According to CICC's analysis, the grid industry is poised to witness continued certainty, sustained prosperity, and robust overseas demand. AI-supported infrastructure will further propel the sector's growth. Here's a detailed breakdown: Firstly, by 2025, domestic grid investment is projected to surpass RMB 650 billion, maintaining a robust growth trajectory with potential for further escalation post mid-term adjustments. Secondly, the overseas industrial chain is experiencing a surge in demand across power generation, transmission, and consumption. This overseas demand is anticipated to remain buoyant, with export growth rates for equipment such as transformers and high-voltage switches exceeding 25%, amidst a tightening supply landscape. Thirdly, on a global scale, the proliferation of large-scale data center construction has emerged as a prominent trend, significantly boosting the demand for supporting electrical equipment. The electric power equipment sector is exhibiting strong performance and high certainty, and we eagerly anticipate the introduction of catalytic factors that will further bolster market confidence.