Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - The overseas AIDC construction remains robust, while domestic demand is expected to rebound in 2026. In the second half of 2025, there is a clear divergence in AIDC construction between domestic and international markets. North America continues to experience high levels of capital expenditure, with the four major cloud providers' capital spending reaching $257.4 billion in the first three quarters of 2025, a 65% year-on-year increase. In contrast, domestic cloud providers are experiencing a temporary slowdown in capital expenditure growth due to restrictions on high-end computing card imports, which has delayed some AIDC project timelines. However, this impact is seen as a deferral of demand rather than a disappearance of demand. As overseas supply of computing cards improves and domestic alternatives continue to develop, a "pent-up rebound" in domestic AIDC construction is anticipated in 2026, indicating potential for demand release [1]. Summary by Sections AIDC Equipment - The report highlights the ongoing high demand for AIDC equipment in North America, driven by rapid growth in AI computing needs and delayed power grid construction, leading to increased orders for gas turbines for self-generation or distributed power supply [2]. Gas Turbines - The global gas turbine market is characterized by a significant supply-demand imbalance, with an expected increase of over 85 GW in global gas turbine orders in 2025, while existing effective capacity is around 50 GW. The market is dominated by GE, Siemens Energy, and Mitsubishi Heavy Industries, which together hold an 88% market share. The backlog of orders extends to 2028, creating opportunities for Chinese companies to enter the overseas market [2][3]. Diesel Generators - Diesel generators are essential backup power sources in AIDC construction, with a long-term market dominated by Cummins, MTU, and Caterpillar, which together hold about 85% of the market share in China. Current capacity bottlenecks faced by overseas manufacturers present a window of opportunity for domestic manufacturers like Weichai to replace foreign brands and expand internationally [4]. Cooling Equipment - The report notes that the rapid increase in AI chip power consumption is pushing the adoption of liquid cooling solutions, as traditional air cooling approaches reach their physical limits. This trend is expected to drive demand for related cooling equipment [5]. Emerging Technologies - Solid Oxide Fuel Cells (SOFC) are being explored as a solution to power shortages in North America, offering high modularity, short delivery cycles, and high efficiency. The report suggests that SOFC costs are approaching those of gas turbines, indicating a potential growth area [7]. Data Center Busbars - The traditional "rack and cable" approach in high-power density scenarios is being replaced by intelligent busbar solutions, which offer higher reliability and easier maintenance, marking a significant upgrade direction for data center power distribution systems [8]. Investment Recommendations - The report recommends focusing on several key areas: gas turbines, diesel generators, cooling equipment, and emerging technologies like SOFC and data center busbars, as these sectors are expected to benefit from structural opportunities driven by both domestic and international demand [8]. Key companies to watch include Yingliu, Ice Wheel Environment, Weichai Power, Haomai Technology, and Jerry [8].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，潍柴动力股份有限公司取得一项名为"AMT气动离合器的预测控制方法、装 置、设备及介质"的专利，授权公告号CN116816830B，申请日期为2023年6月。 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息741条，专利信息5000条，此外企 业还拥有行政许可778个。 潍坊潍柴动力科技有限责任公司，成立于2017年，位于潍坊市，是一家以从事研究和试验发展为主的企 业。企业注册资本17600万人民币。通过天眼查大数据分析，潍坊潍柴动力科技有限责任公司参与招投 标项目6次，专利信息879条，此外企业还拥有行政许可3个。 ...

Group 1 - The core point of the article is that Weichai Power Co., Ltd. has obtained a patent for a "power distribution optimization method, device, storage medium, and vehicle for a dual-motor system," with the patent announcement number CN116691366B and an application date of June 2023 [1] - Weichai Power Co., Ltd. was established in 2002 and is located in Weifang City, primarily engaged in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has made investments in 64 enterprises, participated in 5,000 bidding projects, and holds 741 trademark records and 5,000 patent records, along with 778 administrative licenses [1] Group 2 - Weifang Weichai Power Technology Co., Ltd. was established in 2017 and is also located in Weifang City, focusing on research and experimental development, with a registered capital of 17,600 million RMB [1] - This subsidiary has participated in 6 bidding projects, holds 879 patent records, and has 3 administrative licenses [1]

Group 1 - The core point of the article is that Weichai Power Co., Ltd. has obtained a patent for a gearbox shifting control method, device, controller, and storage medium, with the patent announcement number CN118346768B and an application date of May 2024 [1] Group 2 - Weichai Power Co., Ltd. was established in 2002 and is located in Weifang City, primarily engaged in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has made investments in 64 enterprises, participated in 5,000 bidding projects, and holds 741 trademark records and 5,000 patent records, along with 778 administrative licenses [1] Group 3 - Weichai New Energy Power Technology Co., Ltd. was established in 2017 and is also located in Weifang City, focusing on the manufacturing of chemical raw materials and products, with a registered capital of 1,508.5714286 million RMB [1] - This subsidiary has invested in 2 enterprises, participated in 13 bidding projects, holds 620 patent records, and has 12 administrative licenses [1]

人民日报记者 林丽鹂 杨文明 姚雪青 破除地方保护和市场分割，鼓励利益共享。 "仅用3个多月，全自动净化车间就落地了。这在过去至少需要9个月。"麦仆科技（上海）有限公司 董事长邓润华介绍了今年在云南大理白族自治州弥渡县项目投产的经历。 上海企业去云南，会不会影响上海的经济发展？"'沪滇协作'不是此消彼长，而是共同做大蛋 糕。"奉贤区援滇干部顾壹壹介绍，云南16个州（市）和上海16个区建立"16+16"重点园区合作共建机 制。今年6月，云南发布《关于建立利益共享机制加快推进园区协作发展的通知》，支持各地发展共建 协作、飞地经济等模式，明确合作双方政府间的财税利益、经济指标可共享。 放眼全国，湖南建立利益分享机制，加快推进"飞地园区"发展；安徽五河县与江苏泗洪县共建省际 毗邻区新型功能区，地理交界处变"合作高地"；全国首只跨省域财税分享基金——长三角生态绿色一体 化发展示范区投资基金正式登记设立，其产生的地方级财税收入将由上海青浦区、江苏苏州吴江区、浙 江嘉兴嘉善县"两区一县"按同等比例分享。 习近平总书记指出："建设全国统一大市场，不仅是构建新发展格局、推动高质量发展的需要，而 且是赢得国际竞争主动权的需要。" ...

国家知识产权局信息显示，潍柴动力股份有限公司取得一项名为"一种履带式挖掘机行走马达转速控制 系统及方法"的专利，授权公告号CN117905136B，申请日期为2023年12月。 潍柴液压传动有限公司，成立于2014年，位于潍坊市，是一家以从事通用设备制造业为主的企业。企业 注册资本5204万人民币。通过天眼查大数据分析，潍柴液压传动有限公司共对外投资了1家企业，参与 招投标项目18次，专利信息481条，此外企业还拥有行政许可8个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息741条，专利信息5000条，此外企 业还拥有行政许可778个。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息741条，专利信息5000条，此外企 业还拥有行政许可778个。 潍柴液压传动有限公司，成立于2014年，位于潍坊市，是一家以从事通用设备制造业为主的企业。企业 注册资本5204万人民币。通过天眼查大数据分析，潍柴液压传动有限公司共对外投资了1家企业，参与 招投标项目18次，专利信息481条，此外企业还拥有行政许可8个。 国家知识产权局信息显示，潍柴动力股份有限公司取得一项名为"一种液压控制阀系统及装载机"的专 利，授权公告号CN118686817B，申请日期为2024年7月。 ...

Core Insights - Weichai Power has successfully transformed its business structure, moving beyond its traditional association with the heavy truck industry to become a comprehensive energy solutions provider, highlighting its resilience and growth potential [1][9] - Concerns regarding the cyclical nature of the heavy truck market and the impact of electrification may be overstated, as Weichai Power has diversified its engine business, particularly in large-bore engines and new energy power systems [1][2] Group 1: Industry Opportunities - The global digital transformation and AI wave are driving unprecedented growth in data center electricity demand, with the International Energy Agency predicting that global data center electricity consumption will more than double by 2030 [2] - The U.S. power system is under severe strain, with McKinsey forecasting a 10% to 20% increase in electricity demand driven by AI over the next five to seven years, potentially leading to a power supply gap of approximately 73.2 GW by 2025-2030 [2] - Various energy supply routes are poised for growth, with gas power being a mainstream method in the U.S., already exceeding 40% in several regions due to its cost advantages and operational flexibility [2] Group 2: Weichai Power's Business Potential - Weichai Power has strategically positioned itself in the global data center market, investing heavily in technology development and product innovation, leading to a compound annual growth rate (CAGR) of 22% in global power business from 2021 to 2025 [4][5] - The company has achieved significant sales milestones, with global sales of power generation products expected to exceed 100,000 units by 2025, maintaining a top-three position globally [4] - The M-series large-bore engines have become a growth pillar, with sales surpassing 10,000 units, and data center-related business has seen a year-on-year growth of over 200% [5] Group 3: Product Innovations - Weichai Power has established a comprehensive diesel power generation product matrix, covering a displacement range of 2.3-122L and power output from 16-5000 kWe, catering to various applications from small backup units to large power plants [6] - The company has launched the world's first 5MW high-speed diesel generator set, which is designed for large computing centers and cloud service data centers, showcasing its high-end market capabilities [6] - In the gas power generation sector, Weichai's gas engines cover a power range of 16-3000 kWe, demonstrating adaptability to various fuels and providing reliable solutions even in extreme conditions [7] Group 4: SOFC Technology - Solid Oxide Fuel Cells (SOFC) are emerging as a high-efficiency, zero-emission power generation technology, with a projected market value of $6.8 billion by 2033, driven by increasing demand for zero-emission power [3][8] - Weichai's SOFC systems have achieved a net power generation efficiency exceeding 60% and a combined heat and power efficiency of 92.55%, setting a global record [8] - The company has successfully delivered SOFC systems to major clients, laying a solid foundation for future large-scale deployment [8]

Core Insights - Weichai Power has successfully transformed its business structure beyond just heavy-duty trucks, positioning itself as a comprehensive energy solutions provider with significant growth potential [1][9] - Concerns regarding the cyclical nature of the heavy-duty truck market and the impact of electrification may be overstated, as highlighted by Goldman Sachs [1][2] - The demand for power in data centers is surging, driven by digital transformation and artificial intelligence, leading to a projected doubling of global data center electricity consumption by 2030 [2][3] Group 1: Weichai Power's Business Transformation - Weichai Power has diversified its engine business, particularly in large-bore engines and new energy power systems, which are crucial for meeting the growing electricity demands of data centers [1][4] - The company has established a comprehensive presence in the power generation sector, particularly in backup and continuous power markets, with products that cater to various energy needs [1][4][5] - Weichai's solid oxide fuel cell (SOFC) products, launched in 2018, are gaining traction due to their low carbon emissions and cost-effectiveness, making them attractive solutions for data centers and industrial parks [1][4][8] Group 2: Market Opportunities and Growth Potential - The U.S. is facing a significant electricity supply gap, with projections indicating a shortfall of approximately 73.2 GW by 2025, which could expand to 201 GW if data center construction accelerates [2][3] - SOFC technology is expected to see rapid growth, with market value projected to reach $6.8 billion by 2033, driven by increasing demand for zero-emission power solutions [3][4] - Weichai Power's global sales of power generation products are expected to exceed 100,000 units by 2025, with a compound annual growth rate of 22% in global power generation business from 2021 to 2025 [4][5] Group 3: Product Innovations and Competitive Advantages - Weichai Power has developed a robust diesel power generation product matrix, covering a wide range of power outputs from 16 kWe to 5000 kWe, ensuring comprehensive market coverage [6][7] - The company has made significant advancements in natural gas power generation, offering flexible solutions that can adapt to various fuel types, enhancing its competitive edge [7] - Weichai's SOFC systems have achieved EU CE certification, boasting a net power generation efficiency exceeding 60% and a combined heat and power efficiency of 92.55%, setting a global record [8] Group 4: Strategic Positioning and Future Outlook - Weichai Power has evolved from a traditional heavy-duty truck manufacturer to a global leader in comprehensive energy solutions, solidifying its core competitiveness in power supply scenarios [9] - The company's strategic investments in technology and product innovation position it well to capitalize on the global energy supply chain restructuring and the transition to low-carbon energy [9] - Weichai's approach reflects the broader trend of Chinese manufacturing moving towards high-end, globalized solutions, contributing to sustainable pathways for addressing global energy supply and demand challenges [9]

Core Viewpoint - Weichai Power has successfully transformed its business structure beyond just heavy-duty trucks, positioning itself as a comprehensive energy solutions provider with significant growth potential in various sectors, particularly in power generation systems [1][9]. Group 1: Industry Context - The global demand for electricity in data centers is expected to double by 2030, driven primarily by artificial intelligence [2]. - The U.S. power system is under severe strain, with predictions of a 10% to 20% increase in electricity demand due to AI over the next five to seven years, potentially leading to a power supply gap of approximately 73.2 GW by 2025-2030 [2]. - Gas power generation is a dominant method in the U.S., accounting for over 40% in several regions, offering cost advantages and flexibility to meet the rising electricity demand [2]. Group 2: Weichai Power's Business Potential - Weichai Power has strategically invested in the power generation market, anticipating the growth of data centers and developing a comprehensive product lineup, achieving a compound annual growth rate (CAGR) of 22% in global power generation business from 2021 to 2025 [4]. - The company has seen a significant increase in sales of its large-bore engines, with the M series surpassing 10,000 units sold, and data center-related business volumes increasing by over 200% year-on-year [5]. - Weichai's power generation product matrix covers a wide range of applications, from small backup units to large power plants, with a focus on high-end diesel generators and gas power systems [6][7]. Group 3: SOFC Technology and Market Growth - Solid Oxide Fuel Cells (SOFC) are emerging as a high-efficiency, zero-emission power generation technology, with a projected market value of $6.8 billion by 2033 [3]. - Weichai's SOFC systems have achieved a net power generation efficiency exceeding 60% and a combined heat and power efficiency of 92.55%, setting a global record [8]. - The company has established partnerships and production capabilities to support the commercialization of SOFC technology, with significant deliveries planned for 2024 [8]. Group 4: Strategic Positioning and Future Outlook - Weichai Power has evolved from a traditional heavy-duty engine manufacturer to a global provider of comprehensive energy solutions, solidifying its competitive edge in current power supply scenarios while positioning itself for future zero-carbon energy markets [9]. - The company's strategic focus on core technology and full-scenario solutions reflects a broader trend of Chinese manufacturing moving towards high-end, globalized production, contributing to the restructuring of the global energy supply chain [9].