AI 电源行业专家交流 20251021 摘要 SST 系统成本构成中，整流模块占比最高（40%-50%），其次是高频 变压器（约 25%）。控制配电、储能和结构散热分别占比 15%、11% 和 8%。 当前 SST 系统样机阶段单瓦成本约 5 元人民币，整套系统高达 800 万- 1,000 万人民币。预计 2028 年大规模应用时，成本有望降至每瓦 1 元 以下，整套系统约 200 万元，但真正规模化应用预计在 2030 年。 海外 SST 系统价格远高于国内，预计 2027-2028 年单瓦价格仍维持在 4-5 元左右，降幅有限。国内市场竞争激烈，预计 2030 年单瓦价格可 能降至 1 元以下。 北美市场倾向采用更高输入电压（35 千伏或 20 千伏）的 SST 系统，虽 提升新能源并网效率，但也增加了成本。北美与国内在中压设备设计标 准上的差异也导致成本差异。 国内企业可通过出口元器件（如高频变压器、整流模块）进入 SST 供应 链，抓住增量机会。尽管国内机架功率上升速度不如北美，但进行相关 负载试验和研发工作不受影响。 Q&A 当前市场上 SST 系统的价格水平如何？其各个组成部分的价值量占比如何 ...

SST 行业专家电话会 20251020 摘要 数据中心配电电压升级是趋势，从 380/415 伏提升至更高电压可显著节 省成本，英伟达 800 伏架构推动固态变压器（SST）应用，台达、伊顿 等厂商已验证其在数据中心的应用前景，效率和密度优于传统方案。 固态变压器（SST）在电动汽车充电和绿电直供领域有潜在应用，但国 内市场竞争激烈，成本是推广制约。海外市场，尤其欧美，自建架构实 现负载端供电的需求推动了 SST 的应用。 国内企业如华为、阳光电源、台达等积极布局固态变压器（SST）领域， 但进展各异。阳光电源在"十三五"期间实现 35 千伏交流和直流相关 场景应用突破。台达已推出适用于数据中心的产品，功率密度和效率接 近规模化示范需求。 固态变压器（SST）数据中心测试关注点包括缺乏国家标准、可靠性论 证和实际运行数据，以及 10 千伏热插拔的技术难度。未来两三年内， SST 主要通过市场工程试点验证可靠性，降低成本是关键。 掌握电力电子技术的公司在固态变压器（SST）技术方面更具优势，而 非传统机械件制造商。碳化硅（SiC）功率半导体是 SST 大规模应用的 主要选择，尤其在隔离型 DCDC 转换环节。 ...

铭普光磁（002902.SZ）10月17日在投资者互动平台表示，公司有固态变压器的产品开发技术储备，同 时，有零星供货，主要应用于数据中心配电侧的10KV电力系统。公司没有电抗器产品。 每经AI快讯，有投资者在投资者互动平台提问：公司友商京泉华为美国伊顿公司的固态变压器产品配 套"高频变压器"和"电抗器"，作为行业可比公司，公司是否也有这两种产品？ （文章来源：每日经济新闻） ...

Core Viewpoint - The report from Northeast Securities highlights the rapid advancement of power supply technology, with Solid State Transformers (SST) emerging as a key infrastructure solution for high-density power supply challenges in data centers, boasting over 98.5% efficiency and a potential market size of 500 to 1000 billion yuan [1][4]. Group 1: Market Dynamics - Global investment in AI computing power is increasing, driving the need for upgraded power supply systems due to rising chip power consumption and cabinet density [1]. - Major tech companies are significantly increasing their capital expenditures, with Nvidia's spending reaching $3.122 billion (up 132% year-on-year), Amazon at $57.202 billion (up 76%), and Alibaba at 39 billion yuan (up 32%) [1][2]. Group 2: SST Advantages - SST systems achieve high efficiency of 98.5%, potentially saving over 12 million kWh annually for a 100MW data center compared to traditional power sources [2]. - SST technology reduces footprint by over 50% compared to traditional solutions, significantly lowering space and land costs [2]. - The use of SST minimizes copper usage in power transmission by two-thirds, enhancing sustainability [2]. - SST systems can be deployed quickly, with construction times reduced to under 10 days through modular prefabrication [2]. - SST is compatible with existing transmission networks and renewable energy sources, broadening its application [2]. Group 3: Industry Structure - The SST industry chain consists of upstream material and component manufacturers, midstream system integrators, and downstream application service providers [3]. - Upstream costs are distributed among power electronic devices (40%), high-frequency transformers (15%), structural components and cooling systems (15%), and control systems (15%) [3]. - Major players in the midstream include companies like Delta, Eaton, and Siemens, which dominate the production of complete SST products [3]. Group 4: Future Outlook - Collaborations between midstream companies and tech giants indicate a clear direction for the evolution of data center energy architecture, with significant projects underway [4]. - The SST market is projected to reach 500 to 1000 billion yuan, with high-frequency transformers expected to account for 75 to 150 billion yuan, particularly in the Asia-Pacific region [4].

Group 1 - The company's stock price on August 5 closed at 14.64 yuan, an increase of 0.04 yuan, representing a rise of 0.27% from the previous trading day [1] - The trading volume on that day was 71,219 hands, with a total transaction amount of 1.04 billion yuan [1] - The company specializes in the research and production of magnetic components, power supplies, and special transformers, with applications in consumer electronics, automotive electronics, and data centers [1] Group 2 - The company has disclosed that its dry transformers and high-frequency transformers can be used in power supply solutions for data centers and computing power centers [1] - Additionally, the company has indicated that some of its coil products are suitable for frameless torque motors and axial flux motors [1] - As of July 31, the number of shareholders was 34,219, a decrease of 5.8% from the previous period [1] Group 3 - On August 5, the net outflow of main funds was 3.1606 million yuan, with a cumulative net outflow of 9.0940 million yuan over the past five days [1]

Group 1 - The company, Jingquanhua (002885.SZ), has indicated that it currently offers dry-type transformers and high-frequency transformers that can be applied in power supply solutions for data centers and computing power centers [1]

证券日报网讯京泉华（002885）7月30日在互动平台回答投资者提问时表示，公司目前有干式变压器和 高频变压器等产品可应用于数据中心、算力中心的供电解决方案中。 ...

Group 1: AI Market Growth - The global AI market is expected to grow at a CAGR of over 35% from 2023 to 2030, driven by the demand for intelligent computing [2][9] - The domestic market for AI computing power is projected to reach 26.7 billion by 2027, presenting significant opportunities for domestic manufacturers [3] Group 2: Semiconductor Testing Equipment - The importance of semiconductor back-end testing is increasing due to the complex structure of AI chips and HBM, necessitating more frequent and stringent testing [4][5] - There is substantial room for improvement in the domestic semiconductor back-end testing equipment market, indicating potential growth for local manufacturers [6] Group 3: Power Equipment - The demand for intelligent computing driven by AI is highlighting the need for advanced power distribution solutions in data centers, with SST solutions being a preferred choice [7][9] - Key players in the transformer sector, particularly those with expertise in high-frequency transformers, are recommended for investment as they are well-positioned to benefit from this trend [7][8]

Investment Rating - The report suggests a positive investment outlook for the SST (Solid State Transformer) solution, highlighting its comprehensive advantages in the data center sector [4][70]. Core Insights - The global AI market is projected to grow from 1,187.9 billion RMB in 2023 to 11,455.4 billion RMB by 2030, with a CAGR exceeding 35% [5][14]. - The SST solution is particularly suitable for microgrid DC power scenarios, enabling direct conversion from grid power to 800V DC supply, addressing various challenges in data center power supply [5][47]. - The report emphasizes the importance of high-frequency transformers and power electronic devices in the SST solution, recommending key companies in these sectors for investment [5][70]. Summary by Sections 1. Industry Status and Challenges - The demand for full DC systems is increasing due to the rising proportion of DC devices in data centers, necessitating a compatible full DC power supply architecture [21]. - Traditional 54V power supply systems are reaching their limits, prompting the need for higher voltage levels, such as the 800V HVDC architecture proposed by leading companies [28]. - The area occupied by power distribution systems is increasing as power density in data centers rises, with projections indicating that power distribution systems may occupy equal space to IT equipment in high-density setups [30] [31]. 2. Advantages of SST Solution - The SST solution offers modularity and high efficiency, with the ability to directly convert high voltage AC to low voltage DC, significantly reducing space requirements and improving energy efficiency [44][63]. - SST technology utilizes advanced semiconductor devices and high-frequency transformers, allowing for active control of power quality and rapid fault detection [55][57]. - The SST solution has already been implemented in benchmark data center projects, demonstrating its potential for widespread adoption in the industry [65]. 3. Investment Recommendations - The report recommends focusing on companies involved in high-frequency transformers, power electronic devices, and advanced magnetic materials, as they are expected to benefit from the growth of the SST market [70].

Core Viewpoint - The article discusses the evolution of AIDC power architecture towards 800V HVDC and solid-state transformers (SST), highlighting a potential market explosion starting in 2026 as companies validate technologies and secure key customers [1] Group 1 - AIDC power architecture is gradually transitioning to 800V HVDC and SST, with a market explosion expected around 2026 [1] - SST heavily relies on key wide bandgap semiconductor devices (SiC, GaN) and specialized magnetic materials, with current production capacity concentrated among a few manufacturers [1] - High-frequency transformers are central to SST systems, and companies with traditional expertise in key subcomponents are likely to become indispensable partners for major players like Weidi and Delta [1]