Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - The overseas AIDC construction remains robust, while domestic demand is expected to rebound in 2026. In the second half of 2025, there is a clear divergence in AIDC construction between domestic and international markets. North America continues to experience high levels of capital expenditure, with the four major cloud providers' capital spending reaching $257.4 billion in the first three quarters of 2025, a 65% year-on-year increase. In contrast, domestic cloud providers are experiencing a temporary slowdown in capital expenditure growth due to restrictions on high-end computing card imports, which has delayed some AIDC project timelines. However, this impact is seen as a deferral of demand rather than a disappearance of demand. As overseas supply of computing cards improves and domestic alternatives continue to develop, a "pent-up rebound" in domestic AIDC construction is anticipated in 2026, indicating potential for demand release [1]. Summary by Sections AIDC Equipment - The report highlights the ongoing high demand for AIDC equipment in North America, driven by rapid growth in AI computing needs and delayed power grid construction, leading to increased orders for gas turbines for self-generation or distributed power supply [2]. Gas Turbines - The global gas turbine market is characterized by a significant supply-demand imbalance, with an expected increase of over 85 GW in global gas turbine orders in 2025, while existing effective capacity is around 50 GW. The market is dominated by GE, Siemens Energy, and Mitsubishi Heavy Industries, which together hold an 88% market share. The backlog of orders extends to 2028, creating opportunities for Chinese companies to enter the overseas market [2][3]. Diesel Generators - Diesel generators are essential backup power sources in AIDC construction, with a long-term market dominated by Cummins, MTU, and Caterpillar, which together hold about 85% of the market share in China. Current capacity bottlenecks faced by overseas manufacturers present a window of opportunity for domestic manufacturers like Weichai to replace foreign brands and expand internationally [4]. Cooling Equipment - The report notes that the rapid increase in AI chip power consumption is pushing the adoption of liquid cooling solutions, as traditional air cooling approaches reach their physical limits. This trend is expected to drive demand for related cooling equipment [5]. Emerging Technologies - Solid Oxide Fuel Cells (SOFC) are being explored as a solution to power shortages in North America, offering high modularity, short delivery cycles, and high efficiency. The report suggests that SOFC costs are approaching those of gas turbines, indicating a potential growth area [7]. Data Center Busbars - The traditional "rack and cable" approach in high-power density scenarios is being replaced by intelligent busbar solutions, which offer higher reliability and easier maintenance, marking a significant upgrade direction for data center power distribution systems [8]. Investment Recommendations - The report recommends focusing on several key areas: gas turbines, diesel generators, cooling equipment, and emerging technologies like SOFC and data center busbars, as these sectors are expected to benefit from structural opportunities driven by both domestic and international demand [8]. Key companies to watch include Yingliu, Ice Wheel Environment, Weichai Power, Haomai Technology, and Jerry [8].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights a significant increase in computing power investment, with OpenAI raising its projected capacity investment to 250GW by 2033, leading to a potential electricity shortage in the U.S. as demand is expected to exceed 1000GW by 2030 [3][12] - The power generation side will rely on gas and nuclear power as primary sources, with storage and solid oxide fuel cells (SOFC) serving as emergency measures [3][29] - The report anticipates a substantial increase in U.S. grid investment, with projections indicating investments will exceed $30 billion in 2024 and continue to rise in subsequent years, presenting export opportunities for domestic companies [3][29] - The evolution towards 800VDC power systems is noted, with SST (solid-state transformers) expected to be a long-term solution for power supply challenges [3][29] - The domestic market is expected to experience a tightening of electricity supply due to AI investments, suggesting potential investment opportunities in domestic power and grid equipment manufacturers [3][29] Summary by Sections 1. Introduction - The report discusses the upward adjustment of computing power investments and the resulting significant electricity supply-demand imbalance in the U.S. [6] 2. Power Generation Side - Gas and nuclear power are identified as the main power sources, while storage and SOFC are positioned as emergency solutions [6][29] - The projected electricity gap by 2030 is estimated at 182GW, considering the retirement of existing power plants [3][29] 3. Grid Investment - U.S. grid investment is expected to increase significantly, with forecasts indicating investments reaching $37.8 billion by 2027 [3][29] - Domestic companies are likely to benefit from increased exports due to rising U.S. grid investments [3][29] 4. Power Equipment - The transition to 800VDC systems is highlighted as a trend, with SST potentially becoming a long-term solution for power supply issues [3][29] 5. Domestic Market - AI investments are projected to lead to a tightening of electricity supply in China, creating new investment opportunities in power and grid equipment sectors [3][29] 6. Investment Analysis - Detailed investment analysis and recommendations are provided in Chapter 6 of the report [3]

Core Insights - The integration of AI technology into production and daily life is driving significant changes in the power industry, highlighting the increasing importance of electricity supply as a core element supporting this trend [1][2] - The demand for electricity is expected to rise due to AI's high consumption during training and inference processes, with specific examples indicating substantial energy requirements for models like OpenAI's GPT-3XL [1] - Aging infrastructure poses challenges for power grids, particularly in Europe and North America, which may affect the stability and safety of electricity supply [1] Group 1: Opportunities in the Power Industry - The power sector is witnessing three main areas of opportunity: grid-side, user-side, and power-source side [2] - On the grid side, the demand for overseas power equipment is increasing due to factors such as data center integration and aging infrastructure, creating favorable conditions for Chinese companies to expand internationally [2] - The integration of source-grid-load-storage models is expected to enhance energy efficiency and reliability, potentially serving as a green power solution for data centers [2] Group 2: Technological Upgrades and Innovations - The user side is experiencing a trend of technological upgrades, with increasing power density in data center racks, which may lead to a shift towards higher voltage and direct current supply architectures [2] - The adoption of 800V direct current systems and solid-state transformers (SST) is anticipated as potential solutions for powering intelligent computing centers [2] - On the power source side, various energy types such as gas power, nuclear power, solid oxide fuel cells (SOFC), and renewable sources are expected to enhance the power capabilities for data centers [2][3]

证券研究报告 行业研究 / 行业深度 2025 年 12 月 19 日 行业及产业 北美数据中心电力短缺，SOFC 迎来快 速增长 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 《锂电行业跟踪：11 月国内动力电池装车量和 出口量同比增长，锂电材料价格趋于稳定》 2025-12-15 《数据中心及 AI 景气上行，电力设备需求持续 增长》2025-12-12 《动力和储能锂电需求增长，锂电材料价格价 格趋于稳定》2025-12-09 | 1 | | 2 | | --- | --- | --- | | 1 | 1 | A | | | 1.1 | 数据中心：美国数据中心存量大，预计增量高 5 | | --- | --- | --- | | | 1.2 | 电力：数据中心耗电量持续提升，现场发电是有效方案 6 | | | 2.1 | 概念：通过电化学反应产出 ...

公司以"科技创新+绿色发展"双轮驱动，成功获批工业和信息化部专精特新"小巨人" 企业和国务院国资 委 "科改企业" 双国家级资质荣誉，目前公司拥有13家高新技术企业。在绿色能源方面，公司进军绿色 氢基能源产业，投资绿色甲醇项目；在技术创新攻坚上，紧扣"十五五"规划建议"科技自立自强水平大 幅提高"的主要目标，持续开展固体氧化物燃料电池（SOFC）、天然气制氢加氢一体化装备研发，推进 管道内检测、窑炉热工装备制造与节能减排、热电联产集中制备陶瓷粉料等技术攻关。 佛燃能源创立于1993年2月26日，2017年成功在深交所上市。公司以"能源+科技+供应链"为发展方向， 以城市燃气为核心业务，形成城市燃气、新能源、科技研发与装备制造、供应链和延伸业务五大板块， 支撑公司迈上高质量发展的新台阶。2024年，公司实现营业收入315.89亿元，归母净利润8.53亿元，并 入选了2025年《财富》中国500强，位列427名。自上市以来，公司高度重视股东回报，累计现金分红数 额30.88亿元,是募集资金总额的3.96倍，年均现金分红占归母净利润的比例超65%，股东回报良好。 未来，公司将深入践行"汇聚清洁能源、共创美好明天"的 ...

未来，公司将深入践行"汇聚清洁能源、共创美好明天"的使命，以行业深耕为核心，以资源整合为基 础，以科技创新为引擎，全面筑牢并强化行业地位。公司将不断以企业高质量发展践行能源强国建设使 命，为经济社会绿色低碳转型提供科技赋能的坚实能源保障。 （文章来源：证券时报） 佛燃能源董事长尹祥，教授级高级工程师，现任中国土木工程学会氢能设施与工程分会理事长、中国城 市燃气协会常务理事、广东省燃气协会会长、佛山市上市协会会长等职。尹祥拥有超过30年的燃气经营 和管理经验，既是佛燃能源集团股份有限公司创立和发展壮大的见证者和重要领导者，也是行业资深技 术专家和管理菁英。 佛燃能源创立于1993年2月26日，2017年成功在深交所上市。公司以"能源+科技+供应链"为发展方向， 以城市燃气为核心业务，形成城市燃气、新能源、科技研发与装备制造、供应链和延伸业务五大板块， 支撑公司迈上高质量发展的新台阶。2024年，公司实现营业收入315.89亿元，归母净利润8.53亿元，并 入选了2025年《财富》中国500强，位列427名。自上市以来，公司高度重视股东回报，累计现金分红数 额30.88亿元,是募集资金总额的3.96倍，年均现金分 ...

今天分享的是：2025电力行业算力之争，电力为王：聚焦美国AI能源革命核心赛道 报告共计：67页 AI浪潮席卷全球，算力需求呈指数级增长，而其背后一个至关重要的基础资源——电力，正成为制约发展的关键瓶颈。一份最新行业研究报告深入剖析了 美国在AI时代下面临的电力供需挑战与能源革命的新赛道，揭示了"算力之争，本质是电力之争"的核心逻辑。 报告指出，美国整体用电增速虽看似平缓，但由人工智能驱动的数据中心用电正成为电力需求的强劲增长极。目前，数据中心能耗已占美国总电力消耗的 4.4%，且这一比例正迅速攀升。多家权威机构预测，到2028年至2030年，数据中心耗电量可能占据全美用电量的6.7%至12%，所需新增电力装机容量最高可 达100吉瓦。然而，美国的电力供应体系却面临严峻考验：发电结构依赖天然气但新增产能有限，电网区域互联容量不足，且数据中心高度集中在弗吉尼亚 等少数州，导致局部电网压力巨大，供电可靠性问题日益凸显。 面对迫在眉睫的电力缺口，行业正在寻找多元化的解决路径。短期来看，现有能源的挖潜与快速部署成为关键。核电因其极高的运行稳定性和清洁性，被视 作数据中心理想的基础负荷电源，近期相关支持政策频出，科技企 ...

花旗表示，在全球电力需求被AI数据中心、电气化和可再生能源并网大举推高的背景下，叠加美联储 降息周期降低融资成本，助推电网基建长期项目投资，亚洲市场的最核心电网设备与储能类公司（尤其 是聚焦于高压变压器、GIS和储能系统的相关电力公司）正处在一个"多年的结构性上升周期"开端。 全国统一电力市场建设持续推进，推动主网投资需求增长。华泰证券指出，"十五五"期间电网投资有望 超4万亿元，较"十四五"期间显著提升。其中，750kV和500kV等高电压等级主网建设是重点方向，近年 来相关设备招标需求快速上升。2025年1-5批国网输变电招标金额同比增速达19.1%，预计2026年将进一 步加速。随着西部能源外送需求增强及区域电网互联互济能力要求提升，主网网架建设将成为支撑全国 电力大市场的重要基础设施。 海外方面，美国数据中心电力接入周期长、供应紧张，催生对就地供电方案的需求。天风证券指出， AI驱动下美国2025-2030年将新增55GW数据中心负荷，传统燃气轮机交付周期超过三年，而固体氧化 物燃料电池（SOFC）模块化系统可在90至120天内完成部署，更适配紧迫用电需求。此外，SOFC具备 低冗余配置优势，在实现同 ...

除天风证券外，中信建投在晨会上指出，在技术革新与政策红利的共同催化下，国内脑机接口公司有望逐步实现商业化应用。中金公司则发布了对造纸行业 2026年的展望，认为浆纸一体化龙头企业有望继续获得超额利润。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 在12月12日的券商晨会上，天风证券发布观点认为，全球固体氧化物燃料电池（SOFC）行业正进入加速扩产阶段。天风证券指出，美国电力供需紧张为 SOFC带来了新的市场机遇。 天风证券在研报中分析，由于电源建设周期长及电网输电能力受限，美国正面临电力紧缺问题。同时，数据中心因其负荷波动极大，对供电可靠性要求极 高。SOFC因其低冗余配置与功率跟踪等优势，被认为更适配数据中心的供电需求。该机构进一步表示，SOFC的平准化度电成本（LCOE）已接近燃气发 电，随着规模化降本，其成本优势有望进一步体现。 ...

东方证券研报指出，近期被动元器件厂商均表示看好AI对行业的拉动，市场对于AI驱动被动元器件周 期向上的预期在提升。三环集团MLCC产品形成了丰富的产品矩阵，广泛应用于移动通信、智能终端、 新能源等行业，现已覆盖微小型、高容、高可靠、高压、高频系列，形成了全面的产品矩阵，市场认可 度逐步提升，国产替代加速推进。公司持续推进以固体氧化物燃料电池（SOFC）为代表的一系列新产 品的创新开发，推动产业转型升级。认为SOFC在北美的空间仍然被市场低估，公司通过SOFC隔膜板 的批量供应可以完全受益于北美AI电力建设的强劲增长。根据可比公司26年29倍PE估值，对应目标价 为54.23元，维持"买入"评级。 ...