- ■■- 核心摘要 2022年12月ChatGPT发布，引发全球市场对于AI发展的关注。伴随美国头部云厂商不断提升资本开 支，AI基建领域产生众多投资机会。涉及产品包括变压器、UPS（不间断电源）、服务器电源、液 冷；甚至由于AIDC（AI数据中心）建设的火爆，导致电网接入点稀缺，核电成为AIDC的优质电 源，包括核电公司以及可控核聚变公司均受到关注。 我们复盘ChatGPT发布后，海外AIDC基建类产业链股价走势，可以发现各区间段收益率靠前的细分 赛道，基本对应当时AI产业演进中的核心矛盾或进展。从规律来看，大致可以分为四个阶段：1） ChatGPT出现带来算力需求高增，期间服务器电源关注度攀升；2）算力高增推动芯片技术迭代，相 应导致功耗提升，服务器电源、液冷需求提升；3）AIDC进入实际建设阶段，AI基建（备用电源、 变压器需求增加）；4）AIDC建设导致电网接入点难寻，燃气轮机、核电相应概念热度提升。 综合以上分析，对于中国AIDC各细分产业链，我们观点如下： 传统备用电源有望享受量价齐升红利。 海外头部企业整体指引2025年营业利润率有望提升。我们认 为主要原因有（1）需求量端，AI数据中心建设浪 ...

Market Overview - The Diesel Gensets Market is projected to grow from USD 19.69 billion in 2024 to USD 36.33 billion by 2033, with a compound annual growth rate (CAGR) of 7.04% from 2025 to 2033 [1][25]. Market Drivers - Key factors driving market expansion include the increasing need for reliable power supply in sectors such as healthcare and telecommunications, frequent power outages, improvements in engine efficiency, and government initiatives promoting electrification [2][4]. - The adaptability of diesel generators for various applications, especially in remote areas, contributes to their market growth [3][4]. - Technological advancements in diesel engines have enhanced performance and efficiency, leading to improved fuel economy and reduced emissions [5][6]. Sector-Specific Demand - The oil and gas sector is a significant driver of demand for diesel generator sets, particularly due to offshore drilling and the discovery of new hydrocarbon deposits [7][9]. - In the U.S., demand is stable, driven by industries such as telecommunications, data centers, and healthcare, despite facing tougher emission standards [14][15]. - The Indian market is rapidly expanding due to rising energy demands in construction, telecommunications, and agriculture, particularly in rural areas [19][21]. Regional Insights - The Asia-Pacific region shows considerable demand for diesel generator sets due to infrastructure and industrial growth [13]. - In Saudi Arabia, the diesel genset market is driven by energy demands in data centers, telecommunications, and the oil and gas sector, with a focus on modernization and industrial growth [22][23]. Environmental Considerations - Diesel generators face challenges from environmental concerns, as they contribute to air pollution and climate change, leading to stricter regulations and a push for cleaner energy alternatives [11][12]. - The competition from renewable energy sources is increasing, particularly in off-grid areas, as these alternatives become more economical and effective [12]. Key Players and Innovations - Major companies in the diesel genset market include Cummins, Caterpillar, and Aggreko, with recent innovations focusing on cleaner energy solutions and improved efficiency [24][25]. - Cummins announced a USD 1 billion investment to enhance its engine manufacturing network, aiming to introduce fuel-agnostic engine platforms [15].