%% %% research.95579.com 为什么我们认为AIDC电气设备出口存 在超预期空间？ 长江证券研究所电新研究小组 2025-08-18 %% %% 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 %% %% %% %% research.95579.com 2 需求：CSP巨头Capex持续上调，AIDC需求预期上修 01 24%24% 34% 43% 8% 29% 37% 46% 112% 67% 48%48% -11% 8% 18% 1% 40% 20% 37% 53% 36% 48% 31% 26%29% 20%20% 8% -4% -9%-6% 9% 31% 58%59% 68% 62%66% -20% 0% 20% 40% 60% 80% 100% 120% 0 10 20 30 40 50 6 ...

从海外大厂财报看AIDC电气设备景气 长江证券研究所电新研究小组 2025-08-04 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 %% %% %% %% research.95579.com 2 需求：海外CSP巨头AI创收、Capex同步高增 01 图：CSP大厂2025年Capex预期上升（十亿美元） | Capital Expenditure(B$) | Alphabet | Amazon | Microsoft | Meta | | --- | --- | --- | --- | --- | | 2011 | 3.4 | 1.8 | 2.2 | 0.6 | | 2012 | 3.3 | 3.8 | 2.9 | 1.2 | | 2013 | 7.4 ...

Group 1: Human-shaped Robots - The global human-shaped robot market is entering a mass production phase, with significant attention on supply chain adjustments and incremental changes in components [2][6][12] - Tesla aims to produce 5,000 to 10,000 units of its humanoid robot in 2025, with production schedules affected by trade tensions and personnel changes [2][9] - Domestic companies like Yuzhu, Zhiyuan, and Ubtech are leading in mass production, while automotive firms such as Xiaopeng and Xiaomi are preparing for official product launches [2][9][10] Group 2: AIDC (Artificial Intelligence Data Center) - The overseas supply chain continues to deliver high profitability, with Nvidia exceeding expectations and domestic cloud vendors increasing CAPEX investments [2][4] - New computing cards are expected to accelerate investment rhythms, with upcoming models like DeepseekR2 anticipated to drive long-term demand [2][4] - Domestic power supply upgrades are projected to enhance profit margins for related companies, with a focus on HVDC penetration rates [2][4] Group 3: Industrial Control - Domestic demand for industrial control has shown signs of recovery, with a year-on-year increase in H1, particularly in logistics, packaging, and engineering machinery sectors [2][4] - The overall demand for industrial control is expected to grow by 0-3% for the year, with ongoing price competition among domestic manufacturers [2][4] - Key players in the market are focusing on humanoid components, with significant overseas expansion opportunities [2][4] Group 4: Power Grid - Domestic investment in the power grid is expected to grow by over 10% this year, with a focus on ultra-high voltage projects [2][4] - The approval pace for power grid projects is anticipated to accelerate in H2, with new electricity trading models emerging [2][4] - Overseas supply is returning to a growth phase, with demand from data centers and power grids driving market recovery [2][4] Group 5: Investment Recommendations - Recommended companies in the humanoid robot sector include Sanhua Intelligent Controls, Top Group, and others, with a focus on emerging players like Fengcai Technology and Lingyun Co [2][4] - AIDC recommendations include Megmeet, Heweike, and others, with attention on companies like Keda Data and Invec [2][4] - Industrial control recommendations feature Huichuan Technology, Hongfa Technology, and others, with a focus on Hechuan Technology and Zhengxian Electric [2][4] - Power grid recommendations include Siyi Electric, Samsung Medical, and others, with attention on Huaming Equipment and Weisheng Information [2][4]