HANGZHOU ZHONGHENG(SZ:002364) Sou Hu Cai Jing·2025-09-15 14:12Core Viewpoint - The newly established joint venture "SuperX Digital Power" aims to integrate the strengths of SuperX and Zhongheng Electric to provide high-voltage direct current (HVDC) solutions globally, addressing the high energy consumption challenges of AI computing and offering more efficient and cost-effective energy solutions for next-generation data centers [1][2]. Group 1: Joint Venture Formation - SuperX AI Technology Limited has signed a joint venture agreement with Zhongheng Electric to create SuperX Digital Power Pte. Ltd. in Singapore, focusing on HVDC solutions for global markets excluding mainland China, Hong Kong, and Macau [1][2]. - This strategic collaboration marks SuperX's vertical integration from AI infrastructure to core energy technology, targeting the exponential growth of energy consumption in the AI era [2]. Group 2: HVDC Technology Advantages - HVDC technology simplifies the power supply chain, achieving "direct current to the end," which significantly reduces energy loss and operational costs compared to traditional AC systems [3][4]. - The core advantages of HVDC include improved energy efficiency, with end-to-end efficiency rising from approximately 85-90% to over 96%, and a reduction in physical space requirements by up to 50% [5][6]. Group 3: Strategic Value for SuperX - The partnership enhances SuperX's capabilities, allowing it to offer a comprehensive "one-stop" solution that includes power supply systems, thereby increasing its competitiveness in the market [6]. - By integrating HVDC products with AI servers and liquid cooling solutions, SuperX can create a unique technology barrier, providing unmatched performance and total cost of ownership (TCO) benefits [6]. - The collaboration enables SuperX to leverage Zhongheng Electric's advanced technology to quickly respond to global demand for efficient AI data centers, helping clients gain a competitive edge [6]. Group 4: Industry Context - The increasing power demands of next-generation GPUs, such as NVIDIA's upcoming Rubin Ultra NVL576, which is expected to reach 600kW per cabinet, highlight the necessity of HVDC solutions in future AI data centers [4]. - Zhongheng Electric is recognized as a leader in HVDC technology in China, with its solutions already deployed in major data centers operated by top companies like Alibaba and Tencent, demonstrating long-term stability and reliability [4][5].