CITIC Securities: AIDC Power Supply System Upgrade Iteration Drives New Opportunities, Clear Trend of Overseas Power Grid Upgrades

CICC's research report states that the upgrade and iteration of AIDC power supply system has generated new opportunities, and the trend of overseas power grid upgrading is clear. The AI power supply system is evolving from an uninterruptible power supply system to a full direct current system, with continuously increasing output voltage levels and accelerated matching with SST solutions. As server power density increases, product volumes and prices rise simultaneously, driving demand for super capacitors. CICC is optimistic about the increase in market share of domestic brands of server power supplies, and sees investment opportunities brought about by the shortage of production capacity and the iteration of new products and power supply system in China, such as super capacitors and SST, going abroad. At the same time, AIDC and new energy are also driving the demand for overseas power grid system upgrade, and it is predicted that overseas countries may replicate China's "14th Five-Year Plan" of power system upgrade and transformation in the future, unfolding in three stages: 1) energy storage, 2) base load power source equipment, and 3) power grid equipment.