智通财经网·2025-10-16 02:40Core Viewpoint - The report from Northeast Securities highlights the rapid advancement of power supply technology, with Solid State Transformers (SST) emerging as a key infrastructure solution for high-density power supply challenges in data centers, boasting over 98.5% efficiency and a potential market size of 500 to 1000 billion yuan [1][4]. Group 1: Market Dynamics - Global investment in AI computing power is increasing, driving the need for upgraded power supply systems due to rising chip power consumption and cabinet density [1]. - Major tech companies are significantly increasing their capital expenditures, with Nvidia's spending reaching $3.122 billion (up 132% year-on-year), Amazon at $57.202 billion (up 76%), and Alibaba at 39 billion yuan (up 32%) [1][2]. Group 2: SST Advantages - SST systems achieve high efficiency of 98.5%, potentially saving over 12 million kWh annually for a 100MW data center compared to traditional power sources [2]. - SST technology reduces footprint by over 50% compared to traditional solutions, significantly lowering space and land costs [2]. - The use of SST minimizes copper usage in power transmission by two-thirds, enhancing sustainability [2]. - SST systems can be deployed quickly, with construction times reduced to under 10 days through modular prefabrication [2]. - SST is compatible with existing transmission networks and renewable energy sources, broadening its application [2]. Group 3: Industry Structure - The SST industry chain consists of upstream material and component manufacturers, midstream system integrators, and downstream application service providers [3]. - Upstream costs are distributed among power electronic devices (40%), high-frequency transformers (15%), structural components and cooling systems (15%), and control systems (15%) [3]. - Major players in the midstream include companies like Delta, Eaton, and Siemens, which dominate the production of complete SST products [3]. Group 4: Future Outlook - Collaborations between midstream companies and tech giants indicate a clear direction for the evolution of data center energy architecture, with significant projects underway [4]. - The SST market is projected to reach 500 to 1000 billion yuan, with high-frequency transformers expected to account for 75 to 150 billion yuan, particularly in the Asia-Pacific region [4].