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]

Yeah, that's right. Meta tightening its guide for CAPX for the year, bringing up the lower end of its range. They say they currently expect 2025 capital expenditures, including payments on financial leases, to be a range of 66 to 72 billion.Now, that's narrowed from the prior outlook of 64 to 72 billion. They say that the key drivers of their expenses are infrastructure costs and also employee compensation, saying they're adding technical talent in priority areas. And as they recognize a full year of compen ...