智通财经网·2026-03-05 07:15Core Insights - The report from CICC highlights the challenges faced by overseas data centers, particularly the "difficulty in finding electricity," with waiting times for congested power grids in some regions of Europe and the U.S. reaching up to 7 years. This situation is influencing capital flows, with Nordic, Southern European, and emerging markets attracting attention from large developers. In the U.S. and Europe, self-supply of electricity is shifting from optional to essential in certain FLAP-D market areas, prompting exploration of various new power supply solutions. The supply-demand imbalance overseas presents an accelerated opportunity for Chinese manufacturers to expand internationally and capture high-elasticity market opportunities. The report suggests focusing on three investment directions: on-site power supply (such as gas turbines), grid equipment, and solid-state transformers (SST) [1]. Power Supply Side - On-site power supply is becoming a mainstream solution, with gas turbines expected to see a rise in both order volume and price by 2025. Leading overseas manufacturers are experiencing supply tightness, with delivery times exceeding 3 years, creating market breakthrough opportunities for Chinese manufacturers. Dongfang Electric's G50 gas turbine achieved its first export last year. Additionally, various forms such as SOFC, SMR, and geothermal systems each have unique characteristics. The combination of self-supply and grid solutions is viewed as a highly feasible direction for the future [1]. Grid Side - The global electricity cycle is witnessing a significant increase in China's transformer exports. As AIDC scales up to the hundred-megawatt level and requires dedicated substations, slow approval processes have historically hindered effective development of transmission in Europe and the U.S., leading to a supply gap in core equipment like transformers. By 2025, China's transformer export value is expected to reach a new high, with Chinese companies that possess complete industrial chains and rapid delivery capabilities likely to continue expanding their market presence [2]. Data Center Side - Solid-state transformers (SST) are expected to facilitate AIDC's integration with the power grid. SSTs can adapt to scenarios requiring coordinated computing and electricity, working alongside energy storage systems to provide auxiliary services such as peak shaving and frequency regulation. SSTs leverage power electronics technology for rapid response and active control, mitigating the impact of AI model training on the power grid. Chinese manufacturers with strong grid understanding and market channel capabilities are anticipated to stand out in this area [3]. Recommended Companies - The report recommends focusing on strong overseas-capable grid equipment companies, including: - Siyuan Electric (002028.SZ) - Igor (002922.SZ) - Mingyang Electric (301291.SZ) - Jinpan Technology (688676.SH) - Huaming Equipment (002270.SZ) - China XD Electric (601179.SH) - TBEA (600089.SH) Additionally, companies like Sifang Co. (601126.SH) and Dongfang Electric (600875.SH) are expected to see export breakthroughs [4].