Core Viewpoint - The report from Zhongtai Securities indicates that the domestic and overseas AI-driven data center (AIDC) industry will continue to evolve, positively impacting stock performance, while the demand for power equipment in overseas markets, particularly the U.S., remains tight, providing opportunities for domestic supply chains to expand internationally [1] Group 1: AIDC Industry Trends - The AIDC industry is expected to see sustained growth in capital expenditure from overseas cloud providers, leading to increased demand for AIDC [1] - The total power capacity of data centers is rising, necessitating technological upgrades for both internal and external power supplies, which will drive industry trends [1] Group 2: Power Supply Equipment - External power supply (SST) is in the initial phase of industrial transformation, shifting from UPS to HVDC and SST, which will drive the SST industry chain from 0 to 1 [1] - Internal power supply (PSU) is identified as the only segment within the AIDC power supply sector with guaranteed performance release, with potential for stock price appreciation if demand exceeds expectations [1] Group 3: Domestic Power Grid Developments - There is a steady increase in capital expenditure for domestic power grids, with a focus on ultra-high voltage projects, a recovery in meter bidding, and the resumption of distribution network tenders [1]