新一轮电力超级周期要来了，电气设备板块连续大涨

Core Viewpoint - The recent surge in the electrical equipment sector is driven by the industry's perspective on AI development and power supply, with significant implications for China's energy landscape [4][5]. Group 1: Electrical Equipment Sector Performance - From November 5 to 6, nearly 30 stocks in the electrical equipment sector experienced a surge of over 10%, with more than 15 stocks hitting the daily limit on November 6 [3]. - The strong performance of the sector is linked to insights from industry leaders regarding the future demand for electricity driven by AI advancements [4]. Group 2: AI and Power Demand - Nvidia's CEO stated that China is poised to win the AI race due to favorable regulatory conditions and lower energy costs [4]. - UBS predicts that China's electricity demand will grow at an annual rate of 8% from 2028 to 2030, indicating a "super cycle" for the power industry lasting 5-10 years [4]. - Goldman Sachs projects that by 2027, the power consumption of AI servers will be 50 times that of cloud servers five years ago, with global data center electricity demand expected to surge by 160% by 2030 [4]. Group 3: Challenges and Opportunities in Energy Transition - The core challenge for China is to meet rising electricity demand while achieving a low-carbon transition, which requires a robust new energy infrastructure [5][6]. - The "14th Five-Year Plan" emphasizes the importance of new energy systems, focusing on renewable energy growth and maintaining competitiveness in upstream sectors [5][6]. - Key components of the new energy infrastructure include low-carbon coal transformation, electric vehicle integration, hydrogen energy development, smart grid advancements, and large-scale energy storage [6][7]. Group 4: Policy Support and Market Trends - The inclusion of hydrogen energy in high-level government documents signals a strategic commitment to energy transition and the scaling of hydrogen and fuel cell industries [7]. - Data from the National Energy Administration shows that from January to September 2025, electricity market transactions reached 49,239 billion kWh, a 7.2% increase year-on-year, with green electricity transactions growing by 40.6% [8]. - The State Grid plans to invest over 1.2 trillion yuan in the next three years to address the mismatch between renewable energy supply and demand [8].