According to Everbright Securities research reports, China's power system reform is continuously progressing, and the construction of the power grid is also accelerating. The National Energy Administration's "Notice on Doing a Good Job in the Consumption of New Energy and Safeguarding the High-Quality Development of New Energy" has put forward requirements to accelerate the construction of the power grid, promote the improvement of system adjustment capacity and coordinated development of sources and grids, promote the optimization of power grid platforms and power market configuration, and strengthen the targets and supervision of new energy consumption. With the large-scale grid connection of new energy sources, the demand for supporting power grid construction in China has continued to increase. Therefore, from an investment perspective, the power grid direction is still the optimal choice. Among them, the construction of distribution networks and their digitalization will be the focus in the coming years, and ultra-high voltage and main network links also have strong performance certainty. In addition, the export of electrical equipment benefits from high overseas demand, and the trend continues to be positive.