Everbright Securities pointed out in the research report that the acceleration trend of global power grid investment continues to evolve, and multiple logical resonances promote the sustained prosperity of power grid equipment demand. The acceleration of the construction of the power grid in the United States is benefiting from the return of manufacturing, the accelerating development of AI, the renewal and replacement of power grid equipment, etc.; while Europe reflects the cycle after the construction of new energy. Everbright Securities believes that these factors will drive the increase in demand for power grid equipment and have strong sustainability. China's electrical equipment exports are expected to continue their high prosperity and still have long-term investment value. Recommended stocks to watch: Sieyuan Electric, Jinpan Technology, Hexing Electrical, etc.