{"data":{"article_id": "","user_id": "","source_id": "","title":"东北证券：AIDC建设加速，电力设备板块有望充分受益","subtitle": "","image": "","cover": "","content":"\u003Chtml\u003E\n\u003Chead\u003E\n\n\u003C\u002Fhead\u003E\n\u003Cbody\u003E\n\u003Cp dir=\"ltr\"\u003EAI芯片高能效发展催化数据中心建设，云厂商投资提升。英伟达新一代GH200 Grace Hopper超级芯片平台实时吞吐量比GPUH100快30倍，能效比H100高25倍。科技巨头增大AI基础设施投资，Alphabet2025年预计资本支出750亿美元，同比+42.86%；Meta 2025年预计资本支出600～650亿美元，同比+79.10%～94.03%；微软2025年预计资本支出800亿美元，同比+79.78%；未来三年阿里巴巴预计将在云和AI的基础设施投入超过过去十年的总和。\u003C\u002Fp\u003E\n\u003Cp dir=\"ltr\"\u003EUPS\u002FHVDC市场空间持续提升，HVDC高压方案潜力巨大。UPS发展方向为模块化、高频化，在第三代功率半导体的加持下，模块功率已经达到125 kW，基于ACUPS的供电方案从10 kVAC到终端负载的效率约为95%。HVDC在节能与可靠性方面表现出更大优势，“240VHVDC”系统综合供电效率为97%。与2NUPS供电架构相比，一套“市电+240VHVDC”每年预估节省157万元的运营电费。巴拿马电源进一步提升整体供电效率至97% ~ 97.5%，有望成为主流。\u003C\u002Fp\u003E\n\u003Cp dir=\"ltr\"\u003E柴发供需缺口扩大，看好涨价&国产替代两条主线。供给端，国内数据中心柴发多数以外资发动机组为主导，且外资产能有限；需求端受AIDC建设加速推动，2025年国内总需求测算为6330台，中国移动、字节跳动、阿里等企业2025年大功率柴油发电机采购规模显著，其中中国移动单次采购270台2000kW机组，字节跳动及阿里年度2025年需求测算分别达1611台和1145台。行业增长呈现双轮驱动格局：一、外资供应受限背景下，OEM厂商凭借产能及定价优势，大功率机型招标单价预计进入上行周期；二、国产厂商通过技术突破及产能扩张加速替代外资品牌，行业格局重塑空间明确。\u003C\u002Fp\u003E\n\u003Cp dir=\"ltr\"\u003E模块化智能化成为配电系统发展方向，服务器内部电源功率密度提升。预制化供配电电力模组有效减少占地面积，缩短交付周期，提升功率密度，如华为的FusionPower6000电力模块，功率密度提升100%。PSU有功率提升而体积不变的发展趋势，台达LYTE系列功率密度最高达到9.73 W\u002Finch3，体积缩小30%，电源供应器效率达94.4%，功率密度达29.5W\u002Finch3。服务器内部电源功率密度提升有效降低PUE，根据华为数据，以10MVA的数据中心为例，UPS每提升1%效率，可降低PUE约0.01。\u003C\u002Fp\u003E\n\u003Cp dir=\"ltr\"\u003E风险提示：原材料价格波动风险、宏观经济及行业需求波动风险\u003Cbr\u003E\n\u003C\u002Fp\u003E\n\n\u003C\u002Fbody\u003E\n\u003C\u002Fhtml\u003E","url": "","type": "","read_limit": "","reward_amount": "","reward_count": "","reward_integral": "","reward_integral_count": "","comment_count": "","collect_count": "","like_count": "","step_count": "","forward_count": "","integral": "","hot_0_12": "","hot_12_24":-.9,"hot_12_18": "","hot_18_24": "","is_top": "","is_hot_top": "","is_user_top": "","read_integral": "","read_limit_time": "","fans_limit": "","copy_limit": "","old_type": "","hide_flag": "","hide": "","is_weak": "","create_time":"2025-04-23 11:06:12","update_time": "","mark_status": "","last_mark_time": "","is_provide_openapi": "","is_make_word_cloud": "","sync_time":"2025-04-23 11:07:02","is_flatter": "","feature_img": "","interest_disclosure": "","new_interaction_time":"2025-04-23 11:07:32","sensitive_words": "","warn_words":"华为,芯片,突破,国产,替代,国产替代,gpu,nc,大a","area":"山东","user_read_limit": "","read_pay_limit": "","user":{"user_id": "","nickname":"戈壁淘金","avatar":"https:\u002F\u002Fjiucaigongshe.oss-cn-beijing.aliyuncs.com\u002Favatar_default.png","medal_count":3,"style_str":"只买龙头的老司机","follow_status": "","follow_type": ""},"stock_list":[{"stock_id":"a4a41330746840109255f0ca85538299","name":"禾望电气","code":"sh603063"},{"stock_id":"2d5680c57dc84c469ccb691d96b02c5e","name":"科泰电源","code":"sz300153"},{"stock_id":"6e5b7975bdd246989bed5fa51c3c2cef","name":"潍柴重机","code":"sz000880"},{"stock_id":"14517ea92b2b439385dab6175463eaa9","name":"科士达","code":"sz002518"},{"stock_id":"03976380052c42b99ab84a5c42ec59ee","name":"泰豪科技","code":"sh600590"}]}}