Zhi Tong Cai Jing·2026-03-04 01:15Core Viewpoint - The report from CITIC Securities highlights the optimistic outlook for AIDC and overseas expansion, particularly in sectors like space photovoltaics, AIDC, power equipment, and energy storage, while also suggesting attention to high safety margin sectors like the power grid during the domestic demand policy window [1] Group 1: Space Photovoltaics - The satellite photovoltaic battery market is expected to approach 1 trillion yuan in the long term, with satellite launches projected to increase from 5,000 to 100,000 annually between 2026 and 2035, driving total demand for space photovoltaic batteries from 0.1 GW to 5-10 GW [2] - GaAs batteries will dominate in the short term with a penetration rate of 70%, but as costs decrease and technology advances, the penetration of P-type heterojunction (HJT) and perovskite/silicon tandem batteries is expected to rise, particularly with perovskite & silicon tandem batteries projected to reach a 70% penetration rate in the long term [2] Group 2: AIDC & Overseas Expansion - The upgrade of AIDC power supply systems is creating new opportunities, with a clear trend towards overseas power grid upgrades [3] - The AI power supply system is evolving from uninterruptible power supply (UPS) to fully direct current systems, with increasing output voltage levels and accelerated SST solution matching; the demand for supercapacitors is rising due to increased power density in server power supplies [3] - The competitive landscape shows that HVDC segments are dominated by VRT and Delta Electronics, while Taiwanese manufacturers hold an advantage in rack power supplies; domestic supercapacitors and SST products are expected to benefit from capacity shortages and solution iterations, presenting investment opportunities [3] Group 3: Domestic Power Grid Demand - The "14th Five-Year Plan" investment in the power grid is expected to be robust, with significant projects like UHV expected to catalyze growth; the State Grid announced a 4 trillion yuan investment plan for the "15th Five-Year Plan," a 40% increase from the previous plan [4] - The investment will focus on green transformation, aiming for an annual increase of 200 million kilowatts in wind and solar energy capacity, with non-fossil energy consumption targeted to reach 25% and electricity's share of final energy consumption to reach 35% [4] - The report suggests that the current construction of UHV projects is likely to enhance the market's attractiveness, benefiting core equipment segments [4]