AIDC Energy Storage Special: High Demand, Storage Boosted by Configuration Trend

This securities research report, dated November 21, 2025, analyzes the booming AIDC energy storage industry driven by surging data center construction and rising power stability demands. In 2024, CAPEX from major North American and Chinese cloud vendors grew significantly, with 2025 expected to be the first year of global AIDC construction. Trends toward large scale, high power density, and high energy consumption increase electricity needs, with US data center consumption projected to rise from 196 TWh in 2023 to 672 TWh in 2028. Energy storage shifts from optional to mandatory for data centers, both on the facility side (smoothing load fluctuations, improving gas turbine response) and generation side (solar-plus-storage cost advantages). Market space is vast, with global data center energy storage expected to reach 212 GWh by 2030. The report maintains a 'Recommended' rating, highlighting key companies like CATL, EVE Energy, Sungrow Power Supply, Canadian Solar, and Tongrun Equipment. Risks include potential shortfalls in global data center construction and downstream capital expenditure.