AI算力缺电现象不断深入，电网设备ETF（159326）冲击4连阳，全市场最“纯”电网指数

Group 1 - The A-share market showed mixed performance on February 11, with the Shanghai Composite Index slightly up while the Shenzhen Component and ChiNext Index retreated. The electric grid equipment sector rose against the trend, with the electric grid equipment ETF (159326) increasing by 0.17% and achieving a transaction volume of 683 million yuan. Key stocks such as Huaming Equipment hit the daily limit, while Ping An Electric, Hangdian Co., Mingyang Electric, State Grid Information, and Dongcai Technology also saw gains [1] - The global AI computing power surge has led to electricity shortages, particularly in North America, which has become a systemic challenge affecting generation, transmission, and end-use. Reports indicate that the global AI computing infrastructure is entering an explosive growth phase, with transformers becoming core components of this infrastructure. In regions like Guangdong and Jiangsu, transformer factories are operating at full capacity, with some orders for data center-related businesses extending to 2027 [1] - According to China International Capital Corporation (CICC), global investment in electric grids is entering a prosperous cycle, driven by the need for upgrades in Europe and North America, which aligns with China's "14th Five-Year Plan" investments. This opens up long-term growth opportunities for the industry. Domestic electric grid equipment companies possess technological and cost advantages, with potential for overseas expansion, particularly for those with high overseas revenue ratios and well-established overseas production capacities. Additionally, the demand for grid upgrades driven by AI computing power is underestimated, with expectations that global data center-related grid investments will exceed 500 billion USD from 2026 to 2030, benefiting related power equipment and dispatch system companies [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with over 78% of its holdings in the electric grid equipment sector. It has the highest weightings in smart grid (90%) and ultra-high voltage (67%) among all market indices. This ETF provides exposure to leading companies such as TBEA, China XD Electric, Baobian Electric, Siyuan Electric, Guodian NARI, and Igor, which are prominent players in overseas markets [2]