中信建投：AIDC行业正处于需求启动期，产业趋势初现

Core Viewpoint - The AIDC industry is currently in a demand initiation phase, similar to the new energy sector in the first half of 2020, with industry trends gaining recognition from top to bottom [1] Industry Summary - Key bottleneck segments in the supply chain, such as diesel generators and lead-acid batteries, have started to see price increases, although most segments have not expanded production [1] - The rise in stock prices is primarily driven by valuation adjustments and upward revisions of performance expectations [1] - There is currently no consensus on the upward trajectory of industry demand, and macro narratives hold significant market influence, indicating that the industry is still in a valuation enhancement phase [1] Potential Catalysts - If relevant catalysts emerge, such as improved industry or company performance, the sector may experience significant elasticity [1] - The AIDC power supply chain is characterized by light assets, high gross margins, and high turnover, making it comparable to inverters and positioning it as a potentially high-elasticity variety [1]