AIDC电力设备、电网产业链双周度跟踪（9月第1期）-20250908

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The AIDC power equipment sector is benefiting from strong capital expenditure in AI and cloud infrastructure, with significant investments from major companies like Alibaba and Tencent [4][17] - The industry is expected to see a shift in the value chain towards Chinese companies as domestic enterprises enhance their competitive advantages in various segments of the data center industry [4] - The year 2025 is anticipated to be a pivotal year for global AIDC construction, with major cloud providers expected to ramp up capital expenditures [4] - The report suggests focusing on technological innovations in data center power distribution, particularly the adoption of 800V HVDC and solid-state transformers [4] Summary by Sections AIDC Power Equipment - Recent capital expenditures in AI and cloud by Alibaba reached 38.7 billion yuan, a year-on-year increase of 220%, while Tencent's capital expenditure was 19.1 billion yuan, up 119% year-on-year [4][17] - The AIDC power equipment sector has shown varied performance, with the top gainers being battery backup units (BBU) at +14.9%, high voltage direct current (HVDC) at +5.0%, and transformers and switchgear at +2.2% [4] - The report identifies key companies in various segments, including transformers/switchgear (e.g., Jinpan Technology, Mingyang Electric) and UPS/HVDC (e.g., Zhongheng Electric, Keda Technology) [4] - The projected demand for AIDC power equipment from 2025 to 2030 is expected to grow at an average annual rate of 20%, with market sizes for dry-type transformers, medium and low voltage switchgear, UPS, and HVDC expected to reach 85 billion, 341 billion, 41 billion, and 380 billion yuan respectively by 2030 [12] Grid Industry - In July 2025, the national power engineering investment was 65.3 billion yuan, a year-on-year decrease of 8.9%, while the cumulative investment from January to July was 428.8 billion yuan, an increase of 3.1% [32] - The report highlights that the high voltage direct current (HVDC) sector is expected to see a concentration of orders and deliveries in the second half of the year, with significant opportunities for companies involved in new products and market expansion [4] - The report emphasizes the importance of the upcoming reforms in the electricity market, including power trading and virtual power plants, which are expected to mature gradually [4] - Key areas of focus for the grid industry include high voltage orders, virtual power plants, and international expansion of power equipment [4]