Summary of AIDC Industry Conference Call Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is experiencing strong growth in computing power demand, with Century Internet revising its performance guidance upwards and Nvidia's B30 graphics card actively advancing, indicating a potential verification of the industry's prosperity in both domestic and international markets. The current industry adjustment has reached a bottom, and market pessimism has been fully released [1][2]. Key Trends and Data - The usage of tokens by major domestic and international internet companies is rapidly increasing. For instance, Microsoft's token usage exceeded 100 trillion in Q1, while ByteDance's Doubao model reached an average daily token usage of over 16.4 trillion by May 2025, reflecting a more than fourfold increase since the beginning of the year and over a hundredfold increase since its initial release [1][4]. - The global data center weighted average vacancy rate was 6.6% in Q1 2025, a decrease of 2 percentage points year-on-year, indicating a sustained high demand in the data center sector [1][5]. - The AI industry's development and the "arms race" in data center construction are core drivers of demand. The U.S. plans to increase energy supply to support AI expansion, while Meta aims to raise $29 billion for AI data center construction. Century Internet announced plans to build a 10GW super-large data center cluster over the next decade [1][6]. Market Dynamics - The AIDC sector's stock price correction is primarily due to lower-than-expected capital expenditures (CapEx) from major domestic companies, leading to market concerns about demand. However, the core demand for computing power remains strong and exceeds expectations, with positive changes expected to validate the industry's outlook [2]. - In the domestic IDC market, large manufacturers' orders were concentrated in Q1 2025, with a decrease in orders in Q2 due to market sentiment and chip supply issues. The overseas IDC market maintains high capital expenditure levels, driven by AI expansion [3][11]. Investment Opportunities - In the AIDC construction, the electrical equipment sector should focus on products such as power supplies, transformers, and switches. The transition from AC to DC (HVDC) distribution systems is clear, with significant value potential in HVDC power systems, relays, and low-voltage electrical products [1][8]. - Key players in the domestic supply chain for HVDC systems include Kehua, Shenghong, and Keda, which have established partnerships with major internet companies [9][10]. Company-Specific Developments - Century Internet plans to build a 10GW super-large data center cluster over the next decade and has revised its revenue and profit forecasts upwards, reflecting confidence in AIDC construction speed [12]. - ByteDance has adopted domestic engine solutions in its recent bidding for diesel generators, resulting in stable overall profits despite increased costs [13]. - Other major domestic internet companies are exploring new bidding solutions for diesel generators, providing opportunities for domestic manufacturers [14]. Conclusion - The AIDC industry is poised for growth driven by strong computing power demand and significant investments in data center infrastructure. The transition to DC power systems presents new investment opportunities, while major players are adapting to market changes and enhancing their operational strategies.