Core Viewpoint - The rapid iteration of AI technology is significantly increasing energy demand, leading to explosive growth in computing power and the expansion of new load types such as data centers, creating investment opportunities in the power sector [2][3]. Group 1: Investment Opportunities in the Power Sector - By 2025, several stocks in the power sector are expected to double in value, with indices related to ultra-high voltage and power grid equipment showing annual growth exceeding 70% [2][3]. - The "Power Selection Index" rose by 10.49% in 2025, while the "Hang Seng A-Share Power Grid Equipment" index saw a growth of over 70%, indicating strong performance in related ETFs [3]. - Fund managers emphasize the increasing importance of power supply, particularly due to aging infrastructure and energy transition needs, which are driving sustained demand for power equipment [2][3]. Group 2: Electricity Shortage and AI Demand - The ongoing AI boom is creating a strong logic for electricity shortages, particularly in the U.S. where AI data centers face significant power supply constraints, with shortages potentially exceeding 10% in the coming years [4][5]. - AI training, exemplified by OpenAI's GPT-3XL model, can consume up to 11.83 million megawatt-hours annually, highlighting the substantial electricity requirements for AI operations [4]. - By 2027, NVIDIA's GPU clusters alone are projected to consume between 150-200 GW of electricity, equivalent to the total electricity consumption of France, underscoring the critical nature of power supply for AI development [5]. Group 3: Strategic Directions in the Power Industry - Three key areas for investment in the power sector are emerging: 1. The grid side, where demand for power equipment is increasing due to data center integration and aging infrastructure, providing opportunities for Chinese companies in overseas markets [6]. 2. The user side, where data center power density is rising, potentially leading to a shift towards higher voltage and direct current supply architectures [7]. 3. The power source side, where various energy sources such as gas, nuclear, and solid oxide fuel cells are expected to enhance power supply capabilities for data centers [7]. - The overall landscape of the power industry is characterized by supply constraints, increased demand for renewable energy solutions, and China's competitive advantages in energy supply and manufacturing [7].