单芯片功率破千瓦，数据中心正酝酿一场 800V 的静悄悄革命

Core Insights - The report from CITIC Securities highlights a significant transformation in data center power supply architecture, driven by the increasing power demands of AI chips, particularly with single-chip power exceeding 1000W, necessitating a shift to 800V high-voltage direct current (HVDC) systems [1][2] Group 1: Power Supply Transformation - The transition from traditional AC power systems to 800V HVDC is not merely a voltage upgrade but a complete supply chain revolution, focusing on high-value components such as power supply units (PSU), solid-state circuit breakers, and third-generation semiconductors (SiC/GaN) [1][12] - The existing 415V AC power supply system is inadequate for the rising power density, which is expected to reach megawatt levels in data centers [2][4] Group 2: Technical Necessity for 800V Systems - Upgrading to 800V systems significantly reduces the required copper busbar diameter from 56mm to 14mm, making it a practical necessity for space-constrained server cabinets [4] - The report emphasizes that the physical advantages of high-voltage and direct current systems make them essential for the future of data center development [4] Group 3: Hardware Evolution and New Demands - The report notes a leap in PSU power density, with units evolving from 3kW/5.5kW to 30kW to accommodate the 800V architecture, raising technical barriers and value concentration [9] - Solid-state circuit breakers are identified as critical components for safely managing high-voltage direct current, addressing the challenges posed by traditional mechanical switches [9][12] Group 4: Investment Opportunities - Investors are advised to focus on sectors aligned with the 800V HVDC trend, particularly in high-barrier areas such as PSU, HVDC, and SST devices, as well as essential components like solid-state circuit breakers and third-generation semiconductors [12]