Group 1 - The core viewpoint is that AI is driving the evolution of power cabinets towards the 100kW-MW level, leading to technological changes in energy conversion and an increase in equipment prices and market dynamics [1] - Global AIDC capital expenditure is experiencing high growth, driven by the demand for data centers as essential infrastructure for AI development, with total installed capacity expected to exceed 100GW by 2025 [1] - CSPs and Colo operators are anticipated to become the main investors in AIDC, with electrical equipment accounting for approximately 35% of data center investment [1] Group 2 - The power supply technology for data centers is evolving from traditional AC power with UPS to direct current and high-voltage direct current systems, aiming to enhance overall power supply efficiency and reduce CAPEX [2] - The market for external power supply is projected to reach 99.6 billion yuan by 2030, with a CAGR of approximately 50% from 2024 to 2030 [2] Group 3 - AI server power supplies are following the OCP ORV3 standard, with increasing power density as GPU power rises, and the global server power supply market is expected to reach 147 billion yuan by 2030, with a CAGR of about 42% [3] - The competition in the power supply industry is heavily influenced by technology and customer resources, with a focus on companies certified by major CSPs [3] Group 4 - The characteristics of AI computing chips create new demands for auxiliary power sources like BBU and supercapacitors, which help stabilize power fluctuations and improve energy storage efficiency [4] - The penetration of products such as active power filters and solid-state DC circuit breakers is expected to accelerate alongside the development of AIDC [4]