Huatai Securities pointed out that unlike the market, based on overseas AI development and the increase in domestic electrification rates, we are more optimistic about the growth rate and duration of electricity demand. Electricity development will usher in a supercycle, and we believe that the sustainability and magnitude will exceed expectations. We believe that although the short-term energy structure will show cyclical characteristics due to bottlenecks in the new energy system, in the end, the attributes of the new energy manufacturing industry and low dependence on resources will inevitably make future systems affordable, and the industry will once again experience nonlinear growth. We believe that against the backdrop of tight global power infrastructure, there is still insufficient understanding of the traditional electrical equipment revaluation market, and there are many valuation gaps. Next year, the shortage of main network equipment and traditional power supply equipment going overseas will bring differentiated investment opportunities.

Huatai Securities pointed out that unlike the market, based on overseas AI development and the increase in domestic electrification rates, we are more optimistic about the growth rate and duration of electricity demand. Electricity development will usher in a supercycle, and we believe that the sustainability and magnitude will exceed expectations. We believe that although the short-term energy structure will show cyclical characteristics due to bottlenecks in the new energy system, in the end, the attributes of the new energy manufacturing industry and low dependence on resources will inevitably make future systems affordable, and the industry will once again experience nonlinear growth. We believe that against the backdrop of tight global power infrastructure, there is still insufficient understanding of the traditional electrical equipment revaluation market, and there are many valuation gaps. Next year, the shortage of main network equipment and traditional power supply equipment going overseas will bring differentiated investment opportunities.