Huatai Securities: Continue to be optimistic about the AIDC industry chain

Huatai Securities research report states that since 2026, the global AI data center construction demand has continued to be highly prosperous, with recent upgrades to annual capital expenditure guidance from major companies such as Google, Meta, ByteDance, and Alibaba. By reviewing recent domestic and international market dynamics and subsequent catalysts, we remain optimistic about the AIDC industry chain, as domestic and foreign power supply companies and supporting upstream component links actively positioning themselves are expected to achieve performance growth. We are optimistic about the power supply and upstream component links. 1) Server power supply/UPS segment: Power supply companies that have entered the supply chain of leading clients and have the capacity for mass delivery are expected to benefit from product structure upgrades driving both volume and price increases. 2) Medium-voltage UPS/HVDC/SST/On-board power supply segment: Companies that proactively layout next-generation data center power supply technology and promote product R&D and sample testing are expected to open a second growth curve through technological iteration; 3) Upstream component segment: The demand for relays, fuses, and other components that match power supply equipment is expected to grow synchronously.