电力设备行业周报：阿里巴巴加大布局AI基础设施，AIDC电源设备迎来新机遇

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The report highlights the acceleration of capital expenditure in the domestic AI infrastructure, driven by major internet companies, which is expected to boost demand for AIDC electrical equipment [6][7] - The lithium battery sector is showing signs of supply-demand improvement, with key players like Nord's subsidiary signing supply agreements, indicating a positive trend for 2025 [8][9] - The photovoltaic industry is undergoing continuous optimization on the supply side, with expectations for demand recovery and profitability improvements in 2025 [11][12] - The wind power sector is experiencing a significant increase in orders, with a forecasted new installation peak in 2025, driven by improved demand and cost optimization [13][14] - The report emphasizes ongoing high-voltage direct current (HVDC) construction projects, with the Qinggui project expected to be approved for construction within the year [16][18] Summary by Sections AIDC Electrical Equipment - The domestic AI competition is intensifying, with expectations for sustained acceleration in computing power construction [6][7] - Investment opportunities are identified in AIDC electrical equipment, particularly in ACDC, HVDC, and BBU segments [6][9] Lithium Battery - The industry is witnessing a gradual improvement in supply-demand dynamics, with major companies achieving full production capacity [8][9] - Recommendations include focusing on leading lithium battery manufacturers and related materials [9][10] Photovoltaic Industry - The supply chain is optimizing, with expectations for price recovery and demand resurgence in 2025 [11][12] - New technologies aimed at cost reduction and efficiency improvements are highlighted as key investment areas [12] Wind Power - A significant increase in new wind turbine orders is reported, with a forecast of 180GW for 2024, marking an 89% year-on-year increase [13][14] - The report suggests that the wind power sector is entering an upward cycle, driven by demand recovery and cost optimization [14][15] Power Grid - The report notes the ongoing progress in ultra-high voltage construction, with specific projects expected to commence soon [16][18] - Investment recommendations include focusing on companies involved in high-voltage and distribution network construction [18]