Guosen Research Reports state that it is expected that the bidding for Ultra High Pressure / main network equipment will remain high in 2024, and the high prosperity trend will continue in 2025-2026; during the "13th Five-Year Plan" period, investment in Ultra High Pressure / main networks is expected to remain high. In the second half of the year, with the upward adjustment of the investment plan by the State Grid Corporation and the gradual implementation of the equipment renewal policy by the Southern Grid Company, the bidding for electrical utilities is expected to continue to improve. Against the backdrop of the development of a new electric power system, the urgency of upgrading distribution networks and agricultural networks is increasing, and it is recommended to pay attention to the changes in demand for distribution network-related equipment. The development of overseas new energy, the increase in electricity consumption, and multiple demands for the renovation of old power grids are giving rise to a long prosperous cycle of investment in electrical utilities, with significant space for the penetration rate of Chinese enterprises overseas to improve. The performance of grid enterprises in the third quarter has maintained steady growth, influenced by the rhythm of downstream commencement, with expectations of entering a period of intensive delivery in 2025.