Amid the deepening "dual carbon" goals, the power industry is entering a new cycle of prosperity. State Grid has clarified fixed asset investments of approximately 4 trillion yuan during the "15th Five-Year Plan" period, a 40% increase compared to the "14th Five-Year Plan." As the opening year, State Grid's capital expenditure in 2026 is expected to exceed 720 billion yuan, focusing on UHV main grid construction, urban and rural distribution network upgrades, and digitalization. Southern Grid also maintains high-intensity investment, with fixed asset investment arranged at 180 billion yuan for 2026. Such a massive investment volume will serve as a solid "ballast" for the cable industry's performance growth in the coming years.