HANGZHOU ZHONGHENG(SZ:002364) Zhi Tong Cai Jing·2025-09-17 05:24Core Insights - The article highlights that energy efficiency has become a critical bottleneck for the global expansion of AI data centers, particularly as AI computing power enters a phase where single cabinet power consumption exceeds 100 kW [1][3] - Super X is positioned as a key player in addressing this challenge through a strategic partnership with China’s leading digital energy company, Zhongheng Electric, to establish a joint venture focused on high-efficiency AI data centers [3][11] - The collaboration aims to redefine the core technology of next-generation AI data centers, leveraging Zhongheng Electric's expertise in HVDC technology to significantly reduce energy loss and total cost of ownership (TCO) [4][11] Group 1: Strategic Partnership - Super X and Zhongheng Electric announced the formation of a joint venture, "SuperX Digital Power," to tackle urgent power supply issues in AI data centers globally, excluding mainland China, Hong Kong, and Macau [3][4] - The partnership is not merely an extension of business but a strategic positioning in the core technology of next-generation AI data centers, with Zhongheng Electric being a leader in HVDC technology [4][5] Group 2: Technological Advantages - Zhongheng Electric's HVDC solutions have been widely deployed in major data centers of top operators and internet giants in China, achieving an end-to-end energy efficiency breakthrough of over 96%, which is more than 20% lower in TCO compared to traditional AC architectures [4][5] - The integration of HVDC technology with Super X's AI servers and liquid cooling systems creates a unique synergy that enhances power efficiency and system stability, providing a competitive edge in the market [8][11] Group 3: Market Positioning - Super X's joint venture fills a significant gap in the market for high-efficiency, fast-deployment power solutions for AI data centers, leveraging its global channels and mature technology [11][13] - The partnership aligns with the global trend towards "green computing," as Zhongheng Electric's HVDC solutions not only reduce costs but also minimize energy waste, appealing to ESG-conscious investors [11][13] Group 4: Investment Potential - Super X's investment value lies in its proactive positioning for the next generation of AI computing infrastructure, focusing on the integration of computing power and energy solutions [13] - The company is expected to benefit from the doubling demand for AI computing power annually, with its integrated solutions likely to translate into sustained revenue and profit growth [13]