电力设备：AI大模型加速渗透，AIDC需求激增

Investment Rating - The industry investment rating is "Maintain Buy" for the power equipment sector [5] Core Viewpoints - The penetration of AI large models is accelerating, with significant demand for AIDC (AI Data Center) driven by collaborations between major telecom operators and state-owned enterprises [1][3] - China's intelligent computing power is projected to double by 2026, reaching 1460.3 EFLOPS, with the market size expected to grow to $33.7 billion [2] - The introduction of DeepSeek is driving innovation at the algorithm level, which is enhancing computational architecture and data center transformations, leading to increased demand for computing power [3] Summary by Sections AI Computing Power Growth - In 2024, China's intelligent computing power is expected to reach 725.3 EFLOPS, a year-on-year increase of 74.1%, with a market size of $19 billion, growing by 86.9% [2] - By 2025, the intelligent computing power is projected to reach 1037.3 EFLOPS, a 43% increase from 2024, with a market size of $25.9 billion, reflecting a 36.2% growth [2] - The growth trajectory continues into 2026, with the computing power expected to hit 1460.3 EFLOPS and the market size reaching $33.7 billion, which is 1.77 times that of 2024 [2] Investment Recommendations - The report suggests focusing on companies benefiting from the growth in AI computing power and AIDC demand, particularly in the uninterruptible power supply (HVDC/UPS) segment, recommending companies like Zhongheng Electric, Hewei Electric, and Kehua Data [4] - In the distribution transformer segment, companies such as Jinpan Technology and Mingyang Electric are highlighted for potential investment [4] - For backup power and diesel generator segments, Weichai Heavy Machinery and Keta Power are recommended [4]