中金：SST重塑未来AIDC供电架构

Core Insights - The report from CICC indicates that the upgrade of AI power supply architecture to 800V HVDC is expected to make SST the optimal technology route in the long term [1] - Major cloud service providers have raised their capital expenditure expectations, accelerating the construction of AIDC [1] - The performance advantages of the SST solution are becoming evident, and there remains significant cost reduction potential despite ongoing technological development [1] Industry Developments - Domestic and international manufacturers are actively positioning themselves in SST technology [1] - Global AIDC leaders such as Eaton and Delta have been early adopters of SST solutions [1] - Domestic companies entering the SST market primarily come from three categories: traditional power equipment, AI power supply, and solar storage charging, each with its own advantages [1] Application and Market Outlook - Some companies have already implemented SST products in projects involving AC/DC hybrid microgrids [1] - Companies with a deep understanding of power electronics, high-frequency transformers, and medium-voltage processing, along with substantial data center project experience, are expected to stand out in the market [1]