Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The construction of a power system dominated by renewable energy is essential for implementing the national "dual carbon" strategy, requiring key technological innovations to ensure grid safety while achieving energy transition [4] - By December 2023, the proportion of renewable energy installations in the northwest region exceeded 50%, making renewable energy the "main power source" [6] - The average Power Usage Effectiveness (PUE) of intelligent computing centers is 1.5, with significant instantaneous load density fluctuations, while renewable energy exhibits intermittent and fluctuating characteristics [15] - Traditional power supply models lead to dual waste, with carbon costs increasing by 15% annually and electricity costs accounting for over 60% of OPEX [16] - The introduction of policies such as the "Green Power Direct Connection" aims to support direct supply of renewable energy to single users, enhancing market vitality and ensuring stable power supply [19] Summary by Sections Application Background - The report emphasizes the need for a new paradigm in energy management that integrates renewable energy generation, storage, grid stability, and flexible load control [38] Power Development History - The evolution of power supply technologies is driven by the increasing demand for AI computing power and high-performance GPUs, necessitating higher power density and efficiency in power supply systems [31] - The 800V DC architecture is identified as a key technological path for the next generation of data center power infrastructure [28] Technical Solution Introduction - The report outlines a comprehensive solution that integrates generation, grid, load, and storage, maximizing the utilization of power resources and ensuring the stable operation of the grid [39] - The report compares various power supply solutions, highlighting the advantages of solid-state transformers (SST) in terms of efficiency, space-saving, and integration capabilities [54]