Investment Rating - The report maintains a positive investment outlook on the power equipment sector, driven by the rapid development of AIDC and ongoing investments in grid construction [3]. Core Insights - The power system is expected to undergo a value and ecological transformation due to the surge in computing power demand driven by AI technology and applications [3]. - The report identifies two main demand drivers (increased electricity demand and enhanced power quality requirements) and three key sectors (generation, grid, and user) that will reshape the power system's value and ecology [3]. - The demand for gas turbines and energy storage solutions is expected to rise significantly due to the expansion of data centers and the need for reliable power supply [3]. - The global grid construction demand is increasing, particularly in regions with aging infrastructure, leading to heightened investment from utility companies [3]. - The report highlights the importance of companies with strong channel resources and technological advantages in capitalizing on these trends [3]. Summary by Sections AI Applications and Power System Transformation - The rapid development of AI applications is reshaping the value of the power system, with significant implications for electricity demand and supply efficiency [4][8]. - The report emphasizes the need for technological upgrades in power supply systems to meet the increasing demands of AI-driven applications [3]. Generation Side: Increased Electricity Demand - The global electricity demand from data centers is projected to reach 415 TWh in 2024 and 945 TWh by 2030, with a CAGR of approximately 15% [16]. - The report notes that the demand for gas turbines is rising as data centers explore on-site generation solutions to enhance energy efficiency and supply resilience [22][23]. - Companies like GE Vernova and Siemens Energy are experiencing a surge in gas turbine orders, indicating a robust market outlook [27][71]. Grid Side: Growing Construction Demand - Aging power grids in developed economies are under pressure, necessitating increased investment in infrastructure upgrades [54][56]. - The U.S. is launching initiatives to accelerate grid infrastructure projects to meet rising electricity demands driven by AI [58]. - European utility companies are also ramping up investments in grid infrastructure to address similar challenges [65]. User Side: Power Supply Technology Evolution - The report highlights a shift towards high-voltage and direct current (DC) power supply systems in data centers to accommodate rising power demands [81][90]. - Major tech companies are transitioning to DC power distribution systems to improve efficiency and support higher power densities [100][104].

（记者 张喜威） 特锐德（300001.SZ）1月7日在投资者互动平台表示，公司根据数据中心的需求、基于公司系统集成优 势，深度融合预制舱式模块化变电站与固态变压器（SST），实现110kV/220KV及以上高压接入整体解 决方案、800V输出，为数据中心提供高效能源解决方案。目前公司已成立专项研发团队，快速推进SST 相关研发及产品化进程，后续研发进展情况将根据深交所的要求进行相应披露，欢迎您关注公司的相关 信息。由于该产品及市场应用场景还存在不确定性。 每经AI快讯，有投资者在投资者互动平台提问：近日，英伟达电力闭门会议明确电力是 AI 终极瓶颈， 定调800V HVDC+SST + 液冷 + 储能是解决电力问题的核心路径，公司明确SST发展方向，当前是如何 集中优势力量，攻克技术、验证和市场对接等问题的？ ...

"算力的尽头是电力"。 AI技术的飞速迭代提高了能源需求，算力爆发式增长推动数据中心等新型负荷快速扩张，也催生了板块的投 资机遇。2025年多只电力板块个股走出翻倍行情，与算力关联更紧密的、反映与特高压及电网设备相关的相关 指数全年涨幅超过七成，连带挂钩ETF也取得不俗涨幅。 多名基金经理认为，电力供应的重要性愈发凸显，叠加海外电网老旧改造与能源转型需求，部分区域电力设施 老化、供电紧张问题凸显，电力设备需求持续旺盛。中国企业凭借完善的产业链、丰富的产品种类及产能优 势，有望进一步受益于海外电力设施建设需求。 "电力短缺"带来投资机遇 在算力热度持续之际，作为其驱动以及约束瓶颈，能源板块虽不如光模块、PCB等耀眼，但亦有不俗涨幅。 2025年全年，"电力精选指数"上涨10.49%，但与算力关联更紧密的、反映与特高压及电网设备相关的"恒生A 股电网设备"指数全年涨幅超过七成，多只成份股走出翻倍涨幅。国泰基金、广发基金旗下两只挂钩产品也业 绩亮眼，其中国泰恒生A股电网设备ETF全年份额增逾2亿份，广发恒生A股电网设备ETF份额则增超2000万 份。 此外，朱雀基金专户投资部投资经理陈亚博表示，AI训练方面，据有关 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The artificial intelligence (AI) industrialization wave is approaching, leading to a rapid increase in demand for Artificial Intelligence Data Centers (AIDC) [4][11] - Power distribution equipment is a crucial component of AIDC and is expected to benefit significantly from the high demand in AIDC [36] - Major companies involved in the AIDC sector are highlighted, indicating potential investment opportunities [3] Summary by Sections Section 1: AI Industrialization and AIDC Demand Growth - AI is at a critical turning point for commercial deployment, driving a rapid increase in demand for intelligent computing power [4][11] - AIDC serves as the physical carrier for intelligent computing power, benefiting from the AI industrialization wave [12] - AIDC is evolving towards high energy consumption and high density, necessitating continuous upgrades in power distribution equipment [30][35] Section 2: Power Distribution Equipment in AIDC - Power distribution equipment is a vital part of AIDC, accounting for approximately 13% of initial investment costs [42] - AIDC's power supply architecture typically employs redundancy designs to ensure high reliability [43][44] - Diesel generator sets are the most common backup power solution for AIDC [56][60] - The transition from UPS to high-voltage direct current (HVDC) systems is anticipated, with HVDC becoming the mainstream architecture in the future [68][86] - The market for server power supplies is projected to exceed 100 billion, with supercapacitors and battery backup units (BBU) being key growth areas [113]

12月25日，上海市中小微企业融资畅通系列活动——金融赋能科技型中小企业专场活动成功举办。市委金融办、松江区、上海金融业联合会、股权投资机 构专家以及9家来自集成电路半导体、生物医药、新材料等领域科技型中小企业代表参会。 在专题分享环节，松江区发展改革委介绍了区内新出台的金融支持助力实体经济高质量发展的政策举措，包括机构集聚扶持、企业并购重组扶持、专项贷 款贴息贴费政策等。交银资本代表股权投资机构分享了股权投资路径和重点关注方向。 在现场对接环节，上海林众电子科技有限公司、理想晶延半导体设备（上海）股份有限公司、上海卓昕医疗科技有限公司等8家企业代表先后进行了项目 路演，介绍了企业的技术创新、核心产品、财务状况、前期融资情况、本轮融资需求及资金用途等情况。诚鼎创富投资、上海科创集团、上海自贸区基金 等专业投资机构就固态变压器（SST）的应用方向及设备散热解决方案，原子层沉积设备（ALD）在面板生产的前、后序工艺的技术水平和应用成熟度， 机器人核心部件研发的技术壁垒，航空航天热控技术客户与市场布局等话题与企业展开了深入交流与互动。围绕科技型中小企业寻求获得股权投资的融资 需求，与会的股权投资机构建议企业更多关注 ...

华源证券发布研报称，OpenAI已将其截至2033年算力投资规模上调至250GW，2030年美国最高用电负 荷有望突破1000GW(目前在820GW上下)，需求大幅上调导致美国可能出现缺电问题。据测算，在2030 年1000GW的最高预测下，考虑/不考虑既定机组退役时，美国电力缺口为182/89GW。美国电力投资增 长对全球产能产生虹吸效应，中国对非美国家和地区出口有望迎来机遇。此外，中美科技竞争背景下， AI有望带动国内电力供需重回紧张周期。 华源证券主要观点如下： 美国电网投资预期上调：2013年美国电网投资首次突破200亿美元，但随后多年保持在200-250亿美元的 区间。2024年起电网投资大规模增加，当年投资额首次突破300亿美元。维持电网可靠性是当前美国电 网投资主要驱动力，而由于负荷增长带来的电网投资占比较低。根据EEI预测，2025/2026/2027年美国 电网投资分别达到378亿、427亿和434亿美元。伊顿、ABB等相关公司对美销售额及在手订单快速增 加。 中国2022—2024年变压器对美出口金额同比增长65%、25%、44%，25Q1-Q3同比增长33%。25Q1-Q3对 非美国地区 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights a significant increase in computing power investment, with OpenAI raising its projected capacity investment to 250GW by 2033, leading to a potential electricity shortage in the U.S. as demand is expected to exceed 1000GW by 2030 [3][12] - The power generation side will rely on gas and nuclear power as primary sources, with storage and solid oxide fuel cells (SOFC) serving as emergency measures [3][29] - The report anticipates a substantial increase in U.S. grid investment, with projections indicating investments will exceed $30 billion in 2024 and continue to rise in subsequent years, presenting export opportunities for domestic companies [3][29] - The evolution towards 800VDC power systems is noted, with SST (solid-state transformers) expected to be a long-term solution for power supply challenges [3][29] - The domestic market is expected to experience a tightening of electricity supply due to AI investments, suggesting potential investment opportunities in domestic power and grid equipment manufacturers [3][29] Summary by Sections 1. Introduction - The report discusses the upward adjustment of computing power investments and the resulting significant electricity supply-demand imbalance in the U.S. [6] 2. Power Generation Side - Gas and nuclear power are identified as the main power sources, while storage and SOFC are positioned as emergency solutions [6][29] - The projected electricity gap by 2030 is estimated at 182GW, considering the retirement of existing power plants [3][29] 3. Grid Investment - U.S. grid investment is expected to increase significantly, with forecasts indicating investments reaching $37.8 billion by 2027 [3][29] - Domestic companies are likely to benefit from increased exports due to rising U.S. grid investments [3][29] 4. Power Equipment - The transition to 800VDC systems is highlighted as a trend, with SST potentially becoming a long-term solution for power supply issues [3][29] 5. Domestic Market - AI investments are projected to lead to a tightening of electricity supply in China, creating new investment opportunities in power and grid equipment sectors [3][29] 6. Investment Analysis - Detailed investment analysis and recommendations are provided in Chapter 6 of the report [3]

Group 1 - Alphabet, Google's parent company, announced the acquisition of data center energy supplier Intersect for $4.75 billion (approximately 33 billion RMB) to enhance power supply for data centers [1] - Intersect specializes in power solutions for data centers, focusing on power supply optimization, energy efficiency, and emergency power support, which aligns with the extreme demand for power stability in AI data centers [1] - The acquisition aims to address the increasing power demand in the U.S. due to aging power grids and the surge in AI, new factories, and overall electrification of the economy [1] Group 2 - The North American power shortage is exacerbated by the rapid growth of AI computing power, with NVIDIA's CEO warning that power shortages are a critical bottleneck for AI development in the U.S. [1] - The U.S. public utility's summer net generation capacity for 2024 is projected at 1,230.4 GW, with a compound annual growth rate (CAGR) of only 1.42% over the past decade, and 8.1 GW of coal-fired power plants are set to retire in 2025, worsening the power gap [1] - New technologies in power supply systems are seen as key opportunities for domestic companies to expand internationally, with solid-state transformers (SST) expected to become the ultimate solution for AIDC power systems [2] Group 3 - Companies with supply capabilities for high-reliability power generation equipment, energy storage devices, and grid-related equipment are expected to benefit significantly from the growing power gap in North America [2] - The trend towards direct current and high voltage in data center distribution is confirmed, with solid-state circuit breakers accelerating in application due to their advantages in arc-free interruption [2] - Companies in the upstream and downstream supply chain, including power generation, storage, and distribution, will directly benefit, leading to increased demand for supporting materials like electrolytes and membranes [2] Group 4 - Sungrow Power Supply, a leading company in the domestic solar-storage sector, has a well-established global layout for its storage business and can meet the dynamic power supply needs of AIDC [3] - Jerry Holdings has recently secured over $100 million in generator orders from North American AI clients [4]

然而，部分区域电网正面临挑战。高盛数据显示，欧洲电网平均服役年限达50年，北美为40年，老旧的 基础设施可能给电网安全稳定运行带来隐患。伍德麦肯兹数据显示，截至10月中旬，美国数据中心项目 规划容量达到245GW。除数据中心以外，美国的制造业、电气化率提升等预计也会加大电力需求，增 加电网的应对压力。 ◎记者 朱妍 在人工智能技术飞速迭代的当下，AI与生产生活的融合日益深化，而支撑这一浪潮的核心要素除算力 外，电力供应的重要性愈发凸显。朱雀基金专户投资部投资经理陈亚博在接受上证报记者采访时表示， 这一趋势有望进一步推动全球电力行业的发展，也催生了全新的机遇与挑战。在这样的背景下，电力行 业的三大领域机会浮现。 "AI对电力的高消耗在训练与推理中都有体现。"陈亚博介绍：训练方面，据有关学者研究测算，以 OpenAI的13亿参数GPT-3XL模型为例，假设ChatGPT每年训练50次，年耗电量高达11.83亿千瓦时；推 理方面，截至今年6月底，我国日均Token的消耗量1年半时间增长了300多倍，推理的长思考提升了 Token消耗数量，长期来看推理需求存在进一步加大电力消耗的可能性。 首先，在电网侧，部分区域受数 ...

AIDC和BESS双线发力 abc 2025 年 12 月 16 日 Global Research 首次覆盖 科士达 AIDC和BESS推动增长加速，首次覆盖评为买入 我们首次覆盖科士达（中国领先不间断电源（UPS）制造商），给予买入评 级，目标价为60.1元。我们预计科士达在2025-27财年每股盈余年复合增长 率将达到44%，高于市场共识的29%，因为我们更看好其在全球UPS市场份 额增长和电池储能（BESS）出货量回升。随着AIDC资本开支增长，我们相 信科士达可与合同制造商达成战略合作从而加快海外市场扩张。此外，我们 预计新一代产品，如高压直流（HVDC），固态变压器（SST）将支撑长期盈 利增长。同时，我们预计2025-27年公司电池储能系统（BESS）业务收入显 著反弹，CAGR将达30%，主要得益于全球BESS需求复苏。 AIDC电力产品增长势头提升 我们看到科士达数据中心产品（主要是UPS）海外在手订单强劲（此类产品 约占H125公司毛利润的70%），反映AIDC需求大增。Q325以来公司在美国 市场的扩张势头增强；鉴于其通过ODM制造与关键客户建立紧密合作，我 们预计其在海外扩张方面有望超 ...