Computing Power Demand Surge Strongly Drives Power Grid Equipment; Sanhui Electric Greets First Limit-Up

(Source: Caixin)

The government work report for the first time mentions “computing and electricity collaboration,” clearly emphasizing the need to build a new type of power system, accelerate the development of smart grids, vigorously promote new energy storage industries, and expand the application of green electricity.

On March 17, the concept of grid equipment rebounded during trading, with Sanhui Electric (002857.SZ) hitting the daily limit. Kelun Electric (603050.SH), Ankao Smart Electric (300617.SZ), Siyuan Electric (002028.SZ), Baobian Electric (600550.SH), and China Western Electric (601179.SH) also rose.

In terms of news, State Grid recently announced that data shows that from January to February, fixed asset investment totaled 75.7 billion yuan, a year-on-year increase of 80.6%. The supporting infrastructure and investment-driven effects of the power grid are significant. Additionally, the government work report first mentions “computing and electricity collaboration,” emphasizing the construction of a new power system, speeding up smart grid development, promoting new energy storage industries, and expanding green electricity use. Regarding overseas markets, the U.S. plans to invest $75 billion in grid expansion, with major tech giants signing commitments for autonomous power supply, further boosting market sentiment in the power sector.

Moreover, recently, a “lobster farming” craze has swept the AI field. OpenClaw is an open-source AI agent that integrates multi-channel communication capabilities with large language models to create customized AI assistants with persistent memory and proactive execution abilities, deployable locally. Its icon resembles a red lobster, earning it the nickname “AI lobster” among netizens. Western Securities’ research report believes that OpenClaw, as one of the most attention-grabbing projects today, is expected to push the AI industry into the Agent era, bringing three positive impacts: first, agents are likely to become one of the earliest application scenarios; second, token consumption is expected to rise rapidly, boosting computing power demand and maintaining inflation in the computing chain; third, it will help increase demand for domestic large models and accelerate their international expansion.

CITIC Securities’ latest research report indicates that the development of OpenClaw could significantly boost demand for AI cloud IaaS, with core sectors like AIDC, computing power leasing, and CDN expected to benefit.

Guojin Securities points out that the government work report proposes accelerating smart grid construction and implementing new infrastructure projects like computing and electricity collaboration. Power grid investments during the 14th Five-Year Plan are expected to be revised upward. Meanwhile, the three major U.S. grid operators have received approval for a total of $75 billion in transmission expansion projects, highlighting current North American electricity shortages. Considering the tight domestic capacity supply in the U.S., power transformers face a 30% supply gap, with lead times extending beyond 100 weeks. This bodes well for continued order spillover to domestic manufacturers. As one of the most typical HALO assets, power grid equipment is undergoing a sector-wide valuation reset. The focus is on leading companies with strong overseas capabilities and high barriers/stable market structures. Additionally, ultra-high voltage (UHV) as the main backbone of the new power system is expected to see a significant acceleration in approval processes in the opening year of the 14th Five-Year Plan.