AIDC供电三重挑战下，SST率军突围

Core Insights - The rapid development of global intelligent computing centers is leading to an explosive growth in energy consumption, with the total computing power in China expected to reach 780,000 Pfops by July 2025, ranking second in the world [2] - The expansion of computing power is causing a significant increase in energy consumption, with data center electricity usage projected to reach between 405.1 billion to 530.1 billion kilowatt-hours from 2024 to 2030, and the AIDC energy consumption expected to be 77.7 billion kilowatt-hours in 2025 [2] Energy Supply Challenges - The power supply system faces three major challenges: 1. Stability of supply: The existing power supply system struggles to adapt to the load fluctuations of intelligent computing centers, which can vary by up to 50% [2] 2. Cost control: Electricity costs account for 57% of operational expenses, significantly surpassing depreciation, rent, and labor costs [2] 3. Carbon emission management: Policies require that over 80% of the electricity for new data centers comes from renewable sources, yet 63% of data centers currently have a PUE above 1.2 [2] Energy Solutions and Innovations - To overcome power constraints, a diversified energy network comprising solar, wind, storage, and nuclear energy is necessary [2] - Dynamic adjustments in GPU frequency and task migration across data centers can enhance computing flexibility, while technologies like liquid cooling and waste heat utilization can reduce PUE and improve energy efficiency [2] Power Supply Architecture Evolution - The power supply architecture is evolving from UPS to high-voltage direct current (HVDC), Panama power systems, and solid-state transformers (SST) [3] - SST solutions can achieve system efficiencies of 98.5%, with a single power cabinet outputting 1 MW, significantly reducing space requirements and aligning with the needs of next-generation intelligent computing centers [3] - The domestic AIDC installed capacity is projected to reach 17.7 GW by 2030, with the SST market space estimated at approximately 13.27 billion yuan, and a compound annual growth rate of 64.9% from 2024 to 2030 [3] Investment Recommendations - Key companies to focus on include: 1. SST technology leaders: Sifang Co., China West Electric, Jinpan Technology, and TBEA [3] 2. 800V HVDC systems: Zhongheng Electric, Kehua Data, and Hewei Electric [3] 3. AI server power supplies: Magpow, Oulu Tong, and Aike Saibo [3] 4. Solid-state circuit breakers: Taiyong Changzheng and Liangxin Co. [3] - Additionally, potential targets include New Special Electric, New Fengguang, Shenghong Co., and companies involved in power semiconductors and upstream materials like Yunlu Co., Sanan Optoelectronics, and Innosec [3]