HTSC research reports state that 1) From the perspective of overseas market demand, we believe that the overall tight supply and demand situation of electrical equipment has not changed. However, the growth rate in the export areas of Chinese companies, such as the Middle East, North Africa, and Europe, is the highest, while the growth rate in the export areas of South Korea is the highest in the USA. We believe that the spillover effect of demand will be different for different regions. 2) In July, the seasonal growth rate of electricity consumption in the USA declined. However, concerns about future power shortages are raised by events such as the PJM capacity tender and detailed ERCOT peak load forecasts. In the short term, due to the stability of natural gas prices and the actual supply and demand of electricity, the overall trend of forward electricity prices in the USA is declining. But we are still bullish on the long-term growth of electricity demand in the USA, as well as the resonance of the rate-cut cycle and accelerated data center construction bringing upward pressure on overseas electricity prices due to the risk of power shortage.