Galaxy Securities: It is expected that domestic power grid investment will exceed 1 trillion yuan annually.

Galaxy Securities research report pointed out that the average investment in the domestic power grid during the 15th Five-Year Plan period was around one trillion yuan per year, focusing on strengthening the main grid, optimizing the distribution grid, and promoting transformation. The State Grid Corporation's fixed asset investment is expected to reach 4 trillion yuan during the 15th Five-Year Plan period, a 40% increase from the 14th Five-Year Plan period. It is expected that the investment scale of the Southern Grid during the 15th Five-Year Plan period will be around 1 trillion yuan, resulting in an annual investment in China's power grid of approximately 1 trillion yuan. By 2026, the investment amounts of State Grid and Southern Grid are expected to reach 700 billion yuan and 189 billion yuan respectively, with year-on-year growth rates of +7.6% and 8.0% respectively.