电网设备专题研究：全球电网需求共振，把握特高压和出海两条主线

chenhengfa@yd.com.cn-20%-15%-10%-5%0%5%10%15%20%25%000300.SH801738.SL 一、新型电力系统建设加速，电网扩容升级需求提升...................................................................41.发电侧：新能源装机持续提升，电网建设和升级需求提升.........................................................................42.电网侧：21年以来电网投资完成额同比增速持续上行，未来国网投资有望进一步加大............................53.用电侧：全社会用电量稳步增长，数据中心等新型需求不断涌现..............................................................6二、特高压：国内电网建设主线，特高压建设持续推进...............................................................71.直流特高压占比有望提升，柔性直流具备潜力............................................................................................72.特高压建设持续推进，柔直技术换流阀为核心增量..................................................................................10三、出海：全球电网建设高景气，关注变压器和智能电表机遇..................................................111.新能源并网加速+老旧改造，驱动全球电网建设共振................................................................................112.全球变压器行业供需持续偏紧，变压器出海企业有望受益.......................................................................133.全球智能电表市场快速增长，新兴市场增长潜力较大...............................................................................15四、投资建议.............................................................................................................................18五、风险提示.............................................................................................................................19 2..................................................................................................................................4..................................................................................................................................4..........................................................................................................................................................5..........................................................................................................................................................5....................................................................................................................................6................................................................................................................................6......................................................................................................................6.................................................................................................................7................................................................................................................................8................................................................................................................9...........................................................................................10..........................................................................................................10...............................................................................................................................................11...........................................................12.................................................................................12....................................................................................................................12................................................................................12....................................................................................................14...................................................................................................14.........................................................................................................................14 3...................................................................................................14....................................................................................................................................15..............................................................................................................15...................................................................................................16.................................................................................................16................................................................................................................................7.............................................................................................................................8............................................................................................................11..............................................................................................................................13..............................................................................................................................15...........................................................................................................