中金：AI服务器电源是下一个千亿元市场

Core Insights - The AI server power supply market is projected to become a trillion-yuan market, with rapid growth expected between 2025 and 2027 [1] - The market for modules and chips is estimated to have a CAGR of 110% and 67% respectively [1] - Key beneficiaries in this sector include PSU, PDU, BBU, and DC-DC (PDB+VRM) components [1] Market Dynamics - The penetration of GaN/SiC technologies, the implementation of 800V HVDC+SST architecture, and the widespread adoption of smart power management are driving market growth [1] - Leading manufacturers are expected to see an increase in market share and performance as a result of these trends [1] - Secondary manufacturers may benefit from overflow orders as the market expands [1]