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]