Core Insights - The new energy sector is experiencing a significant rally, with stocks such as Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda reaching their daily limit up, contributing to a 4% surge in the Electric Grid Equipment ETF and a 3% increase in the Huaxia New Energy ETF [1] Industry Developments - The "14th Five-Year Plan" emphasizes new energy and nuclear fusion as new economic growth points, aiming to increase the supply ratio of new energy and accelerate the construction of a new energy system [2] - Sunshine Power's Q3 earnings exceeded expectations, with a net profit of 4.147 billion yuan, a year-on-year increase of 57.04%. Ganfeng Lithium turned profitable in the first three quarters, while TCL Zhonghuan significantly reduced losses in Q3. The new energy sector is seen as a core area for profit recovery [2] - According to AVIC Securities, demand from data centers will continue to drive overseas electricity and energy storage needs, opening up new applications in the energy storage industry. The rapid development of AI and information technology is expected to sustain global electricity demand growth and raise new requirements for grid reliability and intelligence [2] Notable Products and Performance - The Huaxia New Energy ETF (159368), which tracks the New Energy Index, rose by 3.25%. Key holdings include CATL (global power battery provider), Inovance Technology (automation equipment leader), Sunshine Power (inverter leader), Yiwei Lithium Energy, and XINWANDA (lithium battery giant) [3] - The Electric Grid Equipment ETF (159326), which tracks the China Securities Electric Grid Equipment Theme Index, increased by 4.19%. Major holdings include NARI Technology (domestic smart grid leader), TBEA (core supplier of global ultra-high voltage equipment), and Suyuan Electric (power equipment R&D and manufacturing) [3]

Core Insights - The demand for computing power is rapidly increasing, with Karamay emerging as a surprising beneficiary due to its historical context and resource-based economic challenges [1][3] - Karamay's 2024 general public budget revenue is projected to reach 12.22 billion yuan, a year-on-year increase of 10.6%, while expenditures are expected to be 15.46 billion yuan, growing by 21.9% [1] - The city has a high per capita GDP of 271,400 yuan, ranking second nationally, indicating its capacity for industrial diversification [1] Industry Development - Karamay has a history of focusing on production efficiency, with early investments in digital oil fields by major companies like PetroChina, which have fostered local talent and information technology enterprises [2][3] - Local software companies, such as Xiaoma Juli, have developed strong service capabilities and are expanding their market reach beyond Karamay, leveraging local resources and expertise [2] - The government has prioritized the development of the information industry since 2010, establishing Karamay as a well-known base for film rendering and now pushing for advancements in computing power [3]