°市场热点 HALO交易爆发! 抢占"AI电荒"风 1 HALO,即"重资产、低淘汰率"(Heavy Assets, Low Obsolescence)。高盛指出,AI时代资金正在涌向"重资产、 低淘汰"(HALO)实体资产:摩根士丹利也称,这类高壁垒 资产是对冲AI冲击的最佳策略。 ="HALO交易"主导下,电力板块或迎新机遇!基金经理 曹旭辰表示,伴随Al发展,软件等轻资产公司易被取代,能 源、电力等实物资产具备不可或缺性,且AI的发展将持续增 加电力需求,属于AI热潮下的防御性投资。 来源:高盛、摩根士丹利、华宝基金等。 电力ETF华宝 器 159146 一键把握Al能源机遇 全电布局 ·龙头荟萃 ← 标的指数涵盖火电、水电、风电、核电、光伏等发 电方式,权重分别为40.81%、24.81%、14.25%、 11.83%、6.87%,兼具红利及成长属性。 ■ 火电 40.81% 24.81% 水电 14.25% 风电 11.83% 核电 光伏发电 6.87% 1.43% | 电网 数据来源:中证指数公司,分类为中证四级行业,截至2025年12月31日。 � 标的指数前十大权重股为长江电力、中国核电、三 ...

Core Insights - The A-share market for electricity and energy storage sectors experienced a surge, with stocks like CanEnergy and YN Power hitting the daily limit, and the overall grid equipment sector rising nearly 5% [1] - A recent podcast featuring Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman highlighted the critical issue of power supply in the AI industry, emphasizing that the speed of infrastructure development is lagging behind the demand for electricity [2][3] Group 1: Market Reactions - The discussions between tech leaders have reignited interest in the relationship between computing power and electricity, with phrases like "the end of computing power is electricity" gaining traction [3] - The AI industry's electricity demand is projected to double within five years, indicating a potentially conservative estimate given the current growth trends [3] Group 2: Industry Challenges - Altman raised concerns about the viability of current electricity contracts if new, low-cost energy sources emerge, suggesting that significant losses could occur if technology advances rapidly [4] - The U.S. AI sector is projected to face a power shortfall of at least 50GW by 2028, which could hinder its ability to compete with China in AI development [5] Group 3: Regional Perspectives - In contrast to the U.S., China does not face significant electricity shortages, but balancing computing power development with carbon neutrality goals remains a challenge [6] - The ongoing discussions about electricity supply and costs are becoming a focal point in U.S. elections, with local movements against data center constructions gaining momentum [5][6]