Investment Rating - The report maintains a "Recommended" rating for key companies in the industry, including Weisheng Information, Haixing Electric Power, and Juhua Technology [4]. Core Insights - The 2025 State Grid third batch of metering equipment bidding shows a clear trend of technological upgrades, with an increase in the number of high-end meter bids and a shift towards supporting international standards [3]. - Price adjustments in the bidding process are expected to alleviate previous price pressures in the industry, as the scoring criteria for price calculations have been modified [2]. - The overall bidding quantity for electric meters has improved on a month-on-month basis, indicating a potential recovery in both volume and profit for domestic smart meters [3]. Summary by Sections Bidding Overview - The third bidding round for metering equipment by the State Grid includes 10 sub-bids and 386 packages, with a total of 217 packages for electric meters, showing a month-on-month increase [1]. - The bidding for collection terminals and metering transformers has decreased compared to previous rounds, indicating a mixed demand landscape [1]. Price Adjustments - The scoring formula for price evaluation has been revised, which is expected to reduce the pressure of continuous price declines in the industry [2]. - The floating coefficient range has been adjusted, and extreme low-price bids have been excluded from the current bidding process [2]. Technological Trends - The bidding for A-level single-phase meters remains stable, with a significant increase in the proportion of low-power models [3]. - The demand for B/C-level three-phase meters has grown, particularly in provinces with strong renewable energy needs [3]. Investment Recommendations - The report suggests focusing on high-quality domestic electric meter companies such as Weisheng Information, Haixing Electric Power, and Juhua Technology, as they are well-positioned to benefit from the upcoming market changes [3].