Huaxin Securities·2026-03-16 08:24Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [7][22]. Core Viewpoints - The explosive growth of the AI Agent application OpenClaw is becoming a significant catalyst in the global AI industry chain, with a total token call volume reaching 10.4 trillion tokens in March 2026, marking a 30% week-on-week increase [6][15]. - The report highlights the potential for the Chinese wind power industry chain to expand its overseas market share due to cost and delivery advantages, particularly in light of the UK's recent policy changes that eliminate import tariffs on wind power components [20][21]. - The OpenClaw ecosystem is expected to create a transmission path from application growth to increased token demand, leading to an expansion in computing power, data center construction, and upgrades in electrical infrastructure [18]. Summary by Sections Investment Viewpoints - The report suggests focusing on companies such as Goldwind Technology, Daikin Heavy Industries, and others within the wind power sector due to their competitive advantages in cost and delivery [21]. - The electric power equipment sector is expected to benefit from the growth in AI applications and the wind power industry, maintaining a positive outlook for long-term investments [7][22]. Industry Dynamics - The report notes that the AI industry is transitioning from single-round reasoning to multi-round automated reasoning, significantly increasing the demand for computing power [17]. - The UK has announced the cancellation of import tariffs on 33 wind power components, which is expected to accelerate offshore wind installations and increase equipment import demand [20]. - The report emphasizes the importance of regulatory support for the healthy expansion of the OpenClaw ecosystem, which is crucial for the long-term stability of the AI Agent industry [17]. Key Companies and Profit Forecasts - The report provides profit forecasts for several companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with specific recommendations for investment [10][23].