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On April 15th, there was a surge in grid equipment stocks. As of the time of writing, Dalian Insulator (002606.SZ) and hlgf (002498.SZ) hit the daily limit, while Bailey Electric (600468.SH), Baobian Electric (600550.SH), Yineng Power (920046.BJ), and Jinpan Technology (688676.SH) also saw increases.
In terms of news, Western Securities (002673.SZ) pointed out that starting in 2026, domestic grid investment is accelerating, with the three major grids investing over 160 billion yuan in the first quarter. The ultra-high voltage projects are also showing a trend of simultaneous advancement in &#34;construction, approval, and preliminary work.&#34; The number of projects started by the State Grid at 110 kV and above has significantly increased year-on-year, marking a peak period for grid engineering construction.
Additionally, a recent in-depth research report on the power and equipment industry released by Morgan Stanley highlighted that since 2024, the global super cycle has continued, with the stock prices of China Power (02380.HK) and grid equipment export targets rising by 40% to 54%. Some companies have even seen profit growth exceeding 100%. Morgan Stanley noted that this upward cycle is expected to continue until after 2030, as global electricity demand and grid capital expenditures remain on the rise, while actual construction progress is relatively insufficient. The global demand for gas turbines is expected to exceed 100 GW annually over the next decade, with China at 9%, Europe at 12%, and the United States at 8.5%. A one percentage point increase in global market share could bring up to 41% upside potential in EPS

002498

002606

159326

561380

On April 15th, the stock prices of power grid equipment surged, with DALIAN INSULATOR and hlgf hitting the daily limit, and companies like Baile Electric also rising. Western Securities pointed out that domestic power grid investment will accelerate in 2026, with the three major power grids' investment exceeding 160 billion yuan in the first quarter, and ultra-high voltage projects advancing simultaneously. A report from Morgan Stanley indicates that starting in 2024, the global power and equipment industry will enter a super cycle, with this upward cycle expected to last until 2030, as global power demand and capital expenditure continue to rise

腾讯新闻 - 财经

hlgf

DALIAN INSULATOR

ChinaAMC CSI Grid Equipment Thematic ETF

Guotai Hang Seng China A Power Grid Equipment ETF

Morgan Stanley

BENEFO

Tianwei

Jinpan Smart Technology

Western Securities

CHINA POWER

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Morgan Stanley: The upward cycle of China's power and grid equipment is expected to continue until after 2030, with DALIAN INSULATOR, hlgf, and others hitting the limit up