AIDC设备行业跟踪点评：算力资本开支持续，关注AIDC产业链设备类投资机会

Investment Rating - The report maintains a "Recommended" rating for the machinery equipment industry [1] Core Insights - Driven by AI, hyper-scale cloud vendors are in a super expansion cycle of capital expenditure, expected to reach a historical high in 2025, with further guidance for 2026 indicating increased investment in AI infrastructure such as GPUs, self-developed chips, data center power, and cooling equipment [1] - The machinery equipment industry is expected to benefit from this trend across multiple dimensions [1] Summary by Relevant Sections Gas Turbines and Related Investment Opportunities - The global data center electricity consumption is projected to rise from 415 TWh in 2024 to approximately 945 TWh by 2030, driven by AI computing needs [3] - Siemens Energy reported a record new gas turbine order of €8.75 billion in Q1 2026, with a backlog of €60 billion by the end of 2025 [3] - Recommended companies include: - Jereh Group (gas turbine solutions) - Shenyang Aircraft Corporation (high-temperature alloy components) - Haomai Technology (power cylinder components) - Linde (precision casting) [3] PCB Equipment and Drill Bits - The demand for PCB equipment is expected to surge due to the explosive growth of AI server requirements, leading to structural changes in the PCB industry [3] - Recommended companies include: - Dazhong CNC (laser drilling equipment) - Chipbond Technology (exposure equipment) - Dongwei Technology (plating equipment) [3] Cooling Solutions - The increasing power consumption of AI servers is driving a shift towards liquid cooling solutions, which are expected to see rapid market growth [4] - Recommended companies include: - Invec (liquid cooling components) - Highlan (full-chain solutions) [4] Space Computing and Photovoltaic Equipment - SpaceX plans to deploy up to 1 million satellites for large-scale AI inference, establishing a trend in space computing [4] - Photovoltaic technology is becoming a mainstream power source for space computing, with companies like Maiwei and Liancheng CNC recommended for investment [4] Overall Investment Recommendation - The report suggests a continued focus on various equipment segments benefiting from the ongoing capital expenditure by hyper-scale cloud vendors, including gas turbines, PCB equipment, liquid cooling, diamond cooling solutions, and photovoltaic equipment for space computing [4]