【Hunter Research - A-share Power & Compute Infrastructure Deep Research Report】【Press and hold to scan the QR code to view the full topic】Over the past few years, market perception of the power sector has become polarized:

1️⃣ On one side is the short-term trading perspective: power stocks are merely “defensive shelters during broad-market selloffs,” or “a short-term cycle theme of summer electricity trading and winter coal trading”; 2️⃣ On the other side is the macro and industry perspective: with the global boom in AI compute capacity, “the endgame of AI is electricity” has become an industry consensus, and some even elevate power to a strategic level like “a Token physical carrier” and “revaluation of state-owned assets (China-state-owned asset re-rating, a special theme).”
3️⃣ To truly understand domestic power stocks, you must fully clarify three core questions:
1. What is the business essence of electricity?
2. Is the low PE of A-share power stocks a trap?
3. Why does capital keep flowing into this sector without stopping?