Summary of Key Points from the Conference Call Company and Industry Involved - **Company**: NVIDIA - **Industry**: High Voltage Direct Current (HVDC) technology and Solid State Transformers (SST) Core Insights and Arguments - NVIDIA plans to release the Ruby architecture product in March-April 2026, with mass production expected in September-October 2026, utilizing 800V HVDC architecture to replace UPS systems, with potential evolution to 1,500V HVDC in the future [1][2] - The introduction of GaN (Gallium Nitride) devices is emphasized as a key component in the 800V system, moving away from various rectifier and inverter devices previously used by different companies [2] - The current value of 800V HVDC is approximately 3,800 RMB per kilowatt, with BBU and supercapacitors accounting for about 45% of the total [3][18] - The cost of rectifier modules is currently around 2 RMB per watt, expected to decrease to 1.4-1.5 RMB per watt by late 2026 or early 2027, indicating significant cost reduction potential [3][19] - Major players in the HVDC supply chain include Eaton, Meri, Schneider, and Delta, with Delta and Weidi showing strong capabilities in the 800V HVDC solutions [1][7][12] - Domestic companies face challenges such as high-pressure laboratory construction costs, estimated between 80 million to 100 million RMB, but companies like Sungrow have potential due to their experience in large-capacity rectifier and inverter production [13] Additional Important Content - Huawei has completed technology reserves for 800V HVDC and SST but has not produced prototypes, adopting a conservative strategy potentially influenced by US-China relations [14][15] - The 800V single-polarity HVDC is expected to see significant uptake by 2027, while the bipolar 400V HVDC architecture is anticipated to begin large-scale application in the second half of 2026 [10] - The market for self-purchased cards and assembled cabinets is currently low, accounting for about 25% of the overall market [9] - Domestic companies like Kehua, Sungrow, and others claim to have 800V product technology but have yet to launch prototypes, focusing on the North American market [23] - The cost of HVDC systems is projected to decrease to 2.1-2.2 RMB per watt, while SST costs are expected to drop to around 4 RMB [30] - The competition in GaN supply is primarily dominated by overseas companies, with domestic firms lacking competitiveness in this area [20] - The potential for domestic companies to enter NVIDIA's supply chain is limited, but opportunities may arise in partnership selections [21] This summary encapsulates the critical points discussed in the conference call, highlighting the advancements and challenges within the HVDC and SST sectors, particularly in relation to NVIDIA's upcoming products and market dynamics.

Core Viewpoint - China's High Voltage Direct Current Transmission System (HVDCS) has become a core technology for building a new energy system, leveraging its advantages in long-distance and high-power transmission. The market for HVDC is projected to reach 89.2 billion yuan in 2024 and exceed 300 billion yuan by 2028, driven by the expansion of wind and solar power installations and the explosive demand for AI computing power [1][7]. Industry Overview - HVDCS utilizes direct current for high-power, long-distance electricity transmission, converting three-phase alternating current to direct current and back again, enabling efficient and stable energy transfer [2]. - The industry has developed a complete upstream and downstream industrial system, focusing on raw materials, equipment manufacturing, and system integration, with major investments from state-owned enterprises [4]. Market Size and Growth - The HVDC market in China reached 89.2 billion yuan in 2024, a 42.3% increase year-on-year, and is expected to surpass 300 billion yuan by 2028 [7]. - The demand for 800V HVDC technology is anticipated to surge, particularly in the context of AI data centers, with the market projected to grow from 2 billion yuan in 2028 to 6.4 billion yuan by 2030, reflecting a compound annual growth rate of 47% [1][8]. Industry Chain - The HVDCS industry chain includes upstream raw materials, midstream equipment manufacturing, and downstream operation by major power grid companies, facilitating large-scale applications in long-distance transmission and renewable energy integration [4]. Competitive Landscape - The industry is characterized by a concentration of market share among state-owned enterprises like China Xidian and TBEA, while private companies and foreign firms compete in niche areas [10]. - China Hengtian Electric holds a 28% market share, benefiting from partnerships with leading internet companies in the AI data center sector [10]. Development Trends - The industry is expected to see technological advancements, with a shift towards 800V high-voltage platforms and silicon carbide devices, enhancing system efficiency and reliability [11]. - The application scenarios for HVDC are diversifying, including cross-border energy interconnections and industrial microgrids, creating a multi-billion market for related services [12]. - Chinese HVDC companies are transitioning to a global operational model, focusing on technology, standards, and capital, with exports expected to rise to 40% by 2030 [13][14].

Core Viewpoint - The recent publication of two international standards for high voltage direct current (HVDC) switchgear, led by China, establishes unified technical specifications for HVDC circuit breakers and converters, enhancing global trade and cooperation in HVDC technology [1] Group 1: International Standards - The two international standards are titled "High Voltage Switchgear and Controlgear Part 313: DC Circuit Breakers" and "High Voltage Switchgear and Controlgear Part 315: DC Disconnectors" [1] - These standards define the technical requirements and testing methods for HVDC circuit breakers and converters, providing a framework for global HVDC switchgear [1] Group 2: Importance of HVDC Technology - HVDC switchgear is a critical component in the construction of new power systems, ensuring safe and stable operation while facilitating large-scale integration of renewable energy and cross-regional transmission [1] - The development of these standards supports the creation of a clean, low-carbon, and efficient energy system [1] Group 3: China's Leadership in HVDC - China has accumulated significant research and engineering experience in the HVDC field through major projects such as the Zhangbei Flexible DC Project and the Baihetan-Jiangsu UHVDC Project [1] - The release of these international standards reinforces China's global leadership in HVDC transmission technology and equipment [1] Group 4: Collaborative Efforts - The standards were developed over five years by a working group led by Chinese experts, including contributions from experts from nine other countries: Germany, the United States, France, Italy, Japan, Norway, and Spain [1]