Core Insights - The adoption of Solid State Transformers (SST) is expected to drive demand for wide bandgap semiconductors like Silicon Carbide (SiC) and Gallium Nitride (GaN), with SiC primarily used in input applications and GaN in output applications [1] - The global solid-state transformer market is projected to grow at a compound annual growth rate (CAGR) of 25% to 35% over the next 5-10 years, benefiting both magnetic materials and power semiconductors [1] Group 1: Industry Transformation - The power supply systems for data centers are undergoing significant changes due to the explosion of AI computing power, with power density per rack increasing from under 60 kW to 150 kW or higher [1] - Solid State Transformers (SST) offer over 98% system efficiency and require less than 50% of the space compared to traditional solutions, making them a promising core solution for next-generation data center power systems [1][2] - NVIDIA's recent release of an 800V DC white paper highlights the critical role of SST in its next-generation power architecture, indicating strong industry recognition of SST technology [1] Group 2: Technical Advantages of SST - SST improves efficiency by replacing traditional transformers with high-frequency power electronics, achieving over 98% efficiency compared to 95.1% for traditional HVDC systems [2] - The compact design of SST, utilizing high-frequency magnetic materials and modular architecture, significantly reduces the size of transformers while integrating multiple functions, thus saving space in data centers [2] Group 3: Future Potential of SST - SST acts as a "software-defined" energy router, enhancing the intelligence and resilience of power supply systems through real-time control and fault self-recovery capabilities [3] - SST's compatibility with renewable energy sources allows for direct integration of solar and wind power, improving the acceptance of renewable energy by over 50% compared to traditional systems [3] - The dual active bridge topology of SST supports bidirectional energy flow, enabling energy storage during low demand and feedback to the grid during peak times, which can reduce operational costs for data centers [3] Group 4: Companies to Watch - Companies involved in SST systems include Sifang Co., Ltd. (with SST efficiency reaching 98.5% and applications in national demonstration projects), China West Electric (with a subsidiary's 2.4MW SST operational), and Jinpan Technology (developing a 10kV/2.4MW prototype) [4] - Companies focused on SST materials include Hengdian East Magnetic (largest ferrite material company globally), Placo New Materials (new soft magnetic materials with frequencies over 10 MHz), and Yunlu Co., Ltd. (global leader in amorphous alloys) [4]

Group 1: Macro Insights - The election of Japan's new Prime Minister, Takashi Asao, is expected to maintain a fiscal easing approach, although political capital may limit future policy actions [2] - Recent macro risks include global trade tensions, credit events in the US, and geopolitical changes, which have increased market volatility [2] - Gold is highlighted as a quality asset that can hedge against multiple macro risks, with a long-term upward trend expected despite short-term fluctuations [2] Group 2: Precious Metals - Following a significant drop in gold prices, the long-term investment logic for gold remains intact, presenting a buying opportunity as prices stabilize [3] - Major gold companies are expected to achieve volume and price increases in 2026, with current valuations suggesting a favorable entry point [3] Group 3: Construction and Engineering - Shanghai's new action plan aims to promote high-quality development in the construction industry, focusing on demand stimulation, supply optimization, and transformation towards green, industrial, and digital practices [4] - Leading construction firms in Shanghai are expected to strengthen their competitive positions through integration and specialization, while smaller firms may find niche opportunities [4] Group 4: Power Equipment and New Energy - Sunshine Power is positioned as a leader in power electronics, with growth prospects driven by energy storage and international expansion, despite short-term policy uncertainties [5] - The company is expected to benefit from increasing global demand for energy storage solutions and the transition to renewable energy sources [5] Group 5: Fertilizer Industry - Hubei Yihua is projected to benefit from a recovery in domestic fertilizer demand and strong export profitability due to tight phosphate resource supply [6] - The company’s integrated supply chain, including upstream phosphate mining, enhances its competitive advantage in the fertilizer market [6] Group 6: Telecommunications - China Unicom's revenue and profit growth reflect improvements in operational efficiency and the acceleration of digital transformation initiatives [14] - The company is expected to leverage AI developments to enhance its cloud computing and data center services, driving future growth [14] Group 7: AI and Technology - Lian Te Technology is positioned to capitalize on the expanding light module market driven by AI advancements, with significant growth expected from 2024 onwards [7] - The company has established a strong customer base and is well-positioned to expand its market share in the overseas data communication sector [7] Group 8: Agriculture and Animal Husbandry - Wens Foodstuff's profitability is expected to improve due to cost advantages in pig farming and a recovery in poultry farming profitability [17] - The company has announced a cash dividend distribution, reflecting its strong financial position despite recent profit declines [17] Group 9: Chemical Industry - China National Offshore Oil Corporation's chemical division is expected to benefit from stable natural gas costs and a favorable dividend yield, with growth prospects tied to domestic fertilizer market recovery [8] Group 10: Semiconductor and AI - Hanwha's revenue growth is driven by strong demand for AI chips, with expectations of continued growth in domestic procurement of computing power chips [28] - The company is positioned to benefit from the increasing demand for AI-related technologies and domestic chip procurement [28]

Core Insights - The 800V HVDC (High Voltage Direct Current) architecture introduced by NVIDIA is expected to become a mainstream technology direction for future AI data centers, presenting opportunities for both power electronics and renewable energy sectors [1][2] - The adoption of 800V HVDC is seen as a significant upgrade in power supply architecture, which will transform the entire industry chain from core components to system integration and operational services [2] Power Electronics Impact - The 800V HVDC architecture offers advantages over traditional UPS technology, including higher efficiency, greater power density, smaller footprint, and lower total cost of ownership [2] - Key components affected include SiC (Silicon Carbide) power semiconductors, magnetic component design, DC link capacitors, and DC circuit breakers, which will require significant technological upgrades [2] Upstream Component Companies - InnoSwitch, a key player in the upstream component sector, has announced a breakthrough in AI data center power supply architecture, achieving higher efficiency and power density while reducing energy consumption and CO2 emissions [3] - Megmeet's PSU products have entered NVIDIA's supply chain, extending into HVDC power supply segments, showcasing their advanced technology in high-power, high-efficiency network power supplies [3] Renewable Energy and Energy Storage - The integration of "green electricity + energy storage" is expected to complement the 800V HVDC architecture, allowing for more direct connections to data center power systems and reducing energy loss [4][5] - Companies like CATL and Huawei are positioning themselves to meet the growing power demands of AI data centers, with energy storage systems playing a crucial role in managing power fluctuations [5] Future Market Dynamics - The AIDC energy storage market is anticipated to evolve into a "giant-led, ecosystem symbiosis" model, where competition will focus on technology integration and ecological value [5] - Chinese companies are expected to lead in green electricity supply and the development of one-stop zero-carbon solutions, leveraging their strengths in photovoltaic, wind power, and energy storage technologies [5]

Core Viewpoint - The company is developing solid-state transformers (SST) as part of its AIDC-related product line, emphasizing the advantages and challenges associated with this new technology [2] Group 1: Technology and Product Development - Solid-state transformers (SST) are highlighted as a new power electronics technology solution that offers integrated functionality, improved efficiency, and flexible adaptation [2] - The development of SST involves significant technical challenges, requiring rigorous testing and validation of product performance, stability, and compatibility [2] - The company is actively engaging with customers to understand product requirements and application scenarios during the development process [2]

Core Viewpoint - The company is developing solid-state transformers (SST) as part of its AIDC-related product line, highlighting the advantages and challenges associated with this new power electronics technology solution [1] Group 1: Technology and Product Development - Solid-state transformers (SST) offer integrated functionality, improved efficiency, and flexible adaptability [1] - The technology presents significant challenges, requiring rigorous testing and validation for product effectiveness, stability, and compatibility [1] - The company is actively communicating with customers to understand product requirements and application scenarios during the development process [1]

Core Viewpoint - The company is developing solid-state transformer (SST) technology, which presents both significant advantages and challenges in terms of technical implementation [2]. Group 1: Technology and Development - SST is a new power electronics technology solution that offers advantages such as functional integration, efficiency improvement, and flexible adaptation [2]. - The technical difficulty of SST is notably high, requiring rigorous testing and validation in areas such as product efficacy balance, stability, and compatibility [2]. - The company is actively developing multiple AIDC-related products, including SST, and is maintaining close communication with customers regarding product requirements and scenario adaptation during the development process [2].

Core Viewpoint - SaiJing Technology (00580) experienced a nearly 10% increase in stock price, closing at 2 HKD with a trading volume of 15.57 million HKD, driven by significant developments in the nuclear fusion sector [1] Group 1: Company Developments - The BEST project, a compact fusion energy experimental device, has received its first batch of toroidal field (TF) coil boxes and magnetic gravity support components, marking another important delivery following the installation of the dewar base on October 1 [1] - Astrol, a subsidiary of SaiJing Technology in Switzerland, announced a collaboration with an innovative company in the nuclear fusion field to utilize Astrol's power switch solutions for controlling currents in advanced fusion systems [1] - Astrol has provided pulse power switch products and solutions for over 80 projects, including collaborations with TriAlpha Energy in 2017 and another controllable fusion project in 2022, highlighting its leading technology in the nuclear fusion power electronics sector [1] Group 2: Industry Insights - Western Securities (002673) emphasized the ongoing planning and construction of representative devices like BEST, indicating a continuous development in the nuclear fusion industry and the importance of investment opportunities in this sector [1]

Core Viewpoint - The recent delivery of key components for the BEST project, a compact fusion energy experimental device, has positively impacted the stock price of SaiJing Technology, which saw an increase of nearly 10% [1] Group 1: Company Developments - SaiJing Technology's stock rose by 8.7% to HKD 2, with a trading volume of HKD 15.57 million [1] - The company’s Swiss subsidiary, Astrol, announced a collaboration with an innovative firm in the fusion energy sector to utilize Astrol's power switch solutions for controlling currents in advanced fusion systems [1] - Astrol has provided pulse power switch products and solutions for over 80 projects, including notable collaborations with TriAlpha Energy in 2017 and another project in the controllable fusion field in 2022 [1] Group 2: Industry Insights - The BEST project is in the planning and construction phase, with ongoing tenders indicating continued investment opportunities in the nuclear fusion industry [1] - The delivery of critical components for the BEST project, including the first toroidal field (TF) coil boxes and gravity support components, marks a significant milestone following the installation of the dewar base on October 1 [1]

Summary of SST Industry Conference Call Industry Overview - The conference call focused on the Solid State Transformer (SST) industry, particularly its applications in data centers and electric vehicle charging [1][2][3]. Key Points and Arguments - **Voltage Upgrade Trend**: There is a clear trend towards upgrading data center distribution voltage from 380/415 volts to higher levels, which can significantly reduce costs. This shift is driven by the need for increased cabinet capacity, which may rise from 10 kW to hundreds of kW or even MW levels [2][3]. - **SST Applications**: SST technology is being pushed by companies like NVIDIA, which has proposed an 800-volt architecture. This architecture defines two approaches: one based on traditional transformers with DC modules and another fully utilizing SST [2][3]. - **Domestic Market Competition**: In China, companies such as Huawei, Sungrow, and Delta are actively developing SST technology, but progress varies. Sungrow achieved breakthroughs in 35 kV applications during the 13th Five-Year Plan [1][4]. - **Testing and Reliability Concerns**: Current testing of SST in data centers faces challenges such as the lack of national standards, reliability validation, and technical difficulties with 10 kV hot-swappable designs. The next two to three years will focus on pilot projects to validate reliability and reduce costs [1][7][8]. - **Power Electronics Advantage**: Companies with expertise in power electronics are better positioned to develop SST technology compared to traditional mechanical manufacturers. Silicon Carbide (SiC) power semiconductors are identified as the primary choice for large-scale SST applications [1][9][10]. Additional Important Insights - **Market Dynamics**: The increasing demand for higher voltage levels in data centers is creating new applications for SST, particularly in the context of rising copper prices [2][3]. - **Integration of Functions**: SST integrates the functions of traditional transformers, Power Conversion Systems (PCS), and Uninterruptible Power Supplies (UPS), which is crucial for data center efficiency [16]. - **Future Projections**: SST is expected to see large-scale application by the end of 2027 or 2028, with current efforts focused on pilot projects to gather operational data [8]. - **Competitive Landscape**: Delta is noted for its strong performance in the data center sector, having initiated SST research as early as 2012. Other companies like Eaton and Schneider are also involved but have varying levels of product development and market presence [13][15]. Conclusion The SST industry is poised for growth, driven by technological advancements and increasing demand for efficient power solutions in data centers and electric vehicle charging. However, challenges such as market competition, cost reduction, and the establishment of standards remain critical for widespread adoption.

Group 1: Company Overview and Investor Relations - The company, ST Yishite, held an investor relations activity on October 20, 2025, to discuss its business progress and future directions [1] - Key personnel from the company included the Board Secretary and representatives from the securities affairs team [1] Group 2: Product Differentiation - The company differentiates between UPS high-end power supplies and data center products in terms of product structure, customer distribution, and application fields [2] - Data center products include self-produced or jointly produced items, while UPS high-end power supplies are an independent product system with prices ranging from hundreds to hundreds of thousands of yuan [2][3] Group 3: Customer Distribution - Data center clients primarily come from finance, communication, education, and government sectors, with over half of UPS high-end power supply clients also involved in data center applications [3] - The remaining UPS clients are mainly overseas, with domestic clients spanning various industries such as rail transport and manufacturing [3] Group 4: Data Center Business Development - The company’s data center business aligns with national strategies, focusing on dual drives of computing power and energy [4] - A diverse product matrix has been established, including various types of data centers and supporting equipment [5] Group 5: Green Initiatives - The company is integrating energy storage with data centers to achieve energy efficiency and support low-carbon transitions [5] - Collaborations with major clients like Alibaba and Tencent have been established to provide customized solutions [5] Group 6: New Energy Sector - The company is pursuing a dual-drive strategy in the new energy sector, focusing on energy storage, photovoltaic EPC, charging stations, and sodium-ion batteries [7] - In the first half of 2025, revenue from the energy storage business grew by 150% year-on-year [7] Group 7: Research and Development - The company has invested significantly in R&D, with 2024 R&D expenditure projected at 241 million yuan, accounting for 7.92% of revenue [10] - The company holds over a thousand patents and has received multiple awards for its innovation in the power electronics field [10][11] Group 8: Risk Management - The company plans to apply for the removal of other risk warnings after meeting specific regulatory conditions by December 31, 2025 [12] - Internal assessments indicate that there are no substantial difficulties anticipated in this process [13] Group 9: Future Outlook - The company aims to enhance its R&D efforts and expand its presence in the new energy and high-end power sectors [11] - It plans to leverage its technological advancements to support the global digital energy transition [9]