HANGZHOU ZHONGHENG(SZ:002364) Minsheng Securities·2025-09-19 04:31Investment Rating - The report maintains a "Recommended" rating for the companies involved in the HVDC and AI server market, indicating a positive outlook for their stock performance relative to the benchmark index [5]. Core Insights - The establishment of a joint venture by Zhongheng Electric with Super X AI marks a significant step towards international expansion, leveraging Super X's overseas channels to penetrate foreign markets [2][4]. - The report highlights the urgent need to address the high power consumption issues associated with AI chips, positioning HVDC technology as a critical trend in the industry [4]. - Key players in the industry, including Zhongheng Electric, are actively developing 800V HVDC solutions to enhance power efficiency and meet the growing demands of data centers [3][4]. Summary by Sections Company Developments - Zhongheng Electric has formed a joint venture with Super X AI to invest in SuperX Digital Power, with both parties holding a 40% stake [1]. - Super X AI has established a production base in Japan, with an annual capacity of 10,000 AI servers, and recently launched its flagship AI server product [2]. Market Trends - The report notes that overseas manufacturers are pushing for the adoption of 800V HVDC technology to solve power issues, while domestic companies are also making progress in this area [3]. - The current mainstream HVDC solutions in China are 240V/336V, with the 800V upgrade still in the validation phase [3]. Investment Opportunities - The report emphasizes the investment potential in companies like Zhongheng Electric, Kehua Data, Hewei Electric, Maigemit, Oulutong, and Keda, driven by the ongoing power upgrade needs in the AI sector [4].