Ge Lin Qi Huo·2025-11-07 10:40Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - AI competition has shifted from chip competition to power competition, with data center power consumption rising rapidly due to generative AI [4] - The global economy is entering the top - region due to the US's continuous wrong policies, and the US employment situation is deteriorating [20][21] - In the context of the shift in AI competition, the high - allocation directions for large - scale asset allocation are energy storage and power equipment [50] Summary by Related Catalogs AI and Power Competition - The annual power consumption of generative AI is expected to soar from 7TWh in 2023 to 393TWh in 2028, and the US power consumption is expected to hit record highs in 2025 and 2026 [4] - The UK's power grid connection demand has increased from 41GW to 125GW, and the US data centers are purchasing solid oxide fuel cells and other equipment [4] - Some Silicon Valley tech companies, like SpaceX, plan to build data centers in space [5] Corporate News - On November 5, XPeng Motors released a hyper - anthropomorphic robot named IRON [12] - On November 7, Tesla's shareholders' meeting approved Musk's $1 trillion compensation plan, with specific performance targets set [15][18] Global Economic Outlook - NVIDIA CEO believes China will win the AI competition, and Goldman Sachs CEO is optimistic about the stock markets in Hong Kong and the Chinese mainland [20] - The total capacity of US data center projects under planning or construction exceeds 45GW, with an expected investment of over $2.5 trillion [20] - The cyclically - adjusted P/E ratio of US stocks has reached 40 for the second time in history [20] - Consumption in the US is slowing down, and the number of corporate lay - offs in October increased by 183% compared to September [20] US Economic Indicators - US employment is in a downturn, and the number of corporate lay - offs in October was mainly driven by the tech and warehousing industries [20][22] - After the US imposed reciprocal tariffs, China's commodity competitiveness increased, and the US's imports from China in August increased by nearly 40% month - on - month [25] - The US ISM services PMI in October was 52.4, continuing to expand, and the manufacturing PMI showed different trends [28] - The US manufacturing backlog orders in August were at a record high, with a year - on - year increase of 7.1% [31] - The US capital goods imports in August were still high, with a year - on - year growth of 10.5%, indicating the acceleration of "re - industrialization" [34] - The US wholesalers' sales in August reached a record high, with a year - on - year increase of 6.2%, and the retail and food sales increased by 0.6% month - on - month [37][40] International Economic Indicators - The eurozone's manufacturing PMI was flat in October, while the service PMI's expansion accelerated [43] - India's manufacturing and service PMIs in October continued to expand, maintaining growth for over three years [45] - The long - term bond yields in Japan showed an upward trend [48] Large - scale Asset Allocation - The US government shutdown led to a $700 billion increase in the fiscal account, causing a liquidity shock and a decline in US stocks [6][50] - The Shanghai Composite Index returned to 4000 points, and stock index long positions should be mainly allocated to the CSI 300 index [50][51] - Due to the shift in AI competition, transformer exports increased, and the grid equipment ETF reached a new high [50][54] - Driven by energy storage demand, the photovoltaic industry's outlook reversed, and the photovoltaic ETF reached a new high [50][57] - With large - scale AI infrastructure construction, the demand for energy - storage batteries surged, and the battery ETF remained strong [50][59]