2月20日，阿里巴巴发布2025财年第三季度财报，公司云计算业务表现亮眼，收入同比增长13%，AI相关产品收入连续第六个季度实现三位数增长；截至2024年12月31日的三个月资本开支为318亿元，环比+80。阿里巴巴CEO吴泳铭明确表示，通用人工智能(AGI)将是公司AI战略的核心。在未来三年内，阿里巴巴计划在AI基础设施、基础模型和AI业务转型三个领域进行重点投资，其中未来三年在云和AI的基础设施投入预计将超越过去十年的总和（约3800亿元），即未来每年投入在1300亿元左右。AI应用迎来拐点，字节跳动、腾讯、阿里巴巴等互联网企业加大基建投入力度。

数据中心对供电稳定性的要求极为严苛。数据中心电能质量问题可能导致停机、数据损坏、硬件故障以及维护成本增加，造成业主损失。常见的电能质量症结有无功功率、谐波、三相不平衡。

The global gas generator market is a part of the global electrical components and equipment market. The global electrical components and equipment market was valued at $2,009.41 billion in 2021 and reached $2,415.67 billion in 2023

Fuel additives are compounds that are designed to improve the quality and efficiency of fuels. Fuel additives are added to improve performance, flowability, corrosion resistance, clean burning, and many other properties.

Automotive lithium-ion (Li-ion) battery demand increased by about 65% to 550 GWh in 2022 from about 330 GWh in 2021. This was primarily due to growth in electric passenger car sales, with new registrations increasing by 55% in 2022 relative to 2021. Governments are offering financial incentives and subsidies to battery manufacturers and investors to encourage the establishment or expansion of facilities for the production of batteries. These incentives can include tax breaks, grants, low-interest loans, and cash incentives.

An electric vehicle (EV) charger or electric vehicle supply equipment (EVSE) is a piece of equipment that supplies electrical power for charging plug-in electric vehicles.

The electric power steering (EPS) market focuses on the production, sale, and distribution of electric-powered steering systems for automobiles. EPS technology has replaced traditional hydraulic power steering systems with an electrical motor, which helps the driver steer the vehicle easily. EPS components and systems are used in passenger cars, trucks, buses, and other vehicles that use electrical power steering.

[Table_Summary] 激光设备为 BC 增量设备弹性大&技术密集环节。（1）基于度电成本、 电池效率、产业生态三个维度，以 1757*1134 版型为例，爱旭 ABC 较 TOPCON 功率领先 25-40W，根据爱旭测算，在 ABC 价格高出 10%的背 景下，ABC 的 BOS 造价较 TOPCON 低 0.17 元/w，LCOE 低 3.34% ， 我们认为 BC 产业趋势相对确定。（2）激光设备为 BC 增量设备中价值 量占比最大与技术密集环节，我们预计激光设备价值占 TBC 设备总投资 的 30-35%

BBU迎来增长契机：英伟达将BBU列为AI服务器的标配，打开BBU产业链的市场空间，英伟达电源供应链上的企业有望成为核心受益者。 蔚蓝锂芯具备“全极耳技术+BBU电芯开始出货”的产业优势，有望在BBU行业大放异彩。蔚蓝锂芯在2023年就着手布局BBU电芯与全极耳 技术，预计2025年推出配套下一代全极耳BBU产品的电芯。目前，公司的BBU电芯已有少量出货，通过pack企业/电源企业供货。 风险提示：IDC增长不及预期、英伟达NVL机柜产能释放不及预期、产品价格下降超预期、测算存在主观性

数据中心电力设备需求持续升级。近期，美国方面，OpenAI 宣布星际之门 计划，将与软银、甲骨文组建合资公司，未来 4 年内总投资 5000 亿美 元在美国建立多个 AI 数据中心。国内方面，DeepSeek 发布并开源 DeepSeek-V3 模型，其在多项评测中表现出色，目前国内证券、汽车等 多个行业逐步接入 DeepSeek 大模型。欧洲方面，法国将规划 1090 亿欧 元 AI 产业投资。全球 AI 浪潮下，AI 基础设施投资有望持续高增，作为 关键环节的数据中心电源环节需求有望呈井喷之势。重点关注数据中心 产业链企业【金盘科技】、【禾望电气】、【明阳电气】、【伊戈尔】、 【宏发股份】。