中信证券指出，2025年12月31日，国家发改委、国家能源局发布《关于促进电网高质量发展的指导 意见》，旨在解决新能源高比例接入带来的系统稳定性挑战，优化资源配置效率。文件对电网投资总 量、主配微网协同、新技术应用等领域提出明确指引。预计在用电量持续增长背景下，"十五五"时期电 网基本建设投资或达3.8万亿元。建议关注特高压、电网数智化、互联互济等环节。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上 看，指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电 设备为主，拥有较强的代表性。智能电网权重占比高达89%，特高压权重占比高达65%，均为全市场最 高。 1月7日，A股三大指数继续上涨，电网设备板块开盘后持续拉升，截止10点02分，全市场唯一的电 网设备ETF（159326）涨幅2.3%，聚焦清洁能源的绿电ETF（562550）涨幅0.54%，电网设备ETF持仓股 中宝胜股份、伊戈尔、中国西电、远东股份等涨停，保变电气、威腾电气、四方股份、智光电气、特变 电工等股跟涨。 消息面上，相关部门发布《关于促进电网高质量发展的指导 ...

政策上，相关部门发布《关于促进新能源消纳和调控的指导意见》，明确到2030年每年要实现2亿千瓦 新能源的合理消纳，既明确了"十五五"新能源坚持规模化开发目标，又作为纲领性政策重构新能源消纳 与调控重点。 （文章来源：每日经济新闻） 华泰证券指出，全国统一电力市场建设加速推进，预计"十五五"期间电网投资有望达到4万亿元以上， 相比于"十四五"期间电网投资2.8万亿元显著提升。其中，主网建设助力全国电网网架实现互联互通， 是全国统一电力大市场搭建的重要支撑，仍将是重点建设方向。 1月7日午后，A股三大指数集体回调，电力板块表现坚挺。截至14:30，绿电ETF（562550）涨幅 0.36%，电网设备ETF（159326）涨幅1.78%。相关电力股集体上涨，上海电力涨超4%，内蒙华电、桂 冠电力、京能电力、中国核电等股跟涨。 需求端，AI驱动的算力爆发不仅重塑数据中心产业，也正成为全球能源消费格局演进的关键变量，对 电力基础设施的承载力、绿色化与智能化提出了前所未有的系统性挑战与创新机遇。 ...

相关产品： 12月12日，A股三大指数涨跌不一，电网设备板块近日反弹明显，今天开盘再度拉升，截至9:35， 全市场唯一的电网设备ETF（159326）涨幅0.98%，成交额已达1976万元，持仓股华菱线缆、风范股份 涨停，中能电气涨超9%，伊戈尔、通光线缆、金盘科技、电工合金、四方股份等股跟涨。 电网设备ETF已连续11个交易日净流入，合计"吸金"7.24亿元，最新规模达26.47亿元，创成立以来 新高。 消息面上，国家发展改革委、国家能源局近日发布《关于优化集中式新能源发电企业市场报价的通 知（试行）》，旨在推动构建符合新能源发电特性、分布格局、经营现状的市场报价方式，规范电力市 场运行秩序，提升电力资源优化配置效率，助力新型电力系统建设和双碳目标实现。 华泰证券指出，全国统一电力市场建设加速推进，预计"十五五"期间电网投资有望达到4万亿元以 上，相比于"十四五"期间电网投资2.8万亿元显著提升。其中，主网建设助力全国电网网架实现互联互 通，是全国统一电力大市场搭建的重要支撑，仍将是重点建设方向。 电网设备ETF（159326）：是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类 上看，指数成 ...

Core Insights - The A-share market indices showed mixed performance, with the power grid equipment sector stabilizing and rebounding after previous adjustments. The only power grid equipment ETF (159326) experienced a surge, aiming for a fourth consecutive increase, with a current rise of 0.21% and a trading volume of 1.21 billion yuan as of 10:30 AM [1] - The power grid equipment ETF (159326) has seen a net inflow for eight consecutive days, accumulating over 605 million yuan, reaching a new high of 2.54 billion yuan in total assets since its inception [1] - The increasing demand for AI computing power has highlighted vulnerabilities in the U.S. power grid. Microsoft CEO Satya Nadella indicated that the real bottleneck is not chip supply but rather "power supply," as data centers are nearing their limits in terms of power and physical space [1] - Goldman Sachs predicts that investments in global digital infrastructure and energy systems driven by AI will reach 5 trillion dollars over the next decade, with power grid equipment being a direct beneficiary of this investment wave [1] Related Products - The power grid equipment ETF (159326) is the only ETF tracking the CSI Power Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment. The ultra-high voltage sector accounts for 65% of the index, the highest in the market [2] - The Green Power ETF (562550) and its off-market links (018734/018735) track the CSI Green Power Index, including clean energy companies like hydropower, wind power, and solar power, as well as transitional samples from thermal and nuclear power. Leading companies in the power sector have stable performance and high dividend yields, making them attractive for risk-averse asset allocation [2]

Core Viewpoint - The A-share market experienced a downward trend on December 3, with the power sector showing resilience as certain ETFs related to clean energy and public utilities posted gains, indicating a potential investment opportunity in the energy sector [1] Group 1: Market Performance - The three major A-share indices collectively declined, while the public utility ETF (159301) rose by 0.52% and the green energy ETF (562550) increased by 0.27% [1] - Key power stocks such as Min Energy, Jingneng Power, and others saw collective gains, reflecting investor interest in the sector despite broader market declines [1] Group 2: Policy Developments - The National Energy Administration plans to establish seven standardized technical organizations focusing on various aspects of energy management, including greenhouse gas emissions and hydrogen energy, aimed at promoting innovation in the energy industry [1] - The National Development and Reform Commission and the National Energy Administration will release guidelines to ensure the reasonable consumption of 200 million kilowatts of new energy annually by 2030, reinforcing the commitment to large-scale development of renewable energy [1] Group 3: Investment Recommendations - Guosheng Securities recommends focusing on green power operators with advantageous resource locations, high project development efficiency, and low financing costs, particularly highlighting the relative advantages of offshore wind energy [1] - The report also suggests paying attention to flexible resources like thermal power, as well as investment opportunities in energy storage and virtual power plants [1]

Core Viewpoint - The A-share market's three major indices experienced a collective rise, with the power grid equipment sector showing signs of stabilization and rebound after a period of adjustment. The only power grid equipment ETF (159326) saw a 0.94% increase, with a trading volume of 101 million yuan, indicating strong investor interest [1]. Group 1: Market Performance - The power grid equipment ETF (159326) recorded a net inflow of 76 million yuan recently, accumulating a total of 1.535 billion yuan in November, reaching a latest scale of 1.913 billion yuan, making it the largest power grid ETF in the market [1]. - Key stocks in the sector, such as Jinzhitech, Sifang Co., Ping An Electric, Shuangjie Electric, Igor, Yongfu Co., and Jinpan Technology, experienced significant gains, with Jinzhitech hitting the daily limit [1]. Group 2: Industry Outlook - A recent report from Goldman Sachs highlighted that electricity supply has become a major obstacle to AI development, with global data center electricity demand expected to surge by 160% by 2030. This indicates a pressing need for upgrades in aging power grids, particularly in Europe and the U.S. [1]. - Huaxi Securities noted that the large-scale integration of renewable energy sources is significantly increasing the demand for supporting grid construction, which is expected to create vast investment opportunities in the distribution network sector. Leading suppliers of integrated distribution equipment are likely to benefit continuously [1]. - The demand for power equipment is anticipated to remain high due to the need for upgrades and expansions in power systems, driven by increased electricity demand from AI in the U.S. [1]. Group 3: Related Products - The power grid equipment ETF (159326) is the only ETF tracking the CSI Power Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment. The ultra-high voltage segment holds a significant weight of 64%, the highest in the market [2]. - The Green Power ETF (562550) and its off-market links (018734/018735) track the CSI Green Power Index, which includes clean energy companies like hydropower, wind power, and solar power, as well as transitional samples from thermal and nuclear power [2].

Core Viewpoint - The A-share market saw a collective rise in the three major indices, with a notable surge in the stock of Baobian Electric, a leader in grid equipment, which increased nearly 8% as of 14:02. This movement was influenced by the National Energy Administration's guidance on promoting the integration of new energy and emerging industries [1]. Group 1: Market Performance - The only grid equipment ETF (159326) experienced a 1% increase, with a trading volume of 303 million yuan. Other related stocks such as Ping An Electric, Teruid, Zhongneng Electric, Huaton Cable, and Shuangjie Electric also saw gains [1]. - The surge in Baobian Electric's stock reflects a broader positive sentiment in the market regarding grid equipment and renewable energy sectors [1]. Group 2: Policy and Industry Outlook - The National Energy Administration's guidance emphasizes the promotion of new energy integration with emerging industries, aligning with the "East Data West Calculation" project to enhance the synergy between computing power facilities and green electricity demand [1]. - The "14th Five-Year Plan" suggests accelerating the construction of a new energy system, increasing the proportion of renewable energy supply, and ensuring a reliable transition from fossil fuels [1]. - The plan aims to enhance the resilience and complementarity of the power system, promote the development of new energy storage, and accelerate the construction of smart grids and microgrids [1]. Group 3: ETF Information - The grid equipment ETF (159326) tracks the CSI Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, and cable components. The index has a high weight of 64% in ultra-high voltage stocks, the highest in the market [2]. - The top ten holdings include industry leaders like Guodian NARI, TBEA, and Siyuan Electric, indicating a robust representation of key players in the grid equipment sector [2]. - The Green Power ETF (562550) tracks the CSI Green Power Index, which includes clean energy companies as well as transitional samples from thermal and nuclear power [2].

Core Viewpoint - The A-share market indices continue to rise, with the green electricity sector showing significant gains, indicating a potential turnaround in the renewable energy industry driven by government policies and market dynamics [1] Group 1: Market Performance - As of 14:23 on September 30, the green electricity ETF (562550) turned positive, with Shanghai Electric rising over 8% [1] - Other stocks such as Jiaze New Energy, Guiguan Electric, Jidian Co., Jiantou Energy, and Jinko Technology also experienced gains [1] Group 2: Policy and Industry Outlook - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting where it introduced the concept of "stabilizing electricity prices to counteract internal competition," which is expected to benefit the green electricity sector [1] - Huaxi Securities projects that based on current installation progress, there will be nearly 20 billion kilowatts of new capacity in wind and solar energy from 2025 to 2035 [1] - The construction of the second and third batches of large wind and solar bases is accelerating, with steady progress in deep-sea wind power and distributed wind power, alongside continuous expansion of centralized and distributed solar power [1] - The industry is expected to achieve long-term growth driven by the "dual carbon" goals, with a positive outlook on opportunities within the renewable energy sector [1]

Core Viewpoint - The A-share market experienced fluctuations on September 26, with the electricity sector rising against the trend, particularly driven by wind power concepts and related ETFs showing gains [1] Group 1: Market Performance - The three major A-share indices showed a downward trend, while the electricity sector saw an increase, with wind power-related ETFs performing well [1] - As of 10:14 AM, the Green Electricity ETF (562550) rose by 0.64%, the Public Utility ETF (159301) increased by 0.43%, and the Power Grid Equipment ETF (159326) gained 0.38% [1] - Key stocks in the Green Electricity ETF, such as Jiaze New Energy, reached the daily limit, while Shanghai Electric, Energy Saving Wind Power, Longyuan Power, Gansu Energy, and Solar Energy also saw significant gains [1] Group 2: Industry Insights - At the 2025 New Power System Development Forum, industry experts emphasized the importance of the "14th Five-Year Plan" period for accelerating the construction of a new power system, focusing on high-quality development in the electricity sector [1] - Xiangcai Securities highlighted the accelerated construction of a national unified electricity market, expressing optimism about the revaluation of electricity assets [1] - The firm recommended focusing on three main lines: hydropower assets with stable fundamentals benefiting from the unified electricity market, thermal power assets with improving performance due to cost reductions and favorable supply-demand dynamics, and leading companies with strong operational capabilities and high-quality resource locations in the green electricity sector [1]

Group 1 - A-shares indices collectively surged on July 22, driven by news related to the Yarlung Tsangpo River downstream hydropower project, with related stocks such as Wuxin Tunnel Engineering and China Railway Heavy Industry hitting the daily limit [1] - The Yarlung Tsangpo River downstream hydropower project, which commenced on July 19, involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, generating power equivalent to three Three Gorges projects, marking it as the largest hydropower project in human history [1] - According to Everbright Securities, the Yarlung Tsangpo River downstream hydropower development is a key project during China's 14th Five-Year Plan, with secured funding and expected to effectively boost infrastructure investment growth [1] Group 2 - Huatai Securities indicated that the power consumption demand driven by the Yarlung Tsangpo downstream project will promote the construction of ultra-high voltage direct current lines, with equipment investment potentially reaching 50 billion yuan, benefiting leading companies in the power grid equipment sector [1] - The Infrastructure 50 ETF (159635) tracks the China Securities Infrastructure Index, covering industries such as infrastructure construction and engineering machinery, with a weight of over 95% in construction and engineering machinery [2] - The Electric Grid Equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Index, focusing on ultra-high voltage industries and smart grid construction [2] - The Green Power ETF (562550) tracks the China Securities Green Power Index, including clean energy companies like hydropower, wind power, and photovoltaic power, with a water power weight of 29.12% [2]