AI供电系统由不间断供电系统(UPS)向全直流系统演变，输出电压等级不断提升，SST方案配套提速； 服务器电源功率密度提升下产品量价齐升，催生超级电容需求。竞争格局上，HVDC环节VRT及台达电 占优，CSP厂商与NV方案平行推进；机架电源，台系厂商整体占据优势地位，麦格米特等进入英伟达 供应链；二三级电源，英飞凌、MPS、Vicor等在DC/DC电源芯片上技术领先。该行看好服务器电源国 产品牌份额提升，产能短缺与方案迭代下国内超级电容、SST等新产品和供电系统配套出海带来的投资 机会。同时，AIDC与新能源也带动了海外电网系统升级需求，该行判断未来海外亦有望复刻中国"十四 五"的电力系统升级改造周期，有望沿着三环节展开：1)储能、2)基荷电源设备、3)电网设备。 电网内需：三月迎"两会"窗口期，政策与项目共振，关注GIS龙头。 中信证券主要观点如下： 太空光伏：算力加持下单星功率不断提升，太阳翼为最大"通胀"环节。 该行预计卫星领域光伏电池片市场空间远期有望接近万亿元；预计2026-2035年，年卫星发射数量将从 5000颗增长至10万颗，带动太空光伏电池总需求量由0.1GW增至5-10GW；其中，砷化镓电 ...

Core Viewpoint - The report from China Merchants Securities highlights the challenges of conventional string welding methods for solar cells in space environments, suggesting that the use of a shingled structure could mitigate risks and enhance power efficiency [1][2]. Group 1: Challenges of Conventional String Welding - Conventional string welding faces significant challenges in space applications due to the fragility of ultra-thin silicon wafers, which are prone to cracking during high-temperature welding processes and mechanical stress [1]. - The difference in thermal expansion coefficients between silicon and the welding ribbon increases the likelihood of delamination under extreme temperature variations in space [1]. Group 2: Advantages of Shingled Structure - The shingled structure allows for flexible connections between silicon wafers, reducing the number of solder joints and effectively distributing mechanical stress, which minimizes the risk of micro-cracks [2]. - This structure employs low-temperature curing conductive adhesives, further decreasing the risk of damage to the solar cells [2]. - The shingled design enables zero spacing between solar cells and eliminates shading from solder ribbons, leading to an increase in effective power generation area and higher efficiency under the same solar wing area [2]. Group 3: Proven Reliability of Shingled Technology - The shingled structure has a proven track record in space photovoltaic applications, with the "Shijian-1" satellite launched in 1971 utilizing a shingled design, demonstrating its reliability [3]. - Companies to watch in this sector include ST Jingji, Dike Co., Debang Technology, Polymer Materials, and Aotwei, as they may benefit from the emerging demand for shingled components and conductive adhesives [3].

Summary of Space Photovoltaics Conference Call Industry Overview - The space photovoltaics industry is critical for providing reliable power solutions for spacecraft, impacting national space strategy and commercial autonomy [1][5] - The market is driven by the urgent need for cost-effective and lightweight solar systems for satellite launches [5] Key Technologies - **Current Technologies**: - Crystalline silicon is widely adopted due to its maturity and cost-effectiveness [1][3] - Long-term prospects include crystalline silicon-perovskite tandem and multi-junction perovskite cells [1][4] - Triple-junction gallium arsenide (GaAs) cells offer the highest efficiency and radiation resistance but are limited by high costs and material scarcity [1][7] - **Performance Characteristics**: - P-type crystalline silicon shows superior radiation resistance, enhancing efficiency in high-radiation environments [1][9] - Heterojunction (HJT) technology in P-type silicon offers advantages in efficiency and thin-film requirements [3][10] - Perovskite technology demonstrates high reliability and resistance to high-energy radiation, with potential efficiency improvements through flexible packaging and tandem designs [3][11][12] Market Dynamics - The space photovoltaics market is characterized by its uniqueness and urgency, as it is the only viable power solution for long-term spacecraft operation [5] - The demand for solar energy in extreme environments is increasing, driven by the need for efficient, lightweight, and low-cost solutions [5] Investment Opportunities - Key investment areas include: - Photovoltaic cell manufacturers with unique positioning and first-mover advantages [6][14] - Leading suppliers of photovoltaic equipment [6][14] - Suppliers of specialized membrane materials for space applications [6][14] Resource Constraints - The scarcity of raw materials such as germanium and gallium poses challenges for the production of high-efficiency solar cells [7] - Current estimates indicate that the demand for these materials exceeds supply, particularly given their applications in other industries [7] Technical Challenges - Space photovoltaics face unique technical requirements compared to terrestrial applications, including extreme temperature variations and radiation exposure [2][13] - Companies must adapt their technologies to meet these specific environmental challenges, necessitating advanced testing and validation processes [13] Conclusion - The space photovoltaics sector presents significant growth potential, driven by technological advancements and increasing demand for reliable power solutions in space applications [5][6]