Group 1 - The core viewpoint of the article highlights the accelerated construction of the main grid and the upgrade of distribution networks, driving multi-dimensional development in the power grid equipment industry [1] - The second batch of winning bids for State Grid's transmission and transformation equipment reached 17.64 billion, marking a year-on-year increase of 13%, and setting a new record for a single batch [1] - Cumulatively, the first two batches of bids have seen a year-on-year growth of 17% [1] Group 2 - In the distribution network sector, the State Grid has announced four batches of procurement for distribution transformers and five batches for integrated products, with an expected total amount exceeding 6.5 billion [1] - The National Development and Reform Commission and the Energy Administration have issued the "Basic Rules for the Electricity Auxiliary Service Market," indicating that the market-oriented reform of auxiliary services has entered a systematic implementation phase [1] - The overall industry is characterized by "accelerated main grid construction, upgraded distribution networks, and deepened market-oriented reforms" [1] Group 3 - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (code: HSCAUPG), which reflects the overall performance of listed companies in the electric grid equipment sector in China [1] - Investors without stock accounts can consider the Guotai Hang Seng A-Share Electric Grid Equipment ETF Initiated Link A (023638) and Link C (023639) [1]

子行业周度核心观点： 光伏&储能：能源局印发《关于促进能源领域民营经济发展若干举措的通知》鼓励大基地应用前沿技术组件，提高产 品应用技术门槛，是当前解决存量过剩产能问题最切实可行的手段；光储板块 24FY&25Q1 业绩总结：底部夯实，拐点 已至，储逆、辅材、主链中游 Q1 表现较好，静待抢装后"双底"拐点确认。 风电：山东半岛北 L 海上风电项目全面施工正式启动，国内海风建设持续加速；从风电板块 24 年年报及 25 年一季报 数据看，一季度板块净利润近三年来同比首次转正，行业业绩拐点基本确立，景气有望加速向上，持续重点推荐整机 盈利改善、"两海"景气向上、零部件量价齐升盈利弹性释放三条主线。 电网：1）国网输变电设备二批中标结果公示，中标金额 176.4 亿元，同比+13%，创单批次中标金额新高，前两批累 计同比+17%，主网建设加速推进；2）国网发布 4 个批次配电变压器、5 个批次融合成套产品联采招标项目，预计招标 金额超 65 亿元；3）发改委、能源局印发《电力辅助服务市场基本规则》，辅助服务市场化改革迈入体系化实施阶段。 新能源车：4 月 28 日晚，吉利领克 900 正式上市，新车定位大六座插混 ...