Summary of Conference Call Records Industry Overview - The conference call focuses on the **data center power supply and liquid cooling industry** and discusses the evolving trends and opportunities within this sector [1][2][3]. Key Points and Arguments 1. **Power Supply Demand Upgrade**: The demand for power supply units (PSUs) has significantly increased, evolving from 3.3 kW to 5.5 kW, with many companies now pushing for 12 kW or higher. This upgrade raises the technical barriers, providing opportunities for domestic companies to enter overseas markets [1][2][3]. 2. **HVDC Technology Adoption**: Meta plans to implement a ±400V HVDC solution in its Prometheus data center project by 2026, which is ahead of market expectations. This presents a significant opportunity for domestic power supply companies to penetrate the overseas market [1][2][3]. 3. **NVIDIA's Future Plans**: NVIDIA's Ruben Ultra, set for mass production in the second half of 2027, will utilize an 800V HVDC architecture. The rapid advancement in HVDC technology by overseas clients exceeds market expectations, necessitating early positioning by domestic companies [1][3]. 4. **HVAC Trends**: The trend towards HVAC systems is clear, with NVIDIA's Robin Ultra achieving over 600 kW per cabinet. The adoption of HVAC can reduce costs and current losses, indicating a shift in power supply architecture [1][6]. 5. **Solid-State Transformer (SST) Benefits**: SST technology can significantly reduce cable usage in data centers by converting 10 kV input directly to 800V DC supply, potentially saving about 50% in cable usage. SST also improves overall efficiency by approximately 0.5% compared to traditional solutions [1][8]. 6. **Liquid Cooling Technology Growth**: The penetration rate of liquid cooling technology is expected to rise from 20% to around 50% by the end of 2025, driven by high-performance chip demand, system efficiency improvements, and energy-saving needs [1][10]. 7. **Domestic Companies' Competitive Edge**: Companies like HeWang, OuluTong, and MaiMi are actively developing relevant products. Those with established high-voltage, high-power technology will have a competitive advantage in the overseas market [1][5]. 8. **Market Catalysts**: Upcoming events, such as quarterly earnings reports from major companies and the global OCP conference in October, may serve as catalysts for industry development and market confidence [1][11]. Additional Important Insights - **Domestic Policy Support**: Shanghai has introduced a 600 million yuan subsidy policy for computing power, encouraging the establishment of new data centers. This support is expected to facilitate the adoption of flexible architectures in response to demand changes [1][15]. - **Investment Opportunities**: Companies that provide advanced cooling solutions and have strong competitive positions are recommended for investment. Notable mentions include Yingweike, Sixuan New Materials, and Shenli Environment [1][17][18]. This summary encapsulates the critical insights and developments discussed in the conference call, highlighting the opportunities and challenges within the data center power supply and liquid cooling industry.