【电新环保】本轮春季躁动，AIDC电源储能、锂电、氢氨醇为布局重点——行业周报251228（殷中枢/郝骞/陈无忌/何霖/邓怡亮）

Overall Viewpoint - The AIDC power/storage sector is experiencing a positive outlook, with North American AI chain focusing on light modules, liquid cooling, AIDC power, and AI storage. Recent developments in liquid cooling have opened up new opportunities for AIDC power overseas orders, and the 26H2 HVDC technology solution is expected to see increased volume. Collaboration related to SST is also anticipated to yield results. The overseas energy storage market remains robust, with the logic of electricity shortages in the U.S. unchanged, and a temporary easing of U.S.-China relations. The market is currently less sensitive to BBB and 301-related legislation, warranting continued attention to AIDC power and overseas storage sectors [4]. Group 1: AIDC Power/Storage - The North American AI chain is prioritizing light modules, liquid cooling, AIDC power, and AI storage, with liquid cooling trends enhancing the potential for AIDC power overseas orders [4]. - The 26H2 HVDC technology solution is expected to facilitate increased production, while SST-related collaborations are projected to gradually materialize [4]. - The overseas energy storage market remains favorable, with the U.S. electricity shortage logic still intact, and a temporary thaw in U.S.-China relations [4]. Group 2: Lithium Battery - Recent environmental assessments for the Jiangxia lithium mine and Tianqi Lithium's decision to not use SMM pricing have influenced the market, with several lithium iron phosphate companies announcing production cuts to strengthen pricing negotiations [4]. - Changes in the supply side of lithium carbonate and the "anti-involution" logic are enhancing price support expectations, leading to a recovery in the lithium battery sector during the spring market [4]. - The investment hierarchy for lithium battery materials is as follows: lithium carbonate > lithium hexafluorophosphate > aluminum foil > separator > copper foil > anode [4]. Group 3: Hydrogen Ammonia and Wind Power - During the 14th Five-Year Plan, hydrogen ammonia is viewed as a significant direction for new energy consumption and non-electric applications, supported by future industry prospects and the EU carbon tariff in 2026 [5]. - The National Development and Reform Commission emphasizes the potential for coordinated, large-scale, and advanced construction of hydrogen ammonia projects [5]. - Although Goldwind Technology's stock has surged due to commercial aerospace trends, market expectations for hydrogen ammonia remain relatively low, indicating a need for continued focus [5].