Core Insights - The monetization of AI is accelerating, with strong capital expenditure from cloud vendors focused on AI [1] - The global data center's new installed capacity is expected to maintain a rapid growth trend [1] Group 1: Industry Trends - The overall power density of intelligent computing centers (AIDC) is increasing at a faster pace [1] - High-voltage direct current (HVDC) distribution solutions are becoming the trend in the industry [1] Group 2: Technological Advancements - Solid-state transformers (SST) represent the latest technological route under high-voltage direct current distribution, offering advantages in conversion efficiency, construction cycle, and space occupation compared to HVDC and Panama power solutions [1] - SST technology addresses the distribution needs of data centers in a high-power era effectively [1] Group 3: Market Opportunities - The upcoming mass production of NV Rubin Ultra chips and NVL576 is expected to gradually promote the penetration of SST distribution solutions [1] - Investment selection should focus on product maturity, technological accumulation, and customer base [1]

Core Viewpoint - The company has confirmed its mastery of HVDC technology and its application in several national demonstration projects [1] Group 1 - The company has been asked by investors about its capabilities in HVDC technology [1] - The company plans to explore the integration of solid-state transformer (SST) technology with HVDC technology to enhance its unique advantages and strategic positioning in the intelligent computing center (AIDC) sector [1]