On January 17, Huatai Securities issued a research report indicating that State Grid’s fixed asset investment during the 15th Five-Year Plan period is projected to reach 4 trillion yuan, reflecting a 40% increase over the 14th Five-Year Plan period. This surge in investment is expected to bring significant benefits to power grid equipment manufacturers. On December 31, 2025, the National Development and Reform Commission, along with the National Energy Administration, jointly released the Guidelines on Promoting High-Quality Development of the Power Grid. These guidelines explicitly call for power grid investment and construction to be moderately advanced ahead of schedule. Huatai Securities highlights that the development of a national unified electricity market is accelerating, and power grid investment is poised for steady growth during the 15th Five-Year Plan period. There is a pronounced demand for constructing cross-provincial power transmission channels and strengthening the western power grid, with particularly robust demand for ultra-high-voltage (UHV) projects. Investment in the main grid is anticipated to maintain a relatively rapid growth trajectory.