Huatai Securities: State Grid's 4 trillion yuan investment is positive for electric grid equipment manufacturers.

Huatai Securities research report stated that State Grid's 4 trillion yuan investment is good news for electricity grid equipment manufacturers. According to State Grid Corporation, during the "14th Five-Year Plan" period, the fixed asset investment of State Grid Corporation is expected to reach 4 trillion yuan, an increase of 40% compared to the "13th Five-Year Plan" investment. At the same time, on December 31, 2025, the National Development and Reform Commission and the National Energy Administration announced the "Guiding Opinions on Promoting the High-Quality Development of the Electricity Grid", clearly stating the need to reasonably advance the investment and construction of the electricity grid. Huatai Securities is optimistic about the accelerated construction of the national unified electricity market, expecting steady growth in electricity grid investment during the "14th Five-Year Plan" period. The clear demand for inter-provincial power transmission channels and the reinforcement of weak power grids in western regions, as well as the high demand for ultrahigh voltage construction, indicate that main grid investment is likely to continue to grow rapidly.