英伟达业绩炸裂，AI高景气引爆电力需求，关注电网ETF（561380）

Group 1 - Nvidia's Q4 FY2026 earnings report shows revenue, net profit, and guidance exceeding market expectations, highlighting the strong demand for AI computing power [1][3] - Customers have deployed 9GW of Blackwell infrastructure, indicating a significant increase in AI computing power translating into real electricity demand, putting unprecedented pressure on the North American power grid [1][3] - The data center business generated $62.314 billion in revenue, a 75% year-over-year increase, with networking revenue reaching $10.980 billion, up 263% year-over-year and 34% quarter-over-quarter, driven by NVLink 72 scale-up switches [3] Group 2 - The focus on "performance/watt" is critical, with Nvidia's GB300 NVL72 offering 50 times the performance per watt and reducing costs by 35 times per token compared to market alternatives [4] - North America is experiencing a real electricity shortage due to the rapid expansion of AI, with PJM planning to increase grid investments to support data center demands, indicating a long-term planning shift [5] - The supply chain constraints are limiting natural gas power generation growth, with delivery cycles extending from 2 years to 5 years, necessitating alternative power supply methods [5] Group 3 - During the 14th Five-Year Plan, the State Grid's fixed asset investment is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with a focus on enhancing cross-province transmission capacity by over 30% [6] - The establishment of a unified national electricity market by 2030 aims to increase market-based electricity trading to about 70%, providing a structured foundation for electricity asset revenue [8] - The electric grid ETF (561380) offers a diversified investment opportunity across the electric power industry, covering key components such as transformers and communication cables, benefiting from the strong demand driven by AI [9][10]