Zhong Guo Neng Yuan Wang·2026-02-10 01:12Core Viewpoint - The data center industry is a key growth driver for the power equipment sector, with capital expenditure trends directly influencing demand for power distribution equipment [2] Demand Side - Capital expenditure from major cloud providers is expected to continue growing, with overseas capital expenditure projected to reach $113.86 billion by Q4 2025, representing a year-on-year increase of 59.42% and a quarter-on-quarter increase of 14.30% [3] - In China, Alibaba's capital expenditure for Q3 2025 is expected to be 31.5 billion yuan, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Tencent's capital expenditure is projected at 13 billion yuan, showing a year-on-year decrease of 24.05% and a quarter-on-quarter decrease of 32.05% [3] Supply Chain - Nvidia reported total revenue of $57.01 billion for Q3 2025, with data center product revenue reaching $51.22 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44% [4] - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% and a quarter-on-quarter decline of 2.5%, with full-year revenue expected to reach 3.8 trillion new Taiwan dollars, a year-on-year increase of 31.6% [4] Application Side - The number of AI models is steadily increasing, with application deployment becoming more frequent. The token call volume from January 27 to February 2, 2026, reached 9.81 trillion, reflecting a quarter-on-quarter growth of 26.91% [4] - The price of tokens for models scoring over 40 on the Artificial Analysis index has decreased by over 50% following the release of new models [4] Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to continue increasing capital expenditures, with TSMC's capital expenditure projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [5] - Recommended companies include Zhongheng Electric (002364.SZ), Oulu Tong (300870.SZ), Weiteng Electric (688226.SH), and Sunshine Power (300274.SZ). Companies to watch include Kehua Data (002335.SZ), Kelun Electronics (002121.SZ), Magmi Tech (002851.SZ), Jinpan Technology (688676.SH), and Sifang Co. (601126.SH) [5]