【Telegram Insights Review】How Does the Fan Market Anchor to Hot Topics? See Telegram "Excavators" Direct Hit on "Power Equipment" - Combing Through Multiple Companies with Over 20% Gains

【Summary Analysis】

① Domestic AI Token usage hits global peak, with electricity costs becoming the core pricing logic in the computing power industry! Early identification of key industry chain targets leads to three consecutive strong gains; ② Computing power “consumes” electricity, as the U.S. invests $75 billion to expand ultra-high-voltage power grids! Analysts are optimistic about the long-term growth potential of the electrical equipment sector (company review); ③ Limit-up! Benefiting from the global AI computing surge causing a shortage of power equipment, the growth potential of transformer export tracks is being recognized.

【Telegram Analysis】

This week, A-shares initially rose, then declined, and finally recovered, showing intense volatility and rapid style shifts. The Shanghai Composite Index briefly surged to 4,197 points, hitting a new high for the period, but closed slightly lower for the week. Market themes shifted quickly between geopolitical risk aversion and policy-driven growth, with style moving from large-cap defensive to growth offensive. The Two Sessions policy expectations and industry trends are the main drivers, with noticeable fund reallocation, increased volatility, but active structural opportunities.

The “Telegram Analysis” column efficiently tracks market changes, helping investors understand key research threads amid volatility. Focus areas include policy, companies, and capital flows: paying close attention to events like the “U.S. $75 billion power transmission expansion project” and their impact on the power grid equipment sector, while continuously analyzing company news and capital involvement. Details below:

【1】 Domestic AI Token usage peaks globally, electricity costs become the core pricing logic in the computing power industry! Early identification of core targets in the industry chain, with three consecutive strong rises

According to the latest data from OpenRouter, the world’s largest AI model API aggregation platform, from February 9 to 15, Chinese models with 4.12 trillion tokens used surpassed U.S. models with 2.94 trillion tokens for the first time. Then, from February 16 to 22, Chinese models’ weekly usage rose further to 5.16 trillion tokens, while U.S. models’ usage fell to 2.7 trillion tokens, creating a significant volume gap.

In platform ranking, four of the top five models are from Chinese vendors—MiniMaxM2.5, KimiK2.5, GLM5, and DeepSeekV3.2—accounting for 85.7% of the total top five usage, highlighting China’s dominance in leading market segments. Notably, US developers account for 47.17% of OpenRouter users, while Chinese developers only 6.01%. Despite this, Chinese models still surpass in usage, indirectly confirming their global market appeal has broken through domestic user limits, demonstrating real technological competitiveness and market recognition.

This column uses authoritative data from OpenRouter to deeply explore the industry logic behind China’s AI models’ rising global competitiveness. On March 3 at 23:03, the column consolidates brokerage insights, revealing deeper value behind the data:

Changjiang Securities’ Zhang Weihua believes that since data center operations are highly dependent on electricity, and the operating cost of AI large models is 60%-70% electricity, tokens can be viewed as a kind of “electricity derivative.”

He further points out that with China’s ongoing data center expansion, continuous iteration of domestic models, and increasing global demand, domestic computing power demand may grow exponentially. If future annual calls reach 1×10^5 trillion tokens, corresponding annual electricity consumption would be 87.5 billion kWh, about 0.84% of the total societal electricity use in 2025. As a country with a highly developed manufacturing system, facing large electricity demands driven by high-energy-consuming secondary industries, and rapid growth in tertiary and residential electricity use, emerging digital industries’ explosive demand is often overestimated in the short term by capital markets. However, the continuous emergence of new demand forms will support steady growth in China’s overall electricity needs. The current “Token” export provides an important opportunity to reassess China’s long-term electricity system value and global competitiveness.

The article mentions Fuling Power, a listed platform under State Grid’s integrated energy, mainly supplying electricity in Fuling, Chongqing, purchasing from Chongqing Electric Power and Sichuan East Electric Power, providing local supply and sales services.

After publication, Fuling Power achieved three consecutive gains, with a maximum increase of 18.65% over three days.

【2】 Computing power “consumes” electricity, the U.S. invests $75 billion to expand ultra-high-voltage power grids! Analysts optimistic about long-term growth in the electrical equipment industry (company review)

From the global energy landscape, the U.S. is implementing a $75 billion power transmission expansion project, building a 765 kV ultra-high-voltage backbone grid, setting a record for the largest and most powerful power project in U.S. history. Goldman Sachs directly states that from 2025 to 2030, global grid investments will reach $12 trillion, marking the start of an epic new track.

The “Telegram Analysis” accurately captured and previewed this trend as early as March 4 at 09:00. With deep industry cycle understanding and keen insight, the column quickly identified the main themes and analysis logic, providing professional value through forward-looking research:

1. Global AI investment drives surge in AIDC electricity demand

According to IEA data, global data center electricity consumption will reach 415 TWh in 2024, projected to rise to 945 TWh by 2030, with an average annual growth of 15%. The U.S. and China are expected to account for 80% of this demand, with U.S. consumption increasing by 240 TWh (+130%) and China by 175 TWh (+170%) from 2024-2030. The expansion of AI computing power directly boosts data center electricity needs, becoming a core driver of infrastructure growth.

2. U.S. power gap and rising electricity prices

Guotai Huitong Securities notes that in 2023, data centers in the U.S. consumed 4.4% of national electricity, expected to rise to 6.7%-12% by 2028. Power shortages increase blackout risks, and capacity prices continue to rise. Policy-wise, the U.S. government requires tech companies to build their own power plants, with PJM grid operators mandating new users to generate or limit power, confirming tight supply.

3. Overseas AIDC power infrastructure and distribution upgrade trends

AVIC Securities believes overseas AIDC favors a “self-generation” (BYOG) model, mainly using gas turbines and SOFC equipment. Distribution systems, as key to stable supply, are upgrading from traditional UPS to HVDC and SST to accommodate fluctuating chip power consumption, reduce losses, and minimize transformer stages, meeting high-density computing demands.

This article mentions companies like Fangfang Shares and Haituo Optoelectronics, which show strong upward momentum amid the power equipment sector rally. As of March 6, their maximum gains reached 23.55% and 25.75%, respectively.

【3】 Limit-up! The growth potential of transformer export tracks benefits from global AI computing surge and power equipment shortages

The power equipment industry chain remains hot. This column continues to monitor related company developments. On March 3, through real-time tracking of interactive platform clues, it quickly identified Jiangsu Huachen, a transformer export growth driver, and explored its business highlights, providing timely investment insights. Key points from the platform analysis:

【Stable export business】 Jiangsu Huachen’s export of modular/oil-immersed transformers to the U.S. is ongoing. By 2025, it has secured overseas orders for voltage levels up to 230kV, and is increasing certification efforts in North America.

【Capacity expansion drives growth】 The new energy base’s first phase is scheduled for operation in October 2025, with full capacity expected to add 2 billion yuan in annual revenue; products cover Southeast Asia, Middle East, Europe, Africa, and the Americas, with cooperation with domestic capacity in Spain.

【Technological breakthroughs imminent】 Collaborating with Xi’an Jiaotong University on solid-state transformer R&D, with prototype expected in the first half of 2026, opening new growth space.

On March 6, Jiangsu Huachen hit the limit-up.

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