电力设备行业周报：海外AI厂商ARR高增，产业发展持续推进-20250630

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][16]. Core Viewpoints - Recent strong performance of overseas AI stocks indicates a clear upward trend in the industry, with many AI companies achieving significant revenue growth. For instance, ChatGPT's ARR reached $10 billion in June, up from $5.5 billion last year, while Anthropic's ARR increased from $1 billion at the end of last year to $3 billion in May [5][14]. - The report highlights the electric power equipment sector as a promising area for investment, particularly in the areas of thermal power generation and HVDC technology, recommending companies such as Weichai Heavy Machinery, Kehua Data, and Huaneng Power [6][15]. Summary by Sections Investment Viewpoints - The report emphasizes that the thermal power generation sector remains a strong area for growth, recommending Weichai Heavy Machinery. It also suggests focusing on the HVDC segment, with recommendations for Kehua Data, Huaneng Electric, and Tonghe Technology. Additionally, it highlights opportunities in server power supplies and liquid cooling segments, recommending companies like Yingweike and Shenling Environment [6][15]. Industry Dynamics - The report notes that Tesla's Robotaxi has begun operations, marking a significant shift in the company's business model. However, initial operational issues were reported [20]. - Non-Xi Technology announced a successful C-round financing, indicating ongoing investment in AI-related technologies [20]. - The report also mentions the launch of the world's largest embodied intelligence data factory in Tianjin, aimed at addressing the data scarcity issue in the robotics industry [20]. Market Performance - The electric power equipment sector saw a 5.11% increase last week, outperforming the Shanghai Composite Index by 3.20 percentage points [42]. - The top five performing stocks in the sector included Jinlongyu (+34.19%) and Shidai Wanheng (+30.99%) [44].