中信建投：AI将强势带动全球用电需求增长

Core Insights - AI is expected to significantly drive global electricity demand growth, with global data center electricity consumption projected to more than double by 2030 [1] - Major overseas companies are raising capital expenditure expectations, maintaining high investments in the AI sector [1] - The supply of power transmission and distribution equipment is generally tight, presenting development opportunities for Chinese power equipment manufacturers [1] Industry Summary - Since 2022, China's export of primary electrical equipment has remained robust, with a year-on-year growth rate of over 40% for power transformer exports in the first half of 2025, continuing a high growth trend [1] - Continued high investment in AIDC-related capital expenditures by overseas companies is anticipated, leading to increased orders for domestic leading electrical equipment manufacturers, with ongoing incremental elasticity expected to be released [1]