Core Insights - The report from Everbright Securities highlights the continuous advancements in AI technology and the upward adjustment of global data center capital expenditure, which will sustain investment opportunities in AIDC power supply [1] - The release of the Rubin architecture HVDC in 2026, along with the development progress of 800V HVDC and SST products by various companies, will serve as significant catalysts for the sector [1] - Domestic companies' advancements in HVDC and SST product development, entry into overseas supply chains, and the initiation of domestic green electricity direct connection and AC/DC hybrid markets will provide crucial support for industry growth [1] - The demand for key components such as SiC, nanocrystalline alloys, and thermal materials will continue to rise due to the increasing need for medium-voltage high-frequency SST products [1] Industry Developments - Solid-state transformers (SST) offer significant advantages over traditional transformers, being compact and lightweight, and capable of switching between AC and DC, making them more flexible [1] - Current primary application scenarios for SST include AC/DC hybrid distribution networks, green electricity direct connections, and electric vehicle charging stations, positioning SST as the future trend in AIDC power supply architecture [1] - Nvidia is exploring medium-voltage rectifier applications to convert medium-voltage AC to 800VDC and is committed to utilizing SST technology as a future-oriented facility distribution solution [1] Technology Innovations - High-frequency transformers are core components of SST, with amorphous nanocrystalline materials effectively addressing technical challenges in high-frequency transformer technology [2] - Key technical bottlenecks for high-frequency transformers include small capacity, high loss density, and complex system designs with high costs [2] - The application advantages of amorphous nanocrystalline materials in SST are evident due to their high resistivity, which reduces eddy current losses, and their excellent soft magnetic properties [2]