智通财经网·2025-11-21 02:29Core Insights - Nvidia has proposed an 800VDC outdoor solution, utilizing medium voltage rectifiers or solid-state transformers (SST) to address the increasing computational power demands driven by the transition from quantitative to qualitative advancements in large models [1] - The high voltage direct current (HVDC) system aims to tackle the exponential growth in GPU computing power and power density, effectively reducing power loss [1] - Medium voltage rectifiers and SSTs are more efficient compared to traditional uninterruptible power supply (UPS) solutions and conventional HVDC systems [1] Market Developments - Major domestic and international companies are advancing the commercialization of HVDC technology, with Alibaba starting its bidding process in 2018 and Tencent planning to bid in 2025; internationally, Meta's Prometheus project may launch in 2026, while Google is working on standardizing ±400V [1] - The core difference in the industry chain lies in the type of transformers used, with medium voltage rectifiers housing phase-shifting transformers and solid-state transformers containing high-frequency transformers [2] Investment Opportunities - Key beneficiaries among terminal manufacturers include Zhongheng Electric, Kehua Data, and Sunshine Power [3] - The transformation of transformers is critical, with companies like Jingquanhua, Igor, New Special Electric, and Jinpan Technology positioned to benefit [3] - PCB suppliers for Delta Power are expected to see increased volume, including Weirgao and Zhongfu Circuit [3] - Attention is recommended on changes within cabinets, particularly for New Ray Energy [3] - Server OEMs such as Industrial Fulian, Huaqin Technology, and Lenovo Group are also highlighted as potential beneficiaries [3]