Units directly under the State Grid include State Grid International Development Co., Ltd., Shandong Luneng Group Co., Ltd., State Grid Corporation Operation Branch, State Grid Xinyuan Holdings Co., Ltd., State Grid Energy Development Co., Ltd., State Grid Information Communication Co., Ltd., State Grid Corporation DC Construction Branch, State Grid Corporation Exchange Construction Branch, China Electric Power Research Institute, State Grid Electric Power Research Institute, State Grid Beijing Economic and Technological Research Institute, State Grid Energy Research Institute, China Power Technology and Equipment Co., Ltd., Gao Ping Group Co., Ltd., Xuji Group Co., Ltd., State Grid Smart Grid Research Institute, Ying Da Media Investment Group Co., Ltd., Zhongxing Power Industry Development Co., Ltd., State Grid Corporation Advanced Training Center, State Grid Technology Research Institute, China Anneng Construction Group Company, Ying Da International Holding Group Co., Ltd., China Power Finance Co., Ltd., Ying Da Taihe Property Insurance Co., Ltd., Ying Da Taihe Life Insurance Co., Ltd., Yingda International Trust Co., Ltd., Ying Da Securities Co., Ltd., Changan Insurance Broker Co., Ltd. and Ying Da Futures Broker Co., Ltd.