Summary of Conference Call on Solid-State Transformer (SST) Technology Industry Overview - The conference call focuses on the **Solid-State Transformer (SST)** technology and its implications for the **data center** and **power distribution** industries, particularly in the context of the explosive growth of AI data centers, which are expected to maintain a compound annual growth rate (CAGR) of over **35%** until **2030** [1][5][16]. Key Points and Arguments Growth of AI Data Centers - AI data centers are experiencing explosive growth, with a shift towards supercomputing and intelligent computing demands, leading to an increase in power consumption per cabinet from **4-6 kW** in traditional data centers to **20-40 kW** or even **120 kW** in intelligent computing centers [5][6][7]. - This trend necessitates higher voltage levels and more compact power distribution systems, with a move towards **800V DC** power supply architectures by companies like NVIDIA, planned for deployment by **2027** [5][6]. Advantages of Solid-State Transformers (SST) - SST technology offers significant advantages over traditional transformers, including: - **Size and Weight Reduction**: SSTs can reduce size and weight by at least **50%** compared to traditional transformers [12][13]. - **High Efficiency**: SSTs can achieve efficiency levels exceeding **95%** by eliminating the inverter stage found in traditional UPS systems [9][10]. - **Active Control**: SSTs utilize solid-state electronic switches for active control, allowing for direct conversion from **10 kV AC** to **800 V DC** without the need for filtering or reactive power compensation [10][11]. - **Flexibility**: SSTs can easily adapt to various power sources, including renewable energy, making them suitable for modern power grids [2][14]. Market Outlook and Production - SSTs are expected to enter small-scale production by **2027**, with a rapid increase in market penetration anticipated [3][16]. - The technology is positioned to play a crucial role in the modernization of data centers, particularly in high-performance computing and semiconductor manufacturing [12][13]. Additional Important Insights Impact on Power Distribution Systems - The shift towards AI data centers and higher power demands is driving the need for more efficient and compact power distribution solutions, with SSTs being a key player in this transition [5][15]. - The construction cycle for data centers utilizing SST technology can be reduced to **three months**, significantly shorter than traditional methods [14]. Beneficiary Companies - Several companies are poised to benefit from the growth of SST technology: - **Xidian Electronics** and its parent company **China Xidian** are already applying SST technology in projects like "East Data West Computing" [17]. - **Jinpan Technology** has strong ties with major clients in the data center sector, positioning it well for growth [17]. - Other companies with technological advantages, such as **Shenghong Sifang** and **Kelu**, along with upstream material suppliers like **Yunluo Technology** and **Antai Technology**, are also expected to benefit from the industry demand surge [18]. Conclusion - The SST technology represents a transformative shift in the power distribution landscape, particularly for data centers, driven by the increasing demands of AI and high-performance computing. The anticipated growth in this sector presents significant investment opportunities and highlights the importance of companies that are well-positioned to leverage these advancements.

Core Insights - The "CCF-Ant Group Research Fund" has launched its first batch of projects for 2025, covering four major areas: data security and privacy protection, software-hardware collaboration, supercomputing and intelligent computing, and artificial intelligence, with a total of 50 projects, marking a record high in funding exceeding tens of millions [1][3][4] - The fund, initiated by Ant Group and the China Computer Federation (CCF) in 2020, has cumulatively supported over 500 million yuan (approximately 70 million USD) over five years, attracting nearly 1,000 experts and scholars to apply for funding [1][3] Group 1: Research Areas - The first research area, data security and privacy protection, focuses on homomorphic encryption, post-quantum security, and container security, aiming to provide comprehensive security for the trusted flow of data, which is increasingly critical in the era of generative AI [3][4] - The second area, software-hardware collaboration, has opened 15 projects aimed at optimizing homomorphic encryption performance, innovating operating systems, and formal verification [4] - The third area, supercomputing and intelligent computing, concentrates on high-performance computing and model training and inference optimization, with 5 projects available [4] - The fourth area, artificial intelligence, has opened 26 cutting-edge technology projects, including research on inference acceleration, multi-agent collaboration, reinforcement learning, and multimodal large models, aiming to advance foundational technologies and applications in AI [4] Group 2: Ant Group's Strategic Focus - Ant Group's technology strategy emphasizes data elements and artificial intelligence, with reported R&D investment reaching 23.45 billion yuan (approximately 3.3 billion USD) in 2024, focusing on AI and data technologies [4] - Ant Group's AI applications span healthcare, finance, and daily life, serving over 130 million users, with the "AI Health Steward" service reaching over 70 million users as of June this year [4] Group 3: Academic Collaboration - Alongside the fund's launch, Ant Group announced plans to co-create academic exchange activities with CCF, support the development of young scholars, and participate in forums like CNCC, aiming to establish a more systematic and multidimensional platform for research collaboration and talent exchange [4]