节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：10/10
AI算力需求推动电力载体升级，铝电解电容为关键环节。在AI服务器功耗攀升及800V高压直流架构普及下，铝电极箔成为产业链核心上游。单只AI高压电容对应约0.32平米电极箔，当前全球AI数据中心电极箔年需求约1400万平米，预计明年随相关系列产品出货放量，需求同比增幅超60%，规模将达2000万平米，形成AI驱动的确定性增量曲线。
铝电极箔不仅需求激增，更占据高压电容核心价值。在高压电容中，电极箔价值占比超50%，最高达70%。价格端表现强劲，普通高压AI电极箔售价已超80元/平米，高端产品突破130元/平米，盈利空间显著。供需失衡下，价格呈上行趋势，成为AI高压电容产业链价值高地。
电极箔产能扩张面临多重制约。核心腐蚀环节需通过环评，涉及硫酸...
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