大模型迭代刺激算力需求，重视AIDC设备投资机会

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the other general machinery industry, indicating an expected growth rate exceeding the benchmark index by over 10% [1][7]. Core Insights - The 2025 Government Work Report emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, which aims to enhance industrial transformation through AI, develop AI terminals such as smart robots and connected vehicles, and accelerate AI applications across various sectors including low-altitude, education, and healthcare. This push is expected to significantly increase demand for computing power, positioning intelligent computing centers as a key strategic resource in global competition [1]. - The launch of the first general AI agent, Manus, by Chinese startup Monica showcases advancements in AI technology, achieving state-of-the-art performance in benchmark tests. This development is anticipated to further expand the application scenarios for AI agents, thereby stimulating demand for computing power [2]. - Major internet companies, including Alibaba, have significantly increased their capital expenditure plans, with Alibaba announcing a capital expenditure of 31.775 billion yuan for Q3 FY25, an 80% quarter-on-quarter increase. The company plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, which is expected to surpass the total investment of the past decade [3]. Summary by Sections Industry Performance - The other general machinery sector has shown strong market performance over the past year, driven by advancements in AI and increased capital expenditures from major tech companies [1][3]. Investment Opportunities - The report highlights investment opportunities in AIDC (Artificial Intelligence Data Center) equipment, driven by the growing demand for computing power and the expansion of data center infrastructure [1][3]. - Specific companies in the supply chain for AIDC equipment are recommended for attention, including engine manufacturers and OEMs, as well as liquid cooling equipment suppliers [4].