Core Insights - Nvidia has proposed an 800VDC outdoor solution, utilizing medium-voltage rectifiers or solid-state transformers (SST) to address the increasing computational power demands driven by the rapid evolution of large models [1][2] - The high-voltage direct current (HVDC) system aims to enhance efficiency and reduce power loss, with medium-voltage rectifiers being more efficient compared to traditional UPS and HVDC solutions [1] - The market is witnessing significant commercial progress, with leading companies both domestically and internationally pushing for the implementation of HVDC technology [1] Industry Developments - The midstream of the industry consists of system integrators, while the downstream includes CSP manufacturers or operators [2] - Nvidia's introduction of the outdoor direct current solution is aimed at mitigating the growing power density issues in server cabinets, effectively reducing power loss [2] Investment Opportunities - Key beneficiaries among terminal manufacturers include Zhongheng Electric, Kehua Data, and Sunshine Power [3] - The core transformation lies in the transformer sector, with companies like Jingquanhua, Igor, New Special Electric, and Jinpan Technology being highlighted [3] - PCB suppliers for Delta Power are expected to see increased volume, including Weiergao and Zhongfu Circuit [4] - Attention is also recommended for changes within cabinets, particularly New Ray Energy [4] - Server OEMs such as Industrial Fulian, Huaqin Technology, and Lenovo Group are also noted as potential beneficiaries [4]

近日，民生证券方竞团队发布研报称，英伟达提出 800VDC 柜外解决方案，将中压整流器或 SST 作为 终极方案，主要还是因为大模型正经历从量变到质变的跨越式发展，算力需求持续攀升。英伟达的硬件 技术路线朝着效率和速率的方向演进，高压直流系统可解决 GPU 算力与功率密度指数增长的问题，有 效降低电力损耗。 2）变压器是核心变化：京泉华、伊戈尔、新特电气、金盘科技。 3）台达电源 PCB 供应商受益放量：威尔高、中富电路； 4）建议关注柜内变化：新雷能； 5）服务器代工厂商：工业富联、华勤技术、联想集团。 原因在于，中压整流器和 SST 相较于 UPS 方案和传统的 HVDC 方案效率更高。中压整流器是一种将中 压交流电（通常指 1kV 至 35kV 电压等级）直接转换为直流电的电力电子装置，核心功能是高效集成中 压电网输入与直流输出。根据英伟 整个产业链的中游是系统集成商，下游是CSP 厂商或运营商。中压整流器的变压器柜内放置的是移相 变压器；固态变压器的变压器柜内放的是高频变压器。民生证券方竞团队指出，英伟达首次提出柜外直 流方案来解决机柜日益增长的功率密度问题，有效减少电力损耗。 建议关注以下几个方向： ...

Core Viewpoint - Nvidia has introduced an outdoor DC solution to address the increasing power density issues in cabinets, effectively reducing power loss [1] Group 1: Nvidia's Proposal - Nvidia proposed an 800VDC outdoor solution, utilizing medium-voltage rectifiers or solid-state transformers (SST) as the ultimate solution [1] - The high-voltage direct current (HVDC) system is referenced as a future power supply solution, driven by the exponential growth in computing power demands [1] Group 2: Efficiency of Medium-Voltage Rectifiers and SST - Medium-voltage rectifiers convert medium-voltage AC (typically 1kV to 35kV) directly to DC, achieving over 98% efficiency and reducing footprint [2] - Solid-state transformers combine power electronics with high-frequency transformer technology, also achieving over 98% efficiency [2] Group 3: Market Commercialization Progress - Leading companies are advancing HVDC technology domestically and internationally, with Alibaba starting tenders in 2018 and Tencent planning for 2025 [3] - Internationally, Meta's Prometheus project may tender in 2026, while Google is promoting ±400V standardization [3] Group 4: Industry Chain Differences - The core difference in the industry chain lies in the transformers used, with medium-voltage rectifiers utilizing phase-shifting transformers and solid-state transformers using high-frequency transformers [4]

Core Insights - Nvidia has introduced an 800VDC external solution to address the increasing power density issues in cabinets, effectively reducing power loss [1] - The report emphasizes the benefits for terminal manufacturers, the significance of transformers, the growth potential for Delta Electronics as a PCB supplier, and the importance of changes within cabinets [1] Group 1: Nvidia's Proposal - Nvidia's high-voltage direct current (HVDC) system is proposed as a future power supply reference, with medium-voltage rectifiers and solid-state transformers (SST) as ultimate solutions [1][2] - The hardware technology direction of Nvidia is evolving towards efficiency and speed, with the HVDC system addressing the exponential growth in GPU computing power and power density [1] Group 2: Efficiency and Market Trends - Medium-voltage rectifiers convert medium-voltage AC (typically 1kV to 35kV) directly to DC, achieving over 98% efficiency and reduced footprint compared to traditional UPS and HVDC solutions [2] - Major companies, both domestically and internationally, are advancing HVDC technology commercialization, with notable initiatives from Alibaba, Tencent, Meta, and Google [3] Group 3: Industry Chain Dynamics - The core distinction in the industry chain lies in the transformers used, with medium-voltage rectifiers utilizing phase-shifting transformers and solid-state transformers employing high-frequency transformers [4]

Investment Rating - The report maintains a positive investment rating for the industry, suggesting a focus on specific companies that are expected to benefit from the advancements in HVDC technology and related solutions [5]. Core Insights - The report highlights that NVIDIA has introduced an 800VDC solution to address the increasing power density in data centers, which is expected to significantly reduce power loss [2][20]. - The transition from traditional UPS systems to HVDC and solid-state transformer (SST) technologies is seen as a critical evolution in the power supply landscape, with efficiencies exceeding 98% for these new systems [30][34]. - The demand for HVDC technology is accelerating, with major companies like Tencent and Alibaba actively pursuing projects that incorporate these advancements [52][54]. Summary by Sections 1. Power and Efficiency as Core Issues - NVIDIA is leading a new industry direction with its advancements in GPU technology, which has seen a dramatic increase in computational power and energy requirements [11][15]. - The architecture of 800VDC is identified as a key solution to meet the rising demands of AI infrastructure, enhancing efficiency and reducing costs [18][19]. 2. HVDC as the Future Industry Evolution Direction - NVIDIA's white paper promotes the adoption of mid-voltage rectifiers and SSTs as future power supply solutions, moving the industry towards more efficient high-voltage direct current (HVDC) systems [20][21]. - The report outlines various transitional power supply solutions, including the white space retrofit and hybrid power systems, leading to the ultimate 800VDC distribution solution [20][21]. 3. HVDC Supply and Demand Assessment - The report notes that both domestic and international leading companies are pushing for the commercialization of HVDC technology, with significant projects planned for 2025 and beyond [52][54]. - Domestic companies like Delta and Eaton are making rapid progress in HVDC technology, with notable advancements in solid-state transformer solutions [54][55]. 4. Investment Recommendations - The report suggests focusing on terminal manufacturers such as Zhongheng Electric, Kehua Data, and Sunshine Power, which are expected to benefit first from these technological advancements [74]. - It also highlights the importance of transformer technology, recommending companies like Jingquanhua and Igor for potential investment opportunities [74].

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector [10]. Core Insights - The necessity of energy storage in AI data centers (AIDC) has been emphasized, marking it as a critical component rather than an optional configuration [9][10]. - The report highlights the expected growth in data center installations in the U.S., projecting over 12GW of new capacity this year and 20-30GW annually in the next two years [7]. - The introduction of the 800V direct current (DC) architecture is identified as a significant advancement for future power supply solutions, with a focus on medium-voltage rectifiers and solid-state transformer (SST) technologies [8][10]. Summary by Sections Industry Overview - The report discusses the increasing demand for energy storage solutions due to the fluctuating power loads in AI data centers, which require reliable energy management systems [6][9]. - It notes that lithium battery storage is becoming the primary solution for addressing gaps in the U.S. power system, especially given the limitations of gas and nuclear power capacity additions [7]. Key Recommendations - The report recommends investing in leading companies in the energy storage and electrical equipment sectors, particularly those with proven capabilities in large-capacity battery production and established case studies in data center energy storage [9]. - Specific attention is drawn to companies like Mingyang Electric, which is highlighted for its strong growth potential and market position [19][20]. Market Trends - The report indicates a shift towards high-voltage direct current (HVDC) systems and SST solutions as essential components for future energy distribution frameworks [8][10]. - It emphasizes the importance of certification and local service capabilities for suppliers in competitive markets like Europe and North America [9].