AIDC电力设备、电网产业链双周度跟踪（9月第2期）-20250922

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 has seen a general increase in the past two weeks, with the top three performers being Uninterruptible Power Supply (UPS) (+21.0%), High Voltage Direct Current (HVDC) (+20.7%), and Battery Backup Unit (BBU) (+15.9%) [4] - The industry perspective indicates that global giants like Vertiv, Eaton, and Schneider have established strong product lines and solution capabilities in the data center power equipment sector, while domestic companies are gaining competitive advantages in various segments [4] - The year 2025 is anticipated to be a pivotal year for global AIDC construction, with significant capital expenditures expected from major cloud providers [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 - The demand for AIDC power equipment is projected to grow significantly, with an expected annual average growth rate of 20% from 2025 to 2030 [12] - The estimated market space for various AIDC power equipment by 2030 includes: transformers (85 billion), medium and low voltage switchgear (341 billion), UPS (41 billion), HVDC (380 billion), and solid-state transformers (239 billion) [12] - The report highlights the importance of focusing on four key areas: transformer/switchgear, UPS/HVDC, active power filters (APF), and server power supply [4] Grid Industry - The national power engineering investment completion amount for July 2025 was 65.3 billion, a year-on-year decrease of 8.9%, while the cumulative investment from January to July was 428.8 billion, an increase of 3.1% [31] - The national grid engineering investment completion amount for July 2025 was 40.4 billion, a year-on-year decrease of 0.7%, with a cumulative investment of 331.5 billion from January to July, reflecting a 12.5% year-on-year increase [32] - The report indicates that the bidding for ultra-high voltage projects is expected to see a concentrated release in the second half of 2025, with related companies maintaining strong performance certainty and scarcity [4] - The report recommends focusing on three main areas in the grid sector: ultra-high voltage orders and deliveries, virtual power plants, and the international expansion of power equipment [4]