电池行业：阿里资本开支大超预期，数据中心投资机会进一步确认

Investment Rating - The industry rating is "Overweight" (maintained) [4] Core Insights - Significant increase in Alibaba's capital expenditure, reaching 31.775 billion yuan, up 80% quarter-on-quarter, indicating strong investment in cloud infrastructure [4] - The diesel generator market in China has surpassed 10 billion yuan, with domestic brands capturing 60% market share, breaking the monopoly of foreign brands [6] - The UPS market in China is expected to grow steadily, with a projected market size of 15.2 billion yuan in 2023 and 19.1 billion yuan in 2025, driven by increasing demand [6] - The liquid cooling server market in China is projected to grow at a CAGR of 54.7%, reaching 8.9 billion USD by 2027, highlighting the need for energy-efficient solutions [6] Summary by Sections Industry Performance - The industry has shown a relative return of 4.6% over the past month, -1.5% over the past three months, and 26.01% over the past year [2] - Absolute returns were 8.96% for one month, 1.19% for three months, and 39.76% for twelve months [2] Investment Highlights - Increased capital expenditure by major companies is driving demand for generator sets and power supply equipment [6] - The UPS market is experiencing rapid growth, with a compound annual growth rate of 15.73% from 2013 to 2022 [6] - The top three players in the UPS market are Kehua Data, Huawei, and Vertiv, with market shares of 15.6%, 14.2%, and 12.1% respectively [6] - Recommendations include focusing on Yuchai International for diesel generators and Kehua Data, Kstar, and Taijia for power supply solutions [6]