800V 系列-HVDC 专家交流 20251019 摘要 台达通过多维度电压转换比缩短 PSU 转换层级，实现 800V 高压直降至 用户板所需低压，提升效率、减少材料空间及降低热耗，优化电力电子 技术，采用全桥或半桥技术减少转换级数至一级。 尽管 12V 到 1V 的降压过程无法完全省略，但台达通过装配相关模块， 在降压的同时提纯电流，确保信号无噪音，满足芯片对低功耗和纯净电 流的需求。 台达 HVDC 方案已成熟，获北美 CSP 和 OCP 订单，已抓住两家主要客 户，一家标杆性客户计划 2026 年搭配新一代芯片使用 HVDC 架构，通 过边柜方式实现 IT 柜供电，具备满足明年需求放量的能力。 台达 RUVING 系列将逐步采用 HVDC 技术，RUVING 使用 SET X 方案 引入 side car 系统，RUVING H 使用 SET X 平方方案组装成 Pod 系统， 解决 IT 柜内供电和散热需求。 台达重要客户为海外元宇宙 CSP 公司，追求生产架构先进性，其 HVDC 方案和 side car 系统前沿，采用 800V 正负 400 伏方案，与英伟达 0~800 伏方案在定价上有所差 ...

Market Overview - The domestic market shows significant trading activity with the Shanghai Composite Index closing at 3,853.64, up 0.83% [2] - The Shenzhen Component Index increased by 1.80%, closing at 13,356.14, while the ChiNext Index rose by 2.28% to 3,185.57 [2] Non-Bank Financial Sector - The trading activity in the non-bank financial sector has improved, with a notable increase in the average daily trading volume, which surpassed 20 trillion in August [6] - The securities transaction stamp duty reached 118.7 billion, marking an 81.7% year-on-year increase [6] - The fundamentals of brokerage firms are stabilizing and improving, with a recommendation to focus on investment opportunities in this sector [6] Biomedicine Sector - The release of the YY/T 1987-2025 standard for medical devices using brain-computer interface technology marks a significant milestone for industry standardization, expected to accelerate industrialization [7][8] - This standard aims to resolve long-standing issues of concept ambiguity and lack of standards, facilitating innovation and regulatory compliance [11] - The policy framework supporting the brain-computer interface industry is evolving, with strategic initiatives from national to local levels aimed at fostering innovation and market growth [11] Company Analysis: Fulaite (601865.SH) - Fulaite is positioned in the top tier of the photovoltaic glass industry, with expected EPS of 0.31, 0.46, and 0.84 for 2025-2027, corresponding to PE ratios of 53.9, 36.1, and 19.8 [14] - The company is anticipated to benefit from an improved supply-demand balance in the photovoltaic glass market, leading to a recovery in profitability [13][14] Company Analysis: Xianghe Industrial (603500.SH) - Xianghe Industrial reported a revenue of 3.81 billion, a year-on-year increase of 6.49%, with a net profit of 640 million, up 96.56% [20] - The company is focusing on core business areas, including rail transportation products, which have shown significant growth due to participation in major railway projects [20] - The demand for intelligent railway detection equipment is expected to grow, with the company actively developing related technologies [20]

Group 1 - The company has successfully qualified for the Beijing municipal government procurement project for power supplies, but no specific orders have been generated yet [1] - The government procurement process is characterized by strong planning and complex internal procedures, and the company is actively promoting its participation [1]

Core Insights - The recent GTC conference highlighted the update of the AIDC power architecture, marking a significant development in NVIDIA's supply chain [1][2] - Key focus areas include the independence of power units, increased usage of power shelves, and the importance of components like BBU, supercapacitors, and PDU [1][2][3] - The new power architecture is expected to enhance the value and importance of server power suppliers, with Megmeet positioned to benefit as a pioneer in the Power rack solution [1][3] Power Unit Independence - The GTC conference confirmed that Power rack will become the new generation power technology solution, addressing the increasing power demands of GPUs [1][2] - The new architecture involves moving Power shelf, BBU shelf, and supercapacitor shelf out of the IT rack to form an independent Power rack [2][3] Increased Usage of Power Shelves - Concerns about the sidecar solution reducing the usage of Power shelves were alleviated, as the new architecture actually increases their usage due to an additional power circuit [4][5] - The architecture allows for a three-tier voltage conversion process, enhancing the overall power supply reliability [4][5] Market Potential and Value - The Power rack is projected to have a total value of approximately $216,365, with significant contributions from various modules [6][7] - The introduction of the Power rack is expected to create new revenue streams for Megmeet, transitioning its role from a simple AC/DC supplier to an integrated power solution provider [3][6] Implementation Timeline - Short-term plans involve using AC PSU solutions for GB200 and GB300, while mid-term upgrades will adopt the 800V HVDC sidecar power architecture [8] - The market anticipates that by 2025, Megmeet and other suppliers will begin to see new business opportunities from BBU and supercapacitor products, with significant growth expected in 2026 [8][9] Competitive Advantage - Megmeet is currently the only supplier to have released a sidecar integrated solution, positioning it to capture a significant market share in the Power rack segment [9] - The anticipated growth in AI computing power in China is expected to further boost Megmeet's domestic business, laying a foundation for future market expansion [9]