Zhongtai: AI-driven demand opens up opportunities for power equipment to go global.

Zhongtai released a research report stating that looking into next year, firstly, the overseas AI beta of domestic enterprises will continue, and changes in the AIDC industry will continue to drive stock performance. Secondly, the overseas market, represented by the United States, is experiencing a tight supply-demand situation for power equipment, and the domestic supply chain is expected to continue to expand into overseas markets. Thirdly, the capital expenditure of the domestic power grid is steadily increasing. The construction of AIDC brings high demand for electricity, with the main growth coming from the China-US region, thereby driving global electricity demand, and the continuous expansion of domestic power equipment exports. Direction selection AIDC: Overseas cloud vendors continue to increase capital expenditure, leading to high demand for AIDC, and on the other hand, with the increase in total data center power and load fluctuation rate, both cabinet power supplies and external power supplies need technological upgrades, leading to industry trends. External cabinet power supply-SST: SST is in the initial stage of industry change, the trend of transformation from UPS to HVDC, SST for external cabinet power supplies is determined, thereby driving the SST industry chain from 0 to 1. Internal cabinet power supply-PSU: The PSU sector of the AIDC power supply is the only sub-sector that definitively releases performance results, and if the volume exceeds expectations, it may lead to better stock performance. The upgrading of AIDC power supplies brings investment opportunities for traditional power equipment such as transformers and circuit breakers. Domestic power grid: Focus on UHV, metering equipment bidding recovery, and distribution network bidding resumption, etc.