AIDC观点更新，如何把握26年机会？

Summary of AIDC Industry and Company Insights Industry Overview - The North American data center market is rapidly expanding, with individual capacities approaching gigawatt levels and showing a trend towards clustering, which significantly pressures regional power grids. The local power infrastructure is lagging behind, and the Chinese supply chain plays a crucial role in the construction of AI infrastructure in North America [1][2][9]. Key Points and Arguments - Challenges in Data Center Construction: The U.S. data center construction faces mismatches in construction cycles and delays in equipment delivery. Key equipment like transformers and UPS systems now have delivery times extending beyond two years, highlighting the need for multi-energy complementarity to optimize power supply [1][5][6]. - Power Supply Optimization: The optimization of power supply is critical due to the high demand for stable power sources. Natural gas generation is stable, but the supply of gas turbine equipment is tight, with orders extending to 2028. Multi-energy complementarity is emerging as a potential development direction [7][9]. - Infrastructure Development Needs: The rapid growth of data centers has created significant incremental demand for both power supply and grid infrastructure. However, the local supply chain is unable to fully meet these demands, leading to opportunities for Chinese companies [2][4]. - Technological Upgrades: The AIDC market is expected to see significant growth trends driven by technological upgrades and infrastructure development. The iteration of NVIDIA GPU cards is a key node, prompting power companies to upgrade their technologies to meet the increasing power density demands [2][10]. Investment Recommendations - High Certainty Companies: Focus on companies with high performance certainty such as Siyuan Electric, Jinpan Technology, Igor, and Kstar, as well as competitive companies with strong positioning like Sungrow Power Supply and Megmeet [3][10][11]. - Emerging Technologies: The competitive landscape in data center power supply includes key players like Megmeet, Delta, and others. New emerging models such as Sidecar direct connection or distributed Sidecar, as well as HVC Power Systems, are being explored by leading companies [3][12]. Additional Insights - Regional Grid Structure: The U.S. grid is composed of multiple independent regional grids, which leads to insufficient capacity, especially under the demands of AI data centers. This situation necessitates the integration of flexible resources like energy storage to optimize grid connection processes [6][8]. - Opportunities for Chinese Companies: Chinese enterprises have opportunities in the North American AI development landscape due to mismatches in infrastructure supply and demand, as well as technological upgrades that allow for cooperative models to fill gaps in rapid response capabilities of overseas manufacturers [9][10]. - Future Trends: The AIDC market is expected to continue its growth into 2026, with a focus on performance certainty and new technology positioning as critical investment references [2][10].