Summary of Conference Call Records Industry Overview - The conference call primarily discusses the AIDC (Artificial Intelligence Data Center) sector, focusing on the impact of NVIDIA's H20 sales recovery and its implications for various related companies and technologies. Key Points and Arguments AIDC Sector Dynamics - NVIDIA's H20 sales recovery is expected to accelerate terminal equipment procurement and capital expenditure, positively impacting server power supply companies, particularly domestic manufacturers like 欧陆通 [3][5][6] - The new generation B30 cards offer higher energy efficiency and lower costs, which may further drive the demand for server power supplies [5][6] Engine Supply and Demand - The engine supply remains tight throughout the year, with foreign brand units experiencing price increases of 15%-20% in Q1, followed by a stock price correction in Q2 due to slowed data center construction [9] - Companies like 潍柴 and 玉柴 are projected to see significant growth in unit sales, with 潍柴 expecting 1,000 units and 玉柴 over 1,700 units, more than doubling year-on-year [9] UPS and Backup Power Market - The domestic data center market predominantly uses UPS combined with lead-acid backup power, accounting for 80%-85% of the market [10][11] - Companies like 科华数据 are recommended due to their strong sales growth and deep ties with major clients like Tencent [11][12] Liquid Cooling Technology - 2025 is anticipated to be a pivotal year for liquid cooling technology, with a significant increase in quick connectors and piping [8][20] - Major companies like 阿里 and 腾讯 are pushing for HVDC technology, while others are focusing on Panama technology [8] High-Speed Copper Cable Demand - NVIDIA and Huawei are expected to generate substantial demand for high-speed copper cables, estimated at $5-6 billion and 4 billion RMB respectively [27][28] - The domestic production rate varies significantly across the supply chain, with assembly and solution provision being the weakest links [28][29] AI Copper Foil Market - The demand for AI copper foil is increasing due to the growth in AI computing power, necessitating higher quality products [24][25] - Domestic companies like 德福 and 铜冠 are positioned to accelerate domestic substitution in high-end copper foil products [25] Fuse Market in Data Centers - The introduction of 800V HVDC architecture will make fuses a necessity, with the market size expected to exceed 1 billion RMB [23] - 中融电气 is highlighted as a key player likely to capture significant market share due to partnerships with major power supply manufacturers [23] Storage Business Trends - The storage business is expected to recover, with strong demand from both residential and commercial sectors [17] - The anticipated performance for the year is projected at 600-700 million RMB, with a valuation of approximately 20 times [17] Future of Lead-Acid Backup Power - The lead-acid backup power market is experiencing supply constraints, but conditions are expected to improve as production capacity is gradually released [18] Busbar Applications in Data Centers - Busbars are gaining traction due to their superior current-carrying capacity and heat dissipation, with applications in high-density power supply scenarios [30] - International giants like Eaton and Schneider dominate the market, but domestic players like 威腾电器 are also making strides [30] Additional Important Insights - The conference highlighted the importance of technological advancements and partnerships in driving growth within the AIDC sector, emphasizing the need for companies to adapt to changing market demands and technological innovations [8][20][30]