Industry Overview - The U.S. market is experiencing a "power shortage" that is constraining the expansion of AI computing power, primarily due to a shortage of transformers [1] - The delivery cycle for transformers in the U.S. has increased from 30-60 weeks to 115-130 weeks, with large transformers taking 2.3-4 years [1] - There is a projected hard gap in electricity capacity and consumption in North America by 2026/2027, indicating a significant impact on the overall power system [1] - The demand for transformers in North America is expected to grow at an annual rate of 30% [1] Company Insights - Igor is a domestic supplier of mid-to-high-end transformers and power conversion equipment, having obtained UL and CSA certifications for the North American market [2] - Igor's main products include dry-type transformers, photovoltaic boosting transformers, and energy storage transformers, aligning with North America's renewable energy integration and grid upgrade needs [2] - New Special Electric focuses on the research and manufacturing of various frequency transformers, with multi-winding dry-type frequency transformers applicable in data centers [2] - New Special Electric is also developing solid-state transformers (SST), which are currently in the technology development stage [2]

12月5日午后，A股三大指数集体拉升，电网设备板块强势反弹，截至14:31，电网设备ETF（159326） 涨幅2.87%，成交额已达3.48亿元，持仓股中能电气涨超13%，宝胜股份涨停，汉缆股份、双杰电气、 四方股份、永福股份、伊戈尔等股跟涨。 电网设备ETF已连续6个教育日获资金净流入，合计"吸金"超3.33亿元，最新规模达21.94亿元，创成立 以来新高，是全市场规模最大的电网设备主题ETF。 AI算力爆发引起的全球缺电、新能源并网需求等，均为电网设备板块提供了中长期支撑，叠加海外电 网老化与新能源转型催生替换需求，我国电网设备具备成本和技术优势，出海势头加速。 中银证券表示，国内持续推动电力体制改革，特高压及主网建设加快，带动电网设备需求维持高景气。 海外电网改造需求旺盛，建议关注受益于特高压高景气的主网环节相关标的。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达65%，全市场最高。 （文章来源：每日经济新闻） ...

Core Insights - The electric grid equipment ETF (159326) has shown resilience despite recent market adjustments, with a significant net inflow of over 300 million yuan over the past six trading days, reaching a historical high of 1.916 billion yuan in total assets [1] - The long-term value of the electric grid equipment industry remains solid, supported by domestic demand from AI electricity consumption and renewable energy integration, as well as strong external demand driven by the replacement of aging grids in overseas markets [1] - The U.S. power equipment industry is poised for growth due to a peak in coal-fired power plant retirements, with an expected retirement of 12.3 GW by 2025, alongside a slow increase in net generation capacity, creating a supply-demand gap [1] Industry Overview - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, cable components, and distribution equipment [2] - The index has a high concentration in ultra-high voltage equipment, accounting for 64% of its weight, the highest in the market [2]

Core Insights - The A-share market experienced a high opening followed by a decline, with the Electric Grid Equipment ETF (159326) seeing a reduced increase of 0.07% by 10:47 AM, despite active trading with a transaction volume of 83.14 million yuan [1] - The Electric Grid Equipment ETF has undergone a phase of correction recently, but there is a trend of increasing investment as it has seen a net inflow of 285 million yuan over the last five trading days, bringing its total size to over 1.9 billion yuan, making it the largest electric grid equipment-themed ETF in the market [1] - The demand for electric grid equipment is supported by global electricity shortages due to AI computing power surges and the need for renewable energy integration, alongside aging overseas grid infrastructure and the transition to new energy sources, positioning China's electric grid equipment as cost-effective and technologically advanced for international expansion [1] - China is continuously promoting electricity system reforms, accelerating the construction of ultra-high voltage and main grid systems, which sustains high demand for electric grid equipment [1] - The Electric Grid Equipment ETF tracks the CSI Electric Grid Equipment Theme Index, with a significant representation in sectors such as power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment, where ultra-high voltage components account for 64% of the index [1]

Group 1 - The China Securities National New Central Enterprise Modern Energy Index has seen a strong increase of 1.80%, with constituent stocks such as Shanghai Electric rising by 10.00% and China Western Power by 9.99% [3] - The Central Enterprise Modern Energy ETF (561790) has risen by 1.69%, with a latest price of 1.26 yuan, and has accumulated a weekly increase of 2.31% as of October 28, 2025 [3] - The trading volume for the Central Enterprise Modern Energy ETF reached 460.61 million yuan, with a turnover rate of 9.7% [3] Group 2 - The Fujian Provincial Development and Reform Commission and the National Energy Administration have issued a plan to promote the market-oriented reform of renewable energy grid connection prices, aiming for all renewable energy generation to enter the electricity market by January 1, 2026 [4] - Tianfeng Securities notes that global grid capital expenditure is currently in a resonance cycle of "renewable energy grid connection + digital upgrade," indicating significant excess returns for the power equipment sector during upturns [4] - According to Zhongyin Securities, the new energy storage installation demand is expected to reach 12 GWh by 2026, representing a year-on-year growth of 60% [4] Group 3 - The Central Enterprise Modern Energy ETF closely tracks the China Securities National New Central Enterprise Modern Energy Index, which includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution [5] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 47.72% of the total, including companies like Yangtze Power and China Nuclear Power [5] - The latest scale of the Central Enterprise Modern Energy ETF reached 46.98 million yuan, marking a new high for the past month [4]

Summary of SST System Industry Conference Call Industry Overview - The conference focused on the SST (Solid State Transformer) system industry, discussing its cost structure, market trends, and competitive landscape in both domestic and overseas markets [1][2][3]. Key Points and Arguments Cost Structure of SST Systems - The cost composition of SST systems includes rectifier modules (40%-50%), high-frequency transformers (approximately 25%), control and distribution (15%), energy storage (11%), and structural cooling (8%) [1][2]. - Current single watt cost of SST systems is around 5 RMB, with total system costs reaching 8-10 million RMB. By 2028, costs are expected to drop to below 1 RMB per watt, with total system costs around 2 million RMB, but large-scale application is anticipated only by 2030 [1][4]. Price Trends and Market Dynamics - There is a significant price disparity between domestic and overseas SST systems, particularly in North America, where prices are expected to remain around 4-5 RMB per watt until 2027-2028, with limited reduction [5]. - Domestic market competition is intense, with expectations that prices could fall below 1 RMB per watt by 2030 [5]. Technical Standards and Design Differences - North America tends to adopt higher input voltage SST systems (35 kV or 20 kV), which enhances renewable energy integration efficiency but also increases costs. Differences in design standards between North America and China contribute to cost variations [6][8]. - Domestic companies can enter the SST supply chain by exporting components like high-frequency transformers and rectifier modules, capturing growth opportunities despite slower rack power increases compared to North America [9]. Market Opportunities and Challenges - Companies like Jinpan and Sungrow, which have comprehensive system integration capabilities, are better positioned to enter the SST supply chain [3][16]. - The domestic market's ability to reduce SST product prices significantly is attributed to lower value differences compared to overseas products, reflecting market maturity and demand [23]. Future Prospects - The SMT (Solid State Transformer) AC-DC hybrid system market is expected to grow faster than the data center market due to lower energy continuity and stability requirements, making it more cost-sensitive [24]. - The demand for silicon carbide (SiC) in charging stations and data centers is increasing, but the complex production process may lead to supply constraints and price increases [26]. Additional Important Insights - The integration capabilities of domestic companies lag behind those of leading overseas firms like Delta, Schneider, and Eaton, which have dedicated departments for each segment of the SST system [22]. - The competitive landscape in the HVDC (High Voltage Direct Current) sector shows that traditional power distribution companies in China have advantages, but emerging electronic companies are rapidly advancing [18]. This summary encapsulates the critical insights from the SST system industry conference call, highlighting the cost structures, market dynamics, technical standards, and future prospects within the industry.

Core Insights - Jiangsu Yancheng has become the first city in the Yangtze River Delta to exceed 20 million kilowatts of renewable energy grid capacity, reaching a total of 20.34 million kilowatts with the recent integration of the second batch of units from the Guoxin Dafeng 850,000-kilowatt offshore wind power project [1] Group 1: Renewable Energy Capacity - The renewable energy grid capacity in Yancheng consists of 48% wind power and 51% photovoltaic power [1] - The total renewable energy generation in Yancheng from January to August this year reached 24.55 billion kilowatt-hours [1] Group 2: Transmission Infrastructure - Jiangsu has established a total of 8 cross-river transmission channels with a combined transmission capacity of nearly 25 million kilowatts [1] - The maximum daily "green electricity" transmission capacity is expected to exceed 350 million kilowatt-hours by the summer of 2025 [1]

Core Viewpoint - The company actively supports national major strategic projects and has established a full lifecycle service system in the ultra-high voltage sector, participating deeply in several key national power projects [1] Group 1: Company Initiatives - The company has developed a three-dimensional line design software that has been successfully applied in key national projects such as the Baihetan-Jiangsu ±800 kV ultra-high voltage direct current project and the Zhangbei flexible direct current ultra-high voltage project [1] - The smart construction products have served over a hundred smart construction projects across various voltage levels, including ultra-high voltage and ultra-high voltage projects [1] - The smart operation and maintenance platform, along with the "drone + AI" automatic inspection system, effectively assists clients in improving the efficiency of power line inspections [1] Group 2: Future Focus - The company will continue to deepen its technological research and development in the ultra-high voltage field, focusing on the needs of new energy grid connection and smart grid upgrades [1] - The company aims to continuously enhance its full lifecycle service capabilities to contribute more to the construction of the new power system in the country [1]

Group 1 - The 10th International Conference on Power and Renewable Energy (ICPRE 2025) will be held from September 19 to 22, 2025, in Hangzhou, Zhejiang, attracting nearly 500 experts and scholars from various countries to discuss cutting-edge topics in power generation, transmission, storage, and renewable energy applications [1][2] - The conference emphasizes the profound changes in the power and renewable energy sector due to the "dual carbon" goals and the deep adjustment of the global energy structure, highlighting the importance of technological innovation and system reconstruction [2][3] - The conference serves as an international academic exchange platform, marking its tenth edition, which signifies its ongoing role in gathering global wisdom and promoting the transformation of cutting-edge research results and interdisciplinary collaboration [2] Group 2 - Keynote speeches will be delivered by prominent figures, including John D. McDonald from GE, focusing on grid modernization and the integration of microgrids and distributed generation [7][9] - The conference will address critical directions such as low-carbon energy systems and the challenges of fault detection and equipment compatibility in DC applications, proposing innovative technical solutions [11]

Core Insights - Jiangsu province has achieved a significant milestone by integrating over 20 million kilowatts of renewable energy into its grid, making Yancheng the first city in the Yangtze River Delta to surpass this capacity [1] - The renewable energy mix in Yancheng consists of 48% wind power and 51% solar power, with a total generation of 24.55 billion kilowatt-hours from January to August this year [1] - The State Grid Jiangsu Electric Power Company is enhancing its grid infrastructure to support the increased renewable energy capacity and facilitate the delivery of green electricity [2] Group 1 - Yancheng has become the first city in the Yangtze River Delta to exceed 20 million kilowatts of renewable energy capacity [1] - The renewable energy capacity in Yancheng includes 48% from wind and 51% from solar [1] - The total renewable energy generation in Yancheng from January to August reached 24.55 billion kilowatt-hours [1] Group 2 - The State Grid Jiangsu Electric Power Company has launched several major projects to improve the transmission capacity of renewable energy, including the 500 kV coastal second channel and the Gao Rong 500 kV substation project [2] - Jiangsu has established a total of 8 cross-river transmission channels with a combined transmission capacity of nearly 25 million kilowatts [2] - The maximum daily green electricity transmission capacity is expected to exceed 350 million kilowatt-hours by the summer of 2025 [2]