Core Insights - The article discusses the advancements in Solid State Transformers (SST) technology and its implications for the power and data center industries, highlighting the competitive landscape and key players involved in the development and application of SST technology [2][3]. SST Progress and Fundamentals - SST technology shows significant potential in data centers and renewable energy sectors, with NVIDIA's Rubin architecture likely to adopt SST earlier than the expected supply timeline of late 2027 or early 2028 [2]. - North American SST orders have high profitability, with gross margins reaching 50-55%. The demand for transformers in overseas data centers currently exceeds supply, leading to order fulfillment cycles of 9-12 months, and up to 18 months for major North American manufacturers [2]. Domestic and International Manufacturer Layouts - Various global manufacturers are actively advancing SST technology. Eaton, a leader in the VIGC field, has introduced energy router power supply architectures and is accelerating entry into emerging markets through acquisitions [3]. - Delta has launched HBDC power solutions based on third-generation silicon carbide devices, which are adaptable to data center load requirements and facilitate integration with renewable energy systems [3]. - In China, companies like Sifang, Xidian, and Jinpan Technology are expanding into SST technology, leveraging their technical strengths to explore commercial applications in data centers and renewable energy [3]. Jinpan Technology - Jinpan Technology has shown robust performance in the first half of 2025, with significant growth in its electromechanical business and a 64% year-on-year increase in overseas revenue [4]. - The company has successfully secured contracts for data center projects in Malaysia and anticipates an annual compound growth rate of approximately 80% in data center revenue from 2022 to 2024 [4]. - Jinpan has developed a 2.4 MW solid-state transformer prototype suitable for HVDC800V power supply architecture, laying the groundwork for further expansion into overseas markets and AIDC sectors [5]. Other Key Players - Eagle and New Special Electric have accumulated technology in phase-shifting transformers and are actively developing SST technology to meet data center demands [6]. - Sungrow Power Supply has made significant breakthroughs in photovoltaic inverters and is expanding into new applications, including data center HVDC power supply systems [7]. - Weiguang Energy, supported by Baiyun Electric Group and Xi'an Jiaotong University, focuses on SST energy routers and has delivered 92 units for various applications [8]. - Teradyne has demonstrated strong technical and supply chain advantages in charging stations and SST fields, leveraging its experience in power electronics [9]. Conclusion - The SST technology landscape is rapidly evolving, with numerous companies making strides in research and application, indicating a promising future for the integration of SST in data centers and renewable energy systems [2][3][4][5][6][7][8][9].

Group 1 - The market experienced a rebound after a dip, with the ChiNext index rising by 0.21% while the Shanghai Composite Index fell by 0.18% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.49 trillion, an increase of 372.9 billion compared to the previous trading day [1] - Sectors such as port shipping and banking saw significant gains, while tourism, Huawei, and small metals faced declines [1] Group 2 - Huatai Securities predicts that the photovoltaic industry will see a significant increase in net profit year-on-year by the first half of 2025, driven by demand in the new energy vehicle supply chain and stable pricing [1] - The report emphasizes the importance of independent energy storage and emerging market sectors, suggesting a focus on domestic storage and new market opportunities [1] - Wind power performance is expected to continue improving, with a positive outlook on the wind turbine and offshore wind sectors [1] Group 3 - CICC highlights that the SST (Solid State Transformer) technology is expected to become the optimal solution for future AIDC (Artificial Intelligence Data Center) power supply architecture, with significant cost reduction potential [2] - Major global AIDC players like Eaton and Delta have early reserves in SST solutions, while domestic companies are also making strides in this technology [2] - Companies with deep understanding of power electronics and experience in data center projects are likely to stand out in the SST market [2] Group 4 - Galaxy Securities suggests that the negative sentiment regarding the airport sector's duty-free agreement renegotiation has largely been priced in [3] - The recovery of international passenger traffic is expected to be a key focus for the airport sector, supported by macroeconomic policies driving domestic consumption [3] - While the duty-free commission rates may not return to pre-pandemic levels, the entry of luxury brands is anticipated to create new growth opportunities [3]