"十五五"规划中，特高压4万亿投资滚滚来袭，带动A股特高压板块再创新高。而如果把时间线拉长可以看到，这次行情早就启动。 同花顺中的特高压板块指数从年初的2700点左右，暴涨至如今突破5000点，稳稳跑赢了大盘，尤其是今年，近一个月累计涨幅超过20%。 部分领涨个股如许继电气、平高电气、中国西电、风范股份、大连电瓷等涨幅普遍超过35%，近一年整体涨幅已突破60%。 国家电网"十五五"期间4万亿元的固定资产投资计划，较"十四五"增长40%，资金将重点投向特高压直流外送通道、智能配电网等领域，再叠加我国新能 源、算力方面的深度发展，特高压行业，即将进入一个黄金时代。 01 超级电网时代开启 特高压行业之所以重要，是因为它站在了一个由国家战略、能源转型与全球科技变革共同塑造的历史性风口之上。 其重要性不仅来源于单一的电网基建升级，还更在于支撑国家能源安全、实现"双碳"目标和推动建立世界上从未有过的"电力王国"。 而2026年作为"十五五"规划开局之年，就显得尤为重要，国家电网宣布将在未来五年内投入高达4万亿元用于固定资产投资，较"十四五"期间增长约 40%。 根据规划，这些资金中将有超过60%集中投向特高压直流外送通 ...

Core Viewpoint - The State Grid's fixed asset investment during the "14th Five-Year Plan" period is expected to reach 4 trillion yuan, a 40% increase compared to the "13th Five-Year Plan," marking a historical high in investment [1] Investment Focus - The investment will focus on creating a smarter and greener grid system, emphasizing energy green transformation, strengthening grid platforms, and enhancing technological empowerment [2] - Key investment directions include promoting renewable energy consumption and improving the reliability of cross-regional electricity transmission [2] - The investment aims to address the mismatch between rapid growth in renewable energy installations and the grid's capacity to absorb this energy, particularly in regions like Tibet, Gansu, and Qinghai [2] Infrastructure Development - The State Grid plans to accelerate the construction of distribution networks in urban, rural, and remote areas, exploring models for end-user supply and off-grid microgrids [3] - By 2030, the grid's resource optimization capacity is expected to significantly enhance, with the "West-to-East Power Transmission" scale exceeding 420 million kilowatts and new inter-provincial power exchange capacity of around 40 million kilowatts [3] Industry Impact - Following the announcement of increased investment, the electric grid equipment sector saw significant stock price increases, with companies like Baobian Electric and TBEA rising over 8% [4] - The continuous growth in investment during the "14th Five-Year Plan" has led to record-breaking investment figures, with 2022 seeing investments surpassing 500 billion yuan and projections for 2025 exceeding 650 billion yuan [4][5] - The investment surge is expected to catalyze orders and performance for companies in the supply chain, with notable profit growth reported by companies like TBEA and China XD Electric [5] Future Outlook - The approval and commencement of cross-regional transmission channels are anticipated to accelerate due to the pressure of renewable energy consumption, with a focus on high-voltage direct current (HVDC) projects [6] - The State Grid emphasizes the importance of leveraging its foundational support and investment to stimulate domestic demand and stabilize growth, aligning closely with national strategic initiatives [6]