Di Yi Cai Jing·2025-12-15 23:52Group 1 - The core viewpoint is that the company is optimistic about the growth magnitude and duration of electricity demand, driven by overseas AI development and the increase in domestic electrification rates [1] - The company anticipates a super cycle in electricity development, with both sustainability and magnitude exceeding expectations [1] - Although short-term energy structure may exhibit cyclical attributes due to bottlenecks in the new energy system, the manufacturing nature of new energy and low resource dependency will ultimately lead to parity in the future system, resulting in non-linear growth in the industry [1] Group 2 - The global backdrop of tight electricity infrastructure indicates that the market has not fully recognized the revaluation of traditional electrical equipment (grid power sources), which presents significant valuation gaps [1] - The anticipated shortage of main network equipment next year and the export of traditional power equipment will create differentiated investment opportunities [1]