CITIC Securities pointed out that on December 31, 2025, the National Development and Reform Commission and the National Energy Administration issued the “Guiding Opinions on Promoting High-Quality Development of Power Grids”, which aims to solve system stability challenges caused by a high proportion of new energy sources being connected and optimize resource allocation efficiency. The document puts forward clear guidelines on areas such as total investment in power grids, collaboration between main distribution and microgrids, and application of new technology. It is estimated that in the context of continued growth in electricity consumption, grid infrastructure investment during the “15th Five-Year Plan” period may reach 3.8 trillion yuan. It is recommended to focus on aspects such as UHV, digitalization of power grids, and interconnection and mutual assistance.

CITIC Securities pointed out that on December 31, 2025, the National Development and Reform Commission and the National Energy Administration issued the “Guiding Opinions on Promoting High-Quality Development of Power Grids”, which aims to solve system stability challenges caused by a high proportion of new energy sources being connected and optimize resource allocation efficiency. The document puts forward clear guidelines on areas such as total investment in power grids, collaboration between main distribution and microgrids, and application of new technology. It is estimated that in the context of continued growth in electricity consumption, grid infrastructure investment during the “15th Five-Year Plan” period may reach 3.8 trillion yuan. It is recommended to focus on aspects such as UHV, digitalization of power grids, and interconnection and mutual assistance.