【Telegram Review】How does the fan market anchor on hot spots? Watch Telegram "Excavator" live coverage of "Power Equipment" and review multiple companies with over 20% gains

[Summary Interpretation]

① Domestic AI Token usage volume tops globally, with electricity costs becoming the core pricing logic in the computing power industry! Early identification of key industry chain targets, with three consecutive strong gains; ② Computing power “devours” electricity, 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 industry (company review); ③ Limit-up! Benefiting from the global AI computing power explosion and the resulting shortage of electrical equipment, the growth potential of transformer export tracks has been pursued.

[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 stage high, but closed slightly lower for the week. Market main themes shifted quickly between geopolitical risk aversion and policy-driven growth, with style rotating from weight-based defensive to growth offensive. The Two Sessions policy expectations and industry trends became core drivers, with noticeable fund reallocation, increased volatility, but active structural opportunities.

This week’s “Telegram Analysis” column efficiently tracks market changes, sorting out key investment research insights amid fluctuations. The analysis focuses on three main directions: policies, companies, and funds. It closely monitors the impact of events like the “US $75 billion power transmission expansion project” on the power grid equipment sector, while continuously interpreting company news and fund involvement in depth. Details are as follows:

[1] Domestic AI Token usage volume tops globally, electricity costs become the core pricing logic in the computing power industry! Early identification of key industry chain targets, with three consecutive strong gains

According to the latest data from OpenRouter, the world’s largest AI model API aggregation platform, from February 9 to 15, China’s models had a call volume of 4.12 trillion tokens, surpassing the US models’ 2.94 trillion tokens for the first time; then from February 16 to 22, China’s models’ weekly call volume further rose to 5.16 trillion tokens, while US models’ call volume fell back to 2.7 trillion tokens, creating a significant volume gap.

Looking at platform call rankings, four of the top five models are from Chinese vendors—MiniMaxM2.5, Moonlit Shadow KimiK2.5, Zhipu GLM5, and DeepSeekV3.2—together accounting for 85.7% of the total call volume of the top five, highlighting China’s concentrated advantage in leading markets. Notably, OpenRouter’s user base shows US developers account for 47.17%, while Chinese developers only 6.01%. In this context, Chinese models still achieved a call volume surpassing US models, indirectly confirming that their global market appeal has broken through domestic user limits, forming substantial 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 frontline broker insights to reveal the deeper value behind the data:

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

He further points out that, considering the ongoing expansion of data centers in China, continuous iteration of domestic models, and increasing global user demand, this could drive domestic computing power demand into exponential growth. Assuming future annual call volume of domestic large models reaches 1×10^5 trillion tokens, corresponding to an annual electricity consumption of 87.5 billion kWh, about 0.84% of the total social electricity consumption in 2025. As a country with the most complete manufacturing system, facing huge electricity demand driven by the secondary industry (especially high-energy-consuming electricity use), and rapid growth in tertiary industry and residential electricity, the explosive demand of emerging digital industries is often overestimated in the short term by capital markets. However, the continuous emergence of new demand forms will support the sustained and steady growth of China’s overall electricity demand. This Token export provides an important opportunity for the market 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 power from Chongqing Electric Power and SED Electric Power, providing electricity supply and sales services within the region.

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

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

From the global energy landscape, the U.S. has launched a $75 billion power transmission expansion project, building a 765 kV ultra-high-voltage backbone grid, setting the largest and most powerful power transmission project record in U.S. history. Goldman Sachs even issued a bold forecast: from 2025 to 2030, global grid investments will reach $12 trillion, marking the start of an epic track.

“Telegram Analysis” accurately captured and previewed this trend as early as 09:00 on March 4. With deep understanding of industry cycles and keen sensitivity, the column quickly identified the main line and deconstructed the logic, providing professional insights through forward-looking research:

1. Global AI investment drives AIDC power demand surge

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

2. US power gap and rising electricity prices

Guotai Huitong Securities points out that in 2023, data centers in the US consumed 4.4% of the national electricity, expected to rise to 6.7%-12% by 2028. The power gap increases the risk of outages, and capacity prices continue to rise. Policy-wise, the US government requires tech companies to build their own power plants, and PJM grid operators enforce new users to build power or limit electricity, further confirming the tight supply situation.

3. Overseas AIDC power infrastructure and distribution upgrade trends

AVIC Securities believes that overseas AIDC adopts a “self-generation” (BYOG) model for rapid deployment, mainly using gas turbines, SOFCs, etc. As a key to stable power supply, distribution systems are upgrading from traditional UPS solutions to HVDC and SST to accommodate fluctuations in computing chip power consumption, reduce losses, and minimize transformer stages, meeting high-density computing power needs.

This article mentions Four Square Co., Ltd. and Hitec Photonics, both showing strong upward momentum amid the power equipment sector’s strength. As of March 6 close, their maximum gains were 23.55% and 25.75%, respectively.

[3] Limit-up! Benefiting from the global AI computing power explosion and the resulting shortage of electrical equipment, the growth potential of transformer export tracks has been pursued

The heat in the electrical equipment industry chain continues, with this column continuously covering related company developments. On March 3, by tracking real-time interactions on the Yi platform, it quickly identified Jiangsu Huachen, a transformer export growth driver, and explored its business highlights to provide timely investment insights. The column’s detailed analysis of its information on the platform highlights the following key points:

【Stable export business progress】 Jiangsu Huachen’s export of modular/oil-immersed transformers to the US is proceeding normally. By 2025, it has secured overseas orders for voltage levels of 230kV and below, and continues to increase certification efforts in North America.

【Capacity expansion drives growth】 The first phase of the new energy base is scheduled to be operational by 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, promoting cooperation with domestic capacity in Spain and other countries.

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

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

No more words! Subscribe to the column promptly to access professional market insights, analyze value telegrams, track hot topics, foresee themes, and uncover more valuable information in 2025!

The content schedule and release times are as follows:

“Telegram Analysis”: Every trading day from 8:00 to 23:00, with 6-12 real-time updates. Content includes: 1. Major policy interpretations; 2. Major sudden events; 3. Industry and sector investment themes; 4. Market anomaly opportunities; 5. Data-driven opportunity exploration.

“Gold Point Interactive Yi”: Updated at 8:25 daily, selecting 5-10 key responses from thousands of interactions, with brief comments.

“Institutional Dragon and Tiger List”: Updated at 19:30 daily, summarizing institutional buying and selling activities, highlighting 2-3 high-quality companies followed by institutions.

“Top Fund Holdings Tracking”: Updated Tuesdays and Thursdays from 11:30 to 13:00, focusing on well-known fund managers’ holdings.

“Expected Differences in Annual Reports”: Updated nightly, analyzing company performance and identifying high-quality listed companies.

“Anomaly Analysis”: Irregular updates, monitoring intra-day sector and stock anomalies, providing quick explanations.

“Leading Industry Giants”: Bi-weekly updates (Monday, Wednesday, or Friday 11:30-13:00), analyzing industry logic and leading companies.