Core Viewpoint - The overall performance of the power grid and industrial control industries is expected to be stable and upward by 2025, with a focus on structural opportunities [1] Power Grid - The investment climate for the domestic power grid continues to be positive, with an expected annual growth rate of over 5% during the "14th Five-Year Plan" period [2] - High-intensity construction of UHV (Ultra High Voltage) projects is anticipated due to the demand from large-scale wind and solar bases and hydropower transmission [2] - Long-term optimism for smart upgrades and renovations in distribution network investments [2] Industrial Control - Overall demand remains stable, with structural growth opportunities in the market [2] - The market is showing a mild recovery, driven by high growth in demand from the energy storage and new energy sectors [2] - Structural growth is expected to remain the main driver of the current market in the coming year [2] AIDC (Automated Identification and Data Capture) - Positive outlook on high-slope directions such as strong and weak power supply [2] - The trend towards 800V DC power supply solutions is driven by power density upgrades, with expectations for increased penetration of HVDC, Panama power supply, and SST [2] - Continuous upgrades in server power supplies are expected to significantly enhance product ASP (Average Selling Price), benefiting power supply manufacturers [2] Overseas Expansion - Opportunities for exporting power equipment are anticipated amid a global electricity investment cycle, driven by load growth and the retirement of coal and nuclear power [3] - High growth in transformer exports from China this year supports the outlook for Chinese power equipment companies to enhance their overseas presence [3] - Breakthrough opportunities are emerging in the gas turbine and SOFC (Solid Oxide Fuel Cell) supply chains for international markets [3]