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Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the AIDC (Artificial Intelligence Data Center) power supply system, energy, solid-state batteries, hydrogen energy, and the photovoltaic industry. Key Points and Arguments AIDC Power Supply System - Energy Importance: Emphasis on the critical role of energy in AI development, with traditional power grids lagging behind AI computing demands [1][3] - 800V DC Supply: The 800V direct current supply is expected to become the mainstream technology, benefiting solid-state transformers, circuit breakers, and high-power PSUs [1][4] - North America: The region is addressing power shortages through peak shaving, indicating a positive outlook for AIDC power storage [1][5] Energy Storage Market - Strong Demand: The global energy storage market is experiencing robust demand, with an estimated installation of 265 GWh in 2025, projected to exceed 400 GWh in 2026, reflecting a compound annual growth rate of 30% over the next five years [1][6] - Domestic Market: In China, the tender volume for energy storage is approximately 340 GWh for the first 11 months of 2025, with expectations of 250-300 GWh installations in 2026 [1][11] Hydrogen Energy - New Economic Growth Point: Hydrogen energy is identified as a significant growth area, with a focus on green hydrogen production equipment like electrolyzers and chlor-alkali processes [1][7] Solid-State Battery Development - Accelerated Industrialization: The solid-state battery sector is witnessing rapid advancements, with the South Korean government investing 280 billion KRW in R&D [1][8] - Material Focus: Attention is drawn to new materials such as lithium sulfide and lithium metal anodes, as well as new manufacturing processes [1][8] Photovoltaic Industry - Challenges and Opportunities: The photovoltaic industry is at a critical juncture with high upstream inventory, but potential price recovery is anticipated if anti-involution measures are implemented [1][9] - Market Outlook: The photovoltaic market is expected to see significant growth in 2026, driven by domestic policies and overseas power supply constraints [1][10] Wind Power Industry - Market Developments: The wind power supply chain is expected to see price recovery in component bidding, with a focus on both domestic and overseas markets [1][13] Grid Investment - High Voltage Projects: Attention is drawn to ultra-high voltage projects, with the Panxi project approved and expected to commence in 2026 [1][14] Investment Recommendations - Key Focus Areas: Recommendations include focusing on AIDC, solid-state batteries, photovoltaic anti-involution, energy storage, and hydrogen energy as key investment directions for 2026 [1][15]