多领域需求共振加速AI数据中心建设

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Insights - The further popularization of AI applications is driving a new wave of data center construction. The domestic data center construction demand is categorized into six major areas: internet, operators, IDC manufacturers, finance, government, and others. It is estimated that from 2024 to 2027, the three-year CAGR for newly added data center power in China will be 37.0%, creating investment opportunities in supporting equipment such as liquid cooling, HVDC, and server power supplies [4][8]. Summary by Sections 1. AI Driving a New Wave of Data Center Construction - The overall scale of data centers in China continues to grow, with the number of standard racks exceeding 9 million by 2024, a year-on-year increase of over 11%. The PUE value has been decreasing, reaching approximately 1.48 in 2023 [17][19]. - The AI data center constitutes a significant portion of the growth, with an expected addition of 3.6GW in 2025, representing a year-on-year increase of 220%, and 9.9GW in 2027 [8][75]. 2. Multi-Industry Demand Resonance Enhancing Computing Infrastructure Space - Internet capital expenditure is on the rise, with Alibaba and Tencent's combined capital expenditure reaching approximately 52.1 billion yuan in Q1 2025, a year-on-year increase of about 112% [10][51]. - The three major telecom operators are increasing their computing-related investments, with a total of approximately 85.9 billion yuan in 2024, a year-on-year growth of 25% [11][54]. - IDC manufacturers are ramping up project construction and resource reserves, with five key companies' capital expenditures totaling approximately 17.2 billion yuan in 2024, a year-on-year increase of 17.8% [12][63]. 3. Investment Recommendations: Focus on Leading Companies in Each Segment - As the shipment of next-generation high-performance computing chips accelerates, the penetration rate of AI data centers is expected to rise rapidly, leading to increased demand and technological iterations in multiple areas such as liquid cooling and HVDC [13][78].