Microsoft(US:MSFT) Haitong Securities International·2025-06-26 11:09Report Industry Investment Rating No information provided in the given text. Core Views of the Report - Global infrastructure and construction equipment: In the data center field, OpenAI is re - negotiating its cooperation with Microsoft, and Altman said the partnership is still highly beneficial. In energy construction, the US has introduced new methods for managing transmission system capacity, and NERC corrected the resource adequacy assessment of the MISO region. In Europe, Finland may use data - center backup power for power system balance, and France and Spain will increase power interconnection capacity. In Asia, the State Grid and China Southern Power Grid will invest over 825 billion yuan in their power grids in 2025. Hitachi Energy will provide digital solutions for a virtual power plant in Zhejiang [1]. - Global electrical and intelligent equipment: In the US, the gas turbine price index increased year - on - year in May 2025, and the production price indices of power and special transformers also rose year - on - year. In Europe, the production price index of motors, generators, and transformers manufacturing and distribution increased year - on - year in April 2025. In Asia, South Korea's transformer exports increased year - on - year in May 2025, and China's transformer exports also had a significant year - on - year growth. In the robotics field, the US mechanical manufacturing industrial product price index increased slightly in May 2025. ABB will launch a compact mobile robot, and Mitsubishi Electric developed a compact 7GHz GaN power amplifier module [2]. - Global energy industry: In the US, the average spot price of electricity in major regions increased week - on - week, and natural gas spot and futures prices also rose. In Europe, the day - ahead trading price of the power market generally increased. As of June 25, 2025, US WTI and Brent crude oil futures prices decreased week - on - week [3]. - Global new materials: In April 2025, the global actual market price of uranium was $52.17 per pound, with a month - on - month increase of 0.7% and a year - on - year decrease of 27.2% [3]. - Global defense and aerospace: In the US, the price indices of aircraft engine and engine component manufacturing increased year - on - year in May 2025. The US government expenditure defense price index in Q1 2025 increased year - on - year [4]. Summary According to the Table of Contents 1. Global Market Review - US stock market: In recent trading days, major US stock indices showed strong upward momentum, breaking through key levels and reaching new highs. The market's risk appetite increased, and the index formed a stable support after the breakthrough [8]. - By industry: The market rally was comprehensive, with both cyclical and defensive sectors rising. Cyclical sectors such as finance, industry, and optional consumption led the rise, while defensive sectors like utilities and healthcare also had stable gains [9]. - By region: Global major capital markets showed a pattern of regional differentiation and convergence. Asian markets, including the Hang Seng Index and the Shanghai Composite Index, rebounded strongly. European major indices also rose steadily, and most major global indices closed higher at the end of the observation period [13]. 2. Global Infrastructure and Construction Equipment (1) Data Center - OpenAI and Microsoft are re - negotiating their partnership, with differences in key issues such as Microsoft's future shareholding in OpenAI. Altman also had a "productive" exchange with Trump on AI [14]. - Multiple data center construction projects are planned in the US, with a total investment of up to $21 billion in some projects [16]. (2) Energy Construction - In the US, FERC introduced a new method for managing transmission system capacity, and NERC corrected the resource adequacy assessment of the MISO region. - In Europe, Finland may use data - center backup power for power system balance, France and Spain will increase power interconnection capacity, and the EU's demand - side response can reduce system and grid investment [17][18][19]. (3) Construction Equipment - Cummins held its first National Central Warehouse Conference in China. Caterpillar released its Q1 2025 financial report, with a 10% year - on - year decrease in sales revenue. It also plans to invest $100 million in the next five years to help the future workforce acquire necessary skills [20]. 3. Global Electrical and Intelligent Equipment (1) Industrial Equipment Price Index - The gas turbine price index in the US increased year - on - year in May 2025, and the production price indices of power and special transformers, as well as transformers and power regulators, also rose year - on - year. - The production price index of motors, generators, and transformers manufacturing and distribution in Europe increased year - on - year in April 2025. - The US mechanical manufacturing industrial product price index increased slightly in May 2025 [2][33][42]. (2) Industrial Equipment Export Index - China's transformer exports in May 2025 maintained high growth, with significant year - on - year increases in exports to Asia and Europe. - South Korea's transformer exports in May 2025 increased year - on - year, with a significant increase in high - voltage exports [46][49]. 4. Global Energy Industry (1) Energy Equipment - SMR is expected to be the best energy solution for AI data centers after 2030, and the Trump administration may promote the SMR sector. The US is breaking the "approval bottleneck" of nuclear power deployment to accelerate SMR commercialization [53][54]. (2) Energy Development (1) US Power Market - US electricity consumption is expected to increase in 2025 and 2026, mainly from the commercial and industrial sectors. The average wholesale electricity price in most US regions is expected to be slightly higher in 2025 than in 2024. The average retail electricity price has been rising, and the average spot price of electricity in major regions increased week - on - week [56][57][62]. - Extreme weather and aging infrastructure are putting pressure on the US grid. Different power markets, such as CAISO, PJM, and ERCOT, have different operating conditions and challenges [66][74][79]. (2) European Power Market - The day - ahead trading price of the European power market generally increased, with significant increases in some countries such as the UK, Germany, and France [84]. (3) Oil and Gas Market - US natural gas spot and futures prices increased week - on - week, while the total持仓量 decreased. The supply and consumption of US natural gas both increased week - on - week. - The Northwest European natural gas market strengthened, while the Northeast Asian LNG market had a mild increase. - US oil drilling decreased week - on - week, while natural gas drilling increased. Crude oil futures prices decreased, and commercial crude and gasoline inventories decreased week - on - week [85][90][101]. 5. Global New Materials - In March 2025, the global uranium actual market price was $52.17 per pound, with a month - on - month increase of 0.7% and a year - on - year decrease of 27.2%. The uranium price is expected to rise in the short term, and Russia's restriction on uranium exports to the US may promote the self - sufficiency of the US nuclear power industry [107]. 6. Global Defense and Aerospace (1) Aerospace (1) Aerospace Industry Dynamics - Firefly Aerospace launched a new lunar imaging service, Qatar temporarily closed its airspace, and SpaceX successfully launched a manned mission [109]. - Boeing reached an agreement with the US Department of Justice and had strong performance in May 2025 [110]. (2) Aerospace Price Index - The price indices of US aircraft engine and engine component manufacturing increased year - on - year in May 2025 [112][115]. (3) Aerospace Air Traffic - In April 2025, the global total revenue passenger kilometers (RPK) increased by 8.0% year - on - year, and the available seat kilometers (ASK) increased by 6.5% year - on - year [118]. (2) Defense - NATO agreed to significantly increase the defense expenditure target to 5% of GDP. The US government expenditure defense price index in Q1 2025 increased year - on - year [121]. 7. Key Company Information and Comments - Some companies' stocks had price increases, such as TLN, VST, SMR, and OKLO [123]. 8. This Week's Report Selections - Reports cover various industries, including electrical machinery, energy, and strategy, with topics such as the demand for power transformers, water management, and SMR nuclear solutions [122].