CITIC Securities: State Grid Investment Plans to Consolidate Steady Growth Expectations for the "15th Five-Year Plan"

CITIC Securities research report stated that State Grid's investment plan of 4 trillion yuan during the "15th Five-Year Plan" period has solidified expectations of stable and strong growth in grid investment over the next 5 years, further clarifying the development direction of ultra-high voltage, HVDC transmission, and digitalization. The report focuses on two key directions: 1) domestic power equipment leading enterprises closely related to the investment enthusiasm of domestic power grid and major projects such as ultra-high voltage and flexible DC; 2) leading enterprises benefiting from major domestic construction investments, while also considering high overseas demand or emerging fields such as AI.