特高压及AI投资持续发力，全球电网需求共振

Summary of Conference Call on Ultra-High Voltage and AI Investment Industry Overview - The conference call focuses on the ultra-high voltage (UHV) sector and AI technology applications in the power equipment industry, highlighting the ongoing investment trends and market dynamics in China and globally [1][2][3]. Key Points and Arguments Ultra-High Voltage Investment - UHV investment has been slow in the first half of the year due to market sentiment, but the fundamentals are expected to accelerate, with low valuations [1][3]. - The State Grid and Southern Grid plan to invest 650 billion yuan and 175 billion yuan respectively for the year, driven by the dual carbon strategy to enhance renewable energy consumption [1][3]. - There are currently 9 UHV lines progressing rapidly, with expectations for early approval and bidding [1][5]. - The overall investment in the UHV sector is weak this year, but the bidding for transmission and transformation equipment is still growing at around 30% [1][5]. AI Technology Impact - AI technology is driving demand for power equipment, particularly in applications such as renewable energy generation forecasting and power trading [1][6]. - The global market demand remains strong, with a significant increase in transformer exports [1][6]. - AI applications in power systems are expected to enhance operational efficiency and reduce costs, with a steady growth trend in the power forecasting market [14]. Future Outlook and Projects - During the 14th Five-Year Plan, 13 UHV lines have been bid, with a total amount exceeding 40 billion yuan [8]. - In 2025, two new UHV lines have been approved, with one already under construction, indicating a potential acceleration in project bidding [9][10]. - The market for flexible DC technology is expected to grow significantly, with the value of equipment for flexible DC lines being nearly double that of conventional lines [11]. Investment Recommendations - Suggested companies for investment include: - UHV sector: Pinggao Electric, China XD Electric, XJ Electric, NARI Technology, and Sifang. - AI applications: NARI Technology, Guoneng Rixin, Dongfang Electronics, and Zeyu. - Data center construction: Jinpan, Mingyang, Liangxin, and Sifang Anke Rui. - Global market exporters: Mingyang, Jinpan, and Sifang for transformers, and Hisense and Samsung for electric meters [7][20]. Market Trends - The global power investment trend is steadily increasing, with Europe leading in renewable energy and North America focusing on old grid renovations [19]. - China's transformer exports reached 27.86 billion yuan in the first half of 2025, a year-on-year increase of 42%, indicating strong international competitiveness [19]. Additional Important Insights - The demand for transformers and switchgear is expected to rise significantly due to data center investments, projected to reach 20GW in 2025, translating to a market size of approximately 21 billion yuan for transformers and over 90 billion yuan for switchgear [18]. - The development of smart inspection technology in substations and transmission lines presents a substantial market opportunity, with the total market value exceeding 10 billion yuan [16][17]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the UHV and AI sectors, their current status, and future prospects.