Core Viewpoint - The AI wave is expected to widen the power gap, leading to transformative changes in the IDC (Internet Data Center) power systems, with a positive outlook on the market share of domestic server power brands and investment opportunities arising from capacity shortages and product iterations in new products like supercapacitors and SST (Solid State Transformers) [1] Group 1: AI Impact on Power Demand - The demand for power equipment, particularly in North America, is experiencing steep growth driven by AI electricity consumption [1] - The increase in online electricity prices on the supply side presents investment opportunities in SMR (Small Modular Reactors) [1] Group 2: Evolution of Power Systems - The transition of UPS (Uninterruptible Power Supply) towards a fully DC system is underway, with continuous increases in output voltage levels [1] - The rise in power density of server power supplies is expected to lead to simultaneous increases in both product volume and price, potentially driving demand for supercapacitors [1]

Group 1 - The procurement project by Fusion New Energy (Anhui) Co., Ltd. has a total amount exceeding 2 billion yuan, involving key components such as the BEST ion cyclotron wave source system and low-temperature system parts [1] - CICC believes that nuclear fusion has advantages such as environmental friendliness, abundant resources, high energy density, and self-limiting reaction mechanisms. China has included nuclear fusion as a key direction for future industries, while countries like the US, Japan, and the UK are accelerating implementation through special legislation and funding guidance [1] - According to FIA statistics, the total financing for the global commercial nuclear fusion industry is expected to reach 9.766 billion USD by mid-2025, with an increase of 2.643 billion USD compared to 2024. The global nuclear fusion development is at a critical transition period towards hundred-megawatt-level projects, with multiple demonstration devices expected to be launched in the next 5-10 years [1] Group 2 - Xinfengguang is increasing its efforts in developing key core technologies and new products, actively promoting the development of controllable nuclear fusion power sources and solid-state transformers (SST) to seek new growth opportunities [2] - Hezhong Intelligent has participated in the preliminary research and manufacturing of core components such as fusion reactors, vacuum chambers, and divertors, focusing on material research and performance verification and acceptance [2]