国海证券晨会纪要-20250623

Group 1: AIDC Industry Insights - The demand for computing power is rapidly increasing, with global AIDC installations expected to grow at a CAGR of 40.4% from 2023 to 2028 [3] - In China, the smart computing power scale is projected to reach a CAGR of 46.2% from 2023 to 2028, with domestic AI chip supply expected to increase to 30% by 2024 [4] - The domestic data center PUE management policies are driving technological upgrades in energy-intensive areas such as cooling and power systems [4] Group 2: Power Supply Systems - The shift towards modular data centers is expected to increase the penetration of high-pressure diesel generators, with domestic supply chains improving and driving price increases [5] - The power distribution systems are evolving towards prefabrication and intelligence, with domestic leaders poised to capture market share due to their extensive project experience [6] Group 3: Cooling Systems - Liquid cooling is becoming a significant trend, with the demand for liquid cooling solutions expected to rise as cabinet power consumption exceeds 20kW [9] - The adoption of high-efficiency energy-saving technologies, such as magnetic levitation compressors, is anticipated to increase rapidly in data centers [9] Group 4: Investment Recommendations - The report suggests focusing on companies in the power supply sector, such as Weichai Heavy Machinery, and in the power distribution sector, including Jinpan Technology and Igor [11] - In the cooling systems sector, companies like Invec and Shunling Environment are recommended due to the shift from air cooling to liquid cooling solutions [11] Group 5: Motorcycle Industry Performance - China's motorcycle exports reached 1.59 million units in May 2025, with a year-on-year growth of 24.8% [30] - The export growth rate for motorcycles over 250cc was particularly strong, with a year-on-year increase of 33.4% [30] Group 6: New Aluminum Era Company Insights - The company has established itself as a specialized manufacturer in battery box systems, with steady growth in revenue and profitability [34] - The company is expected to optimize its revenue structure and explore new growth points in the commercial vehicle sector [35] Group 7: Financial Market Developments - The 2025 Lujiazui Forum highlighted significant financial opening measures, including the establishment of a digital RMB international operation center [14] - The approval of the first two data center REITs in China is expected to create a new asset class and enhance capital flow in the technology sector [15]