推荐连接器的多元成长曲线 20260323 摘要 GB200NVL72 机柜内铜互联价值量占比达 4%-10%，单条电缆价值随 AEC 方案渗透由 200 美元向 500-1,000 美元提升。 预计 2027 年国内 224G 高性能模组市场空间达 100-200 亿元；中航光 电 224G 模组已送样测试，航联电器参与标准编撰。 全球服务器板载电源市场 2025-2028 年 CAGR 超 60%，规模将破千亿； 增长核心驱动力为 AI 芯片出货量及单芯片功耗提升。 ADI 加速向电源模组拓展，2026Q1 业务环比翻倍；新力能作为其核心 供应商，2026 年大规模出货有望支撑 14.75 亿元营收目标。 中航机载托管 20 家优质研究所资产，存在强资产证券化预期；航电系 统在整机价值占比有望从 20%提升至 50%以上。 C919 机载系统国产化空间巨大（现占比 25%-30%），中航机载已签 432 架子系统合同，适航取证将驱动单机价值量持续渗透。 Q&A 在 AI 算力快速发展的背景下，数据中心内部的互联结构是怎样的？铜连接、光 连接及光电融合这三种主流互联解决方案各自的技术特点、应用场景及具体产 ...

Investment Rating - The report indicates a strong growth potential in the AI server onboard power supply market, projecting it to exceed 100 billion by 2028 [4][39]. Core Insights - The onboard power supply is a critical component in the AIDC power architecture, responsible for supplying power to core loads such as AI chips. The market is expected to expand significantly due to increasing chip and server power consumption [4][7]. - Major players in the market include Vicor, MPS, Delta, Renesas, Infineon, ADI, and TI, all of which are enhancing their product offerings to capture market share [4][8]. - The transition towards modular power supplies, vertical power delivery (VPD), and high-voltage direct current (HVDC) systems is shaping the future of onboard power supply technology [21][32]. Market Overview - The global AI server onboard power supply market is projected to reach approximately 100 billion RMB (around 15.5 billion USD) by 2028, driven by the expansion of the AI market and increasing demand for server power [39][41]. - The report estimates that the value of onboard power supply for a single rack, such as the GB200 NVL72, is around 30,000 USD, highlighting the significant market potential [41][42]. Competitive Landscape - The competitive landscape is dynamic, with companies like Vicor leading the introduction of 48V component ecosystems, while MPS and Infineon are rapidly increasing their market presence through innovative power solutions [8][66][73]. - Vicor has faced challenges in maintaining market share due to capacity limitations and a closed technology system, while MPS has successfully integrated high-performance power solutions into the supply chain [48][66]. - Infineon is leveraging its expertise in power semiconductors to expand its server power offerings, with significant revenue growth expected in the coming years [73][80]. Technological Trends - The report highlights a clear trend towards modular power supplies, which offer improved efficiency and reduced footprint compared to traditional discrete power solutions [21][26]. - The shift to VPD is anticipated to replace traditional lateral power delivery (LPD) methods, significantly reducing power distribution network losses [28][32]. - The transition to HVDC systems is expected to enhance the efficiency of power delivery in data centers, with major companies like NVIDIA leading the charge towards higher voltage architectures [32][80].