2025-08-20 14:49Summary of High Voltage Direct Current (HVDC) Conference Call Industry Overview - The HVDC industry is entering a new construction cycle with the approval of two major projects: the Tibet to Guangdong-Hong Kong-Macao and the Inner Mongolia to Beijing-Tianjin-Hebei lines, with a target of four approvals for the year 2025 [1][3] - Six ongoing DC projects are nearing completion, with two expected to be operational by mid to late 2026, providing support for future HVDC construction [1][5] Key Points and Arguments - Upcoming Projects: Several projects are expected to enter the approval phase in the second half of 2025, including the Datarat to Inner Mongolia and Zhejiang HVDC ring network [6] - Market Demand: The total bidding amount for HVDC equipment in the first half of 2025 was 2.48 billion yuan, with an anticipated total of 71 billion yuan in bids for the second half, including approximately 16.6 billion yuan for converter valves [7] - Unstarted Projects: There are numerous unstarted projects from the 14th Five-Year Plan, which are expected to create significant demand in the early stages of the 15th Five-Year Plan [8] - Back-to-Back Projects: Six back-to-back DC projects have been bid on, with a total capacity of approximately 3GW, indicating a positive trend for DC project development [4][9] Additional Important Content - Market Share: As of 2023, major players in the HVDC equipment market include China XD Group with a 26% share in converter transformers, and State Grid Corporation with nearly 50% in converter valve systems [12] - Future Expectations: The overall sentiment for the second half of 2025 is optimistic, with expectations of improved stock performance for companies involved in HVDC projects, as they are likely to benefit from the release of new orders [13]