AI电力系列报告（一）：AIDC电力迎来成长机遇

Investment Rating - The report maintains a "Positive" investment rating for the power equipment and new energy industry [2]. Core Insights - The rapid development of the AIDC (Artificial Intelligence Data Center) is driving significant growth in power demand, with AI-related data centers expected to become a major growth segment in the industry [9]. - The transition from traditional computing to intelligent computing is leading to increased power consumption, with predictions indicating that AI industry power demand could be ten times higher by 2026 compared to 2023 [14]. - Current mainstream power supply solutions include UPS (Uninterruptible Power Supply), HVDC (High Voltage Direct Current), Panama power systems, and SST (Solid State Transformer), each with distinct advantages and challenges [6][24]. Summary by Sections AIDC Development - AIDC is experiencing rapid growth, driven by the increasing demand for AI computing power [9]. - The shift from general computing to intelligent computing is significantly increasing power requirements, with single cabinet power consumption expected to rise from 4-6 kW to 20-50 kW, potentially exceeding 100 kW in the future [18]. Power Supply Solutions - UPS systems are currently the mainstream technology, providing stable and continuous power to data centers, with a market share of approximately 54% in Jiangsu Province [23]. - HVDC technology is gaining traction due to its efficiency and suitability for high power density applications, with its market penetration expected to increase [31]. - The Panama power system simplifies the power supply chain, enhancing overall energy efficiency, and has been adopted by major players like Alibaba [44][45]. - SST technology, while still in early stages, shows promise for high efficiency and low cost, with potential applications in data centers and renewable energy integration [50][59]. Investment Recommendations - Companies to watch in the server power supply chain include Megmeet, Zhongheng Electric, Hezhong Electric, and others, as they are expected to benefit from the rising AIDC investment [6]. - For power electronics, companies like Jiewa Technology and Jingfeng Mingyuan are recommended due to anticipated demand growth [6]. - In the context of AIDC power support, companies such as Jinpan Technology and Mingyang Electric are highlighted for their importance in the power distribution needs of data centers [6]. - Liquid cooling solutions are also recommended for their ability to reduce energy consumption and operational costs in data centers [6].