Changjiang Securities·2026-02-02 05:18Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The trend towards high-voltage direct current (HVDC) in AIDC power supply architecture is confirmed, with expectations for SST to achieve a breakthrough from 0 to 1 in application [115]. - The report highlights the increasing power density and electricity consumption in data centers, driven by AI chip power demands, necessitating a shift to more efficient power supply paradigms, with SST being the most efficient and space-saving solution [28][37]. Summary by Sections 1. What is SST? - SST (Solid-State Transformer) is a high-frequency, high-efficiency power conversion device based on power electronics technology, capable of replacing traditional transformers [10]. - SST can directly convert medium-voltage AC (10-35kV) to 800V DC, eliminating multiple conversion stages and improving overall efficiency from 89.1% to 92.1% [10][13]. - The internal structure of SST includes a three-stage conversion architecture, requiring advanced power electronics and isolation technology [16]. 2. Why is SST Necessary? - The rapid growth in power demand from data centers, driven by AI chip power consumption reaching kilowatt levels, pressures traditional multi-stage AC power supply architectures [28]. - SST is positioned as the most efficient and compact solution for adapting to increasing power demands, particularly in the context of 800V DC architecture [28][37]. 3. What are the Barriers to SST? - SST faces significant entry barriers due to its multi-faceted technical requirements, including high-voltage rectification technology and design specifications that differ from traditional systems [45][48]. - The lack of standardized industry specifications for SST products adds to the complexity of product development and market entry [52]. 4. What is the Progress of SST? - Major companies like Eaton and Delta are leading the development and testing of SST products, with Delta's SST already in operational testing for over six months [69][78]. - The report outlines various projects and advancements in SST technology across different regions, highlighting the competitive landscape and ongoing innovations [70][94].