东方电气（600875）(01072)涨超4%，截至发稿，涨4.57%，报26.56港元，成交额7226.53万港元。 据了解，东方电气燃气轮机业务采用"合资技术沉淀+自研产品突破"双轨推进，已形成从15MW到 500MW的完整产品矩阵。公司海外业务快速增长，2025年G50实现F级重型燃机整机出口"零的突破"， 是国内燃气轮机领域的核心龙头。公司中东、中亚等新兴市场持续突破，2025年签约中东重点项目。 消息面上，华西证券（002926）研报指出，在全球AIDC快速发展&电网建设投资持续增长的驱动下， 电力设备需求迎来景气周期。该行认为，掌握优质渠道资源、技术实力领先、积极布局相关产能的企业 有望充分受益，持续看好海外业务有望取得突破、海外业务毛利率高的出海企业，重点关注变压器 &SST、燃气轮机、AI电源、储能产业链等核心环节相关标的。 ...

Investment Rating - The report maintains a positive investment outlook on the power equipment sector, driven by the rapid development of AIDC and ongoing investments in grid construction [3]. Core Insights - The power system is expected to undergo a value and ecological transformation due to the surge in computing power demand driven by AI technology and applications [3]. - The report identifies two main demand drivers (increased electricity demand and enhanced power quality requirements) and three key sectors (generation, grid, and user) that will reshape the power system's value and ecology [3]. - The demand for gas turbines and energy storage solutions is expected to rise significantly due to the expansion of data centers and the need for reliable power supply [3]. - The global grid construction demand is increasing, particularly in regions with aging infrastructure, leading to heightened investment from utility companies [3]. - The report highlights the importance of companies with strong channel resources and technological advantages in capitalizing on these trends [3]. Summary by Sections AI Applications and Power System Transformation - The rapid development of AI applications is reshaping the value of the power system, with significant implications for electricity demand and supply efficiency [4][8]. - The report emphasizes the need for technological upgrades in power supply systems to meet the increasing demands of AI-driven applications [3]. Generation Side: Increased Electricity Demand - The global electricity demand from data centers is projected to reach 415 TWh in 2024 and 945 TWh by 2030, with a CAGR of approximately 15% [16]. - The report notes that the demand for gas turbines is rising as data centers explore on-site generation solutions to enhance energy efficiency and supply resilience [22][23]. - Companies like GE Vernova and Siemens Energy are experiencing a surge in gas turbine orders, indicating a robust market outlook [27][71]. Grid Side: Growing Construction Demand - Aging power grids in developed economies are under pressure, necessitating increased investment in infrastructure upgrades [54][56]. - The U.S. is launching initiatives to accelerate grid infrastructure projects to meet rising electricity demands driven by AI [58]. - European utility companies are also ramping up investments in grid infrastructure to address similar challenges [65]. User Side: Power Supply Technology Evolution - The report highlights a shift towards high-voltage and direct current (DC) power supply systems in data centers to accommodate rising power demands [81][90]. - Major tech companies are transitioning to DC power distribution systems to improve efficiency and support higher power densities [100][104].

数据中心规模化扩张导致电力供需矛盾日益凸显，数据中心加速布局电源方案，燃气轮机、储能配置需 求提升。一方面，燃气轮机是北美当前缓解电力供需矛盾的优选，行业需求景气上行;另一方面，得益 于建设周期和供应能力优势，业主可通过配置储能系统，推动加快实现数据中心供能保障和快速并网或 扩容。 电网侧 全球电网建设需求提升，尤其是在欧美等电网基础设施相对薄弱的区域，电网老化带来电网系统承压。 美国公用事业公司、欧洲部分电网运营商均积极加大电网投资力度，伊顿、现代电气、西门子能源等海 外电力设备龙头企业在手订单充沛。国内也在持续加大电网投资和设备企业出海布局。 智通财经APP获悉，华西证券发布研报称，在全球AIDC快速发展&电网建设投资持续增长的驱动下， 电力设备需求迎来景气周期。该行认为，掌握优质渠道资源、技术实力领先、积极布局相关产能的企业 有望充分受益，持续看好海外业务有望取得突破、海外业务毛利率高的出海企业，重点关注变压器 &SST、燃气轮机、AI电源、储能产业链等核心环节相关标的。 华西证券主要观点如下： 电力系统作为算力发展的基石，其价值生态有望获得重塑 AI技术迭代&AI应用加速渗透带动算力需求激增，推动AI ...

Core Viewpoint - The communication and electronics sectors have consistently ranked among the top five industries in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [3][4]. Group 1: Communication Industry Performance - As of December 14, 2025, the communication industry has seen a remarkable growth of 81.67%, leading all sectors. Key sub-sectors such as optical modules, domestic chips, AI power supplies, optical fiber cables, and high-speed copper connections have experienced significant annual growth rates of 172.08%, 41.16%, 33.04%, 81.77%, and 60.83% respectively [4]. - The financial performance of companies in the optical module sector has been outstanding, with firms like Zhongji Xuchuang and Xinyi Sheng reporting record net profits of 7.132 billion and 6.327 billion yuan, reflecting year-on-year growth rates of 90.05% and 284.38% respectively [4]. Group 2: Electronics Industry Performance - The electronics industry, while not as high as the communication sector, has also performed well, with a year-to-date growth of 45.9%, ranking third overall. This marks the third consecutive year that the electronics sector has placed in the top five for annual growth [5]. Group 3: Historical Context and Trends - Historically, the communication industry has rarely maintained a top-five position for more than two consecutive years, with notable fluctuations in its annual rankings. In contrast, the food and beverage sector has demonstrated remarkable resilience, maintaining a top-five position for five consecutive years from 2016 to 2020 [6][7]. - The current performance of the communication and electronics sectors challenges the historical trend of industries typically experiencing cyclical peaks and troughs, suggesting a more sustained growth driven by deeper, long-term industry dynamics such as the global AI revolution and China's technological self-reliance strategy [10]. Group 4: Future Outlook - Analysts from various institutions are optimistic about the communication sector's prospects for 2026, particularly in sub-sectors like AI computing, AI applications, and satellite internet. The year 2026 is anticipated to be pivotal for the deployment of 1.6T high-speed optical modules, with significant advancements in revolutionary technologies [11]. - The growth of the communication industry is expected to be supported not only by high demand but also by infrastructure upgrades and favorable policy directions, indicating a robust growth trajectory in the context of increasing national emphasis on technological development [12].

Core Insights - The communication and electronics sectors have consistently ranked among the top five industries in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [1][5]. Group 1: Industry Performance - The communication industry has seen a remarkable growth of 81.67% year-to-date as of December 14, 2025, leading all sectors, driven by significant increases in sub-sectors such as optical modules (172.08%), domestic chips (41.16%), AI power supplies (33.04%), optical fiber cables (81.77%), and high-speed copper connections (60.83%) [1][2]. - The electronics sector, while not as high as communication, has also performed well with a year-to-date growth of 45.9%, ranking third overall [2]. Group 2: Financial Performance - In terms of financial results, the optical module sector has shown exceptional performance, with companies like Zhongji Xuchuang and Xinyi Sheng reporting record net profits of 7.132 billion and 6.327 billion yuan respectively for the first three quarters of 2025, reflecting year-on-year growth rates of 90.05% and 284.38% [2]. - Other companies in the optical module sector have also reported net profit growth exceeding four times, indicating strong demand and performance in this segment [2]. Group 3: Historical Context - Historically, the communication and electronics sectors have struggled to maintain consistent top rankings, with the communication sector only achieving back-to-back top five rankings in 2003-2004 and the electronics sector experiencing significant fluctuations in its rankings over the years [3][4]. - The food and beverage sector remains the only industry to have achieved a continuous top five ranking for five years (2016-2020), showcasing its resilience and stability compared to the more cyclical nature of other industries [3]. Group 4: Future Outlook - Analysts are optimistic about the communication sector's prospects for 2026, with many institutions highlighting the potential for significant growth in AI computing, AI applications, and satellite internet sub-sectors [6][7]. - The anticipated deployment of 1.6T high-speed optical modules in 2026 and the competitive landscape for revolutionary technologies like silicon photonics are expected to create new value distribution opportunities within the AI hardware supply chain [6]. - The growth of the communication sector is also supported by infrastructure upgrades and favorable policy directions, indicating a strong alignment with national priorities for technological advancement [7].

Overall Insights - The report emphasizes that the core driver of the electric new industry is "demand," while "price" contributes additional elasticity. The year 2026 marks the beginning of a new demand cycle due to changes in underlying demand drivers [4][7][26]. - Macro-level trends indicate that the direction of renewable energy development remains unchanged, with clear trends in artificial intelligence and embodied intelligence industries [4][7]. - At the mid-level, the focus shifts to high-quality development of renewable energy, with consumption becoming central, and AI expected to drive global electricity demand growth [4][7]. - Micro-level analysis shows that various segments within the electric new industry will benefit to varying degrees [4][7]. Energy Storage - The energy storage sector is positioned as the main line for renewable energy consumption, with North American AI contributing elasticity. The global energy storage installation growth rate is expected to reach 60%-80% by 2026, with the energy storage industry chain benefiting significantly [8]. - The demand for lithium batteries is projected to grow by 30% in 2026, supported by high domestic registration volumes and stable production schedules [8]. - The supply side is expected to maintain a tight balance in the second half of 2026, with recommendations for investments in lithium carbonate and companies like CATL and Putailai [8]. Power Equipment - The power equipment sector is expected to be driven by exports and global economic recovery, with AI development enhancing overseas demand expectations [9]. - Key recommendations include focusing on transformers for export and AI power supply solutions, as domestic companies are likely to capture more global market share [9]. Wind and Solar - The wind power sector is anticipated to experience high demand growth, particularly in offshore and domestic markets. The supply-demand dynamics and product structure are expected to positively impact profitability across different segments [10]. - The solar power sector faces short-term uncertainties but is expected to recover as energy storage installation ratios increase, with a return to reasonable supply-demand levels anticipated by 2027 [10]. New Directions - The humanoid robotics industry is highlighted as a significant future direction, akin to the electric vehicle boom from 2015-2019, with a focus on key suppliers and domestic manufacturers [11]. - Solid-state battery technology is also emphasized, with ongoing developments expected to enhance sustainability and certainty in the sector [11].

Core Viewpoint - The report from CITIC Securities indicates that after a significant rise, US and Chinese tech stocks have experienced a pullback, leading to notable market divergence. The firm believes that the current phase is still early in AI application development, and even without achieving AGI, AI will unlock the data dividends accumulated over 30 years of the internet, enhancing efficiency and productivity. They project that global AI Capex could increase 5-7 times by 2030 from 2025 levels, with China's AI Capex potentially rising 7-9 times, suggesting that AI investment has not peaked yet [1][2][11]. Market Performance - AI-driven US stock market has seen a bull run, with the Nasdaq rising up to 140% since the end of 2022, and Nvidia's stock soaring up to 14 times. The Philadelphia Semiconductor Index (SOX) increased by 39% from early 2025 to November 27 [2]. - In China, AI assets have also appreciated, with the A-share market seeing light module and PCB stocks rise by 137% and 65% respectively from the beginning of the year to November 27. Notable stocks like Cambricon and Semiconductor Manufacturing International Corporation (SMIC) have seen increases of 119%, 58%, and 37% respectively from July 25 to November 27 [2]. AI Capex Projections - CITIC Securities anticipates that the combined Capex of the four major US cloud service providers (CSPs) will reach $406 billion by 2025, a 61% increase year-on-year. This Capex level is projected to exceed the net profits of these companies but remain below their operating cash flows, raising concerns about whether global Capex has peaked [3]. AI Token Consumption and Chip Market - The firm has developed a comprehensive framework for estimating AI token consumption and related metrics. By 2030, global token consumption is expected to increase by 100-340 times compared to 2025. Consequently, the scale of inference computing power is projected to grow by 65-220 times, with the AI chip market potentially expanding to over $1 trillion by 2030, which aligns with projections from major tech companies like Nvidia [6][7]. Domestic AI Chip Market - China's AI chip market is expected to grow from $35-40 billion in 2025 to 7-9 times that amount by 2030, outpacing global growth. The domestic AI chip localization rate is projected to rise from 30-40% in 2025 to 60-70% by 2030. This growth is driven by increased investment from Chinese internet companies and advancements in domestic AI capabilities [11]. Opportunities in the AI Supply Chain - The domestic AI chip sector still lags behind Nvidia, creating opportunities in cooling solutions, AI power supplies, and other related fields. Key areas of focus include: - Liquid cooling technology, which is becoming mainstream due to its efficiency in data centers, with a projected market size of approximately $85.8 billion by 2027 [14]. - AI power supplies, which are expected to see significant growth due to rising power density requirements, with market sizes projected at $58.5 billion and $95.7 billion for 2026 and 2027 respectively [14]. - High Voltage Direct Current (HVDC) solutions, which are anticipated to gain traction, with a market size expected to reach $43.15 billion by 2028 [14]. - Optical communication modules, driven by increasing demand for high-speed, low-power solutions, with a projected compound annual growth rate of 22% over the next five years [14].

Group 1 - Guangdong Province aims to maintain the leading position in digital economy development by 2027, with the core industry value-added accounting for over 16% of GDP [1] - The plan includes the establishment of three trillion-level digital industry clusters and the cultivation of several high-value new digital industry tracks [1] - The average annual compound growth rate of the data industry is expected to exceed 15%, with the scale of the artificial intelligence core industry surpassing 440 billion yuan [1] Group 2 - The number of large-scale industrial enterprises undergoing digital transformation is projected to exceed 60,000, with computing power scale reaching over 60 EFLOPS [1] - The semiconductor and integrated circuit industry is set to become a significant area of international influence, establishing a "third pole" for integrated circuits in China [1] - Companies in the core supply chain, such as optical modules and liquid cooling, are expected to benefit continuously from the strong demand for computing power [1] Group 3 - Shenliang Environment offers a wide range of liquid cooling products for data centers, including end-to-end solutions and core CDU equipment [2] - Magmi Tech is currently the only company in mainland China collaborating with NVIDIA on power supply, with AI power expected to become a new growth point for the company [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI power supply is achieving "military-grade" efficiency improvements, indicating a significant potential for onboard power systems [1]. - The report highlights that the traditional power supply models for AI cabinets may be approaching physical limits, suggesting that military power supply vendors are well-positioned to enter the AI power market [30][45]. - The overall market for power supplies is expansive, with rapid growth driven by investments in new energy generation, storage, and applications in various sectors [11]. Summary by Sections Section 1: Overview of Power Supply Characteristics Across Industries - The power supply industry has a total market size exceeding 500 billion, with a growth rate of 32.33% in 2022, reaching a total output value of 517.4 billion [11]. - Key downstream applications include consumer electronics, industrial control, new energy vehicles, and medical devices, with IT and consumer electronics holding the largest market shares [11]. - The competitive landscape is fragmented, with over a thousand domestic companies in the switching power supply sector, leading to a low concentration of market share [12]. Section 2: Power Supply Requirements in Various Applications - Military power supplies have the highest requirements for power, temperature adaptability, and reliability compared to other sectors [25]. - AI power supplies are evolving, with current architectures requiring multiple voltage conversions, which may soon shift to a more efficient two-stage process with the adoption of 800V DC systems [57][61]. - The report discusses the specific power requirements for medical devices, communication equipment, and new energy vehicles, highlighting the varying demands across these sectors [13][20][21]. Section 3: Future Trends and Market Opportunities - The transition to 800V DC power supply architecture is expected to simplify power distribution in data centers, potentially leading to significant market growth [50][57]. - New Ray Energy is actively developing AI power solutions, leveraging its expertise in military-grade power supplies to tap into the growing AI market [47][49]. - The report emphasizes that as AI cabinet power approaches traditional physical limits, military power supply technologies will be crucial in meeting future demands [45][46].

Core Insights - The essence of AI competition has shifted to an "electricity competition," with investment trends moving from traditional IT infrastructure to non-IT infrastructure such as power, cooling, and materials [1][6][12] - By 2030, China's non-IT infrastructure investment related to AI is expected to reach 800 billion RMB, with power systems dominating at 38%, followed by metals for data center construction at 12% and advanced cooling systems at 10% [2][9] Investment Trends - The investment wave in AI infrastructure is expanding beyond traditional chips and servers to include essential non-IT infrastructure [2] - Total capital expenditure for AI in China is projected to grow to 2-2.5 trillion RMB by 2030, with non-IT infrastructure accounting for one-third of this total [2] Power Consumption and Data Centers - The energy consumption of data centers in China is expected to grow at a compound annual growth rate (CAGR) of 18%, increasing from 102 TWh in 2024 to 277 TWh by 2030, representing 29% of global data center electricity consumption [3][9] - The rapid increase in power consumption is driven by the accelerated adoption of AI data centers (AIDC), which have significantly higher power requirements than traditional data centers [4] Key Drivers of Investment - The report identifies three main drivers for the surge in investment: the proliferation of AIDC, the deployment of high-performance chips, and the increasing power density of server cabinets [4][5][9] Opportunities in Power Supply - China has significant advantages in AI power infrastructure, including ample generation capacity, lower industrial electricity prices (30-60% lower than developed markets), a leading position in renewable energy supply chains, and a relatively young and robust power grid [12] - Five major investment opportunities are highlighted: nuclear power, electrical equipment, battery energy storage systems (BESS), diesel generators, and advanced power supply technologies [13][17][20][22][24] Cooling and Materials - Efficient cooling and essential raw materials are critical for AI infrastructure, with significant investment potential [25] - Liquid cooling technology is expected to grow rapidly, with a projected market size of 79 billion RMB by 2030, driven by the need for efficient heat management in high-density AI environments [26] - The demand for key metals such as copper and aluminum is also expected to rise, with copper consumption in AI data centers projected to reach approximately 1 million tons by 2030, accounting for 5-6% of national demand [27]