Investment Rating - The report highlights a focus on the power equipment industry chain in the context of the rapid growth in electricity demand driven by artificial intelligence technology [1]. Core Insights - The global electricity demand for data centers is projected to reach 945 TWh by 2030, with a current consumption of 415 TWh in 2024, representing 1.5% of global electricity consumption, and growing at an annual rate of 12% [3][9]. - The report identifies 16 companies within the North Exchange's power equipment industry chain, including key players such as Kai Fa Technology, Guangxin Technology, and Can Energy [3][45]. - The median price-to-earnings (P/E) ratio for the electronic equipment industry on the North Exchange has increased from 60.1X to 60.5X, indicating a slight upward trend in valuation [51]. Summary by Sections 1. Current AI Technology Development Driving Electricity Demand Surge - AI operations currently face a lack of sufficient electricity, with projections indicating that global data center electricity demand could reach 945 TWh by 2030 [7][18]. - The rapid increase in electricity demand is pushing the global energy system towards a critical turning point [9]. 2. Total: Median Price Change of North Exchange Technology Growth Stocks at -3.57% - As of November 7, 2025, the median price change for technology growth stocks on the North Exchange was -3.57%, with 27 companies experiencing an increase [47][50]. - Notable gainers included Can Energy (+31.13%) and Hongxi Technology (+19.07%) [49]. 3. Industry: Electronic Equipment Industry P/E Ratio Median Increased by 0.70% to 60.5X - The median P/E ratio for the electronic equipment industry rose to 60.5X, with the total market value decreasing from 1509.9 billion to 1461.4 billion [51][52]. - The report notes a decrease in the number of companies in the >100X P/E ratio category, while those in the 30X-50X and 50X-100X categories increased [51][54]. 4. Announcements - Tianhong Lithium Battery is establishing a joint venture to further develop its energy storage independent power station business [4][38]. - Kai Fa Technology plans to invest in new projects with a total investment of 283.7 million yuan [4][38].

Core Insights - The article argues that the notion of a peak in electricity demand in 2026 is a misunderstanding, as it overlooks the ongoing and increasing demand driven by AI technologies and their integration into various sectors [1][11]. Group 1: Electricity Demand and AI Integration - The demand for electricity is expected to peak in 2026, but this is seen as a transitional point rather than a definitive peak, as AI's integration into society will continue to drive electricity needs upward [1][11]. - The TDCowen survey indicates that the leasing capacity of large-scale data centers reached approximately 7.4GW in Q3 2025, primarily driven by AI, which signifies a long-term, rigid demand rather than a temporary spike [2][3]. - Bloomberg New Energy Finance predicts that global data center electricity capacity will increase from 81GW in 2024 to 277GW by 2035, indicating a tripling of demand from 2025 to 2035, further supporting the argument against a peak in 2026 [3][8]. Group 2: Technological Advancements and Energy Supply - GEV's recent orders and technological advancements, such as hydrogen combustion technology in gas turbines, are positioned to support the increasing electricity demand from AI applications, emphasizing the need for stable, low-carbon energy sources [5][6]. - The acquisition of Prolec is viewed as a strategic move to enhance capacity and ensure stable electricity supply to underserved regions, thereby extending AI applications into rural and developing areas [6][7]. - The integration of AI in energy management systems is expected to optimize electricity supply and reduce waste, demonstrating a symbiotic relationship between AI and energy production [5][6]. Group 3: Market Dynamics and Future Outlook - The article highlights that the current capital market's perception of a peak in electricity demand is a short-term sentiment that fails to account for the long-term growth trajectory driven by AI and technological advancements [10][11]. - GEV's financial health, with a free cash flow of $730 million in Q3 2025 and nearly $8 billion in cash reserves, indicates a strong position to invest in technologies that will support the ongoing growth in electricity demand [9][10]. - The anticipated growth in AI applications and the corresponding electricity needs will require significant investments in infrastructure, including gas turbines and transformers, to meet the evolving demand landscape [8][9].

Core Insights - Current oil prices are relatively low compared to historical averages, with oil averaging $60 per barrel in 2009, indicating a significant price drop when adjusted for inflation [1][2] - The low oil prices are leading to a decrease in oil demand, creating uncertainty about the future direction of the market [1] - Oil constitutes about one-third of total energy consumption, and its low prices could lead to a tightening of the oil market if demand rebounds [2] Industry Analysis - The current oil market is characterized by low prices, which may not reflect the true demand dynamics, as there is a notable decline in oil demand [1] - The relationship between oil and gas prices suggests that oil remains an essential component of the energy mix, despite its limited role in power generation [2] - If oil prices remain low, there is potential for a resurgence in oil demand, particularly in a context where there is an increasing need for energy [2]

Core Insights - Thailand's electricity production is expected to hit a historical low this year due to mild weather and slowing economic growth, leading to a significant decline in natural gas procurement for the country, which is the largest liquefied natural gas importer in Southeast Asia [1] Group 1: Electricity Production and Demand - Official data indicates that electricity production and import volumes have decreased by an average of 5.4% in the first seven months of the year, nearly double the 2.8% decline observed during the same period in 2020 due to COVID-19 lockdowns [1] - This marks only the fourth occurrence of a decline in annual electricity production in nearly forty years of recorded data [1] - Residential electricity demand, which accounts for 31% of total annual consumption, has dropped by over 7% in the first seven months, representing the largest decline on record [1] Group 2: Factors Influencing Demand - The primary factor affecting electricity demand in Thailand this year is identified as weather conditions, with political factors and economic growth being significantly lagging [1] - Industrial and commercial electricity demand has only decreased by 2.8%, despite these sectors accounting for more than two-thirds of Thailand's total annual electricity consumption [1]

Report Industry Investment Rating - The oil market rating for the current week has been adjusted from relatively strong to neutral and volatile [5] Core Views - **Crude Oil**: In Q2, global oil inventories increased by 2.7%, accelerating marginally from 2% in Q1. In the first week of Q3, overall inventories decreased by 0.3% due to crude oil destocking and refined oil stockpiling. The upward drive of strong real - world factors on oil prices may be weakening, and the further upside for Brent above $70 per barrel is limited [5] - **Fuel Oil**: Last week, global fuel oil inventories decreased by 0.7% week - on - week and remained at a low level. The spread between high - and low - sulfur fuel oils in Singapore widened [5] - **Asphalt**: In June, refinery production exceeded the plan, breaking the de - stocking pattern. The increase in asphalt supply is still uncertain, and demand recovery is expected to be delayed [5] - **Natural Gas**: High temperatures have boosted market demand. In the US, the upside is limited before further strengthening of power demand. In Europe, the market is expected to remain volatile [8] - **LPG**: Middle East production pressure persists, and the overseas price continues to be weak. The domestic market is currently experiencing weak supply and demand, with the futures market showing weak volatility [8] - **Container Shipping Index (European Route)**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price. In the medium term, freight rates are likely to decline seasonally [8] Summary by Relevant Catalogs Energy & Shipping Price Trends - **Energy Commodities**: Last week, crude - related products continued to rise, with Brent up 3.1%. By - products LPG and fuel oil were weak. The natural gas market showed mixed performance, with European gas up 5.2% and US gas down 0.89%. The steam coal market continued to rebound [4] - **Shipping**: European route quotes mostly remained stable in late July. US route freight rates bottomed out and stabilized, with SCFI West & East US routes up 5% and 1.2% week - on - week respectively [4] Crude Oil & Oil Products Chain Key Volume and Price Data - **Price Trends**: The crude oil monthly spread declined from a high. The premium of domestic futures was strong. The spot premium of crude oil declined slightly from a high [10] - **Crack Spreads**: Overseas gasoline and diesel crack spreads fluctuated, and the crack spread of high - sulfur fuel oil weakened. Domestic energy - chemical product crack spreads continued to decline with the rebound of crude oil [12] - **Global Oil Consumption High - Frequency Indicators**: The 7 - day average of global commercial flights was down 1.2% year - on - year. The 4 - week average of US refined oil apparent demand was down 1.6% year - on - year [13] - **China's Oil Consumption High - Frequency Indicators**: China's ground congestion index was flat year - on - year, and highway truck traffic was up 0.8% year - on - year. The number of domestic flights was up 2% year - on - year [17] - **Refining Profits & Refinery Operations**: The comprehensive refining profits of refineries in three regions and the refining margins of Chinese refineries are presented in the report, along with refinery capacity utilization rates [19] - **China & India Procurement Shipping Schedules**: In June, China's above - scale crude oil processing volume was up 8.5% year - on - year, and imports were up 7.4% year - on - year. India's crude oil imports and refining product demand also showed certain trends [22] - **Major Oil - Producing Countries' Shipping Schedules**: The shipping schedules of major oil - producing countries such as OPEC 9 countries, Saudi Arabia, Russia, and Iran are presented [24] - **US Crude Oil Production**: Data on US crude oil production, including production volume, four - week average year - on - year growth rate, and rig counts, are provided [26] - **Crude Oil Inventories**: Data on on - land commercial inventories, floating storage inventories, and total inventories of crude oil are presented [28] - **Refined Oil Inventories**: Data on global refined oil inventories, including light distillates, diesel, kerosene, and fuel oil, are provided [31] - **Fund Positions**: The relative net long positions of management funds in Brent and WTI crude oil are presented [33] Asphalt Key Volume and Price Data - **High - Frequency Supply and Demand**: The shipment volume of domestic refinery asphalt increased slightly week - on - week, and the cumulative year - on - year increase decreased by 1 percentage point to 7% compared to the end of June [5] - **Inventory**: Data on domestic asphalt inventories, including refinery inventories and trader inventories, are provided [38] Natural Gas Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the TTF - balance spread, JKM - TTF spread, and HH forward curve are presented [41] - **Short - Term Temperature Forecast**: Short - term temperature forecasts for regions such as Northwest Europe, the US, and China are provided [46] - **European Consumption and LNG Imports**: Data on natural gas consumption and LNG imports in Europe are presented [49] - **US Production and Global LNG Exports**: Data on US natural gas production and LNG exports from the US, Qatar, and Australia are provided [51] - **Inventory Levels and Change Rates**: Data on natural gas inventory levels and change rates in the US and Europe are presented [53] LPG Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the PG - FEI spread, ether - post - carbon - four - civil - gas spread, and Far - East propane - naphtha spread are presented [55] - **Inventory Levels**: Data on propane inventories in the US, refinery inventories in China, and port storage capacity utilization rates in South and East China are provided [57] Steam Coal Key Volume and Price Data - **Trade Spreads and Profits**: Data on inland trade shipping profits, high - calorie coal premiums at Bohai Rim ports, and the import advantages of imported coal are presented [59] - **Upstream Supply**: Data on the weekly production of 442 coal mines in the Three Western Regions, Ordos coal mine operating rates, and China's imported steam coal weekly shipments are provided [62] - **Mid - Stream Transportation**: Data on the supply - demand surplus, number of ships, and inventories at four Bohai Rim ports, as well as inland port inventories, are presented [64] - **Downstream Manufacturing & Construction Industry Prosperity**: Data on sub - industry PMIs, real estate sales areas, cement and coal - to - methanol operating rates, and steel mill blast furnace capacity utilization rates are provided [66] - **Downstream Daily Consumption & Inventory**: Data on the daily consumption and inventory of eight coastal provinces, seventeen inland provinces, and twenty - five provinces across the country are presented [68][69] Container Shipping (European Route) Key Volume and Price Data - **Price Trends**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price, and the basis will gradually converge [71] - **Capacity Turnover**: Data on the idle capacity, sailing speed of container ships, and the scale of container ships in ports in Northwest Europe and Asia are presented [76]

Group 1 - The core viewpoint is that the U.S. requires a significant increase in electricity supply to meet future demands [1]

Core Viewpoint - President Trump emphasizes the need for substantial electricity supply in the United States [1] Industry Implications - The statement indicates a potential increase in demand for electricity, which may lead to investments in energy infrastructure and generation capacity [1] - Companies in the renewable energy sector may see opportunities for growth as the government seeks to expand electricity supply [1] - Traditional energy companies may also be impacted as they adapt to meet the increased demand for electricity [1]