AI基建产业梳理：基建加速迎景气周期

Investment Rating - The report rates the AI infrastructure industry as "Outperform" compared to the broader market [1]. Core Insights - The explosive demand for intelligent computing is driving continuous growth in data centers, with power distribution and cooling being the core components of AI infrastructure [3]. - Capital expenditures in the AI infrastructure sector are expected to reach hundreds of billions, with major companies like Google, Microsoft, and Amazon projected to spend $320 billion in FY2025, a 39% increase from FY2024 [3][22]. - The report emphasizes the importance of power supply systems, particularly gas turbines, which are becoming the preferred primary power source for data centers due to their short construction cycles and low costs [3][60]. Summary by Sections AI Infrastructure Overview - The AI infrastructure industry is entering a prosperous cycle driven by significant capital investments and policy support [3][22]. - The demand for intelligent computing centers (AIDC) is expected to lead to a substantial increase in power requirements, with global IT power demand projected to grow from 49 GW in 2023 to 96 GW by 2026 [19][26]. Main Power Supply - Gas Turbines - Gas turbines are anticipated to benefit from a long-term upcycle, with global orders expected to increase by 38% year-on-year in 2024 [3][60]. - The gas turbine market is projected to reach an average annual market size of nearly $40 billion over the next five years [3]. - The report highlights the scarcity of production capacity for turbine blades, which constitute over one-third of the turbine's core value [3]. Backup Power Supply - Diesel Generators - The global market for diesel generators in data centers is expected to reach $9 billion by 2026, with a near double-digit growth rate until 2030 [3]. - The supply chain for diesel generators is experiencing tightness, leading to price increases and improved performance for companies in this sector [3]. Cooling Systems - Liquid cooling is expected to replace air cooling as the industry standard, with the market for cooling systems projected to exceed $100 billion by 2028 [3]. - Chilled water units are identified as a key beneficiary of the shift towards liquid cooling, with robust growth anticipated [3]. Investment Recommendations - The report suggests focusing on segments within the supply chain that are positioned to benefit from the explosive demand, particularly those with supply constraints and strong customer ties [3]. - Recommended companies include Yingliu Technology, Haomai Technology, and Ice Wheel Environment, among others [7][8].