CITIC Securities: "Fifteenth Five-Year Plan" investment of 4 trillion yuan, leading the way for equipment industry. State Grid's investment plan solidifies the overall quantity foundation.

According to a research report from CITIC Securities, State Grid announced a plan to invest 4 trillion yuan in fixed assets during the "15th Five-Year Plan" period, an increase of 40% compared to the previous period. At the same time, they will focus on green transformation and have initially built a new power grid platform with main and secondary micro-coordination. We believe that State Grid's investment plan will strengthen the overall base and further clarify key areas such as ultra-high voltage, flexible DC, and digital microgrids. We suggest focusing on leading domestic enterprises benefiting from domestic investment enthusiasm and major plans, while also considering both major domestic investments and overseas investment opportunities in the industry.