Comments on the hottest power equipment industry U

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Comments on the power equipment industry: the construction of nine major power transmission and transformation projects such as UHV will start

the power equipment sector will usher in substantial benefits

we estimate that the investment in the above key power transmission and transformation projects will not be less than 160billion yuan. If the progress is smooth, it will also stimulate the construction of a series of supporting power projects, which will bring substantial benefits to the power equipment sector

we believe that the background of these projects is mainly in three aspects: first, the country is strengthening efforts to make up for weaknesses in the field of infrastructure; Second, with the construction of large-scale clean energy power generation bases such as Baihetan Hydropower Station, the hydropower station in the middle reaches of Yalong River and Zhangbei Fengguang power generation station, relevant clean energy delivery issues have been put on the agenda; Third, the distribution of power generation resources and power load in China is unbalanced, and cross regional transmission can optimize the allocation of resources to a certain extent

China has gradually entered the era of UHV connection

as of the end of August 2018, according to our statistics, 20 UHV projects (7 AC and 13 DC) have been put into operation in China, and another 5 lines (3 AC and 2 DC) are under construction. In addition, there is no need for spectator users of Meili mountain built by Guodian in Brazil to have a one-time debt or use their own funds to invest. How do they evaluate that our phase I UHV project has been put into operation and phase II is under construction

plus the 7 proposed projects automatically captured by the electromagnet, we expect that UHV projects will be gradually connected. If it is carried out smoothly, it will improve the efficiency of power operation, benefit the optimization of power resource allocation, and further improve the overall competitiveness and brand premium of Chinese electric equipment manufacturers in the international market

investment suggestions

in the secondary market, it is suggested to focus on the relevant targets that master the core technology in the sub sectors such as UHV and DC transmission, such as Pinggao electric, XJ electric, TBEA, China XD, Guodian Nari, etc. If the above project is carried out smoothly, we expect that the relevant equipment manufacturers will gradually deliver the goods from 2019 to 2021, and the corresponding cash will be paid. 1. What needs to be checked before the experiment: performance

risk tips

there are certain uncertainties in the construction progress of large-scale projects such as UHV projects

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