AIDC发电设备：燃气轮机领衔，多方案百花齐放

Investment Rating - The industry investment rating is positive [1] Core Views - The demand for diverse power generation solutions is surging due to the rapid growth of AI and data centers in North America, leading to a shift from reliance on public grids to self-built power stations by tech giants [3][25] - Gas turbines are the preferred primary power solution for American AIDC, with significant order backlogs extending to 2029-2030, presenting opportunities for domestic manufacturers [4][45] - Multiple power generation technologies, including gas turbines, modified aviation fuels, internal combustion engines, and solid oxide fuel cells (SOFC), are emerging as key solutions for data centers [5][29] - The backup power solution of choice is diesel generators, with a projected market size of 10.8 billion yuan in China by 2027, benefiting from domestic replacements and international expansion [6] Summary by Sections North American Data Centers - The capital expenditure of major North American cloud service providers is expected to increase significantly, with a projected 72% year-on-year growth in 2025 [15] - The aging power grid, long interconnection times, and significant power shortages are major challenges facing data center construction in the U.S. [19][24] - The shift towards self-built power stations is driven by high industrial electricity prices and regulatory requirements from the government [25] Gas Turbines - Gas turbines are the leading choice for primary power in U.S. data centers, with a market dominated by GE, Mitsubishi Heavy Industries, and Siemens Energy [4][45] - The global gas turbine market is experiencing a surge in demand, with significant order growth reported by major manufacturers [46][50][63] Modified Aviation Fuels, Internal Combustion Engines, and SOFC - Modified aviation fuels are gaining traction due to their short delivery cycles and flexible deployment [5] - Internal combustion engines are benefiting from lower costs and quick delivery, with companies like Wärtsilä securing large orders [5] - SOFC technology is being commercialized, with companies like Bloom Energy leading the way [5] Diesel Generators - Diesel generators are a core backup power choice, with a projected compound annual growth rate (CAGR) of 13% from 2024 to 2027 in China [6] - Domestic companies are breaking the monopoly of foreign firms in the high-end market, presenting growth opportunities [6]