Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][16]. Core Viewpoints - OpenAI plans to expand its $500 billion U.S. data center project, Stargate, and increase overseas investments, indicating a sustained positive outlook for the AIDC (AI Data Center) segment [5][15]. - The competition in AI is expected to intensify, and investments in AIDC will continue to show an upward trend, regardless of future U.S. chip restrictions [5][15]. - The report highlights that the power generation sector remains the most logical area for growth, recommending关注潍柴重机 (Weichai Heavy Machinery) [6][15]. Summary by Sections Investment Viewpoints - The report emphasizes that the power generation sector is experiencing simultaneous growth in volume and profit, with a recommendation to focus on Weichai Heavy Machinery. It also suggests monitoring the HVDC segment, recommending 科华数据 (Kehua Data) and 通合科技 (Tonghe Technology), and highlights opportunities in server power and liquid cooling segments, recommending 英维克 (InvoTech), 申菱环境 (Shenling Environment), and 欧陆通 (Oulutong) [6][15]. Industry Dynamics - OpenAI's expansion of its data center project is aimed at promoting "democratic AI" development, with no details on financing or delivery methods disclosed. The report notes that capital expenditures are still growing rapidly, indicating a strong demand for AIDC construction [18]. - The report also tracks the industrial robot reducer market, noting a projected demand of 1.366 million units in 2024, a year-on-year increase of 14.85% [19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - 潍柴重机 (Weichai Heavy Machinery): EPS of 0.56 in 2024, 0.98 in 2025E, and 1.52 in 2026E [8][17]. - 科华数据 (Kehua Data): EPS of 0.68 in 2024, 1.29 in 2025E, and 1.66 in 2026E [8][17]. - 英维克 (InvoTech): EPS of 0.61 in 2024, 0.83 in 2025E, and 1.09 in 2026E, with a "Buy" rating [8][17]. - 通合科技 (Tonghe Technology): EPS of 0.13 in 2024, 0.38 in 2025E, and 0.69 in 2026E, with an "Increase" rating [8][17]. - 申菱环境 (Shenling Environment): EPS of 0.43 in 2024, 1.05 in 2025E, and 1.33 in 2026E, with a "Buy" rating [8][17].