[Guojin Securities: In the Era of AI Computing Power, Capacitors Are Recreating the Value Reassessment Path of Memory] According to a report by Jinse Finance on June 22, a research report from Guojin Securities pointed out that capacitors are becoming the 'electric RAM' of AI computing power systems—just as HBM serves as a buffer for data, capacitors act as a buffer for energy. The two are highly analogous in terms of system roles, hierarchical structures, and volume-price drivers. More critically, market demand calculations for capacitors have long remained in the 'white zone' (inside PSUs), while the real system-level incremental demand is occurring massively in the overlooked 'gray zone' (from grid access to multi-level voltage step-down and power distribution between cabinets). The report emphasizes that the demand elasticity for capacitors has completely broken away from the old logic of 'linear extrapolation based on the number of GPUs.' As AI cabinet power advances toward the megawatt level and power supply architectures upgrade to 800V high-voltage DC, the capacitor industry is ushering in a moment of 'simultaneous volume and price growth' reassessment. On the supply side, constrained by bottlenecks in high-end materials (aluminum foil, activated carbon), high energy consumption, environmental restrictions, and conservative expansion strategies of overseas giants (only 10%-20%), domestic capacitor manufacturers with high self-sufficiency in upstream materials and strong engineering capabilities are seizing a historic opportunity to capture global market share and pricing power. This indicates that the demand ceiling for the capacitor sector has been systematically underestimated, and domestic manufacturers with high self-sufficiency in upstream materials are poised to reap dual benefits of market share expansion and pricing power enhancement.