暴力拉升！下一个光模块、PCB？

Core Viewpoint - The article emphasizes that electricity has become a critical constraint for the growth of AI computing power, with significant investment opportunities arising from the impending electricity shortages in data centers, particularly in the U.S. [2][19][45] Group 1: Electricity Demand and Supply Gap - Morgan Stanley predicts that from 2025 to 2028, the potential electricity shortfall for U.S. data centers will reach an astonishing 49GW [3][25]. - The annual electricity consumption in the U.S. is expected to increase significantly over the next decade, primarily driven by the commercial sector, including data centers, and the industrial sector [21]. - The electricity demand from generative AI is projected to surge from 7TWh in 2023 to 393TWh by 2028, indicating a remarkable compound annual growth rate [24]. Group 2: Investment Opportunities in Power Supply Solutions - Companies that can address the power supply bottlenecks in data centers are expected to benefit directly from this trend [4][35]. - The shift from traditional UPS systems to high-voltage direct current (HVDC) solutions is anticipated, enhancing energy conversion efficiency and meeting high power demands [32]. - The demand for high-voltage power supply solutions is expected to grow, with domestic companies likely to gain advantages in research and development speed [32][39]. Group 3: Market Performance and Trends - The electric grid equipment ETF (159326) has seen significant inflows, with a net inflow of over 7 billion yuan in the past month, indicating strong market interest [36]. - The non-UHV main network sector has shown impressive performance, with a year-on-year net profit growth of 38.2% in Q3, driven by high export demand and sustained domestic construction needs [39]. - The article highlights the potential for companies in the electric grid equipment sector to emerge as the next big players, similar to previous successes in the optical module and PCB markets [42]. Group 4: Future Outlook - The competition in generative AI is increasingly becoming an energy competition, where the availability of electricity is crucial for operational capabilities [44]. - The anticipated electricity shortfall presents both challenges and substantial investment opportunities across generation, transmission, storage, and energy efficiency management sectors [45].