Core Viewpoint - The article emphasizes investment opportunities in the AI-driven growth of the equipment manufacturing industry, particularly in AI edge applications and computing infrastructure [1][2]. Group 1: AI Edge Applications - The AI edge sector is expected to see rapid growth, including humanoid robots, smart manufacturing with AI (mobile robots, collaborative robots), and various consumer AI products (e.g., AI smartphones, AI glasses, AI rings) [1]. - This growth will lead to a new cycle of demand for 3C devices and subsequently a new investment cycle in semiconductor equipment due to increased needs for training, inference, and storage chips [1]. Group 2: Computing Infrastructure - Investment in computing infrastructure is crucial for the implementation of AI edge applications. The article predicts rapid growth in AIDC investments, particularly in primary and secondary cooling solutions, recommending investments in chillers and core components like refrigeration compressors and water pumps [1]. - The article also highlights investment opportunities in energy solutions benefiting from power shortages, such as gas-fired power generation combined with heat recovery steam generators (HRSG) and solar-storage systems [1]. Group 3: Export Recovery in Machinery Manufacturing - The article identifies three main drivers for the expected recovery of machinery manufacturing exports by 2026: 1. A recovery in overseas demand due to the anticipated interest rate cuts by the Federal Reserve, which will boost global industrial product demand, particularly in categories related to real estate [2]. 2. Strong infrastructure demand in countries along the "Belt and Road" initiative, with significant growth in the Middle East's natural gas extraction sector, leading to increased exports of domestic oil service equipment [2]. 3. The demand for AI computing power is creating a gap in electricity supply, driving growth in gas turbines and diesel generator sets, as well as increased demand for drilling equipment and materials used in PCB production [2].

需求侧：算力驱动数据中心建设热潮，带动产业链公司订单显著增长 燃气轮机环节：量价齐增背景下，关注上游部件(应流股份(603308.SH)等)、HRSG部件企业，国产化替 代标的(上海电气(601727.SH)等)及终端服务企业(杰瑞股份(002535.SZ))。 柴发环节：受益于交付速度优势，国内企业承接海外产能外溢订单，重点关注国产化替代(潍柴重机 (000880.SZ)等)与出海方向(科泰电源(300153.SZ)等)。 招商证券主要观点如下： 全球数据中心扩产主力为北美AI巨头与中国互联网大厂，北美头部企业资本开支从2023Q2的241亿美元 增至2025Q3的760亿美元，国内大厂2024Q4资本开支达772亿元阶段性高峰。北美、中国为核心增量区 域，海外龙头仍有大量待建项目，国内受算力卡进口受限影响暂缓后，有望迎来需求反弹。数据中心电 力需求激增，预计2028年美国数据中心电力需求占比将达6.7%-12%。 供给端：能源与设备双重瓶颈 北美面临电网老化、发电设备老旧与能源结构转型矛盾，燃气轮机机龄居全球首位，电力供需缺口推高 电价；中国核心约束为算力卡与海外设备进口收缩，国产化替代成关键。2026年 ...

Core Viewpoint - The company is actively developing products to meet the growing demand for diesel generator sets in data centers, leveraging its long-standing expertise in diesel engines and gas turbines used in land and offshore power generation [1] Group 1 - The company has a long history of providing diesel engines and gas turbines for land and offshore power generation applications [1] - The company is responding to the increasing demand for diesel generator sets from data centers by actively planning and developing relevant products [1]

格隆汇12月9日丨中国动力(600482.SH)在投资者互动平台表示，长期以来公司柴油机和燃气轮机产品广 泛应用于陆用、海上发电领域。面对数据中心对柴油发电机组的需求，公司正在积极布局相关领域，研 究开发适配产品，以满足客户需求。 ...

Core Viewpoint - The company Chengdi Xiangjiang (603887.SH) announced an extension of the depreciation period for certain machinery and equipment from 10 years to 10-15 years starting from October 1, 2025, while maintaining a residual value rate of 0%-5% [1] Group 1 - The change in depreciation period is classified as an accounting estimate change and will be applied prospectively without retrospective adjustment [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's performance is in line with expectations, benefiting from the latest port fee policy in shipbuilding, while the elasticity of the diesel generator business is underestimated [1][6] - The company reported a revenue of 87.423 billion yuan for Q1-Q3 2025, a year-on-year increase of 0.5%, and a net profit attributable to the parent company of 1.104 billion yuan, up 10.0% year-on-year [6] - The shipbuilding sector is entering a profit release phase, aided by a new port fee policy that exempts ships built in China from certain fees, which is expected to boost shipbuilding orders returning to China [6] - The diesel generator business is highlighted for its ongoing demand, particularly in the AIDC sector, with significant market potential driven by the growth in AI computing power [6] - The company's diversified operations and global layout provide stability against market fluctuations, with a balanced trade structure reducing vulnerability to changes in trade policies [6] - The projected dividend yield for 2025 is approximately 4.2%, supported by a payout ratio of 42% [6] - The profit forecasts for 2025E-2027E are 1.349 billion, 1.478 billion, and 1.609 billion yuan respectively, with corresponding PE ratios of 10, 9, and 8 [6] Financial Data and Profit Forecast - Total revenue for 2025E is estimated at 115.3 billion yuan, with a year-on-year decrease of 1.6% [2] - The net profit attributable to the parent company for 2025E is projected to be 1.349 billion yuan, reflecting a year-on-year growth of 17.5% [2] - The company's gross margin is expected to improve from 6.4% in 2025Q1-3 to 7.4% in 2025E [2] - The return on equity (ROE) is forecasted to be 16.2% for 2025E [2]

Group 1 - The core viewpoint is that the AIDC investment is expected to drive significant growth in the infrastructure industry chain, with the AIDC diesel generator market projected to grow from 8.6 billion yuan in 2024 to over 40 billion yuan by 2027, representing an average annual growth rate of over 68% [1][2] - The demand for intelligent computing centers has surged since the launch of ChatGPT, leading to a shift in investment focus from traditional computing to intelligent computing, with the investment scale in China expected to exceed 187.5 billion yuan in 2024 and reach 482.6 billion yuan by 2027 [1] Group 2 - Diesel generator sets are entering a golden expansion period as they are a mandatory backup power source in high-end data centers, accounting for approximately 7%-10% of the overall CAPEX [2] - The high-end data center diesel generator market is currently dominated by foreign brands, which hold about 65% of the market share, while domestic OEM manufacturers have a share of less than 10% [3] - Domestic manufacturers are expected to rapidly increase their market share due to significant price advantages and shorter delivery times compared to foreign brands, which face supply bottlenecks [3] Group 3 - High-power engines constitute over 60% of the cost of diesel generator sets, with foreign brands currently holding over 75% of the market share in this segment [4] - The demand for core components is expected to rise as the market grows, and companies are advised to focus on key component manufacturers that are tightening supply and accelerating entry into the supply chains of leading customers [4] Group 4 - Relevant companies in the diesel generator set market include Weichai Heavy Machinery, KOTAI Power, Taihao Technology, and Sumida [5] - Engine manufacturers include Weichai Power, Yuchai International, Chongqing Machinery, and Quanchai Power [5] - Key component manufacturers include Changyuan Donggu, Huafeng Co., Linde Co., Tianrun Industrial, Fuda Co., Weifu High-Tech, Meihu Co., Feilong Co., and Bohai Automobile [5]

Group 1 - Chongqing Machinery and Electric Co. (02722) saw its stock price increase by over 8%, reaching a new high of 2.04 HKD, with a year-to-date increase of more than 160% [1] - OpenAI has reportedly signed an agreement to purchase computing power from Oracle worth 300 billion USD over approximately five years [1] - The China Academy of Information and Communications Technology released a report indicating that China's intelligent computing power is expected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028 [1] Group 2 - According to Zheshang Securities, diesel generator sets are essential backup power sources for data center power systems, with demand for high-performance and reliable diesel generator sets expected to surge due to the rapid construction of global AI computing centers [1] - Guoyuan International noted that the company's main business profitability is steadily improving, with large-capacity engines experiencing sustained high demand [1] - The company reported a total operating revenue of approximately 4.658 billion RMB for the first half of the year, a year-on-year increase of 9.2%, and a gross profit increase of about 10.4% [1] - The company's net profit attributable to shareholders reached 416 million RMB, a year-on-year increase of 53.8% [1]

Group 1 - Chongqing Machinery and Electric (02722) shares rose over 8%, reaching a new high of 2.04 HKD, with a year-to-date increase of over 160% [1] - OpenAI has reportedly signed an agreement to purchase computing power worth 300 billion USD from Oracle over approximately five years [1] - The China Academy of Information and Communications Technology released a report indicating that China's intelligent computing power is expected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028 [1] Group 2 - According to Zheshang Securities, diesel generator sets are essential backup power sources for data center power systems, with demand for high-performance and reliable diesel generator sets expected to surge due to the rapid construction of global AI computing centers [1] - Guoyuan International noted that the company's main business profitability is steadily improving, with large-capacity engines experiencing sustained high demand [1] - The company reported a total operating revenue of approximately 4.658 billion RMB for the first half of the year, a year-on-year increase of 9.2%, and a gross profit increase of about 10.4% [1] - The company's net profit attributable to shareholders reached 416 million RMB, a year-on-year increase of 53.8% [1]

Core Viewpoint - Suchang Chai A (000570.SZ) holds a 4.9743% stake in Housheng New Energy, while its affiliated Changzhou Xietong Fund owns a 7.4208% stake in the same company. Housheng New Energy has applied for IPO guidance with the Jiangsu Securities Regulatory Bureau in August 2023. The company is currently developing an intelligent all-in-one machine for drone charging, which has begun small-scale market deployment. The diesel generator sets produced by the company mainly focus on the small power sector, with no plans to enter large data center power supply systems [1][1][1]. Company Holdings - Suchang Chai A directly holds a 4.9743% equity stake in Housheng New Energy [1] - Changzhou Xietong Fund, in which Suchang Chai A is a participant, holds a 7.4208% equity stake in Housheng New Energy [1] IPO Development - Housheng New Energy has submitted an IPO guidance application to the Jiangsu Securities Regulatory Bureau in August 2023 [1] Product Development - The company is developing an intelligent all-in-one machine for drone charging, which has started small-scale market deployment [1] - The diesel generator sets produced by the company are primarily targeted at the small power sector [1]