AIDC 供电-HVDC 专家交流 20250824 摘要 传统 UPS 系统因 AC-DC-AC 双重转换导致能量损耗，而 HVDC 仅需 AC-DC 转换，效率更高，尤其在大功率系统中提升约 1%，数据中心向 高算力服务器演进，HVDC 更具吸引力。 2025 年后，GPU 和 ASIC 服务器单柜功率超 100kW，传统 UPS 或低 压 HVDC 难以满足需求，需提升电源系统电压以提高输出功率，头部 CSP 厂商已开始定义下一代电源。 大型数据中心生命周期内电费是主要支出，提高 1%的电源效率至关重 要，能显著降低运营成本，同时减少制冷能耗，提升数据中心能效指标 PUE。 英伟达公布下一代 800V VDC 系统计划，各厂商正与其确认电源规格， 预计与 NVL144 一同发布；Meta、谷歌和微软定义的正负 400V HVDC 预计 2026 年 Q1 发货。 2026 年后，CSP 采购 ASIC 服务器或 HGX 屏幕将采用正负 400V HVDC 系统，北美 CSP 也将逐步转向高压直流供电，但部分数据中心仍 保留普通功率机柜。 从 UPS 转换为 HVDC 主要基于效率和性能上的考虑。传统 U ...

Summary of Liquid Cooling Technology and Industry Developments Industry Overview - Liquid cooling technology is becoming the mainstream choice for data center cooling, improving energy efficiency and reducing PUE (Power Usage Effectiveness) values. Despite higher initial installation costs, long-term economic benefits are expected as penetration rates increase and applications scale up [1][5][4]. Key Insights - The blade-type liquid cooling system industry is experiencing rapid penetration growth, benefiting from the launch of GB300 and the introduction of related designs by North American manufacturers. This sector has significant long-term growth potential, with growth rates outpacing data center installation growth [1][6]. - Infinet, as a core supplier to NVIDIA, offers a comprehensive secondary product line and overall solutions, with strong profitability and good medium to long-term investment value. Revenue is expected to exceed $5 billion and net profit to increase by $800 million by 2026 [1][7]. - Domestic companies such as Shenling Environment, Highlan, and Kexin New Source have relatively comprehensive solution capabilities. Feilong Co. and Huagong New Material have competitive advantages in soldering, while Feilong also excels in electronic pumps and valves, indicating significant space for foreign substitution [1][8]. Market Dynamics - Recent developments include Feilong Co. receiving intention orders from Taiwanese companies, marking its entry into NVIDIA's supply chain. Jianghuai Co. has also received small batch orders from Delta and domestic clients, indicating its entry into the NVIDIA supply chain [1][10]. - The trend towards liquid cooling in data centers is driven by the increasing power requirements of cabinets, with liquid cooling becoming necessary for power levels exceeding 50-60 kW, and modular liquid cooling required for over 200 kW [2]. Economic Considerations - The economic comparison between liquid cooling and air cooling is debated. While liquid cooling hardware costs appear lower initially, total lifecycle costs, including installation and operational expenses, are crucial. Long-term, liquid cooling systems may demonstrate superior economics as penetration increases [5][6]. Competitive Landscape - Companies with strong investment potential in the blade-type liquid cooling system sector include Infinet, which is a core supplier to NVIDIA and has a comprehensive product line. This positioning provides a competitive edge in the future market landscape [7]. - Domestic companies like Shenling Environment, Highlan, and Kexin New Source are noted for their comprehensive solution capabilities in the liquid cooling field, with Feilong Co. and Huagong New Material having competitive advantages in specific segments [8][9]. Future Outlook - Feilong Co. is considered undervalued, with potential profits from approximately 100,000 cabinets expected to reach around $300 million. If it captures a 30% market share, revenues could reach $900 million [16][17]. - The liquid cooling market is projected to grow, with GB200 and GB300 liquid cooling cabinets valued at approximately $150,000 and $170,000, respectively. The market share for liquid cooling is currently around 4-5% [14][15]. Conclusion - Liquid cooling technology is positioned for significant growth, driven by increasing power demands in data centers and the need for higher energy efficiency. Companies like Infinet and Feilong Co. are well-placed to capitalize on these trends, making them attractive investment opportunities in the evolving landscape of data center cooling solutions [20].