数据中心供配电设备行业跟踪：台积电2025Q4营收创新高，DRAM涨价趋势延续

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The data center industry has become a core growth area for the power equipment sector, driving demand and technological advancements. However, the capital expenditure characteristics of the data center industry, including large scale and long return periods, necessitate a multi-dimensional approach to accurately gauge demand for power distribution equipment [2][5]. - The report emphasizes the importance of integrating AI industry indicators to support investment decisions in the data center power distribution equipment sector, focusing on demand, supply chain, and AI application metrics [2][5]. Summary by Sections 1. Demand Side: Sustained High Growth in Capital Expenditure - In Q3 2025, overseas cloud companies' capital expenditure reached $99.617 billion, a year-on-year increase of 80.39% and a quarter-on-quarter increase of 9.54% [7]. - Alibaba's capital expenditure in Q3 2025 was CNY 31.5 billion, up 80.10% year-on-year but down 18.55% quarter-on-quarter. Tencent's capital expenditure was CNY 13 billion, down 24.05% year-on-year and 32.05% quarter-on-quarter [12][13]. 2. Supply Chain: Revenue Growth for Key Players - NVIDIA's total revenue in Q3 2025 was $57.006 billion, with data center product revenue reaching $51.215 billion, marking a historical peak and a year-on-year increase of 66.44% [19]. - TSMC's revenue in December 2025 was NT$335 billion, a year-on-year increase of 20.4% [24]. - The DRAM spot price surged from $17.25 on October 27, 2025, to $59.75 on January 9, 2026, reflecting a growth of over 246% [27]. 3. Application Side: Steady Growth in AI Models and Usage - The report notes a decrease in API call volume, with a total of 5.39 trillion tokens called from January 5 to January 12, 2026, down 16.17% from the previous period [33]. - The price of tokens for models scoring over 40 on the Artificial Analysis Intelligence Index dropped by over 50% in Q3 2025 [45].