AI电源行业点评：AIDC投资加速，看好柴发和燃气轮机需求增长

Investment Rating - The industry investment rating is "Positive" (看好) indicating that the industry is expected to outperform the overall market [1][8]. Core Insights - The acceleration of AIDC (AI Data Center) investments is expected to drive the demand for diesel generators and gas turbines [1]. - Major tech companies are significantly increasing their capital expenditures for AI-related data center construction, with Microsoft planning to invest $80 billion in the 2025 fiscal year, and other companies like Amazon, Google, and Meta also ramping up their investments [1]. - The demand for backup power sources is rising due to the rapid growth of AIDC construction, with diesel generators and gas turbines being the most common solutions [1]. Summary by Sections Diesel Generators - Diesel generators are the primary backup power solution in China, with a strong order backlog for core components like diesel engines. Domestic brands such as Weichai Heavy Machinery and Yuchai International are gradually entering the high-end market, traditionally dominated by foreign brands [1]. - A recent announcement by China Mobile indicated a 1 billion CNY tender for diesel generators, with Weichai Heavy Machinery winning 400 million CNY, significantly outpacing foreign competitors [1]. Gas Turbines - The global order volume for gas turbines is projected to increase by 50% by 2026, driven by the growth of data centers. Major international players dominate the market, but domestic component manufacturers are expected to benefit from this demand surge [1]. - Key companies to watch include Jerry Holdings (gas turbine generator integration), Linde Co. (Caterpillar turbine casting supplier), and Yingliu Co. (turbine blades) [1]. Temperature Control Systems - The focus is on Wolong Electric Drive, which has developed EC motors suitable for data center temperature control systems, already delivering products to overseas clients [1].