Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The demand for global AI infrastructure construction remains highly prosperous, as evidenced by Oracle's significant growth in AI orders and NVIDIA's launch of the new Rubin CPX chip designed for inference tasks [5][28] - The electronic sector outperformed the market, with a 6.15% increase from September 8 to September 12, compared to a 1.52% rise in the Shanghai Composite Index [13] - The semiconductor industry saw a 6.52% increase during the same period, indicating strong performance across various electronic sub-sectors [16] Summary by Sections NVIDIA and Oracle Developments - NVIDIA introduced the Rubin CPX, which significantly enhances inference performance, designed for long-context tasks exceeding 1 million tokens [5][6] - Oracle reported a revenue of $14.926 billion for FY2026Q1, a year-on-year increase of 12.17%, with a remaining performance obligation (RPO) of $455 billion, up 359% year-on-year [12][28] Electronic Sector Performance - From September 8 to September 12, the electronic sector outperformed the market by 4.63 percentage points, with a year-to-date increase of 40.15% [13] - Various electronic sub-sectors showed notable gains, with components rising by 11.33% and semiconductor equipment by 3.97% during the same period [16][19] Investment Recommendations - The report recommends focusing on companies within the global AI infrastructure construction chain, including Industrial Fulian, Huadian Co., and SMIC [28]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [6][18]. Core Viewpoints - The domestic computing power sector is experiencing a significant opportunity for growth driven by multiple factors, including the integration of domestic chips and liquid cooling technology, which is reshaping the computing infrastructure [14][15]. - The report highlights the increasing demand for high-power AIDC cabinets, with power ratings reaching 20-100kW, indicating a shift from optional to essential cooling solutions [14]. - Policy support is crucial, with state-owned data centers required to procure over 50% of their chips from domestic sources, further stimulating the domestic computing power ecosystem [15]. - The report emphasizes the potential for domestic manufacturers to expand overseas, particularly in the diesel generator market, as global demand for AI computing infrastructure rises [16]. Summary by Sections Investment Viewpoints - The report identifies the diesel generator sector as having the most straightforward growth logic, recommending companies such as Weichai Heavy Machinery and KOTAI Power [6][17]. - It also suggests monitoring the gradually increasing penetration of HVDC segments, recommending companies like Kehua Data and Hewei Electric [6][17]. - Lastly, it highlights opportunities in server power supplies and liquid cooling segments, recommending companies like Invec and Shunling Environment [6][17]. Industry Dynamics - The report notes that the electric power equipment sector has seen a 1.94% increase in market performance recently, ranking 16th among various sectors [20]. - It discusses the successful launch of the Ningxia-Hunan ±800 kV UHVDC project, which is expected to enhance the transmission capacity of renewable energy [22]. - The report also mentions the ongoing global demand for AI computing infrastructure, which is expected to provide long-term growth momentum for domestic IDC and computing rental companies [16]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several key companies, including: - KOTAI Power (300153.SZ): EPS forecast of 0.85 in 2025E, with a "Buy" rating [19]. - Weichai Heavy Machinery (000880.SZ): EPS forecast of 0.98 in 2025E, currently unrated [19]. - Kehua Data (002335.SZ): EPS forecast of 1.30 in 2025E, currently unrated [19]. - Invec (002837.SZ): EPS forecast of 0.66 in 2025E, currently unrated [19]. - Shunling Environment (301018.SZ): EPS forecast of 1.05 in 2025E, with a "Buy" rating [19]. - Hewei Electric (603063.SH): EPS forecast of 1.40 in 2025E, with a "Buy" rating [19].