算力需求爆发，千亿龙头股价一个月内狂飙86%

Core Viewpoint - The AIDC (Artificial Intelligence Data Center) sector is entering a critical transition period from "concept narrative" to "performance verification" driven by policies, technology, and global computing power demand by the end of 2025 to early 2026 [1] Group 1: Market Dynamics - The AIDC industry is entering a new phase of market differentiation due to the ongoing global AI competition, the implementation of domestic policies like "East Data West Computing," and accelerated technological iterations such as liquid cooling and high-speed interconnects [4] - The capital expenditure of major North American cloud providers reached $257.4 billion in the first three quarters of 2025, a 65% year-on-year increase, indicating a strong demand-side momentum [5] - Major domestic internet companies are expected to reach a peak capital expenditure of 77.2 billion yuan in Q4 2024, reflecting the urgency for cloud providers to layout the next round of intelligent computing centers [5] Group 2: Supply Chain Challenges - The effective supply of AIDC is constrained by multiple hard constraints, particularly in energy and equipment, with electricity demand for data centers expected to rise significantly [7] - By 2028, data center electricity demand in the U.S. is projected to account for 6.7%-12% of total electricity consumption, leading to an expanded supply-demand gap and rising electricity prices [7] - The global supply of gas turbines is highly concentrated, with three major companies holding 88% of the market share, creating an opportunity for Chinese manufacturers to enter the global supply chain [7] Group 3: Technological Innovations - Liquid cooling technology is becoming essential as AI chip power consumption increases, with a projected global penetration rate of 30% by 2026, representing a market space of approximately 68.8 billion yuan [8] - The shift to liquid cooling is expected to reshape the cooling equipment market and drive structural upgrades in data center power distribution systems [8] Group 4: Investment Opportunities - Companies with core customer resources, technological advantages, or the ability to solve key bottlenecks are becoming focal points for investment in the AIDC sector [10] - Key investment targets include IDC leaders with core internet clients, second-tier firms capable of absorbing overflow demand, and upstream suppliers of power distribution and cooling equipment [10] - Specific companies such as Shenghong Co. in power supply and cooling equipment are highlighted as key observation targets due to their potential to address bottlenecks in the industry [11]