AIDC电力设备/电网产业链周评（5月第4周）：持续关注AIDC供配电方式技术变革，智能电表招标有望走出低谷

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The AIDC power equipment sector is experiencing a technological transformation in power distribution methods, with smart meter tenders expected to recover from a low point [5] - The global data center's AI computing load is projected to grow significantly, with estimates of 9.7GW, 15.9GW, and 20.2GW for the years 2025-2027, representing a CAGR of 54% [5][17] - The domestic data center industry is expected to see substantial capital expenditure growth in 2025, marking it as a pivotal year for AIDC construction [5] Summary by Sections AIDC Power Equipment - Companies like VRT and NVTS are collaborating with Nvidia to develop next-generation 800V HVDC architectures, which are anticipated to become mainstream in AI data center power systems [5] - The AIDC power equipment market is expected to benefit from the increasing demand for power supply systems, with key recommendations including Hewei Electric and Shenghong Co. [5] - The market space for transformers, switchgear, UPS, and traditional HVDC is projected to reach 75 billion, 298 billion, 287 billion, and 17 billion yuan respectively by 2026 [17] Grid - The investment in national power engineering reached 611 billion yuan in April 2025, a year-on-year increase of 11.8% [36] - The national grid engineering investment for April 2025 was 452 billion yuan, showing a year-on-year decrease of 2.4% [36] - The grid sector is expected to maintain high investment levels during the 14th Five-Year Plan period, with annual investments estimated to exceed 700 billion yuan [5] Industry News - The domestic IDC investment is on the rise, with significant projects like the Southern Energy Big Data Center in Guizhou Province, which has a total investment of approximately 1.45 billion yuan [8] - Major cloud service providers are expected to continue increasing their capital expenditures, with Tencent and Alibaba planning substantial investments in AI computing infrastructure [23][28]