Hua Yuan Zheng Quan·2025-11-10 12:55Investment Rating - The report highlights a focus on the power equipment industry chain in the context of the rapid growth in electricity demand driven by artificial intelligence technology [1]. Core Insights - The global electricity demand for data centers is projected to reach 945 TWh by 2030, with a current consumption of 415 TWh in 2024, representing 1.5% of global electricity consumption, and growing at an annual rate of 12% [3][9]. - The report identifies 16 companies within the North Exchange's power equipment industry chain, including key players such as Kai Fa Technology, Guangxin Technology, and Can Energy [3][45]. - The median price-to-earnings (P/E) ratio for the electronic equipment industry on the North Exchange has increased from 60.1X to 60.5X, indicating a slight upward trend in valuation [51]. Summary by Sections 1. Current AI Technology Development Driving Electricity Demand Surge - AI operations currently face a lack of sufficient electricity, with projections indicating that global data center electricity demand could reach 945 TWh by 2030 [7][18]. - The rapid increase in electricity demand is pushing the global energy system towards a critical turning point [9]. 2. Total: Median Price Change of North Exchange Technology Growth Stocks at -3.57% - As of November 7, 2025, the median price change for technology growth stocks on the North Exchange was -3.57%, with 27 companies experiencing an increase [47][50]. - Notable gainers included Can Energy (+31.13%) and Hongxi Technology (+19.07%) [49]. 3. Industry: Electronic Equipment Industry P/E Ratio Median Increased by 0.70% to 60.5X - The median P/E ratio for the electronic equipment industry rose to 60.5X, with the total market value decreasing from 1509.9 billion to 1461.4 billion [51][52]. - The report notes a decrease in the number of companies in the >100X P/E ratio category, while those in the 30X-50X and 50X-100X categories increased [51][54]. 4. Announcements - Tianhong Lithium Battery is establishing a joint venture to further develop its energy storage independent power station business [4][38]. - Kai Fa Technology plans to invest in new projects with a total investment of 283.7 million yuan [4][38].