6月22日，Mega安汇表示，人工智能相关投资热度持续升高后，市场开始更清楚地看到一个核心约束并不在芯片概念本身，而在于电力供应是否足够稳定、足够便宜、足够快速地跟上需求扩张。
从产业链角度看，Mega安汇认为算力建设的真正瓶颈正在从硬件采购转向能源配套。数据中心的扩张不仅需要设备和网络，还需要持续的电力输入、输电能力以及区域基础设施支持，这使得能源问题被重新推到前台。
这意味着电力系统的投资价值会被重新放大。无论是发电、储能、输配电还是园区能源管理，只要能够提高供电确定性和成本可控性，就更可能在新一轮产业扩张中获得资本关注。
对于市场定价而言，未来高增长叙事未必只属于技术公司。谁能提供可靠的能源承载能力，谁就能分享算力扩张带来的更长期收益。技术需求的爆发，正在反向提高传统能源和电力基础设施的战略权重。
综合来看，Mega安汇判断，人工智能带来的不只是科技板块重估，也会推动能源体系重新分层。后续电力约束若持续显现，能源资产的估值逻辑与投资主线都有望被进一步重塑。
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