证券研究报告 | 2025年06月12日 电力设备新能源 2025 年 6 月投资策略 优于大市 关注数据中心 HVDC 应用进展，固态电池行业进展催化不断 关注数据中心 HVDC 应用进展。5 月，维谛(VRT.N)、纳微半导体(NVTS.O) 等企业宣布与英伟达合作开发下一代 800V 高压直流(HVDC)架构，从而 为下一代 GPU 及 Kyber 机架提供电力支持。HVDC 预计将成为下一代 AI 数据中心供电系统的主流，提前布局 HVDC 领域以及与海外电源龙头达 成合作的企业有望受益。重点关注数据中心 HVDC 布局企业【禾望电气】、 【盛弘股份】；AIDC 产业链相关企业【金盘科技】、【明阳电气】、【伊 戈尔】、【宏发股份】、【麦格米特】。 固态电池产业化持续推进。5 月以来，固态电池行业进展催化不断：1） 国轩高科于 5 月 17 日宣布已建成全固态电池中试线，设计产能 0.2GWh。 中试样件参数显示，电芯能量密度为 350Wh/kg，单体容量 70Ah；2）中 国汽车工程学会 5 月 22 日发布《全固态电池判定方法》团体标准，首 次明确了全固态电池的定义，解决了行业界定模糊、测试方法缺失 ...

Group 1: Institutional Trading Insights - On the day, 27 stocks were listed on the institutional trading leaderboard, with 16 experiencing net buying and 11 facing net selling [1] - The top three stocks with the highest net buying were: Daqian Ecology (106 million), Yipinhong (96.96 million), and Shutaishen (64.95 million) [1] Group 2: Defense and Military Industry - Guoketiancheng is a company with military qualifications, primarily engaged in the research, production, and sales of infrared thermal imaging and other optoelectronic fields [2] - Lijun Co., Ltd. has a subsidiary, Dekun Aviation, producing aviation components that are already applied in various low-altitude drone models, with future applications in the flying car industry [2] - The 55th Paris Air Show is scheduled for June 16-22, with expectations for the J-10 to make an appearance [2] - The defense and military industry is expected to maintain stable growth due to consistent military spending in China, with a positive outlook for industry scale and profits [2] Group 3: Gallium Nitride (GaN) Technology - The company has developed high-efficiency power products based on third-generation semiconductor GaN and SiC devices for energy stations, data centers, and electric vehicle charging [4] - Nanwei Semiconductor announced a collaboration with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which will support GPU systems [4] - GaN technology offers significant advantages over traditional silicon-based devices, including a tenfold increase in electron mobility, a 70% reduction in dynamic losses, and a 50% decrease in heat generation [5]

Market Overview - The market experienced a slight decline, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.22%, 0.72%, and 0.96% respectively, resulting in over 4,400 stocks declining and only about 800 stocks rising [3][6]. HVDC Concept - The HVDC (High Voltage Direct Current) concept gained attention following a partnership announcement between Nanwei Semiconductor and NVIDIA to develop an 800V HVDC architecture, which is expected to enhance energy efficiency and reduce copper usage [8][12]. - Following this news, Nanwei's stock surged by 200% in after-hours trading, leading to a strong opening for related sectors such as data centers and GaN (Gallium Nitride) technology [9][10]. Kunlun Wanwei - Kunlun Wanwei launched the Skywork Super Agents, an AI-driven product capable of generating various types of content, which ranked first globally in deep research capabilities, surpassing OpenAI and Manus [16][17]. - The stock opened with a 4.23% increase, later surged to a 20% limit up, driven by high user demand and positive market reception [18][19]. Cross-Border E-commerce - The cross-border e-commerce sector saw initial gains with stocks like Anzheng Fashion and Dongbei Group experiencing sharp increases, but ultimately closed down nearly 1% [26]. - The sector reacted to news regarding the EU's plan to impose a €2 tax on small packages entering the EU, which raised concerns about its impact on companies like Kuaijingtong [27][28].

Market Highlights: Military Industry - Tianfeng Securities indicates that in Q1 2025, the top ten military stocks held by active funds will see 80% of their value in military electronics, suggesting a potential rebound in this sector after significant underperformance over the past three years [6] - Wangzi New Materials, with over 20 years in plastic packaging and partnerships with major clients like Foxconn and Haier, has expanded into military technology through a 51% acquisition of a military high-tech firm, enhancing its product applications in military and aerospace [6] Market Highlights: Third Generation Semiconductors - Nanwei Semiconductor announced a partnership with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which is expected to boost HVDC penetration in AI data centers [9] - Following the announcement, Nanwei's stock surged by over 190%, indicating strong market interest in HVDC technology and its applications [9] Market Highlights: Innovative Drugs - On May 20, 2023, 3SBio announced an exclusive agreement with Pfizer for the global development and commercialization rights of its PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China [12] - 3SBio is focusing on autoimmune diseases after divesting its oncology and ophthalmology assets, with a pipeline of 14 autoimmune projects expected to drive future growth [12] Market Highlights: Consumer Sector - The Shanghai Municipal Government has launched a plan to boost consumption, focusing on expanding silver-haired consumer offerings and enhancing cruise consumption potential [17] - The Huangjiu (yellow wine) industry is expected to see short-term growth due to increased consumption density and long-term growth through brand and category development beyond regional cultural boundaries [17] Market Highlights: Ride-Hailing - Baidu's autonomous driving platform, Apollo Go, has expanded to 15 cities with over 1,000 self-driving cars, while Tesla plans to launch its Robotaxi service in Austin, Texas, by the end of June [19] - Tencent Cloud is collaborating with WeRide to enhance Robotaxi commercialization, indicating a shift in the automotive transportation ecosystem [19]

图 点击 上方 硬AI 关注我们 当地时间5月21日，纳微半导体公司宣布与英伟达合作开发下一代800V高压直流(HVDC)架构，为包括Rubin Ultra在内的 GPU提供支持的"Kyber"机架级系统供电。Navitas的氮化镓和碳化硅技术将在这一合作中发挥关键作用。周三美股盘 后，纳微股价一度暴涨200%。 硬·AI 当地时间5月21日，纳微半导体公司宣布与英伟达合作开发下一代800V高压直流(HVDC)架构，为包括 Rubin Ultra在内的GPU提供支持的"Kyber"机架级系统供电。 纳微的氮化镓和碳化硅技术将在这一合作中 发挥关键作用 。 有媒体指出，这代表了数据中心基础设施领域的重大技术飞跃，特别是在支撑吉瓦级AI计算负载方面， 纳 微的技术将一定程度上大幅提升能效并降低铜材使用量 。周三美股盘后，纳微股价一度暴涨200%。 01 催A生I时革代命的性电解力决需方求案 现代AI数据中心需要吉瓦(GW)级的电力来满足不断增长的AI计算需求。 作者 |鲍奕龙 编辑 | 硬 AI 英伟达正与纳微半导体(Navitas)展开战略合作，共同开发800V电力架构，有望彻底改变AI数据中心的电 力供应系统 ...

Core View - The data center, power supply, and GaN sectors experienced significant gains on May 22, with multiple companies hitting their daily price limits [1] Group 1: Stock Performance - Zhongheng Electric's stock rose to 17.28, up 9.99% [2] - Wankong Intelligent Manufacturing's stock increased to 14.56, up 9.97% [2] - Kaile Co., Ltd. saw a rise to 68.10, up 10.97% [2] Group 2: Major Events - On May 21, Nami Semiconductor announced a partnership with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which will enhance energy efficiency and reduce copper usage [3] - CoreWeave's stock surged 19% on May 21, with a cumulative increase of over 60% in the past six trading days, driven by a 420% year-on-year revenue growth to $981.6 million in Q1 [3] - Viati Technologies plans to launch an 800 VDC power product line in the second half of 2026 to support NVIDIA's computing platform [3] Group 3: Industry Insights - HVDC technology offers high efficiency, reliability, ease of maintenance, scalability, and low cost, with a high penetration rate among major internet companies in their self-built data centers [4] - GaN materials outperform traditional SiMOSFET devices, reducing dynamic losses by 70% and heat generation by 50%, while supporting high-voltage direct connections [4] - The rental price for an 8-card H100 server from CoreWeave increased by 29.31% compared to April 2023, reflecting rising demand for high-end computing services [4] Group 4: Market Trends - The need for substantial capital investment in self-built AI computing power and potential supply shortages make computing power leasing a more cost-effective short-term solution for some manufacturers [5] - The upward trend in high-end computing service prices indicates a strong demand for real-time inference computing services from enterprises [5]