行业点评报告：AIDC持续高景气，关注各环节核心标的

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights a positive outlook for the power equipment industry, driven by increasing capital expenditures from major cloud service providers and improvements in domestic AI computing power supply [4][6][8] - The report emphasizes the ongoing expansion of capital expenditures by North American hyperscalers, with Google, Microsoft, and Meta all increasing their spending forecasts for 2025, indicating strong demand for AI and data center infrastructure [4][5] Summary by Sections Industry Trends - The power equipment sector is expected to outperform the overall market, with a projected increase in demand due to advancements in AI and cloud computing [1][8] Capital Expenditure Insights - Google raised its 2025 capital expenditure forecast from $75 billion to $85 billion, with a focus on servers and data centers [4] - Microsoft reported a 58% year-over-year increase in capital expenditures for its 2025 fiscal year, driven by the need for data centers to support AI [5] - Meta's capital expenditure for 2025 is expected to be between $66 billion and $72 billion, reflecting a doubling of its quarterly spending [5] Company Developments - Leading companies in the power equipment sector, such as Sunshine Power, are actively entering the AIDC market to capture growth opportunities [7] - The report identifies several key beneficiaries in the industry, including companies involved in various segments such as PSU, HVDC, BBU, and others, indicating a broad range of investment opportunities [8]