AIDC建设加速，电力设备板块有望充分受益

Investment Rating - The report rates the industry as "Outperforming the Market" [7]. Core Insights - The acceleration of AIDC construction is expected to benefit the power equipment sector significantly, driven by high-efficiency AI chip development and increased investment from cloud vendors [1]. - The UPS and HVDC markets are experiencing continuous growth, with HVDC high-voltage solutions showing great potential [2]. - The supply-demand gap for diesel generators is widening, with expectations for price increases and domestic replacements [3]. - Modular and intelligent solutions are becoming the development direction for power distribution systems, with significant improvements in power density for internal server power supplies [4]. Summary by Sections 1. AIDC Construction and Cloud Vendor Investment - The evolution from traditional IDC to AIDC is driven by the need for higher computing power, with AI training and inference demanding more efficient chip architectures [20]. - Major tech companies are significantly increasing their capital expenditures for AI infrastructure, with Alphabet projected to spend $75 billion in 2025, a 42.86% increase year-on-year [29]. - Alibaba plans to invest more in cloud and AI infrastructure over the next three years than in the past decade combined [1][32]. 2. UPS and HVDC Market Growth - UPS technology is evolving to address efficiency bottlenecks, with the introduction of high-voltage direct current (HVDC) systems showing improved energy efficiency [2][58]. - The efficiency of UPS systems is gradually improving, with advancements in technology leading to better performance and energy savings [67]. 3. Diesel Generator Supply-Demand Dynamics - The demand for high-power diesel generators is expected to reach approximately 6,330 units in China by 2025, driven by the rapid construction of AIDC [3]. - Domestic manufacturers are positioned to replace foreign brands due to supply constraints and technological advancements [3]. 4. Power Distribution and Server Power Supply Trends - Modular power distribution solutions are reducing footprint and delivery times while enhancing power density, with products like Huawei's FusionPower6000 achieving a 100% increase in power density [4]. - The internal power supply of servers is also seeing improvements in power density, which contributes to lowering the Power Usage Effectiveness (PUE) in data centers [4].