近日，民生证券方竞团队发布研报称，英伟达提出 800VDC 柜外解决方案，将中压整流器或 SST 作为 终极方案，主要还是因为大模型正经历从量变到质变的跨越式发展，算力需求持续攀升。英伟达的硬件 技术路线朝着效率和速率的方向演进，高压直流系统可解决 GPU 算力与功率密度指数增长的问题，有 效降低电力损耗。 1）终端厂商率先受益：中恒电气、科华数据、阳光电源； 2）变压器是核心变化：京泉华、伊戈尔、新特电气、金盘科技。 3）台达电源 PCB 供应商受益放量：威尔高、中富电路； 4）建议关注柜内变化：新雷能； 达白皮书的描述，认为中压整流器即巴拿马电源。固态变压器是融合电力电子技术与高频变压器的新型 电力变压器。巴拿马电源和固态变压器系统效率均能实现98%以上，占比面积减小，具有更高的性价 比。 从市场商业化进展来看，国内外头部企业均在推动 HVDC 技术落地与生态构建。国内阿里从 2018 年开 始招标，腾讯于2025 年招标；国外 Meta 普罗米修斯计划可能在 2026 年，谷歌正在推动±400V标准 化，产业链端的核心区别在于变压器。 整个产业链的中游是系统集成商，下游是CSP 厂商或运营商。中压整流器 ...

Core Viewpoint - Nvidia has introduced an outdoor DC solution to address the increasing power density issues in cabinets, effectively reducing power loss [1] Group 1: Nvidia's Proposal - Nvidia proposed an 800VDC outdoor solution, utilizing medium-voltage rectifiers or solid-state transformers (SST) as the ultimate solution [1] - The high-voltage direct current (HVDC) system is referenced as a future power supply solution, driven by the exponential growth in computing power demands [1] Group 2: Efficiency of Medium-Voltage Rectifiers and SST - Medium-voltage rectifiers convert medium-voltage AC (typically 1kV to 35kV) directly to DC, achieving over 98% efficiency and reducing footprint [2] - Solid-state transformers combine power electronics with high-frequency transformer technology, also achieving over 98% efficiency [2] Group 3: Market Commercialization Progress - Leading companies are advancing HVDC technology domestically and internationally, with Alibaba starting tenders in 2018 and Tencent planning for 2025 [3] - Internationally, Meta's Prometheus project may tender in 2026, while Google is promoting ±400V standardization [3] Group 4: Industry Chain Differences - The core difference in the industry chain lies in the transformers used, with medium-voltage rectifiers utilizing phase-shifting transformers and solid-state transformers using high-frequency transformers [4]