Industrial: North America AIDC field power supply new solution, China's system and supply chain embrace good opportunities for introduction.

Industrial released a research report stating that the SOFC industry is facing a double opportunity of North American strong demand outbreak and domestic independent follow-up. Under the pressure of the North American AIDC power shortage, SOFC has become the best on-site power source to replace gas turbines. Bloom Energy's capacity expansion is driving the substantial volume of the domestic high barrier core supply chain, with strong certainty of performance realization; domestic system manufacturers rely on technology introduction and demonstration projects, if commercial validation is completed, they are expected to enjoy a double valuation and performance boost. Focus on two main lines: North American supply chain mainline (high certainty, scarce link); domestic system mainline (high flexibility, self-controlled). The main points of Industrial are as follows: North American AIDC market: The bottleneck of the grid and the outbreak of computing power resonate, and SOFC becomes a new solution for AIDC on-site power supply. Fueled by a three-round drive of power gap, policy catalysis, and technological adaptation, the North American SOFC is approaching a volume turning point. The rapid increase in new power demand in North American AIDC and the slow expansion of the grid, as well as the long delivery schedule of gas turbines, have formed a sharp contradiction. The accessibility of power replaces cost as the primary bottleneck. In addition, the US policy of "promising to protect fee payers" upgrades on-site power supply as a red line for admission, and the IRA Act's highest 50% tax credit ITC offsets the initial investment disadvantage, SOFC with 90-120 day rapid delivery, 800V native DC architecture and high cogeneration efficiency, upgrades from supplementary solution to core solution for on-site power supply at data centers. Bloom Energy has secured long-term orders from top customers such as Oracle and AEP. In a neutral scenario, the bank predicts that SOFC installations in North American data centers will soar to 9.3GW by 2030, with a market space of 76.2 billion yuan, entering a high-speed penetration channel. Domestic industrial chain: Access to the global leading supply chain, early commercialization of independent system end Short to medium term: Global leader Bloom Energy capacity expansion from 1GW to 5GW, benefiting domestic core materials and components. Domestic companies have cost and process advantages in upstream materials (electrolytes, metal chromium, etc.) and key components. They have entered the BE supply chain, and the explosion of BE orders will directly drive the realization of related links and suppliers' performance, with high certainty. Long term: Demonstration landing and technology licensing run in parallel, and the domestic complete platform is poised for development. Weichai Power, with technology licensing from Ceres Power, is advancing capacity deployment and stack volume production, positioning the domestic complete platform; Chaozhou Three-Circle (Group) has membrane supply and kilowatt-level system integration capabilities; Anhui Estone Materials Technology extends from materials to systems for demonstration projects. System manufacturers with full-chain capabilities are expected to replicate overseas paths and open up a second growth curve. Risk warning: macroeconomic fluctuations; downstream demand lower than expected; changes in overseas trade policies; fluctuations in upstream raw material prices; industry policy changes; intensified industry competition; changes in technology routes.