本文字数：2126，阅读时长大约4分钟 2025.12.29 作者 |第一财经 冯迪凡 由于数据中心面临最长可达七年的并网等待时间，其对现场能源的需求正在激增。 人工智能（AI）数据中心接入电网时间过长，这个问题怎么破？ 近期的一系列动态显示，数据中心开发商正转向使用飞机发动机和化石燃料发电机来为AI提供动力。 航空衍生涡轮机和柴油发电机制造商的报告称，由于数据中心在等待更大功率燃气轮机期间寻求绕过电 网，因此需求有所增加。"任何能够供电的技术都从未像现在这样具有如此巨大的市场吸引力。"清洁空 气工作组电力项目主管斯波卡斯(Kasparas Spokas)表示。 来源：新华社 来自OpenAI的电话 在现实中，由于数据中心面临最长可达七年的并网等待时间，通过在数据中心附近安装航空衍生涡轮机 和发电机等电源，开发商无须立即连接电网即可为其AI模型的训练和运行提供动力。 GE Vernova公司正在向数据中心开发商Crusoe供应航空衍生燃气轮机，预计将为OpenAI、甲骨文和软银 位于得克萨斯州的Stargate数据中心提供近1吉瓦的电力。 GE Vernova首席财务官帕克斯（Ken Parks）曾经告诉投资 ...

2025.12. 29 本文字数：2126，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 由于数据中心面临最长可达七年的并网等待时间，其对现场能源的需求正在激增。 人工智能（AI）数据中心接入电网时间过长，这个问题怎么破？ 近期的一系列动态显示，数据中心开发商正转向使用飞机发动机和化石燃料发电机来为AI提供动 力。航空衍生涡轮机和柴油发电机制造商的报告称，由于数据中心在等待更大功率燃气轮机期间寻求 绕过电网，因此需求有所增加。"任何能够供电的技术都从未像现在这样具有如此巨大的市场吸引 力。"清洁空气工作组电力项目主管斯波卡斯(Kasparas Spokas)表示。 来源：新华社 "三四年前，我设想我们会先做飞机，再做能源。"该企业首席执行官舒尔（Blake Scholl）表 示，"但后来我接到了奥尔特曼的电话，他说：'拜托，拜托，拜托，给我们做点什么吧。'" 成本和排放仍是难题 柴油和燃气发电机的使用量也在增加。制造商康明斯已向数据中心售出超过39吉瓦的电力，今年的 产能几乎翻了一番。康明斯数据中心执行董事卡特（Paulette Carter）表示，看到了"对现场主电源 的需求日益增长"。 来自OpenAI ...

来自OpenAI的电话 由于数据中心面临最长可达七年的并网等待时间，其对现场能源的需求正在激增。 人工智能（AI）数据中心接入电网时间过长，这个问题怎么破？ 近期的一系列动态显示，数据中心开发商正转向使用飞机发动机和化石燃料发电机来为AI提供动力。 航空衍生涡轮机和柴油发电机制造商的报告称，由于数据中心在等待更大功率燃气轮机期间寻求绕过电 网，因此需求有所增加。"任何能够供电的技术都从未像现在这样具有如此巨大的市场吸引力。"清洁空 气工作组电力项目主管斯波卡斯(Kasparas Spokas)表示。 柴油和燃气发电机的使用量也在增加。制造商康明斯已向数据中心售出超过39吉瓦的电力，今年的产能 几乎翻了一番。康明斯数据中心执行董事卡特（Paulette Carter）表示，看到了"对现场主电源的需求日 益增长"。 美国能源部长赖特（Chris Wright）建议征用现有的备用发电机来加强电网。他表示："我们将征用数据 中心或沃尔玛超市后院现有的备用发电机，并在需要额外电力时启用它们。" 不过，由于小型电源的效率往往较低，使用发电机引发了人们对排放的担忧。 在现实中，由于数据中心面临最长可达七年的并网等待时间，通 ...

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].

招商证券国际发布研报称，人工智慧数据中心(AIDC)行业受惠于全球AI发展和算力扩张的强劲势头， 成为机械行业的核心增长引擎。燃气涡轮机受益于北美能源瓶颈和订单量的增长，其数量和价格均呈现 明显的增长趋势。该行的股价分析显示，自今年年初以来，市场对柴油引擎、液冷和燃气涡轮机的信心 有所增强。该行维持行业"增持"评级，在销售和价格同步增长的背景下，该行建议关注燃气涡轮机、柴 油发电机和冷却设备板块。 ...

Group 1 - Electric equipment stocks saw significant gains, with Dongfang Electric rising by 15.97% to HKD 25.42, Harbin Electric up by 10.95% to HKD 15.81, and Shanghai Electric increasing by 8.93% to HKD 4.39 [1] - Nvidia is planning a closed-door summit in Santa Clara, California, to address the "data center power shortage" that may hinder AI development, gathering executives from startups focused on power and electrical engineering [1] - The International Energy Agency (IEA) predicts that global power demand for data centers, AI, and cryptocurrency will surge from 460 TWh in 2022 to between 620 TWh and 1,050 TWh by 2026 [1] Group 2 - The current electricity shortage in the U.S. is becoming a clear and certain fact, expected to expand before 2030, leading to a more defined investment logic in the industry chain [2] - Data centers typically rely on backup power systems, primarily diesel generators, during peak demand or main power interruptions; however, regulatory constraints on diesel generators are expected to increase the adoption of gas turbines in backup power systems for AIDC projects [2]

Group 1 - Electric equipment stocks saw significant gains, with Dongfang Electric rising by 15.97% to HKD 25.42, Harbin Electric increasing by 10.95% to HKD 15.81, and Shanghai Electric up by 8.93% to HKD 4.39 [1] - Nvidia is planning a closed-door summit in Santa Clara, California, to address the "data center power shortage" that may hinder AI development, gathering executives from startups focused on power and electrical engineering [1] - The International Energy Agency (IEA) predicts that global power demand for data centers, AI, and cryptocurrency will surge from 460 TWh in 2022 to between 620 TWh and 1,050 TWh by 2026 [1] Group 2 - Cathay Haitong indicates that the electricity shortage in the U.S. is becoming a clear and certain fact, expected to expand before 2030, leading to a clearer investment logic in the industry chain [2] - Haitong International notes that data centers typically activate backup power systems during peak demand or main power interruptions, with diesel generators currently being the mainstream solution [2] - Due to clean energy regulations in the U.S., obtaining permits for diesel generators is becoming more challenging, and their annual operating hours are strictly limited, suggesting a gradual increase in the adoption of gas turbines for backup power in future AIDC projects [2]

Core Viewpoint - The demand for high-power diesel generators is surging due to the ongoing construction of overseas data centers, with Jerry Holdings signing a sales contract exceeding $100 million for generator sets in North America, marking its entry into the high-end power market [1][2]. Group 1: Company Developments - Jerry Holdings has established an independent company to expand its power generation business, specifically targeting the data center sector [1]. - The company’s product line includes gas turbine generator sets, reciprocating internal combustion engine generator sets, energy storage devices, and variable frequency devices, applicable in various scenarios including data centers [3]. - As of November 28, Jerry Holdings' stock price reached 56.43 yuan per share, a 10% increase, with a market capitalization of 57.776 billion yuan [3]. Group 2: Market Trends - The global data center generator market is projected to grow from $6 billion in 2023 to $9 billion in 2026, and further to $12 billion by 2030, indicating a rapid market expansion [5]. - Diesel generators are currently the most stable and reliable backup power source for data centers, with the engine constituting 60%-70% of the total cost of the generator set [4]. - The construction of data centers is expected to reach 8,410 operational centers globally by 2030, significantly increasing the demand for high-power generator sets [2]. Group 3: Competitive Landscape - Overseas manufacturers like Cummins are experiencing delivery bottlenecks, providing a strategic opportunity for Chinese generator companies to penetrate the global market [6]. - The internal combustion engine industry in China saw an export total of $23.214 billion from January to October 2025, with generator set exports reaching $5.436 billion, a year-on-year increase of 25.96% [7]. - Companies such as Weichai Power and KOTAI Power are also expanding their presence in the data center market, with Weichai reporting a 491% increase in data center product sales in the first half of the year [9][11].

Core Viewpoint - The company is a leading player in the global commercial air conditioning compressor casting market and is strategically entering the AIDC cooling and power supply sectors, leveraging long-term partnerships with major global clients [1][4]. Group 1: Business Overview - The company has a strong foothold in the commercial air conditioning compressor casting and engineering machinery casting sectors, with over 10 years of collaboration with top clients like Johnson Controls, Ingersoll Rand, and Caterpillar [1]. - The company is expected to benefit from a compound annual growth rate (CAGR) of 12.7% in revenue and 13.3% in net profit attributable to shareholders from 2016 to 2024, indicating a robust growth trend [1]. Group 2: AIDC Market Potential - The AIDC sector is experiencing significant investment from global tech giants, with the cooling segment projected to exceed 10 billion USD in the U.S. by 2028 [2]. - The power supply segment is also expanding due to aging electrical infrastructure in the U.S., with gas turbines and diesel generators likely becoming mainstream solutions [2]. Group 3: Competitive Advantages - The company's integrated "casting + machining" capabilities provide a competitive edge, allowing for high product value and superior profitability compared to peers [3]. - The dual-core production layout in Deqing and Mexico positions the company to capture domestic and international orders while ensuring supply chain security for North American clients [3]. Group 4: Future Growth and Valuation - The company is expected to see net profits of 220 million, 300 million, and 410 million CNY from 2025 to 2027, with corresponding price-to-earnings ratios of 38, 28, and 20 times [3]. - The company has initiated a stock incentive plan to align the interests of key personnel, further strengthening its operational capabilities [3].

Core Insights - The article highlights the increasing demand for high-power diesel generators in data centers due to power supply constraints in the U.S., creating new opportunities for traditional manufacturers like Weichai Power [1][9]. Group 1: Industry Trends - The global data center generator market is projected to grow from $6 billion in 2023 to $9 billion by 2026 and $12 billion by 2030, with overseas AI data centers having a significantly higher demand for backup power compared to domestic markets [9]. - The shift towards a seller's market for diesel generators is driven by rapid development in data centers and smart computing centers, leading to a mismatch in supply and demand [8][9]. Group 2: Company Developments - Weichai Power has positioned itself as a strategic supplier for major telecom operators in China, with a 40% market share in a recent bid for 2000kW diesel generator orders [9][10]. - The company has seen a 664% increase in its global data center power generation business in the first half of the year, with overseas revenue growing by 62% year-on-year [10][16]. Group 3: Technological Advancements - Weichai Power is advancing in solid oxide fuel cell (SOFC) technology, which offers higher efficiency and lower emissions compared to traditional power solutions, making it a key player in addressing the power supply challenges of AI data centers [13][16]. - The company has signed a manufacturing license agreement for SOFC production, with expected revenue confirmation by 2026 [16]. Group 4: Financial Performance - In the third quarter, Weichai Power reported a revenue of 574.19 billion yuan, a year-on-year increase of 16.08%, and a net profit of 32.34 billion yuan, up 29.49% year-on-year [19]. - The company's high-end products, particularly large-bore engines, have seen significant sales growth, contributing to an overall increase in profit margins [31][36]. Group 5: Market Position - Weichai Power holds a nearly 20% market share in the diesel engine sector, competing with both domestic and international brands [29][30]. - The company is expected to benefit from the ongoing transition to cleaner energy solutions, with a focus on natural gas and new energy vehicles [36][37].