国际工业+能源周报(04/19-04/25)： FERC 批准 PJM 容量拍卖价格上限和下限；各国正加紧强化自身国防能力-20250425

Investment Rating - The report suggests a positive outlook for the Industrials and Energy sectors, particularly focusing on defense spending and aerospace recovery [6][7]. Core Insights - The report highlights the resilience of the data center sector amidst tariff pressures, with major tech companies reaffirming their capital expenditure plans while considering strategic adjustments [2][18]. - The industrial sector shows stable price indices for aircraft engines and components, with a notable increase in the price index for electric motors and generators [3][28]. - Infrastructure developments are emphasized, particularly the approval of price caps for capacity auctions by FERC, which aims to stabilize market conditions [4][21]. - The energy sector is experiencing fluctuations in natural gas prices and a decline in supply and consumption, indicating a complex market environment [5][21]. Summary by Sections Data Centers - Major tech firms are committed to investing approximately $75 billion in data center capacity despite potential cost increases due to tariffs [2][18]. - Google and Amazon are focused on improving efficiency to mitigate rising costs while maintaining investment levels [18]. Industrial Sector - The U.S. price index for aircraft engines and components remains stable, with a year-on-year increase of 2$325 per MW per day [4][21]. - The U.S. government is taking measures to support coal-fired power plants, impacting the overall energy landscape [4][23]. Energy - Natural gas prices in the U.S. have decreased, influenced by tariff concerns and seasonal temperature changes [5][21]. - The report notes a decline in natural gas supply and consumption, with current inventory levels below the five-year average [5][21]. Aerospace - The aerospace sector is witnessing significant advancements, including successful rocket launches and developments in hydrogen fuel technology [25][26]. - The price index for aircraft engines and components remains stable, indicating a steady demand in the sector [28][31]. Defense - The report highlights increased defense spending globally, with countries enhancing their military capabilities in response to geopolitical tensions [36][37]. - The U.S. defense spending price index shows a year-on-year increase of 2.1%, reflecting ongoing investment in defense technologies [36][38]. Robotics - In 2023, 541,302 industrial robots were installed, marking a slight decline from record levels, with the automotive sector regaining its position as the largest customer [39][44]. - The report anticipates a continued demand for industrial robots, driven by re-industrialization and AI data center developments [44][49].