数据中心供配电设备行业跟踪：甲骨文资本开支环比高增，DRAM价格小幅回落

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration [2][5] - The report emphasizes the need to incorporate AI industry multidimensional indicators to accurately gauge the demand for power distribution equipment, given the capital expenditure characteristics of the data center sector [2][5] - The report outlines a three-pronged indicator system: demand side, supply chain, and AI application side to support investment decisions in the data center power distribution equipment sector [2][5] Summary by Sections Demand Side - Capital expenditures from overseas cloud giants reached $99.617 billion in Q3 2025, a year-on-year increase of 80.39% and a quarter-on-quarter increase of 9.54% [7] - Alibaba's capital expenditure was 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55% [12] - Tencent's capital expenditure was 13 billion yuan, down 24.05% year-on-year and 32.05% quarter-on-quarter [12] Supply Chain - NVIDIA's total revenue in Q3 2025 was $57.006 billion, with data center product revenue reaching $51.215 billion, marking a historical peak [18] - TSMC's revenue in December 2025 was 335 billion New Taiwan dollars, a year-on-year increase of 20.4% [24] - The CPU price index rose slightly to 99.04 in November 2025, while DRAM spot prices decreased from $71.25 to $71.00 [27] AI Application Side - The number of AI models is steadily increasing, with API call volumes reaching 7.73 trillion tokens from January 20 to January 26, 2026, a quarter-on-quarter increase of 3.07% [30] - The price of tokens for models scoring over 40 on the Artificial Analysis Intelligence Index dropped by over 50% in Q3 2025 [46] - The report highlights the importance of AI application development in determining the strength and sustainability of capital expenditure cycles in data centers [30]