Core Viewpoint - The article discusses the emergence of the "new generation power grid," also known as the "energy internet," which focuses on integrating distributed renewable energy sources and enhancing electricity management efficiency through advanced technologies [2]. Group 1: Market Overview - The global power equipment market has surpassed $350 billion in 2023 and is expected to exceed $450 billion by 2025, with a compound annual growth rate (CAGR) of nearly 12% [3]. - The clean electricity conversion equipment sector is projected to experience explosive growth, with a CAGR of 23.8% from 2024 to 2030 [3]. - The demand for power equipment is driven by multiple sectors, including 5G infrastructure and data centers, with significant increases in investment expected [3]. Group 2: Investment Trends - In August 2025, the national power engineering investment reached 70.4 billion yuan, a year-on-year decrease of 14%, while the cumulative investment for the first eight months of 2025 was 499.2 billion yuan, a slight increase of 0.3% [5]. - The national grid engineering investment in August 2025 was 48.1 billion yuan, reflecting a year-on-year increase of 25.6%, with a cumulative investment of 379.6 billion yuan for the first eight months, up 14% year-on-year [9]. - The investment from the State Grid and Southern Power Grid is expected to reach a historical high of 825 billion yuan in 2025, with a significant focus on ultra-high voltage projects [10][21]. Group 3: Technological Advancements - The power electronics transformer (PET) is identified as a core component of the new generation power grid, with a projected market size of 4.8 billion yuan by 2025, growing at a CAGR of 25% [16]. - Technological innovations in PET, such as high-frequency and modular designs, have improved efficiency to over 98% and reduced size and weight by 50% compared to traditional transformers [19]. - Domestic companies have achieved significant advancements in PET technology, with a localization rate exceeding 85% and costs reduced by 30% since 2020 [20]. Group 4: Future Outlook - The new generation power grid is entering a golden investment period, with a focus on ultra-high voltage and intelligent distribution networks, which are expected to see substantial growth [21][22]. - The integration of high proportions of renewable energy is driving the need for grid upgrades, with digital technologies further enhancing investment opportunities in areas like ultra-high voltage equipment and smart distribution [22].

Core Viewpoint - The surge in stock prices of key players in the electric equipment sector reflects the accelerated construction of the "new generation power grid," driven by significant investments from State Grid and Southern Grid totaling 825 billion yuan this year [2][6]. Investment and Market Trends - The investment in ultra-high voltage projects reached 112 billion yuan, a year-on-year increase of 34%, indicating strong demand for related equipment [6]. - The market for intelligent distribution equipment is expected to grow at an annual rate of over 18%, driven by the need for smart upgrades in distribution networks [7]. - The global power supply market is projected to exceed 450 billion USD by 2025, with a compound annual growth rate of nearly 12%, particularly in clean power conversion equipment, which is expected to grow at 23.8% from 2024 to 2030 [9]. Demand Drivers - By 2025, renewable energy installations in China are expected to account for 40% of the total, necessitating smart upgrades in distribution networks [7]. - The demand for power electronic transformers is increasing, with a projected market size of 4.8 billion USD by 2025, growing at a compound annual growth rate of 25% [12]. - The explosion of AI data centers is driving a 30% annual increase in demand for power electronic transformers, with the market in China alone expected to reach 2.9 billion USD by 2025 [10]. Company Performance - Key players such as State Grid, Southern Grid, and companies like Guodian NARI and Chint Electric have seen significant stock price increases of 48% and 55% respectively, benefiting from the demand for ultra-high voltage and smart distribution equipment [2][12]. - New Special Electric has capitalized on the demand for high-efficiency power electronic transformers, resulting in a 39% increase in stock price [10][12]. Future Opportunities - The electric grid industry presents clear opportunities across various segments, including ultra-high voltage, intelligent distribution, and power electronic transformers, with leading companies unable to meet the growing order demand [12]. - Continuous updates on industry data and company dynamics will be essential for identifying potential investment opportunities in this evolving landscape [12].