电力设备：AI电力星辰大海，多条投资主线齐发力

Investment Rating - The industry rating is "Outperform the Market" [10] Core Insights - The report highlights multiple investment themes within the power equipment sector, particularly focusing on the increasing demand for power supplies, transformers, UPS systems, and diesel generators driven by the growth of data centers and digital economy initiatives [7][9] - The construction of data centers is expected to accelerate, leading to increased electricity consumption and subsequently driving demand for transformers and other power infrastructure [9] - The report emphasizes the importance of high-efficiency power solutions, such as high-voltage direct current (HVDC) systems and modular power supplies, which are becoming essential for modern data center operations [8] Summary by Relevant Sections Investment Theme 1: Server Power Supplies - The integration of power shelf modules in server cabinets is becoming more complex due to rising power, size, and cooling requirements, leading to increased design difficulty and value [1] Investment Theme 2: Transformers - The demand for transformers is expected to rise due to the expansion of the power grid driven by increased electricity consumption from data centers, with IEA projecting global electricity consumption from data centers to exceed 800 TWh by 2026 [1] Investment Theme 3: UPS & Medium Voltage Power Supply - UPS systems are critical for ensuring continuous operation of computer systems during power outages, with their cost accounting for approximately 18% of data center infrastructure [8] Investment Theme 4: Diesel Generators - Diesel generators serve as backup power systems for data centers, representing 23% of infrastructure costs, and are anticipated to grow alongside the industry's expansion [9] Investment Recommendations - The report suggests focusing on leading manufacturers in power modules, transformers, UPS systems, and diesel generators, including companies like Megmeet, Jinpan Technology, and Weichai Power [9]