兴业证券：AIDC设备需求保持高景气 关注技术迭代增量需求

Core Viewpoint - AIDC capital expenditure is experiencing rapid growth, driven by strong industry demand, with global tech giants expected to invest over 2 trillion RMB by 2025, maintaining a growth rate of over 50% to support generative AI model training, cloud computing expansion, and real-time data processing [1] Group 1: HVDC Demand and Power Supply - Increased power demand is expected to drive HVDC demand, as data centers globally adopt UPS for power assurance, with HVDC offering advantages such as efficiency, reliability, and low cost [1] - The integration of BBU and supercapacitors in power systems is anticipated to enhance power supply safety, especially with the rise in server power requirements [2] Group 2: Energy Quality and Renewable Energy - The demand for power quality equipment is likely to increase due to the growing reliance on renewable energy in data centers, necessitating precise reactive power and harmonic management [3] Group 3: Server Power Supply Market - The value per watt of server power supplies is expected to improve due to increased power density, with potential advancements including the replacement of silicon-based devices with SiC and GaN, and the adoption of liquid cooling methods [4] - The server power supply market is becoming more concentrated, with Taiwanese companies dominating, particularly Delta holding over 50% market share, while mainland firms like Megmeet are beginning to enter the supply chain [4]