11月6日电网ETF延续强势，上午开盘之后迅速冲高，下午震荡，收涨2.39%。 资料来源：wind 在英伟达GB200的产品架构中，两个B200 GPU与一个基于Arm的Grace CPU进行配对，组成一张GB200超级芯片。Blackwell B200 GPU单颗芯片的功 耗1000W，一颗Grace CPU和两颗Blackwell GPU组成的超级芯片GB200的功耗达到了2700W。由于半导体工艺的改进，下一代Rubin架构的产品单芯片算 力或明显加强，功耗增强更多。 据长江证券测算，假设2024年基本平衡，则不考虑大区电网互联带来的抵消作用，2025-2030年，美国将合计产生约73.2GW电力总缺口，若数据中心 增长超预期，则可能产生201GW电力总缺口，约为北美当前最高负荷的25%。 国内方面，一方面国内也正组建规模更加庞大的数据中心，相关AI电力需求或快速增长；另一方面，近期公布的《中共中央关于制定国民经济和社 会发展第十五个五年规划的建议》明确提出"加快建设新型能源体系。此外，合理预期美国面临电力缺口可能有相关的工程动作，电力出海逻辑或在未来 一段时间演绎。 电网板块迎来历史机遇，新型叙事或推 ...

Market Overview - The market showed strong fluctuations on November 6, with the Shanghai Composite Index rising above 4000 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.06 trillion yuan, an increase of 182.9 billion yuan compared to the previous trading day. The Shanghai Index rose by 0.97%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.84% [1] Sector Performance - The computing power sector saw a significant increase, led by domestic computing power stocks. Additionally, sectors such as non-ferrous metals and mining rebounded, while the power grid continued its strong performance [1] - The technology sector is expected to remain active in the wake of the earnings vacuum period starting in November, with computing power being a core performance line. Investors are encouraged to consider buying on dips in this sector [1] Investment Opportunities - Several new domestic GPU manufacturers are expected to go public in mid-November, which may serve as a catalyst for the market. The price increase in storage is anticipated to continue into Q4, with capacity shortages expected to persist until 2026. There are also expectations for major domestic storage companies to go public in 2026 [1] - The Sci-Tech Chip ETF (589100) is highlighted as a potential beneficiary of the storage price increase, while the Semiconductor Equipment ETF (159516) is noted for its cost-effectiveness amid the expansion of advanced processes and storage demand [1] Electric Grid Sector - The new narrative surrounding the electric grid may reshape performance and valuation fundamentals. Despite prior consensus on the high electricity consumption of AI data centers, the ongoing power shortages in North America have led to a new opportunity for domestic electric grid companies through power exports. This could enhance profits and potentially raise valuation levels [2] - Investors are advised to pay attention to the Electric Grid ETF (561380) as a potential investment opportunity in this context [2]

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index rising above 4000 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.06 trillion yuan, an increase of 182.9 billion yuan compared to the previous trading day. The Shanghai Index rose by 0.97%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.84% [1] Sector Performance - The computing power sector rebounded, with domestic computing power leading the gains. The Science and Technology Innovation Chip ETF rose by 4.73%, the Integrated Circuit ETF by 3.82%, the Chip ETF by 3.71%, and the Semiconductor Equipment ETF by 3.48% [2][3] AI and Storage Market Dynamics - Due to the AI demand, major overseas manufacturers are shifting their production capacity towards DDR5 and HBM, leading to a supply-demand mismatch and price increases for DDR4 and other products. From Q2 2025, mainstream storage product prices have been rising quarter-on-quarter, with NAND Flash prices also increasing. The price hikes are expected to continue due to sustained AI demand, potentially exacerbating the tight supply situation through 2026 [6][8] Electric Grid Sector Opportunities - The electric grid sector is poised for historical opportunities, driven by the increasing power demand from AI data centers. The U.S. is projected to face a power shortfall of approximately 73.2 GW from 2025 to 2030, which could rise to 201 GW if data center growth exceeds expectations. This situation may lead to new opportunities for domestic electric grid companies, particularly in the context of power exports [11][12]

还是先说一下最近聊的比较多的美国缺电问题，可以从几个方面可以看到这个话题确实越来越火了。 电力出海持续升温 最直观的当然是这方面的新闻越来越多了，主要北美大佬们都在讲美国缺电的问题了。 其次像本营/久谦这种专家平台上，跟这个相关的话题也变多了，下面这个图是本营首页上展示的，我 也并没有搜索什么关键词，连着三篇都是跟这个相关的。 还有就是这方面的专家咨询的需求也越来越多了，好像机构/券商们都在找这方面的产业专家。 最后当然是这个板块最近的表现都一直不错，走出了一波漂亮的行情。 下面更新几个HVDC/SST的最新进展。 根据本营的信息，目前伊顿的固态变压器产品处于小规模试点试用阶段。2024年12月，已向合作伙伴世 纪互联供货三套设备用于试点项目，至今已接近一年。海外市场的主要试点客户是英伟达和谷歌，但具 体的试点情况细节并不清楚，因为美国 市场的项目由当地公司负责。交付给海外客户的产品与国内版 本不同，主要是为了适应当地的电网标准。例如，美国的中压电网为13.8千伏，而国内是10千伏，因此 产品的输入端规格需要根据当地标准进行定制化设计。 后续的研发方向主要包括几个方面。首先是产品线的完善，需要针对不同国家和地 ...

电力出海的话题持续在升温，我们之前文章中提到的公司，最近都表现不错。金盘和伊戈尔都涨 停，京泉华、四方也都涨的不错。我们在星球中很早之前就说过： 美国缺电的话题将是一个未来的 一个主线话题，给产业链公司带来的价值增量是非常可观的。 最近几篇文章，我们聊了非常多的美国缺电和电力出海的话题，而最近越来越多关于缺电 的新闻也爆出来了： 伊顿收购宝德--SST导入液冷方案？ 星球中可以查看更多AI链出海公司的讨论和数据。 台达的HVDC方案和产业链公司 电力出海价值挖掘、美国的电力体制 中美达成贸易框架、电力出海 AI数据中心的下半场：电力和节能 昨天文章，我们分析了伊顿收购宝德的热管理部门，标志着液冷的2.0时代到来： 知识星球 半导体AI产业交流 有兴趣的读者可以加下面微信，请备注姓名和所在行业。 ...