11月6日电网ETF延续强势，上午开盘之后迅速冲高，下午震荡，收涨2.39%。 资料来源：wind 在英伟达GB200的产品架构中，两个B200 GPU与一个基于Arm的Grace CPU进行配对，组成一张GB200超级芯片。Blackwell B200 GPU单颗芯片的功 耗1000W，一颗Grace CPU和两颗Blackwell GPU组成的超级芯片GB200的功耗达到了2700W。由于半导体工艺的改进，下一代Rubin架构的产品单芯片算 力或明显加强，功耗增强更多。 据长江证券测算，假设2024年基本平衡，则不考虑大区电网互联带来的抵消作用，2025-2030年，美国将合计产生约73.2GW电力总缺口，若数据中心 增长超预期，则可能产生201GW电力总缺口，约为北美当前最高负荷的25%。 国内方面，一方面国内也正组建规模更加庞大的数据中心，相关AI电力需求或快速增长；另一方面，近期公布的《中共中央关于制定国民经济和社 会发展第十五个五年规划的建议》明确提出"加快建设新型能源体系。此外，合理预期美国面临电力缺口可能有相关的工程动作，电力出海逻辑或在未来 一段时间演绎。 电网板块迎来历史机遇，新型叙事或推 ...

Core Viewpoint - The article emphasizes the increasing importance of copper in the AI era, likening it to oil in the past, due to its critical role in powering and cooling advanced technologies like GPUs and data centers [5][11]. Group 1: Copper Demand and Supply - Copper is essential for high-end GPU chips, with each H100 GPU requiring numerous copper connections for optimal performance [7]. - The demand for copper in data centers is surging, with an estimated copper consumption of 46.7 million tons in 2023, projected to rise to 71 million tons by 2026 [9]. - By 2030, global electricity demand for data centers is expected to increase by 160%, necessitating significant upgrades to aging electrical infrastructure [10]. - Copper's unique properties, such as high conductivity and longevity, make it irreplaceable in electrical transmission, with predictions indicating that 60% of copper demand growth will come from electrical infrastructure by 2030 [10][11]. Group 2: Price Projections and Market Trends - Goldman Sachs forecasts copper prices to reach $10,750 per ton by 2027, driven by limited growth in mining and refining capacities [11][12]. - The global copper mining output has seen a compound annual growth rate of only 2.1% over the past decade, with expectations for future growth remaining low [11]. Group 3: Aluminum as a Substitute - As copper prices rise, aluminum is gaining traction as a cost-effective alternative, particularly in GPU cooling systems where weight and cost advantages are significant [14]. - The use of aluminum in data center cooling can reduce overall weight and costs, with aluminum heat sinks costing 40-50% less than copper counterparts [15]. - UBS has raised its aluminum price forecasts, anticipating continued growth in global aluminum production [16]. Group 4: Cooling Technologies - The shift towards liquid cooling technologies is becoming essential due to the limitations of traditional air cooling systems, which cannot meet the thermal demands of high-power AI chips [20][21]. - The global liquid cooling market is projected to grow significantly, with a forecasted market size of $2.84 billion by 2025, reflecting a 44.9% year-on-year increase [22]. - Innovations in cooling solutions, such as microchannel liquid cooling plates, are being explored to efficiently manage the heat generated by advanced computing systems [23]. Group 5: Broader Market Implications - The increasing demand for copper, aluminum, and cooling solutions reflects the broader physical needs driven by the growth of AI and data centers, indicating a significant market transformation [24].