Western Securities·2025-08-03 07:13Investment Rating - The report maintains a positive outlook on the power equipment industry, highlighting significant growth opportunities driven by technological advancements and policy support [2][62]. Core Insights - The 800V high-voltage architecture is set to transform the AIDC power supply system, with Nvidia planning to launch an 800V high-voltage direct current power supply system by 2027, prompting a shift in the industry [2][55]. - The demand for AI continues to surge domestically, leading to a projected 30% increase in the price of large diesel generators within the year [2]. - The renewable energy sector is experiencing a robust transition, with significant increases in installed capacity and generation from renewable sources, accounting for 39.7% of total electricity generation in the first half of 2025 [62][63]. Summary by Sections AIDC Power Supply System - The introduction of the 800V high-voltage direct current system is expected to enhance power delivery efficiency and reduce infrastructure complexity, potentially increasing data center energy efficiency by 5% and cutting copper cable usage by 45% [55][56]. - Major suppliers like InnoSilicon are seeing substantial growth, with a reported 986.7% increase in automotive-grade product shipments [55]. Diesel Generators - AIDC bidding has commenced, with diesel generator prices expected to rise to 3.3-3.5 million yuan per unit, up from 2.6 million yuan earlier this year [57][59]. Renewable Energy Developments - In the first half of 2025, renewable energy installations reached 268 million kilowatts, a 99.3% year-on-year increase, with wind and solar power contributing significantly to this growth [62]. - Wind power saw an addition of 51.39 GW of new grid capacity, with a total installed capacity of 573 million kilowatts, reflecting a 22.7% year-on-year increase [63]. Policy and Market Dynamics - The Henan province has introduced new trading rules for auxiliary power services, enhancing market efficiency and competition [60][61]. - Shandong province is moving towards market-based pricing for renewable energy, indicating a shift in regulatory frameworks to support green energy initiatives [65]. Fusion Energy Sector - The fusion energy sector is advancing with multiple projects and a total budget exceeding 97 million yuan for recent procurement and engineering tenders [66].