Core Viewpoint - The United States has initiated the construction of 765kV ultra-high voltage transmission lines to alleviate congestion in existing infrastructure and enhance grid reliability and long-term system stability [2]. Group 1: Infrastructure Development - The 765kV is the highest transmission voltage level in the U.S., with major lines primarily located in the Eastern Interconnection, covering approximately 2,000 miles. By the end of 2025, Texas, the Mid-Atlantic, and the Midwest grid operators have been approved for a total of about $75 billion in transmission expansion projects, with the 765kV lines being a key focus, expected to extend to 10,000 miles [2]. - The introduction of competitive bidding and other models is aimed at accelerating grid construction due to the increasing electricity demand from AI data centers and the manufacturing sector, which has led to a growing conflict between electricity demand and aging grid infrastructure [3]. Group 2: Opportunities for Chinese Companies - The U.S. power system is entering a new investment cycle not seen since the 1970s, coupled with increased electricity demand from the AI industry, making it difficult to complete grid construction in the short term. Currently, overseas high-voltage equipment companies have the longest lead times for high-voltage transformers extending to 2030, and the supply-demand situation for high-voltage switches and insulators will also tighten further, with 765kV ultra-high voltage capacity being particularly scarce [4]. - Demand for high-voltage and ultra-high-voltage equipment may spill over to companies in Japan, South Korea, and China, as overseas high-voltage equipment verification cycles are longer, typically taking 5-10 years. Companies with established product layouts and good reputations are expected to seize opportunities [4]. Group 3: Recommended Companies - Companies that have gained a foothold in overseas markets and are entering the localization phase in the end market, or those deeply integrated into the supply chains of large overseas enterprises, are recommended. Notable mentions include Si Yuan Electric (002028), Shenma Electric (603530), Jinpan Technology (688676), and Igor (002922), with additional attention to Tebian Electric (600089), China XD Electric (601179), Pinggao Electric (600312), Anke Intelligent Electric (300617), Baiyun Electric (603861), Huaming Equipment (002270), and Changgao Electric (002452) [5].

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Siyuan Electric, Shenma Power, Jinpan Technology, and Igor [2]. Core Insights - The U.S. has initiated the construction of a 765kV ultra-high voltage transmission network, which aims to enhance grid reliability and long-term system stability. This expansion plan involves a total investment of approximately $75 billion, focusing on alleviating congestion in existing infrastructure and integrating new power generation resources into the grid [6][7]. - The introduction of competitive bidding and other models is expected to accelerate grid construction, addressing the growing electricity demand driven by AI data centers and manufacturing sector recovery [6]. - The Chinese high-voltage transmission and transformation equipment industry may have opportunities due to the new investment cycle in the U.S. power system, which is expected to face supply constraints in high-voltage equipment [6]. - Companies with established reputations and product lines in high-voltage equipment are likely to benefit from this demand overflow, particularly those with a strong presence in overseas markets [6]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 784.35 billion and a circulating market value of 686.41 billion [3]. - The absolute performance of the industry has shown significant growth, with a 58.7% increase over 12 months [5]. Company Summaries - **Siyuan Electric**: A leading player in high-voltage equipment with a comprehensive product line, expected to benefit from the demand for high-voltage equipment in the U.S. market [15]. - **Shenma Power**: A leader in composite insulators and new insulation materials, with a strong overseas presence and high market share in domestic ultra-high voltage substations [16]. - **Jinpan Technology**: Established in the U.S. market with strong brand recognition in dry-type transformers, actively expanding overseas [17]. - **Igor**: Holds a significant market share in renewable energy transformers in the U.S., with potential for growth in overseas markets [18]. - **Ankao Smart Electric**: Recently secured orders for data center transformers in the U.S., marking a breakthrough in its overseas expansion [20]. - **Baiyun Electric**: Has a diverse product range in the power equipment sector and is focusing on expanding into international markets [21]. - Other companies to watch include TBEA, China XD Electric, Pinggao Electric, and Changgao Electric [22].