CICC: Focus on Structural Opportunities in the Power Grid and Industrial Sectors

CICC pointed out that the overall performance of the power grid and industrial sectors in 2025 is stable and upward, prompting investors to focus on structural opportunities. In terms of the power grid, domestic power grid investment is continuing to thrive, with ultra-high voltage projects entering a phase of accelerated approval and bidding in the second half of the year. We believe that the power grid is a late-cycle investment in new energy, and there is still a large investment gap to be filled. We are optimistic about the continued prosperity of power grid investment. As for industrial control, the overall cycle remains unchanged and is currently in a stage of internal repair, and looking ahead to next year, we believe that demand is expected to continue to grow steadily. In addition, we especially recommend focusing on the two high-elasticity investment directions of AIDC and overseas expansion.