Pacific Securities: Collaborative computing is the most extensive connection for AI development. Siasun Robot&Automation, robotic dogs, or other AI incremental applications are entering a high ceiling new market.

Pacific Securities released a research report stating that in the future era of AI development, new energy and power equipment will still be its foundation, and it is necessary to constantly pay attention to its new changes; algorithm-electricity synergy may be its most extensive link (including energy storage, power supply, HVDC, etc.); sodium electricity and other changes also provide more options for energy storage. Currently, the investment focus of the AI industry chain is still on infrastructure construction, but better and more sustainable opportunities may be in the AI application end; Siasun Robot&Automation, robot dogs and others are expected to become new markets with high ceilings for AI incremental applications, benefiting China's high-quality supply chain, and enabling high-quality product-oriented companies with long-term vision to navigate through the new energy industry cycle. The main viewpoints of Pacific Securities are as follows: The National Development and Reform Commission sets the direction for the construction of a new energy system in the "15th Five-Year Plan", and the positioning of energy storage continues to rise. 1) The National Development and Reform Commission recently stated at a press conference that during the "15th Five-Year Plan" period, a ten-year multiplication action of non-fossil energy will be implemented; in the advancement path, the top priority is to accelerate the high-quality development of non-fossil energy, requiring overall planning for the development and integration of new energy, optimizing the resource allocation for regulation, and enhancing the ability of power grids to accept, allocate, and regulate new energy. It is expected that by 2030, the scale of supply of non-fossil energy will significantly increase compared to 2025, achieving a doubling by 2035. 2) From the perspective of the planning outline and the expressions at the press conference, it can be seen that energy storage is no longer just a supporting part of new energy grid connection, but is explicitly included in the framework of the construction of new energy infrastructure and new power systems. Particularly noteworthy is that the National Development and Reform Commission also includes long-duration energy storage in the direction of "major technological research and development", indicating that energy storage is not only a direction for installation expansion, but is also included in the key race track of energy technology innovation. The report believes that compared to local policies, the marginal significance of this top-level positioning is stronger: on the one hand, the planning outline lists "vigorously developing new energy storage" alongside intelligent grids, urban and rural distribution grids, and the national unified electricity market system, highlighting its infrastructure attributes; on the other hand, the press conference also emphasizes the resource allocation for regulation, energy technology innovation, and institutional mechanism reform, which is expected to further strengthen the long-term demand foundation for energy storage and promote the evolution of business models from "policy support" to "system value realization". The commercialization of sodium electricity industry shifts from "policy-driven" to "order-driven", with large-scale production and scenario implementation becoming a reality. Contemporary Amperex Technology and Beijing HyperStrong Technology recently finalized a 60GWh energy storage sodium battery supply order for the next 3 years, marking the largest scale sodium electricity cooperation in the world so far, signaling the first achievement of large-scale production and commercial breakthrough in sodium electricity in the energy storage field. Combined with the 65GWh power sodium battery production capacity planned by Contemporary Amperex Technology, its clear sodium electricity strategy of "power + energy storage" is on track. The current cost of sodium electricity cores has narrowed the price difference with lithium iron phosphate, showing clear advantages in scenarios where high cycle life is required on the power generation side. The report believes that the implementation of large orders means that the industry has moved past the "0 to 1" stage, and is now entering a competition of "1 to 10" in terms of production capacity, yield, and cost control, where the early advantage of leading industry chain companies will be magnified. "Algorithm-electricity synergy" officially becomes a national strategy, with energy storage as a key coupling node, potentially opening up new application scenarios. Four departments jointly issued the "Action Plan to Promote the Bidirectional Empowerment of Artificial Intelligence and Energy", which will coordinate the layout of large-scale new energy bases and national computing power hubs, encourage computing power centers to configure grid-type energy storage, and require an increase in the proportion of green electricity. This means that data centers will transition from simple electricity consumers to "super flexible loads" that interact bidirectionally with the power grid, with energy storage becoming a key technology to achieve temporal and spatial alignment between "computing power and electricity". This opens up a fourth major application scenario for energy storage beyond new energy grid connection, peak-valley arbitrage on the demand side, and grid frequency regulation, which is computing power centers paired with energy storage, creating new strategic market increments for companies with grid capabilities and comprehensive energy management capabilities. Key companies in the industry chain: a) upstream: Ganfeng Lithium Group, Tianqi Lithium Corporation, etc.; b) midstream: Jiangsu Dingsheng New Materials Joint-Stock, Guangzhou Tinci Materials Technology, Shenzhen Kedali Industry, etc.; c) downstream: Contemporary Amperex Technology, Sungrow Power Supply, Beijing HyperStrong Technology, etc. Risk warning: downstream demand lower than expected, increasing industry competition, technological progress lower than expected.