"算力的尽头是电力"，这一命题在今年以来海外"电荒"愈演愈烈的背景下已经从一个看似遥远的预言，变 成了引人注目的现实问题。而当前AI数据中心使得全球电力供应走向全面紧张，电价中枢拾级而上的态 势，也有望助推电力行业迎来新一轮的价值重塑。绿色电力ETF易方达（562960，场外联接A/C: 019058/019059）一键打包风光、水电、火电转型龙头企业，可以成为投资者关注AI带动下电力行业景气 攀升机遇的便捷工具！ 1. 海外"电荒"来袭，欧美电力价格涨势迅猛 全球AI全面发展，电力需求与日俱增，而以美国为代表的海外国家电力供应系统则对此显得捉襟见肘。 2025年1月，美国官方《Declaring a National Energy Emergency》行政令宣布美国进入能源紧急状态，行政 令明确指出由于人工智能数据中心的扩张以及国内制造业的增长等技术的快速进步，美国正经历前所未有 的电力需求激增。市场对美国缺电的担忧逐步强化。海外"电荒"的来势凶猛从电力价格走势上可见一斑。 在2024年至今的能源价格下行周期，原油、煤炭价格均有回落，但美国电价却开始飙升。美国电力PCE指 数拉升至近十年以来的高位。欧盟各国 ...

Group 1 - The core viewpoint of the articles highlights that the decline in electricity prices has significantly impacted the profitability and valuation of the electric utility industry this year, but the recent policy to stabilize electricity prices is expected to boost long-term contract price expectations for 2026 [1][2] - The "stabilize electricity price" policy was introduced during a meeting of state-owned enterprises, aiming to address the core contradictions in the electricity industry and alleviate concerns about weak long-term contract prices for 2026 [2] - The profitability of the thermal power industry is influenced by three main factors: coal prices, electricity prices, and utilization hours, with the current focus on stabilizing electricity prices to avoid excessive competition among power generation companies [2] Group 2 - High electricity load and strong demand are expected to support electricity prices, with significant increases in electricity load observed, such as a record high of 1.465 billion kilowatts in July, indicating manageable risks for future price declines [5][7] - The "anti-involution" policy and increased winter coal demand have led to a rise in coal prices, with the Qinhuangdao Q5500 thermal coal price reaching 748 yuan per ton, marking an 8% month-on-month increase and a 23% rise from the year's low [9][10] - The establishment of capacity pricing mechanisms is expected to stabilize the profitability of thermal power assets, with the capacity price for coal power units set at 330 yuan per kilowatt per year, which could further enhance the valuation of thermal power assets if implemented successfully [12][13] Group 3 - The electric power sector is currently in a critical verification period for recovery, benefiting from a market shift from growth to value, which presents a favorable configuration window for investments in green electricity ETFs [15]

Group 1 - The Hong Kong medical ETF (159366) led the gains with an increase of 2.26% [1] - The automotive parts ETF (562700) rose by 2.05% [1] - The 2000 ETF enhancement (159553) saw an increase of 2.01% [1] Group 2 - The green power ETF from E Fund (562960) was the biggest loser, declining by 2.05% [1] - Another green power ETF (561170) also fell by 2.05% [1] - The power ETF fund (561700) decreased by 2.03% [1] Group 3 - A-share accounts can now buy Hong Kong stocks with T+0 trading without the need for Hong Kong Stock Connect [1]