超级周期全球演绎，“十五五”谋篇布局：2026年电力设备投资策略

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外需：海外电力系统升级改造“超级周期”已然开启，具备“海外收入规模领先、海外收入占比持续提升、海外毛利率优于国内”特质的企业，预计将充分享受这一轮海外景气周期，实现业绩的持续性增长。内需：“十五五” 期间电网投资预计将维持稳定增长态势，特高压、数智化等在 2025 年面临较大压力后已出现触底反转预期，主网架与互联互济等环节保持向好态势，我们判断上述板块将在新的五年规划的窗口期下具备布局价值。1）...

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