [2] Group 2 - State Grid Information Communication rose over 5%, indicating a positive trend in its stock performance [2] - Pinggao Electric saw an increase of over 7%, further highlighting the upward movement in the industry [2]

1月16日，A股市场智能电网概念股今日继续强势，其中，万胜智能逼近20CM涨停，灿能电力涨超 13%，和顺电气涨超12%，西高院涨近11%，保变电气、新联电子10CM 2连板，风范股份10CM涨停， 双杰电气、科润智控涨超9%，思源电气涨超8%，南网数字、大连电瓷、红相股份涨超7%，平高电气、 长高电新、中能电气涨超6%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 银河证券研报指出，国内电网十五五年均万亿元，强主网、优配网、促转型。"十五五"国网公司固定资 产投资预计达到4万亿元，较"十四五"投资增长40%，预计南网"十五五"期间投资规模或达1万亿元左 右，则十五五期间我国电网投资约1万亿/年；2026年国网/南网投资额有望达7000亿元/1890亿元，分别 同比+7.6%/8.0%。 另外，天风证券研报表示，欧洲数据中心加速建设下电力供需矛盾显现，进一步催生海风和电力互联需 求，且海风和电力互联是欧洲独有的逻辑，值得重视欧洲海风出海链；欧洲电网改造需求持续高增，利 好主网变压器、开关。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | ...

*ST铖昌开盘跌停，公告称，公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响的未公开重大信息；公司目 前经营情况正常，内外部经营环境未发生重大变化。 盘面上，特高压概念股领涨，保变电气、平高电气等涨停。AI应用题材调整。 09:27 电网设备大幅高开，三变科技4连板，新联电子、保变电气2连板，平高电气涨停，亿能电力涨超20%，思源电气、双杰电气、科 润智控、国电南自、万胜智能跟涨。 09:25 A股开盘丨三大指数集体高开 上证指数涨0.35%，深证成指涨0.47%，创业板指涨0.78%，科创综指涨0.9%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | W | 4127.06 | 14.46 | 0.35% | | 399001 | 深证成指 | And | 14374.54 | 67.81 | 0.47% | | 399006 | 创业板指 | No | 3394.35 | 26.43 | 0.78% | | 000680 | 科创综指 | WW | 18 ...

Investment Plan Overview - The State Grid's "14th Five-Year" investment plan is set to reach 4 trillion yuan, a 40% increase compared to the "13th Five-Year" period, focusing on green transformation, new power system construction, and technological empowerment [1][6] - The average annual investment during the "15th Five-Year" period is projected to be 800 billion yuan, with a compound annual growth rate of 7% expected from 2026 to 2030 [1][6] Industry Impact - Wind and solar power sectors are expected to see an annual increase of approximately 20 million kilowatts in new installed capacity, contributing to a rise in non-fossil energy consumption to 25% [2][7] - The ultra-high voltage and transformer sectors will enhance the energy transmission network, with cross-regional transmission capacity expected to increase by over 30% compared to the end of the "14th Five-Year" period [2][7] - The smart grid industry will advance urban, rural, and remote area distribution network construction, exploring microgrid models and implementing AI initiatives [2][7] - The new energy storage sector will optimize pumped storage station layouts and support the large-scale development of new energy storage [2][7] - The charging station industry will cater to the needs of 35 million charging facilities, enhancing electrification levels in end-use energy [2][7] Metal Demand - The photovoltaic industry will significantly drive demand for silver and antimony, both of which are in tight supply [3][8] - The energy storage sector will increase the demand for vanadium, lithium carbonate, and sodium, with solid-state batteries emerging as a key technology in the market [3][8] - The copper and aluminum industries will benefit from the investment, with forecasts indicating a refined copper shortage of 160,000 tons, 360,000 tons, and 610,000 tons from 2026 to 2028, supporting copper price increases [3][9] Related Companies - Guodian NARI Technology Co., Ltd. is a leading smart grid enterprise under the State Grid, focusing on new power system segments including smart grid and energy low-carbon [4][9] - XJ Electric Co., Ltd. is a major player in the power equipment sector, concentrating on ultra-high voltage, smart grid, and new energy businesses [5][9] - Pinggao Group Co., Ltd. specializes in high and ultra-high voltage switchgear, with products meeting international standards and widely used in key power projects [5][9]

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].

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5]. Core Insights - During the "14th Five-Year Plan" period, the State Grid's fixed asset investment exceeded 2.85 trillion yuan, with a record high of over 650 billion yuan in 2025. The planned investment for the "15th Five-Year Plan" is expected to reach 4 trillion yuan, representing a 40% increase from the previous period, with an average annual investment of 800 billion yuan and a compound annual growth rate of 7% from 2026 to 2030 [1][4]. - The State Grid aims to focus on green transformation, targeting an average annual increase of 200 million kilowatts in installed wind and solar energy capacity, with non-fossil energy consumption expected to reach 25% and electricity's share in terminal energy consumption to reach 35% [2]. - The State Grid plans to enhance its transmission capacity by over 30% by the end of the "15th Five-Year Plan," supporting the development of clean energy bases. The construction of ultra-high voltage projects is expected to continue to thrive, with significant investments in both main and distribution networks [3][4]. Summary by Sections Investment Plans - The State Grid's fixed asset investment is projected to reach 4 trillion yuan during the "15th Five-Year Plan," with a 40% increase from the "14th Five-Year Plan" [1]. - The average annual investment is set at 800 billion yuan, with a compound annual growth rate of 7% anticipated from 2026 to 2030 [1]. Green Transformation - The State Grid is committed to achieving national emission reduction targets, with significant increases in renewable energy capacity and consumption [2]. - The focus will be on enhancing system regulation capabilities and supporting the development of new energy storage solutions [2]. Infrastructure Development - The State Grid aims to build a new type of grid platform that integrates main, distribution, and micro grids, with a focus on digital infrastructure [3]. - The construction of ultra-high voltage transmission lines is expected to continue, with a goal of increasing cross-regional transmission capacity significantly [3]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the main grid construction, distribution networks, and digital transformation of the grid [4].