The total annual investment scale of the two networks may be approaching one trillion yuan; YuanCheng Shares hit the daily limit, and JinPan Technology rose by over 11%.

On the morning of April 8th, the power grid equipment sector rebounded with volatility, with YuanCheng Co., Ltd. (002692.SZ) hitting the daily limit, Jinpan Technology (688676.SH) rising over 11%, and Igor (002922.SZ), Zhiyao Innovation (688191.SH), Samsung Medical (601567.SH), Haixing Electric Power (603556.SH), AnKao Smart Electric (300617.SZ), Huaming Equipment (002270.SZ), and others following the gains.

On the news front, according to data from the National Energy Administration, the total electricity consumption across society from January to February 2026 was 1,654.6 billion kWh, a year-on-year increase of 6.10%. During the same period, new installed power generation capacity was 65.91 million kW, up 20.87% year-on-year. The average utilization hours of power generation equipment from January to February 2026 was 466 hours, a decrease of 39 hours compared to the previous year. Additionally, from January to February 2026, the cumulative investment in the power grid was 83.75B yuan, a year-on-year increase of 79.84%; the total investment in power sources was 104.35B yuan, up 32.35% year-on-year.

Furthermore, the latest data shows that the growth rate of China’s power grid investment in the first quarter exceeded expectations. Specifically, State Grid Corporation completed nearly 130 billion yuan in fixed asset investment in the first quarter, a year-on-year increase of about 37%, driving upstream and downstream investments exceeding 250 billion yuan; Southern Power Grid invested 38.45 billion yuan in the first quarter, a surge of 49.5% year-on-year. At the same time, from January to February, China’s electrical equipment exports reached 16.1 billion yuan, a year-on-year increase of 33.6%.

Everbright Securities pointed out that looking ahead, domestic power grid investment in the second quarter and the second half of the year will remain at high levels, with the total annual investment scale of the two grids possibly approaching one trillion yuan. Especially, investments in ultra-high voltage, smart distribution networks, and computing-electrical collaboration will continue to increase, with performance and valuation expected to rise in tandem. Additionally, under the demand explosion in major economies like Europe and the United States, exports of domestic electrical power and grid equipment may continue to grow at over 30% this year, with demand for specific categories such as transformers and cables continuously releasing. In the A-share market, attention can be paid to three major segments of power grid equipment: leading companies in ultra-high voltage core equipment, main manufacturers of transmission and transformation equipment, and export-oriented electrical power equipment enterprises.