Core Viewpoint - XJ Electric (000400.SZ) has a long-term technological accumulation in the research and development of power electronics and transformers, and possesses the capability to develop and produce solid-state transformers. Currently, there are no related products available for supply [1]. Group 1 - The company has a strong foundation in technology for power electronics and transformers [1]. - The company is capable of researching, developing, and producing solid-state transformers [1]. - There are currently no products related to solid-state transformers available for supply [1].

储能需求迎来多轮驱动，全球市场有望多点开花 20251123 国内负极电源市场前景乐观，欧陆通具有较好的投资价值，其在行业格 局和出货方面拥有良好历史业绩，并可能继续保持领先地位。服务器电 源（PSU）市场值得关注。 预计 2026 年光伏行业将迎来重要行情，反倾销措施将成为关键催化剂。 房地产政策落地也会产生影响。国内外需求可能远超预期，类似于此前 储能需求被低估的情况，国内潜在机制落地及海外需求都可能直接影响 光伏后端需求。 特高压项目储备提速，与"十五"规划有关。在 AIDC 电源和美国缺电 影响下，国内传统电力设备行情表现良好。年底市场可能出现均值回归 趋势，传统电网具备较好的配置价值。 储能需求也有较好驱动。 摘要 AIDC 配储需求在美国市场显著，预计 2026 年将有接近 4 吉瓦的需求， 若配置 4-5 小时储能，则储能系统容量需求约为 16-20 吉瓦时，占比约 40%，欧洲和东南亚市场也受电力交易政策驱动，储能需求良好。 储能领域投资机会集中在系统侧（阳光电源、阿特斯、天河光能）、 PCS（上能电气）和锂电池材料。锂电池材料受益于储能需求改善，长 期来看价格仍处于上行通道，受动力端固态电池 ...

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。 1）终端厂商率先受益：中恒电气、科华数据、阳光电源； 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； 达白皮书的描述，认为中压整流器即巴拿马电源。固态变压器是融合电力电子技术与高频变压器的新型 电力变压器。巴拿马电源和固态变压器系统效率均能实现98%以上，占比面积减小，具有更高的性价 比。 从市场商业化进展来看，国内外头部企业均在推动 HVDC 技术落地与生态构建。国内阿里从 2018 年开 始招标，腾讯于2025 年招标；国外 Meta 普罗米修斯计划可能在 2026 年，谷歌正在推动±400V标准 化，产业链端的核心区别在于变压器。 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 ...

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]

Group 1: Technology and Innovation - Solid State Transformer (SST) has significant potential in flexible interconnection and new energy integration, facing challenges in materials, devices, circuits, control, and systems [2] - The company is focusing on "intelligent" and "high-voltage direct current" trends for circuit breakers, integrating IoT and algorithms for enhanced digital operation and proactive decision-making [2] - Solid-state circuit breakers (SSCB) are being developed to meet the rigid demand for core protection devices in the context of the "dual carbon" strategy and the large-scale integration of renewable energy sources [3] Group 2: Financial Performance - The company's gross margin has experienced fluctuations due to rising raw material prices, intense industry competition, and changes in customer and product sales structures, yet remains at the industry average [2] Group 3: Product Advantages - Solid-state circuit breakers offer advantages over traditional breakers, including microsecond-level fast interruption capabilities, no arc generation, and reduced risk of damage to power systems, enhancing safety and reliability [3] - The intelligent 1U circuit breaker integrates load protection, communication self-recognition, and metering functions, reducing height from 3U to 1U to meet space requirements in communication base station cabinets [3]

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].

格隆汇11月18日丨天正电气(605066.SH)在投资者互动平台表示，固态变压器相较于传统变压器具有显 著优势，具有体积小，重量轻，高度集成，集合无功补偿，电能质量治理的优势，当前主要应用场景为 交直流混联配电网、绿电直连、电动汽车充电站。同时SST固态变压器也成为电力电子领域的新兴技术 趋势，具有广阔的市场需求，公司也注意到了这个市场需求，公司目前正在密切关注其发展，但目前尚 无固态变压器相关产品。 ...

（文章来源：证券日报） 证券日报网讯泰永长征11月13日在互动平台回答投资者提问时表示，公司的固态变压器目前尚处于应用 方案论证与市场调研阶段。 ...