数据显示，我国变压器行业企业约3000家。2025年，我国变压器出口总值达646亿元，比2024年增长近 36%。 2026年2月2日，电网设备板块表现活跃。截至10:01，电网设备主题指数强势上涨3.42%，成分股双杰电 气、电科院20CM涨停，保变电气、积成电子、白云电器、大连电瓷等个股均10CM涨停。 当前，全球AI算力建设进入爆发期，高功率、高稳定的供电成为算力集群的"生命线"。我国算力中心、 超算集群建设全面提速，叠加"东数西算"工程纵深推进，作为"电力心脏"的变压器肩负重任。在广东、 江苏等地调研发现，大量变压器工厂已经处于满产的状态。江苏的一家变压器工厂，产品订单已经排到 2027年底，其中，国内首台全绝缘超高压大容量变压器近日发往北美市场。 相关产品方面，天弘中证电网设备主题指数(A类：025832，C类：025833)紧密跟踪电网设备主题指 数，中证电网设备主题指数选取80只业务涉及特高压产业、智能电网建设等领域的上市公司证券作为指 数样本，反映电网设备主题上市公司证券的整体表现。如果想分享AI算力发展的红利，天弘中证电网 设备值得关注。 感兴趣的小伙伴，上支付宝、天天基金、京东金融等渠道搜 ...

Core Viewpoint - The electric grid equipment sector is experiencing a significant surge, driven by substantial investments from the State Grid and Southern Power Grid, marking a new phase in China's energy transition [1] Investment and Market Dynamics - The State Grid announced a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, while Southern Power Grid disclosed an investment scale of 180 billion yuan for 2026, indicating a shift towards annual investments nearing 1 trillion yuan [1] - This investment not only sets a historical high but also signifies the acceleration of new power system construction from planning to implementation, providing crucial support for China's energy transition [1] Industry Trends and Future Outlook - The consensus in the industry is that "the end of AI is electricity," highlighting the critical role of power supply in the development of AI technologies, especially with the increasing energy demands of large models like GPT-5 [1] - Goldman Sachs predicts that by 2030, AI data centers will increase global electricity demand by 175% compared to 2023, emphasizing the mismatch in the speed of data center construction and transmission line installation [1] - Dongguan Securities notes that significant projects in China, such as smart grids and urban-rural grid renovations, require substantial electric grid equipment, leading to a demand for efficient, energy-saving, and environmentally friendly transformers [1] Investment Products - The Tianhong CSI Electric Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction, reflecting the overall performance of electric grid equipment stocks [2] - Investors interested in capitalizing on the growth of AI computing power may consider the Tianhong CSI Electric Grid Equipment Index [2]

Group 1 - The core viewpoint is that the State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, representing a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan and a compound annual growth rate (CAGR) approaching double digits [1][2] - The investment will focus on the construction of a new power system, aiming to enhance cross-regional and cross-provincial transmission capacity by over 30% compared to the end of the previous plan, supporting the development of clean energy bases [1][2] - The North American market is experiencing a surge in demand for power equipment driven by aging infrastructure and the electricity needs of AI data centers, with delivery cycles for power transformers and high-voltage cables nearly doubling in Europe and North America [1] Group 2 - Multiple institutions believe that the 4 trillion yuan investment plan by the State Grid solidifies expectations for steady industry growth during the 14th Five-Year Plan, with strong certainty in three main lines: ultra-high voltage, smart grid, and overseas expansion [2] - The Tianhong CSI Power Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction, reflecting the overall performance of the power grid equipment sector [2]