Cinda Securities Research Reports state that in terms of power equipment, this year is expected to be a major year for grid investment, with the sector presenting relatively good investment opportunities. The grid segment is increasingly becoming a bottleneck in the development of New energy, and the global grid is entering a growth cycle. In terms of domestic grid investment, State Grid is expected to have a total investment scale exceeding 500 billion yuan in 2024, with positive domestic power equipment demand. Additionally, overseas power equipment demand is also promising. 1. The electricity demand from emerging industries like AI is increasing, which in turn boosts the demand for power equipment. 2. The rapid development of New energy puts pressure on the grid to absorb it, driving the supporting construction of domestic and international grids and accelerating the demand for upgrades and replacements, resulting in positive global grid investment demand. Recommended focuses: Sieyuan Electric, Hexing Electrical, Jinpan Technology, Changgao Electric Group, ShiJiaZhuang Kelin Electric, WASION HOLDINGS, Beijing Sifang Automation, Xj Electric Co.,ltd., Henan Pinggao Electric, NARI Technology.