AIDC 催化产业持续高景气，国内燃机部件龙头空间打开 20250910 摘要 全球云服务商资本开支显著增长，2024 年达 3,300 亿美元，同比增长 22%，北美四大云服务商（亚马逊、微软、谷歌、Meta）资本开支同 比增长 56%，达 2019 亿美元，上半年增速高达 73%，表明 AI 驱动的 数据中心需求强劲。 国内云服务商资本开支增速迅猛，阿里、腾讯、百度 2024 年资本开支 同比增长 105%至 265 亿美元，虽基数较低，但阿里最新季度财报显示 资本开支加速，预示未来增长潜力巨大，将推动燃气轮机行业发展。 全球燃气轮机市场规模庞大，约 2000 亿人民币，主要由西门子、GEV 和三菱重工垄断。2024 年全球燃气轮机销量达 55.5GW，同比增长 38%，受益于 AIDC 数据中心需求，预计未来将持续增长。 自 2023 年起，北美燃气价格指数加速上升，GEV、西门子、三菱重工 等主要燃机公司毛利率和净利润自 2024 年开始加速回升，行业景气度 提升，订单充足，部分公司在手订单已积压至 2028 年。 Q&A 燃机产业链的景气度如何评估？ 燃机产业链的景气度可以从三个视角进行评估：下游终 ...

Economic Development - The Yangtze River Delta region, which occupies only 4% of China's land area, contributes nearly 25% of the national GDP, with a projected GDP exceeding 8 trillion yuan by the first quarter of 2025 [2] - Anhui province aims to achieve a GDP exceeding 5 trillion yuan, maintaining its position among the top regions in innovation capabilities for 13 consecutive years, and leading the nation in automobile production in the first half of this year [2] Industrial Integration - The head of industrial robotics company Efort highlighted that over 90% of their high-end clients are concentrated in the Yangtze River Delta, which includes key industries such as lithium batteries, photovoltaics, 3C electronics, and new energy vehicles [3] - Anhui has developed a comprehensive supply chain for the aviation industry, with local companies producing critical components for major aircraft like the C919 and C929 [3] - The "4-hour ecological circle" facilitates the rapid assembly of electric vehicles, making the new energy vehicle sector a significant growth driver in the region [3] Automotive Industry - In the first half of this year, Anhui's new energy vehicle production reached 730,900 units, ranking first in the country, with over 2,700 automotive parts companies contributing to nearly half of the total revenue of the automotive industry chain [4] - A joint innovation consortium led by Efort was established to promote technological advancements in the robotics sector, with Anhui initiating 90 national and provincial projects focused on various innovative technologies [4] Technological Innovation - The collaboration between the Hefei Light Source and the Shanghai Light Source aims to create the world's brightest X-ray source, enhancing the region's technological capabilities [5] - The Yangtze River Delta has seen significant progress in collaborative innovation, with multiple national laboratories and research centers being established to foster technological advancements [5] - Anhui has emerged as a leader in quantum information, fusion energy, and deep space exploration, with a notable concentration of enterprises and patents in these fields [6]