According to the CICC research report, the overall performance of the power equipment industry has been steady and improving in 2026, prompting investors to focus on structural opportunities. In terms of traditional power grids, the “15th Five-Year Plan” new energy system clearly positions the power grid “adapts to a high proportion of new energy”, and the “15th Five-Year Plan” investment plan of the State Grid has been released, and grid investment can be expected for a long time. Furthermore, the pace of global AIDC infrastructure is accelerating, and demand for related power equipment is strong, and Chinese power equipment companies are expected to obtain orders with advantages such as short delivery cycles, high cost performance, and adequate after-sales service. CICC still believes that the global electricity cycle is beginning to emerge. The development of new power systems is a long-term, continuous process. The boom may last until 2030, while orders, revenue, and profits of major listed companies are still on a solid upward channel. After adjustments, current valuations have entered a historical underestimated range, and the sector has long-term investment value.

According to the CICC research report, the overall performance of the power equipment industry has been steady and improving in 2026, prompting investors to focus on structural opportunities. In terms of traditional power grids, the “15th Five-Year Plan” new energy system clearly positions the power grid “adapts to a high proportion of new energy”, and the “15th Five-Year Plan” investment plan of the State Grid has been released, and grid investment can be expected for a long time. Furthermore, the pace of global AIDC infrastructure is accelerating, and demand for related power equipment is strong, and Chinese power equipment companies are expected to obtain orders with advantages such as short delivery cycles, high cost performance, and adequate after-sales service. CICC still believes that the global electricity cycle is beginning to emerge. The development of new power systems is a long-term, continuous process. The boom may last until 2030, while orders, revenue, and profits of major listed companies are still on a solid upward channel. After adjustments, current valuations have entered a historical underestimated range, and the sector has long-term investment value.