In its 2026 strategy report on the power equipment sector, Founder Securities noted that, looking back at 2025, the AIDC sector experienced five rounds of price increases. The primary drivers included upward revisions to CAPEX forecasts by domestic and international manufacturers, better-than-expected earnings, and technological advancements within the industry and at individual companies. Looking ahead to 2026, the AIDC industry is expected to remain highly buoyant. On the one hand, leading domestic and international internet companies are announcing their 2026 capital expenditure plans, with overseas manufacturers’ CAPEX guidance generally exceeding 50%. On the other hand, leading overseas power equipment manufacturers such as Vertiv, Siemens, and Flunce have delivered impressive earnings performance. suggesting that the AIDC sector’s high growth potential may already be reflected in current earnings. Meanwhile, the contradiction between rising electricity demand driven by data center growth in the U.S. and the severe aging of power equipment on the supply side presents opportunities for domestic power equipment manufacturers expanding into overseas markets.