Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The recent third round of bidding for the State Grid's marketing project for metering equipment (electric energy meters, collection terminals, and metering transformers) has shown a significant rebound in smart meter prices due to the implementation of new standards and changes in pricing criteria [3][5]. - The bidding total for this round was 19.08 million units, down 41% year-on-year and down 8% month-on-month, with a winning bid amount of approximately 5.53 billion yuan, down 34% year-on-year but up 18% month-on-month [5]. - The average winning price for A-level single-phase smart energy meters in this round was 213 yuan per unit, reflecting a year-on-year increase of 28% and a month-on-month increase of 55% [6]. Summary by Sections Bidding Results - The total number of units for the third round of bidding was 19.08 million, with a winning bid amount of approximately 5.53 billion yuan [5]. - The cumulative winning bid amounts for the three rounds in 2025 were 7.5 billion, 4.68 billion, and 5.53 billion yuan, showing a year-on-year decrease of 44%, 2%, and 34% respectively, totaling 17.7 billion yuan, down 33% year-on-year [5][13]. Price Trends - The average winning price for A-level single-phase smart energy meters was 213 yuan per unit, which is a significant increase compared to previous months [6]. - Price increases were noted across various categories of smart energy meters, with D-level three-phase meters seeing a 111% increase month-on-month [7]. Investment Recommendations - The report suggests focusing on companies such as Haixing Electric, Samsung Medical, and Development Technology, as the rebound in smart meter prices is expected to improve the profitability and performance elasticity of related companies in the meter supply chain [9][11].