风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 东莞证券指出，中央经济工作会议明确坚持"双碳"引领，推动全面绿色转型，制定能源强国建设规划纲 要，加快新型能源体系建设，扩大绿电应用，加强全国碳排放权交易市场建设。会议将"综合整治"升级 为"深入整治"内卷式竞争，光伏行业作为重灾区，预计"反内卷"举措将深化，加速落后产能退出，促进 行业利润率回升，并强化技术创新导向，引导光伏行业从规模扩张转向质量提升。电网设备方面，浙江 特高压交流环网工程获批建设，总投资293亿元，是国内投资最高、单体工程量最大的特高压交流工 程，计划2029年建成投运，将构成全国首个省内特高压交流环网。 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从中国A股市场中选取涉及 输变电、配电及控制设备制造等业务的上 ...

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 相关机构表示，消息面上，浙江特高压交流环网工程获得发改委批复，计划2029年建成投运，总投 资约293亿元。国内特高压线路建设不断推进，今年以来已有2条特高压直流线路与3条特高压交流线路 获批。特高压线路是指电压等级在交流1000千伏及以上、直流±800千伏及以上的输电工程，具有输送 容量大、输送距离远，损耗低的特点，能有效提升电网输送效率以及对清洁能源的消纳能力，当前建设 需 ...

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 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 华福证券指出，攀西特高压交流工程项目已获核准，计划2026年上半年开工，总投资231亿元，将 新建两座1000千伏变电站和双回特高压线路，提升攀西地区580万千瓦电力外送能力及700万千瓦新能源 开发规模。甘肃—浙江±800kV特高压直流输电工程取得关键进展，越州换流站进入电气安装阶段，预 计投运后每年可为浙江输送超360亿千瓦时电能，其中新能源占比超50%。特高压建设加速将显著增强 清洁能源消纳与跨区域调配能力 ...

华福证券指出，攀西特高压交流工程项目已获核准，计划2026年上半年开工，总投资231亿元，将新建 两座1000千伏变电站和双回特高压线路，提升攀西地区580万千瓦电力外送能力及700万千瓦新能源开发 规模。甘肃—浙江±800kV特高压直流输电工程取得关键进展，越州换流站进入电气安装阶段，预计投 运后每年可为浙江输送超360亿千瓦时电能，其中新能源占比超50%。特高压建设加速将显著增强清洁 能源消纳与跨区域调配能力，推动电网设备需求持续释放。 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数综合反映电网设备相关上 市公司的整体市场表现。 （文章来源：每日经济新闻） ...

Core Viewpoint - The electric grid ETF (561380) has seen an intraday increase of over 1.8%, driven by the "14th Five-Year Plan" which emphasizes optimizing energy backbone channel layout and accelerating the construction of smart grids and microgrids [1] Industry Summary - In Q3 2025, the electric grid sector achieved revenue of 93.6 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 8.2 billion yuan, up 15% [1] - Although there is a temporary slowdown in internal delivery, the overseas market and data center sectors continue to show high growth [1] - From January to September, national electric grid engineering investment increased by 10% year-on-year, indicating a stable growth trend in the industry [1] - The electric grid equipment sector benefits from the construction of new power systems and the demand for cross-regional energy transmission, with high voltage and smart grid segments expected to continue to benefit [1] ETF Overview - The electric grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies in the electric grid equipment sector from the mainland market [1] - The index requires that at least 40% of the revenue of constituent stocks comes from specific sub-industries such as electronic devices, instruments, and components, reflecting the overall performance of the electric grid equipment industry chain [1]

Group 1 - The wind power industry maintains high prosperity, while the power grid equipment industry is in a mid-upturn phase [1] - From January to August, the average utilization of power generation equipment nationwide was 2105 hours, a decrease of 223 hours compared to the same period last year [1] - Power source engineering investment reached 499.2 billion yuan, a year-on-year increase of 0.32%, while power grid engineering investment totaled 379.6 billion yuan, a year-on-year increase of 14% [1] Group 2 - The wind power industry has seen performance realization, with orders being fulfilled and installed capacity maintaining high growth [1] - The power grid equipment industry continues to expand investment, showing high prosperity [1] - Overall, the electric power equipment and power grid equipment industries benefit from policy support and investment growth, demonstrating stable performance [1] Group 3 - The Electric Grid ETF (561380) tracks the Hang Seng A-share Power Grid Equipment Index (HSCAUPG), which selects listed companies involved in power transmission, distribution, and related equipment manufacturing from the Chinese A-share market [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 Ganjian-Gannan UHV AC project has been officially included in the national power development plan, marking a significant step in upgrading the backbone network in the Central China region [1] - UHV technology is essential for China's energy transition, with both AC and DC technologies expected to form a synergistic ecosystem, maintaining steady development during the 14th Five-Year Plan period [1] - The ongoing construction of the main grid will drive demand for related equipment, indicating positive changes in the industry fundamentals [1] Group 2 - The Electric Power ETF (561380) tracks the Hang Seng A-Share Electric Power Equipment Index (HSCAUPG), which is compiled by Hang Seng Index Company and reflects the overall performance of listed companies involved in power grid construction and operation [1] - The index focuses on the electric equipment sector, selecting representative companies in the industry to provide investors with an important benchmark for measuring the development of the electric power equipment industry [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) [1]

Core Viewpoint - State Grid is fully committed to ensuring power supply during the peak summer season, with the maximum load in its operational area expected to exceed 1.2 billion kilowatts for the first time this summer [1] Group 1: Power Supply Measures - The company is implementing 24 measures to ensure power supply, including improving work mechanisms, enhancing grid safety management, and optimizing resource allocation [1] - A total of 140 key summer projects are being accelerated for production [1] Group 2: Renewable Energy Projects - The first batch of power supply projects under the "Xinjiang Electricity into Chongqing" initiative has been put into operation, with the Tianshan North Gobi Energy Base having a total scale of 14.2 million kilowatts and a clean energy proportion of 71.8% [1] - It is expected that all units, except for solar thermal, will be operational by December this year, with an annual transmission of 36 billion kilowatt-hours of green electricity to the Sichuan-Chongqing region [1] Group 3: Industry Impact - The electric grid equipment industry is expected to benefit from the demand for ultra-high voltage construction and clean energy transmission [1] - During the peak summer season, the focus will be on enhancing grid investment and supply capacity [1] Group 4: Investment Products - The Electric Grid ETF (code: 561380) tracks the Hang Seng A-share Electric Grid Equipment Index (code: HSCAUPG), which includes listed companies involved in electric grid equipment manufacturing and services [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]