CITIC Securities: Continuously optimistic about the power shortage industry chain.

The research report from CITIC Securities indicates that starting in 2026, the demand for AI power in North America will for the first time exceed the conventional load increment, becoming the most core factor affecting the power demand in North America. Under the logic of China's advantage in the entire industry chain of power equipment, continuous increase in investment in AI computing power in North America, urgent need for energy transformation in Europe, and tightening supply and demand of lithium batteries, sectors such as new energy, energy storage, lithium batteries, and power grids are expected to rise.