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

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 companies are committed to significant investments in data center capacity despite tariff uncertainties, with Alphabet planning to invest approximately $75 billion [2][18]. - Amazon and other tech leaders are also focused on improving efficiency to mitigate cost increases due to tariffs [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 and a floor of $175 per MW per day for upcoming auctions [4][21]. - The U.S. government is taking steps to reform coal regulations, impacting over one-third of coal capacity [4][23]. Energy - Natural gas prices in the U.S. have decreased, with supply and consumption both declining, leading to lower inventory levels compared to historical averages [5][21]. - The report notes a rebound in crude oil futures prices, indicating a volatile energy market [5]. Aerospace - The aerospace sector is witnessing significant advancements, with companies like SpaceX maintaining a high launch frequency, showcasing the industry's growth potential [25][26]. - The price index for aircraft engines and components remains stable, reflecting steady demand in the sector [28][31]. Defense - The report indicates a global trend towards increased defense spending, with countries like Belgium and the Philippines enhancing their military capabilities through new aircraft purchases [36][37]. - The U.S. defense spending price index shows a year-on-year increase of 2.1%, reflecting ongoing investment in defense capabilities [36][38]. Robotics - The industrial robotics sector installed 541,302 units in 2023, marking a slight decline from record levels, yet maintaining a strong presence in the automotive industry [39][44]. - The report anticipates continued growth in the robotics market, driven by reindustrialization and AI data center developments [44].