智通财经APP获悉，东方证券发布研报称，海外数据中心相关CAPEX自24H1以来维系高增，且持续上 修后续预期。2025Q2微软、谷歌、meta的CAPEX在原有基础上均高于预期，AI需求激活海外资本支出 投入上行。AI需求迭代，激活AIDC电源技术不断演进，高效率、高密度、高稳定性电源重要性将持续 提升。随着中国内地企业技术持续迭代，缩小与台资与外资企业的技术代差，并通过ODM/GPU企业认 证/CSP企业认证等等方式逐步接入生态，中国内地AI电源公司亦有望充分受益海外AICAPEX景气浪 潮。 AIDC电源：海外AIDC投资景气度提升，相关电源产业链环节有望受益，建议关注麦格米特 (002851.SZ)、禾望电气(603063.SH)、新雷能(300593.SZ)、通合科技(300491.SZ)、欧陆通(300870.SZ)、 中恒电气(002364.SZ)等。 AIDC电力配套：数据中心电力投建过程中，存在重要的配电需求，建议关注金盘科技(688676.SH)、明 阳电气(301291.SZ)、威腾电气(688226.SH)、良信股份(002706.SZ)等。 东方证券主要观点如下： 风险提示 海外CS ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Insights - Overseas cloud service providers (CSPs) have revised their capital expenditure (CAPEX) expectations upwards, leading to an increase in data center construction activity. Major companies like Microsoft, Google, and Meta have all raised their CAPEX forecasts for 2025, driven by strong AI demand [7] - The importance of high-efficiency, high-density, and high-stability power supply systems is increasing as the industry transitions from traditional computing to AI-driven computing. This shift necessitates continuous upgrades in power supply technology across various stages of the power chain [7] - The overseas AIDC (AI Data Center) market is experiencing a boom, with companies like Delta and Vertiv holding significant technological advantages. Domestic companies are expected to benefit from this trend as they close the technology gap and gain access to the overseas market [7] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies that are likely to benefit from the rising demand for AIDC power supply, including Megmeet (002851), Hezhong Electric (603063), Newray (300593), Tonghe Technology (300491), Oulu Tong (300870), and Zhongheng Electric (002364) [7] - For AIDC power supply support, companies such as Jinpan Technology (688676), Mingyang Electric (301291), Weiteng Electric (688226), and Liangxin Co. (002706) are recommended for attention [7]

Capital Expenditure (CAPEX) - Meta收紧了年度资本支出（CAPEX）的指引，提高了范围的下限[1] - Meta目前预计2025年的资本支出（包括融资租赁付款）将在660亿至720亿美元之间[1] - 该范围较之前640亿至720亿美元的展望有所收窄[2] Expense Drivers - Meta的主要支出驱动因素是基础设施成本和员工薪酬[2] - Meta正在优先领域增加技术人才[2] - 由于Meta确认了2025年全年员工的薪酬支出，因此预计2026年的同比增长率将高于2025年[2] Tax and Employee Costs - Meta预计美国联邦现金税在今年剩余时间和未来几年内将减少[3] - Meta正在关注员工成本，这显然是Meta的优先事项，因为Meta正在争夺AI人才[3]