Fangzheng Securities' 2026 Strategy for the Power Equipment Industry: AI Mega Cycle Begins, Overseas Expansion Opportunities Abound.

Fangzheng Securities' strategy for the power equipment industry in 2026 pointed out that in reviewing the performance of the AIDC sector's stock prices in 2025, it went through five rounds of price increases, with domestic and foreign manufacturers raising their CAPEX forecasts, exceeding performance expectations, and industry and company technological advancements being the main driving factors. Looking ahead to 2026, the AIDC industry will continue to maintain a high level of prosperity. On the one hand, domestic and foreign top Internet companies have announced their capital expenditure plans for 2026, with overseas manufacturers' CAPEX guidance generally exceeding 50%. On the other hand, the performance of overseas leading power equipment manufacturers such as Vestas, Siemens, and Flunce is impressive, indicating that the high growth potential of the AIDC industry may already be reflected in their performance. The contradiction between the growth in electricity consumption due to the increase in data centers in the United States and the severe aging of power equipment on the supply side may bring opportunities for domestic power equipment manufacturers to expand internationally.