（责任编辑：张晓波 ） 中信建投指出，全球进入电力设备需求上行周期，2025年全球电网投资将超过4000亿美金，高景气 度延续。AI将强势带动全球用电需求增长，预计到2030年数据中心电力消耗将增加一倍以上，配套电 气设备需求显著增加。欧美市场需求持续走强，美国变压器价格指数居高不下，中国出口美国电力变压 器金额同比增加54%。中东市场高速增长，沙特目标到2030年实现发电装机130GW，输电端将保持大规 模投入，中国出口沙特电力变压器金额同比增加超过200%，特变电工中标沙特164亿元大额订单。中国 电力设备制造水平高、产业链完整、抗风险强、产能充沛，在全球需求上行周期下，出口企业迎来黄金 窗口，2025H1头部公司出口业务实现较快增长，起量增利，出海业务已成为致胜未来的关键。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 电网E ...

Group 1 - The total electricity consumption in China is projected to reach 48,418 billion kilowatt-hours in the first half of 2025, representing a year-on-year growth of 3.7% [1] - The investment in power grid infrastructure for the first half of 2025 is expected to reach 291.1 billion yuan, showing a year-on-year increase of 14.6%, indicating sustained high levels of overall investment [1] - The State Grid Corporation of China plans to focus on optimizing the main grid, strengthening the distribution network, and supporting the high-quality development of renewable energy, with total investment expected to exceed 650 billion yuan for the year [1] Group 2 - In the first half of 2025, the State Grid completed fixed asset investments exceeding 270 billion yuan, a year-on-year increase of 11.7%, marking the highest scale for the same period [1] - Key projects such as the ultra-high voltage projects and various transmission and transformation projects are set to be completed and put into operation, with a focus on advancing major engineering constructions in the second half of the year [1] - The combination of growing electricity consumption, reduced debt ratios for the State Grid, and recovering operating cash flow establishes a strong investment potential for the sector [1]

Core Viewpoint - The electric grid ETF (561380) saw a rise of over 3.5% in early trading on August 27, driven by increased market liquidity in the power equipment industry and strong demand in North America [1] Industry Summary - The power equipment industry is experiencing enhanced market liquidity, with the AIDC supporting ongoing strong performance, leading to higher valuation premiums for new technology directions [1] - There is an expectation of a significant release of orders for high-voltage equipment in the second half of the year, extending the industry's prosperity cycle [1] - Exports of power transformers increased by over 40% from January to June, although market expectations are susceptible to fluctuations due to international trade tensions [1] - The wind power sector saw a substantial increase in shipments in the first half of the year, confirming high industry prosperity, with stable recovery in wind turbine prices and improved profitability for main engine manufacturers [1] Company Summary - The electric grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), focusing on A-share listed companies involved in power transmission, distribution, and grid construction [1] - The index reflects the overall performance of companies in the power equipment manufacturing and service sector, showcasing market value and development dynamics within the industry [1] - Investors without stock accounts can consider the Cathay Hang Seng A-share Electric Grid Equipment ETF Initiated Link A (023638) and Link C (023639) [1]

Group 1 - The photovoltaic industry is experiencing ongoing supply-side reforms, with some silicon material companies coordinating production cuts to alleviate supply pressure, leading to a potential increase in silicon material prices and an improvement in industry sentiment if production cuts are effectively implemented [1] - In the wind power sector, the offshore wind segment is seeing a policy turning point, with frequent domestic policies and the initiation of European offshore wind auctions, suggesting a sustained improvement in sentiment in the second half of the year [1] - The onshore wind turbine prices are continuously rising, and under the "anti-involution" policy context, the profitability of turbine manufacturers is expected to recover [1] Group 2 - In the energy storage sector, several provinces in China are releasing policies to promote independent energy storage development, while there is strong demand for industrial and commercial storage in Europe, indicating significant growth potential in overseas markets [1] - The ultra-high voltage sector is anticipated to maintain steady development during the 14th Five-Year Plan period, with an expected increase in Gas Insulated Line (GIL) demand [1] - The overall fundamentals of the power grid equipment industry are positive, with potential catalysts present across various sub-sectors [1] Group 3 - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in power transmission, distribution, and grid construction to reflect the overall performance of related securities [1] - The index constituents primarily cover the power equipment manufacturing and service sectors, reflecting the market value and development dynamics of companies within the industry [1] - Investors without stock accounts can consider the Guotai Hang Seng A-share Electric Grid Equipment ETF Initiated Link A (023638) and Guotai Hang Seng A-share Electric Grid Equipment ETF Initiated Link C (023639) [1]

Group 1 - The core viewpoint is that State Power Investment Corporation is advancing its "one cent" quality improvement and efficiency enhancement initiative, resulting in a reduction of electricity costs by over 1.2 cents year-on-year from January to June, with significant decreases in both renewable and coal power generation costs [1] - The fourth ultra-high voltage transmission line in Xinjiang has been prioritized as a preparatory project, accelerating feasibility studies to enhance the "Xinjiang electricity export" capacity [1] - The confirmed total scale of renewable energy in the Tianshan North Slope and the Taklamakan Desert in southern Xinjiang is 22.5 million kilowatts [1] Group 2 - The electric power equipment industry is showing positive development driven by accelerated grid investment, construction of renewable energy export channels, and cost optimization [1] - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in power transmission and automation to reflect the overall performance of the electric grid equipment sector [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]

Group 1 - The electric grid equipment industry in China is experiencing dual opportunities driven by technological upgrades and policy support, particularly in the context of ultra-high voltage (UHV) as a necessity for energy transition [1] - The demand for Gas Insulated Transmission Lines (GIL) is expected to expand during the 14th Five-Year Plan period, indicating a robust development outlook for the sector [1] - New technologies such as AI and blockchain are increasingly empowering the operation of renewable energy, facilitating a shift from a construction-heavy focus to an operation-centric phase in the industry [1] Group 2 - The RWA (Real World Asset) platform has launched in Hong Kong, with renewable energy RWA becoming a representative of "Chinese characteristics" due to its stability and green finance attributes, enhancing the integration of electric grid assets with financial innovation [1] - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which reflects the overall performance of listed companies in the electric grid and power 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) for exposure to this sector [1]

Group 1 - The electric grid equipment industry has shown stable performance recently, outperforming the market overall [1] - Demand in the electric grid equipment sector continues to grow steadily due to ongoing national policy support for renewable energy and smart grid construction [1] - The industry's valuation is at historical median levels, with leading companies benefiting from order growth and capacity release, indicating strong earnings certainty [1] Group 2 - The electric grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in power transmission, distribution, and control equipment manufacturing [1] - This index reflects the overall performance of high-quality enterprises within the electric grid equipment sector, showcasing distinct industry characteristics and growth potential [1] - Investors without stock accounts can consider the Guotai Hang Seng A-share Electric Grid Equipment ETF Initiator Link A (023638) and Link C (023639) [1]

Group 1 - The core viewpoint of the news highlights the ongoing cooperation between China and the US in the field of electric grid equipment, as evidenced by the joint statement from the Sino-US Stockholm Economic and Trade Talks on August 8, 2025 [1] - Data indicates that the total export value of transformers reached a historical high of 5.65 billion yuan in June, representing a year-on-year increase of 47.8%, reflecting the sustained growth in overseas demand for electric grid equipment [1] - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in power transmission, distribution systems, and related equipment manufacturing, aiming to reflect the overall performance of the electric grid equipment industry [1] Group 2 - The index constituents cover key areas of energy infrastructure, focusing on the power network construction and technology upgrade supply chain, showcasing distinct industry representation and specialization [1] - Investors without stock accounts can consider the Cathay Hang Seng A-share Electric Grid Equipment ETF Initiated Link A (023638) and Cathay Hang Seng A-share Electric Grid Equipment ETF Initiated Link C (023639) [1]

Group 1 - The electric grid equipment industry is currently stable, influenced by ongoing policy support, which is a key variable affecting industry trends [1] - In the medium to long term, the industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [1] - The industry is at the bottom of the cycle, and future improvements in supply-demand relationships are anticipated as policy support increases and supply-side structural improvements occur [1] Group 2 - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (HSCAUPG), focusing on listed companies in China's A-share market involved in power transmission, distribution systems, and related services [1] - The index aims to reflect the overall performance of companies in the electric grid equipment sector, covering manufacturing and technical services [1] - Investors without stock accounts can consider the Guotai Hang Seng A-Share Electric Grid Equipment ETF Initiated Link C (023639) and Link A (023638) [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in transformer exports, reaching a record high of 5.65 billion yuan in June, representing a year-on-year increase of 47.8%. Cumulative exports from January to June 2025 also saw a year-on-year growth of 37.6% [1] - The State Grid's 48th batch of ultra-high voltage project equipment bidding involves 22 segments with an estimated value of approximately 1 billion yuan, indicating a strong trend for electrical equipment exports and a competitive advantage in China's supply chain [1] - The industry is benefiting from policy support and increasing overseas demand, leading to a sustained positive outlook for the power grid equipment sector [1] Group 2 - The Electric Power Equipment ETF (561380) tracks the Hang Seng A-share Electric Power Equipment Index (HSCAUPG), which reflects the overall performance of listed companies in the electric power and related equipment sectors in the Chinese A-share market [1] - Investors without stock accounts can consider the Guotai Hang Seng A-share Electric Power Equipment ETF Initiated Link A (023638) and Link C (023639) as investment tools to participate in the development opportunities of China's electric power and equipment industry [1]