中信建投指出，AIDC配套仍为行业重要方向，短期受资金面波动影响。英伟达明确未来SST产业趋 势，SST概念相关标的关注度较高。北美输变电设备紧缺已成共识，出口北美变压器标的关注度提升。 出海景气度延续，2025年1~8月国内电力变压器出口增速达45%以上，北美及中东市场机会值得关注。 电网设备方面，国内特高压（主网投资）及海外需求延续较高景气，2025年1~9月电网累计投资额同比 增长9.94%，行业整体维持稳健增长态势。 （文章来源：每日经济新闻） 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数选取主营业务涉及电网设 备相关领域的内地上市公司证券作为样本，以反映电网设备行业整体表现。成分股覆盖电力网络建设、 技术升级等关键领域，具有鲜明的行业代表性及专业聚焦特征。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 西部证券表示，AI革命进入第二阶段，从"硬投入"转向"软效率"。电力短缺已成为科技巨头面临的 最大挑战，为实现2026年的CAPEX目标，他们必须加速解决电力问题。中国凭借其强大的电力系统和 技术优势，在AI产业中逐渐从"算力配套"转向"电力核心"。此外，中国电力系统的规模、技术和协同能 力在全球范围内领先，这使得其在本轮AI需求下实现了产能价值的兑现。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域 的上市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建 ...

资金持续抢筹电网资产，电网ETF（561380）连续10日净流入超4.3亿元。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域的上 市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 （文章来源：每日经济新闻） 兴业证券表示，在新型电力系统下，电网投资需求稳步增长，国家电网和南方电网加大投资力度，计划 到2025年投入超过8250亿元。特高压工程持续推进，输变电设备企业将迎来业绩兑现期。电网自动化设 备方面，虚拟电厂市场空间广阔，预计到2030年市场规模将达264亿元。全球电网投资景气度提升，中 国出口表现良好，变压器及电度表出口增速显著。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华源证券表示，AI运行缺乏足够电力，到2030年全球数据中心电力需求或将达945TWh。2025年11 月3日，微软CEO萨提亚·纳德拉在与OpenAICEO萨姆·奥特曼日前共同接受采访时表示，当前人工智能 行业面临的问题并非算力过剩，而是缺乏足够的电力来支撑所有GPU运行。2024年全球数据中心耗电量 已达415太瓦时，占全球电力消耗的1.5%，相当于英国全年用电总量，这一数字正以每年12%的速度递 增，预计到2030年翻倍至945太瓦时。电力需求的飞速增长或将全球能源系统推向了关键转折点。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从市场中选取电网设备相关领域的上 市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅 ...

（文章来源：每日经济新闻） 国金证券指出，本轮电力设备行业的高弹性行情源于过去几年因产能过剩被长期低估，在供给侧出清尾 声恰逢海外电力短缺带来的估值与业绩双重修复。当前电力设备板块中，电工仪器仪表交易拥挤度低且 盈利估值匹配度高，存在补涨空间。海外电力短缺凸显中国能源转型产能的价值，市场开始重估中国在 新型能源系统建设中的全球引领能力，以及为制造业提供的低成本能源优势。电力设备行业持续低资本 开支下产能扩张处于底部，库存周期已呈现底部向上趋势。此外，海外缺电导致高耗能产业成本抬升， 中国电力资源充足的相关产业（如有色金属、非金属矿物、钢铁等）竞争优势将进一步显现，全球份额 提升机遇值得关注。短期电力系统重估行情或延续，中期伴随制造业动能修复，用电量增长将推动中国 优势制造的全面重估。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域的上 市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 ...

Core Viewpoint - The recent surge in the new energy sector is primarily driven by the increasing electricity demand in North America, particularly due to the rapid growth of the AI industry and the anticipated power shortages in the region [2][4]. Group 1: Market Performance - Since the end of the National Day holiday, the Wind New Energy Index has risen by 14.29%, while the CSI 300 Index has only increased by 0.82% [1]. - The new energy sector's rise is seen as a long-term opportunity, supported by the growing demand for computing power in North America [1]. Group 2: North American Electricity Demand - North American AI industry growth is expected to significantly increase the demand for data center power, with predictions of a cumulative installed capacity of 30-100 GW over the next five years [2]. - The North American power grid is currently under pressure, with a projected electricity shortfall of approximately 73.2 GW from 2025 to 2030, which could escalate to 201 GW if data center growth exceeds expectations [2]. Group 3: Industry Opportunities - The anticipated electricity shortages in the U.S. are expected to benefit several industries, including power generation (diesel, gas, nuclear), grid interconnection, and data center power upgrades [3]. - Sectors such as energy storage, electrical equipment, and grid infrastructure are likely to see significant benefits from these developments [4]. Group 4: Policy and Fundamental Support - The "14th Five-Year Plan" emphasizes the acceleration of a new energy system, increasing the share of renewable energy, and developing new energy storage solutions [6]. - The new energy sector is positioned as a sunrise industry supported by long-term policies, aligning with national energy security and industrial upgrading goals [6]. Group 5: Industry Dynamics - The sector is experiencing a shift from chaotic competition to improved industry standards, with leading companies leveraging technological advantages and scale to eliminate inefficient capacity [8]. - Emerging areas such as new energy storage, green electricity trading, and hydrogen energy are opening new growth avenues for the sector [7]. Group 6: Demand and Technological Breakthroughs - The demand for lithium batteries is expected to continue rising due to ongoing developments in energy storage and commercial vehicle markets [10]. - Solid-state battery technology is making significant advancements, with breakthroughs expected to resolve existing limitations and enhance performance [10]. - The wind power sector is poised for a new growth cycle, particularly in offshore wind projects, supported by favorable policies and increasing installation rates [10]. Group 7: Investment Opportunities - Investors interested in lithium battery demand and solid-state battery breakthroughs may consider the New Energy Vehicle ETF (159806), which covers the entire lithium battery supply chain [13]. - For those focused on grid equipment, the Grid ETF (561380) is expected to benefit from increased electricity demand driven by AI and related policies [13].

前期受北美AIDC缺电概念影响，电网板块持续走强。当前北美AI产业快速发展，市场对北美算力需求 将大幅增长已达成共识。北美官方机构此前预测未来5年数据中心累计装机量约为30-100GW的水平，而 北美AIDC实际需求可能不断超出预期。面对负荷不断增长的巨大压力，当前北美电源电网难以应对。 根据长江证券的测算，在不考虑大区电网互联带来的抵消作用下，2025-2030年美国将合计产生约 73.2GW的电力总缺口，若数据中心增长超预期，则可能产生201GW的电力总缺口。2025-2027年将是压 力最大的阶段，随着2028年有效电源预测装机的集中投运，压力将稍有缓解，但依然存在一定的电力缺 口。总体来看，未来美国缺电情况将会愈演愈烈。预计美国缺电或将会带动储能、电气设备、电网设备 等领域的出海发展。 2025年1-9月，我国变压器累计出口金额为350.92亿元，同比增长52.73%，呈现高增长态势。国内企业 凭借特高压、智能电网等大型工程积累的技术和经验，在海外市场优势明显。 今日，电网板块回调，电网ETF（561380）跌超1.5%，盘中溢价交易。 电网ETF跟踪恒生A股电网设备指数，电网设备占比超半数，覆盖电网 ...

Core Insights - Nvidia's GB200 architecture features two B200 GPUs paired with an Arm-based Grace CPU, forming a powerful GB200 superchip with a total power consumption of 2700W [1] - The demand for electricity from AI data centers is expected to grow significantly, with projections indicating a potential power shortfall of 73.2GW in the U.S. from 2025 to 2030, which could rise to 201GW if data center growth exceeds expectations [4] - The Chinese government is also focusing on building larger data centers, which will increase AI-related power demands, while promoting the construction of a new energy system [4] Industry Implications - The increasing power demands from AI data centers present a historical opportunity for the power grid sector, potentially reshaping performance and valuation metrics [4] - The ongoing electricity shortages in North America may lead to new opportunities for domestic power grid companies, particularly through the concept of "power export," which could enhance profits and long-term valuation [4] - Investors are encouraged to consider power grid ETFs as a means to capitalize on these emerging trends in the energy sector [4]

华福证券指出，"十五五"规划建议加快智能电网和微电网建设，强调全面提升电网系统互补互济和安全 韧性水平，科学布局抽水蓄能，大力发展新型储能。电网发展面临新能源高比例接入带来的调节能力与 支撑能力双重挑战，亟需加快系统性灵活性调节资源建设和推动主干网架提质升级。 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从内地市场中选取电网设 备相关领域的上市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 （文章来源：每日经济新闻） ...

Core Insights - The electric grid sector continues to perform strongly, with the electric grid ETF (561380) rising over 2% today and achieving a year-to-date increase of over 72%, indicating active capital inflow for five consecutive days [1] Group 1: Electric Grid Sector Performance - The strength of the electric grid sector is primarily influenced by the North American AIDC (Artificial Intelligence Data Center) power shortage concept [1] - There is a consensus on the significant growth in demand for computing power in North America due to the rapid development of the AI industry [1] Group 2: Future Power Demand and Shortages - Official forecasts predict that the cumulative installed capacity of data centers in North America will reach approximately 30GW-100GW over the next five years, with actual demand potentially exceeding expectations [1] - Longjiang Securities estimates that the total power shortfall in the U.S. from 2025 to 2030 could reach about 73.2GW, and if data center growth exceeds expectations, the shortfall could be as high as 201GW [1] - The period from 2025 to 2027 is expected to be the most challenging, with some relief anticipated in 2028 as new effective power sources come online, although power shortages will still persist [1] Group 3: Industries Benefiting from Power Shortages - The anticipated power shortages in the U.S. are expected to drive growth in several industries, including: - Power generation: Expansion of effective power installations such as diesel, gas, and nuclear power [1] - Electric grid: Increased interconnection and the establishment of grid-side energy storage [1] - Data center power supply upgrades: Adoption of direct current power architectures and solid-state transformer (SST) supply architectures [1] - Peak load shaving: Users can reduce peak load levels through energy storage and engage in low-cost charging [1]