According to the CITIC Securities Research Report, data from the State Grid's next-generation e-commerce platform shows that the State Grid recently launched the third equipment tender for the 2026 UHV project and the third substation equipment tender for the transmission and transformation project. The purchase amount for the first three batches of UHV during the year has already exceeded the full year of 2025, and it is expected that HV will also maintain a high position, driven by the boom in main grid construction. I am optimistic that the domestic demand high voltage equipment leader, which is currently at a low level, will reach an inflection point.

According to the CITIC Securities Research Report, data from the State Grid's next-generation e-commerce platform shows that the State Grid recently launched the third equipment tender for the 2026 UHV project and the third substation equipment tender for the transmission and transformation project. The purchase amount for the first three batches of UHV during the year has already exceeded the full year of 2025, and it is expected that HV will also maintain a high position, driven by the boom in main grid construction. I am optimistic that the domestic demand high voltage equipment leader, which is currently at a low level, will reach an inflection point.