从UPS到800V HVDC：下一代数据中心供电产业趋势与SST机遇

Core Insights - The explosive growth in computing power demand driven by artificial intelligence is pushing data centers towards a "power density revolution" [1] - Traditional uninterruptible power supply (UPS) systems face limitations in efficiency, heat dissipation, and space, which are critical constraints for large-scale data center development [1] - High Voltage Direct Current (HVDC) systems, particularly the 800V architecture, are emerging as mainstream solutions due to their significant energy efficiency and cost advantages [1][4] HVDC vs. Traditional UPS - HVDC systems are simpler and more reliable compared to traditional UPS systems, which require multiple conversion stages [4][6] - The transition from AC to DC in HVDC systems reduces energy loss and enhances reliability, as fewer components mean lower failure rates [6] - A 100kW HVDC system can save approximately 28% in space, 49% in construction costs, and 14% in operational costs compared to a traditional 120kVA UPS [7] Market Dynamics and Adoption - The domestic HVDC market is currently concentrated among leading companies like Zhongheng Electric and Weidi Technology, but the rapid growth in AI demand is accelerating innovation across the industry [8] - Major internet companies in China, such as Alibaba and Tencent, are adopting HVDC solutions in their data centers, with 240V HVDC systems becoming the mainstream technology due to compatibility with existing 220V AC equipment [8][9] 800V HVDC Technology - The 800V HVDC technology is gaining attention as AI server power density continues to rise, with NVIDIA and other companies forming a supplier alliance to promote its large-scale application by 2027 [9] - The advantages of 800V HVDC include a 45% reduction in copper usage, lower cooling costs by 30%, and a 70% decrease in maintenance costs due to fewer power supply unit failures [9] Solid-State Transformer (SST) Development - The development of solid-state transformers (SST) is crucial for the implementation of 800V HVDC systems, enabling efficient AC/DC conversion [10] - Companies entering the SST market need expertise in power electronics, high-frequency transformer technology, and experience in data center projects [10] Company Profiles - China West Electric reported a revenue of 16.959 billion yuan in the first three quarters of 2025, with a 19.29% increase in net profit, and is actively involved in the development of SST for data centers [11] - Delta Electronics, with a revenue of approximately 393.2 billion NTD in the first three quarters of 2025, launched a new 800V HVDC system aimed at enhancing efficiency and safety for AI data centers [12] - TBEA, a leading transformer manufacturer, is also developing SST products, although their current application is limited [15] Future Trends - The transition from UPS to 800V HVDC and the integration of SST represents a significant evolution in data center power supply technology, driven by the pursuit of efficiency [16] - The HVAC sector is expected to face new opportunities for electrification, with a growing need for DC-compatible cooling equipment as 800V HVDC systems become more prevalent [16] - The entire energy chain of data centers is undergoing profound changes, with Chinese companies poised to achieve technological breakthroughs in emerging fields like SST and DC HVAC equipment [16]