Macro News - Financial regulatory authorities announced a series of measures to support the stability of the capital market, which have shown effectiveness over the past year [1] - In August, the total market value of A-shares exceeded 100 trillion yuan, indicating the success of capital market reforms [1] - The capital market is expected to transition from being policy-driven to being driven by internal dynamics, better serving high-quality economic development [1] Industry News - The State Administration for Market Regulation has drafted a consultation document focusing on regulating platform fees and merchant entry in the food delivery sector, aiming to enhance service quality and reduce merchant burdens [4] - The draft prohibits platforms from forcing merchants to share promotional costs and mandates fair compensation for delivery personnel, including limits on working hours and fatigue alerts [4] - The National Energy Administration is addressing "involution" competition in the photovoltaic industry to promote quality upgrades and enhance the competitiveness of renewable energy sources [5] - The price of live pigs has reached a yearly low due to oversupply, with prices dropping to 12.59 yuan per kilogram, a 10.4% decrease from earlier in the month and a 24.4% drop from the year's peak [7][6] Sector Opportunities - A report from China International Capital Corporation indicates that the upgrade to 800V HVDC in AI power supply architecture may position SST as the optimal technology route, with certain companies already applying SST products in mixed microgrid projects [8] - CITIC Securities highlights that a significant reduction in breeding cows since 2024 has led to a shortage in supply, driving up live cattle prices, with expectations for continued price increases due to supply pressures anticipated by 2026 [8]

Core Viewpoint - The report from CICC indicates that the AI power supply architecture is upgrading to 800V HVDC, and SST is expected to become the optimal technical route in the long term [1] Group 1: Industry Trends - Major cloud companies have raised their capital expenditure expectations, accelerating AIDC construction [1] - The performance advantages of SST solutions are becoming more prominent, with significant cost reduction potential remaining in technology development [1] Group 2: Company Positioning - Domestic and international companies are actively deploying SST technology, with domestic entrants primarily coming from traditional power equipment, AI power supply, and solar storage charging sectors [1] - Some companies have already applied SST products in projects involving AC/DC hybrid microgrids [1] Group 3: Key Players - The report expresses optimism towards leading companies that have a deep understanding of power electronics, high-frequency transformers, and medium-voltage processing, as well as substantial experience in data center projects [1]