Power grid equipment stocks continue to decline, ShunNa Shares approach the limit-down; a correction may present a good opportunity for strategic positioning.

GateUser-bd883c58 · 2026-03-28T04:58:37+00:00

On March 26th, power grid equipment stocks generally declined, with many falling more than 5%. The State Grid's fixed asset investment surged to a new high, demonstrating the positive effects of infrastructure investment. Against the backdrop of increased global focus on energy security, the new energy industry is shifting toward "safety first." CICC is optimistic that the deepening of electricity marketization and the construction of ultra-high-voltage transmission will continue to support the development of new power systems.

GateUser-bd883c58

2026-03-28 04:58:37

Abstract generation in progress

On March 26, in the afternoon, the electric grid equipment stocks continued to adjust, with Shun Na Co., Ltd. (000533.SZ) approaching the limit down, and stocks like Jin Li Hua Electric (300069.SZ), Ze Yu Intelligent (301179.SZ), Pai Nuo Technology (920375.BJ), Yi Neng Power (920046.BJ), and Ji Cheng Electronics (002339.SZ) falling over 5%.

On the news front, the State Grid and the Southern Grid have taken the lead in fixed asset investment, achieving high year-on-year growth in January and February 2026. According to an announcement from the State Grid’s official WeChat account, in January and February of this year, the cumulative fixed asset investment of the State Grid reached 75.7 billion yuan, a year-on-year increase of 80.6%. The effects of grid infrastructure support and investment stimulation are significant, setting a new historical high for investment during the same period.

Recently, the traditional energy supply chain has shown vulnerabilities due to geopolitical disturbances, and the emphasis on energy independence among countries has increased unprecedentedly, making energy security a core issue. Some analysts believe that countries with high dependence on foreign fossil fuels are accelerating their transformation, with the value logic of the new energy industry chain shifting from “cost first” to “security first,” leading to a strategic reassessment. From power generation, transmission to storage, every link carries the value of ensuring energy independence.

CITIC Securities stated that in terms of power equipment, the fixed asset investment of the State Grid in the first two months increased by over 80% year-on-year, and the “14th Five-Year Plan” for ultra-high voltage remains highly prosperous. The Dalate-Mengxi ultra-high voltage AC project has been approved, aiming to start construction in April 2026; the State Grid has initiated the first round of preliminary services and equipment bidding for ultra-high voltage in 2026. We are optimistic about the deepening of power marketization and the resonance of accelerated upgrades in ultra-high voltage construction, continuously supporting the improvement and efficiency of the new power system.

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