再 call HVDC：阳光电源、禾望电气的市场空间 20250810 摘要 大型科技公司如 Meta、谷歌和微软正转向 400V/800V HVDC 供电架 构，以应对数据中心高功率需求和散热挑战，传统铜材配电方案已不可 持续。 英伟达 Ruban Ultra 及 Revolt 系列产品（单机柜功率高达 600kW 甚 至兆瓦级）推动 CSP 厂商采用 HVDC 供电，Revolt 系列将推行 800V HVDC，加速海外数据中心 HVDC 转型。 HVDC 主要有两种实现路径：边柜电源方案（sidecar），通过在机柜 侧部署 AC-DC 转换器，以及 SST 方案，用高频电子变换替代传统变压 器，实现 10kV 交流到 800V 直流的转换。 边柜方案短期内更受海外 CSP 厂商青睐，将 480V 交流转换为±400V 或 800V 直流，再降压至 48V，作为现有服务器的过渡方案。 阳光电源和禾望电气在大功率集中式储能 PCS 和风力发电领域积累的技 术优势，使其在 HVDC 设备开发中具备竞争力，有望占据市场份额。 数据中心电源技术迭代（48V 到 800V HVDC）为国内供应商切入北美 算力链提 ...

AIDC 电源&液冷观点更新 20250731 摘要 数据中心电源功率需求升级，从 3 千瓦至 5.5 千瓦向 12 千瓦甚至更高 功率发展，提升技术门槛，为国内企业进入海外市场提供机会。 Meta 计划在 2026 年 Prometheus 数据中心项目中使用正负 400 伏 HVDC 方案，HVDC 架构技术门槛高，为国内电源企业切入海外市场提 供契机。 英伟达规划 2027 年下半年量产的 Ruben Ultra 将配套 800 伏 HVDC 架构，海外客户对 HVDC 推进速度超出市场预期，国内企业需提前布局。 海外市场 HVAC 趋势明确，英伟达 Robin Ultra 单机柜功率已达 600 千 瓦以上，采用 HVAC 可降低成本和电流损耗。 固态变压器（SST）可显著减少数据中心电缆用量，提高整体效率，北 美等高电价地区更倾向于采用。 液冷技术渗透率加速提升，预计 2025 年底有望提升至 50%左右，主要 受高算力芯片需求、系统效率提高和节能需求驱动。 微软业绩会提到所有数据中心将支持液冷系统，带动市场对液冷服务器 出货量预期提升，建议关注国产替代逻辑相关公司。 Q&A 今年以来，电源行业在市 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Insights - Overseas cloud service providers (CSPs) have revised their capital expenditure (CAPEX) expectations upwards, leading to an increase in data center construction activity. Major companies like Microsoft, Google, and Meta have all raised their CAPEX forecasts for 2025, driven by strong AI demand [7] - The importance of high-efficiency, high-density, and high-stability power supply systems is increasing as the industry transitions from traditional computing to AI-driven computing. This shift necessitates continuous upgrades in power supply technology across various stages of the power chain [7] - The overseas AIDC (AI Data Center) market is experiencing a boom, with companies like Delta and Vertiv holding significant technological advantages. Domestic companies are expected to benefit from this trend as they close the technology gap and gain access to the overseas market [7] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies that are likely to benefit from the rising demand for AIDC power supply, including Megmeet (002851), Hezhong Electric (603063), Newray (300593), Tonghe Technology (300491), Oulu Tong (300870), and Zhongheng Electric (002364) [7] - For AIDC power supply support, companies such as Jinpan Technology (688676), Mingyang Electric (301291), Weiteng Electric (688226), and Liangxin Co. (002706) are recommended for attention [7]

Summary of Conference Call on Data Center Power Supply Systems Industry Overview - The conference call focuses on the data center power supply systems, specifically comparing two main solutions: UPS (Uninterruptible Power Supply) and HVDC (High Voltage Direct Current) [1][3][4]. Key Points and Arguments - **Main Solutions**: The primary power supply solutions in data centers are UPS and HVDC, with UPS being complex but effective against power fluctuations, while HVDC is more efficient and cost-effective, becoming the mainstream choice for new data centers, especially in China [1][3]. - **Market Growth**: The HVDC market in China is projected to grow significantly, with an estimated market size of approximately 1 billion RMB in 2023, indicating substantial future growth potential [1][17]. - **Efficiency and Cost Advantages**: HVDC systems offer significant advantages over UPS in terms of efficiency, structure, and cost, particularly in the context of increasing AI computing power demands [1][12][13]. - **Market Concentration**: The HVDC market in China is highly concentrated, dominated by companies like Zhongheng Electronics, Delta Electronics, and Weidi, which collectively hold about 90% of the market share [1][18]. - **Transition from UPS to HVDC**: Companies such as Kehua Data and Kstar are transitioning from UPS to HVDC, indicating a shift in market dynamics and potential investment opportunities [2][20]. Additional Important Insights - **Historical Context**: HVDC technology was initially developed by Alibaba in collaboration with Delta, and its penetration in the domestic market remains low despite its advantages [10][15]. - **Future Trends**: The data center power supply market is transitioning from ACDC to DCDC, with HVDC expected to play a crucial role as AI technology advances and data center construction accelerates [17]. - **Emerging Technologies**: The potential for energy routers, which integrate power conversion, control, and communication functions, is highlighted as a future trend in data centers, although they are not yet widely adopted [11]. - **Competitive Landscape**: While the HVDC market has low technical barriers, companies that traditionally focused on UPS are now entering the HVDC space, increasing competition but also opportunities for growth [18][19]. Conclusion - The data center power supply industry is undergoing a significant transformation with the increasing adoption of HVDC systems, driven by efficiency needs and the rise of AI technologies. Companies transitioning to HVDC and those already established in the market present potential investment opportunities as the sector continues to evolve.