英伟达等企业开始加快营造800VHVDC生态，正联合电源解决方案公司、上游功率器件供应商推动方 案落地。值得注意的是，海外HVDC的内涵远超国内HVDC方案，其完整系统包含BBU、超容、PDU和 Power Shelf，其中超容用于平抑AI负载"脉冲式"功耗带来的电流冲击，BBU提供微秒级备电保障训练连 续性，PDU深度集成于Sidecar中提升系统紧凑性。相比之下，国内HVDC仍以传统架构为主，采用蓄电 池备电、无超容设计、电压等级较低(240/336Vdc)，且需额外配置列头柜，整体集成度与适配AI负载的 能力与海外存在明显差距。 中国企业在供电变革中可能有不错的机会 随着HVDC的大规模应用，海外传统柜外供电厂商(如伊顿、维谛、施耐德)面临格局重塑风险，较多的 研发周期促使它们寻求中国企业代工或合作开发产品，中国公司过去积累的电力电子技术、快速响应能 力和优质工程师团队将成为关键优势，有望通过代工OEM等方式进入海外体系，并获得优异回报。 智通财经APP获悉，招商证券发布研报称，随着ICT设备功率密度持续攀升，传统UPS在效率、散热和 占地方面的瓶颈日益凸显，HVDC因为其高效、结构简单、更优供电半径等 ...

Investment Rating - The report provides a strong buy recommendation for several companies in the HVDC and power equipment sector, including Kehua Data, Kstar, Sungrow, and others [3][8]. Core Insights - The report highlights the transition from traditional UPS systems to HVDC as a key trend for powering large data centers, driven by increasing ICT equipment power density and the limitations of existing UPS technology [1][9]. - It emphasizes the opportunity for Chinese companies to participate in the HVDC supply chain, particularly as overseas firms seek collaboration and outsourcing due to the rapid evolution of technology [1][43]. Industry Overview - The industry consists of 303 listed companies with a total market capitalization of 7,321.6 billion [4]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 12-month increase of 45.3% [6]. Key Companies and Financial Metrics - Kehua Data (002335.SZ): Market Cap 35.6 billion, 2025 EPS 1.18, PE 58.3, Investment Rating: Strong Buy [3]. - Kstar (002518.SZ): Market Cap 24.4 billion, 2025 EPS 0.99, PE 42.2, Investment Rating: Strong Buy [3]. - Sungrow (300274.SZ): Market Cap 303.8 billion, 2025 EPS 6.59, PE 22.2, Investment Rating: Strong Buy [3]. - Other notable companies include Megmeet, Shenghong, and Hewei Electric, all receiving strong buy ratings [3][8]. HVDC Technology Adoption - The report discusses the shift towards HVDC systems as a more efficient alternative to UPS, particularly for large-scale data centers, highlighting the advantages of reduced energy conversion losses and lower copper usage [31][34]. - It notes that the efficiency of HVDC systems can be 2-3% higher than traditional UPS systems, with significant reductions in copper requirements [31][34]. Opportunities for Chinese Companies - The report identifies potential opportunities for Chinese firms to engage in OEM and direct supply for HVDC systems, as established overseas companies look to leverage local expertise and manufacturing capabilities [1][54]. - Companies like Kehua Data, Megmeet, and Kstar are positioned to benefit from this trend due to their existing technological capabilities and market presence [55][56]. Related Companies - The report highlights several companies involved in HVDC technology and related components, including: - Kehua Data: Leading in HVDC solutions for various data center applications [55]. - Megmeet: Established in server power supply and expanding into HVDC [56]. - Kstar: Strong background in power electronics and renewable energy solutions [57]. - Sungrow: Notable for its global leadership in power electronics and potential in HVDC [58]. - Hewei Electric: Focused on high-power electronics and emerging HVDC applications [61].