数据中心引发全球“用电荒”，关注电网设备行业超级周期

Core Viewpoint - The electric grid equipment sector is experiencing a downturn alongside the broader A-share market, but it has shown resilience with significant inflows into the electric grid equipment ETF, indicating strong investor interest and potential growth opportunities in the sector driven by AI and energy demands [1][2]. Group 1: Market Performance - As of December 2, the A-share market indices collectively retreated, with the electric grid equipment ETF (159326) declining by 1.34% and a trading volume of 126 million yuan [1]. - The electric grid equipment ETF has seen net inflows for three consecutive trading days, totaling over 208 million yuan, reaching a new high of 2.096 billion yuan in total assets [1]. Group 2: Industry Dynamics - The AI computing boom is causing global electricity supply tensions, with Microsoft highlighting electricity shortages as a bottleneck for AI industry development, transforming electric grid equipment from traditional infrastructure to a core asset of the digital economy [1]. - The demand for electricity driven by AI and the necessity for grid upgrades provide strong support for the long-term development of the electric grid equipment industry [1]. - CITIC Securities emphasizes the importance of a new energy system in the "14th Five-Year Plan," focusing on long-term development priorities such as consumption, resilience, and electrification in power system construction [1]. - The policy guidance is expected to solidify medium to long-term opportunities in ultra-high voltage, flexible DC transmission, and smart grid sectors, while short-term demand for transmission and transformation equipment is showing structural growth [1]. Group 3: ETF Composition - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, cable components, and distribution equipment [2]. - The ultra-high voltage segment holds a significant weight of 65% in the index, the highest in the market [2].