AI持续引爆“电力焦虑”，A股电网板块开年大涨21%

Group 1 - The rapid development of AI has led to a surge in electricity demand, resulting in a strong performance in the power grid equipment sector since the beginning of 2026, with a cumulative increase of nearly 21% [1] - The recent rally in the power grid equipment sector is driven by a combination of a 4 trillion yuan fixed asset investment plan by the State Grid during the 14th Five-Year Plan, the explosion of AI computing power, and urgent upgrade needs for power grids in Europe and the US [1][2] - The domestic market is witnessing significant investment in power infrastructure, with the State Grid announcing a 40% increase in fixed asset investment compared to the previous plan, reaching 4 trillion yuan [2] Group 2 - Electricity is becoming a new constraint in the AI investment chain, with power supply limitations posing a challenge to AI expansion, as highlighted by BlackRock's investment strategist [2] - The International Energy Agency (IEA) projects that global data center electricity consumption will double by 2030, driven by the expansion of data centers and AI technology [2] - Domestic advancements in gas turbine technology are expected to provide effective support to the US power supply chain, as China holds a dominant position in the global power equipment sector [3] Group 3 - Despite electricity becoming a hard constraint, the long-cycle trend of the AI computing power industry remains intact, with structural opportunities emerging as investment logic shifts [4] - The current AI wave is compared to the internet boom of 1993, with the industry still in the early stages of an upward cycle, and concerns about an "AI bubble" are considered premature [4] - The long-term value of the computing power sector is viewed positively, as the AI industry transitions from technology penetration to large-scale performance realization, with a rapidly evolving supply chain [5][6]