China Power Equipment: Comparing AIDC power supply strategies in China and US

研报英文原文证据摘录

China Power Equipment: Comparing AIDC power supply strategies in China and US

Equities ● Electrical Equipment

17 June 2026

Investment summary

According to JLL, the global datacenter capacity is set to double from 103GW in 2025 to

200GW in 2030e. As AIDCs are highly power consuming, their capacity expansions will create

opportunities for various segments in the power equipment space, in our view. In this report, we

dig into the power supply strategies for AIDCs in China and the US, both of which are likely to

be the major contributors to the global AIDC installation. Here, we summarize our key findings:

1) China and the US take different approaches when it comes to AIDC power

supply strategies. In China, a top-level national design is adopted to achieve

coordinated development of the computing power and the power supply infrastructure

(Exhibit 4). In the US, AIDC operators needs to find solutions for their power supply

issues themselves, while the government mainly focuses on encouraging power self-

sufficiency for AIDCs to reduce the impact on residential power usage.

2) The power mix of AIDCs differ greatly in the two countries. In China, we believe a

majority of AIDC’s power will be from renewables given China’s green commitment and

the low cost of renewables in the country. In the US, we expect a majority of the new

AIDCs to be powered by gas turbines given abundant gas resources in the country.

3) AIDCs in both China and the US are facing power supply issues. In the US, the

power shortage mainly stems from the shortage of gas turbines. In China, lack of

renewable power in the eastern region could be an issue for inference computing

AIDCs, which need to be deployed in proximity to the users (i.e. in the eastern region)

to minimize the response-time latencies.