贝塔投资智库·2025-06-09 03:59Core Insights - The report highlights a significant increase in capital expenditure for artificial intelligence in China, projected to reach 600-700 billion RMB by 2025, driven by government policies and investments from major telecom and internet companies [8][2]. - The International Energy Agency (IEA) forecasts global data center capital expenditure to rise from 500 billion USD in 2024 to 800 billion USD by 2030, indicating a robust growth trajectory for the sector [8][2]. Group 1: AI Capital Expenditure and Market Growth - From 2024 to 2030, the compound annual growth rate (CAGR) for copper and power equipment in China is expected to reach 18% [2]. - The power demand from data centers and chip manufacturing is projected to grow by 75% from 2023 to 2028, reaching approximately 8.70 terawatt-hours, which will account for 2.8% of global power demand by 2028 [2]. - By 2030, China's data centers are expected to consume 277 terawatt-hours of electricity, representing 2.2% of total power demand [2][9]. Group 2: Key Recommendations and Stock Picks - Recommended stocks include Zijin Mining (copper and gold), Huaming Equipment, and Sanyuan Electric (power equipment) [3][11]. - The report anticipates a 57% CAGR for liquid cooling systems in data centers from 2024 to 2030, as liquid cooling is significantly more efficient than air cooling [15]. - The market for diesel generators is expected to grow by 50% in 2025, with a market size of 11 billion RMB [17]. Group 3: AI Applications and Market Projections - Humanoid robots are projected to see global sales reach 1 million units by 2030, with a CAGR of 171% from 2024 to 2030 [18]. - The autonomous driving market, particularly for LiDAR technology, is expected to grow to 80 billion RMB by 2030, with a CAGR of 52% from 2024 to 2030 [20]. - The smart home market in China is projected to grow at an 11% CAGR from 2024 to 2030, driven by advancements in IoT and AI technologies [22].