智通财经APP获悉，国盛证券发布研报称，固态变压器(SST)凭借其高效率、低占地优势，有望成为 AIDC电源管理终极解决方案。目前，台达800VSST方案单套系统容量已达到MW级别，有望朝着吉瓦 级应用发展；英伟达也宣布其800V高压直流架构将于2027年全面部署。在应用领域方面，我国要求国 家枢纽节点新建数据中心绿电比例超过80%，但绿电长期受可靠性拖累，实现新能源发电与电网供电的 平滑切换，采用SST方案的新型电网架构对可再生能源的接纳能力可以达到50%-70%，效果提升为传统 电网架构的1.3-2倍。 国盛证券主要观点如下： SST高效率、小型化优势明显，正在重塑数据中心供电 相关标的 SST系统：四方股份(601126.SH)(SST整机效率提升至98.5%，应用于多个国家级示范工程)、中国西电 (601179.SH)(子公司2.4MWSST已顺利投运)、金盘科技(688676.SH)(已完成10kV/2.4MW样机开发)、新 特电气(301120.SZ)((正在布SST配套变压器)。 SST材料：可立克(002782.SZ)(SST高频变压器，客户包括台达等)、云路股份(688190.SH)(产品覆 ...

Investment Rating - The report provides a "Buy" rating for the companies involved in the AIDC power management solutions and SST technology [8]. Core Insights - The data center industry is transitioning to higher power levels, with cabinet power increasing from an average of 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW. This shift necessitates new power supply architectures due to the limitations of traditional DC power distribution systems [1]. - Solid State Transformers (SST) are positioned as the ultimate solution for AIDC power management due to their high efficiency (up to 98%) and compact design, which can significantly reduce equipment count by approximately 40% [2][3]. - The 800V HVDC system is identified as a starting point for SST penetration, offering active flexibility and compatibility with green energy, which is crucial as new data centers in China are required to have over 80% green energy usage [3]. Summary by Sections AIDC Power Management - The cost of power-related equipment in typical AIDC projects accounts for nearly 50% of total costs, highlighting the importance of efficient power solutions [1]. - SST technology is expected to evolve towards gigawatt-level applications, with Delta's 800V SST system already reaching MW-level capacity [1]. SST Technology - SST replaces traditional transformers with high-frequency power electronics, achieving higher efficiency and smaller size, which is essential for modern data centers [2]. - The modular design of SST integrates multiple functions, reducing the need for various traditional devices [2]. Market Opportunities - Companies such as Sifang Co., China West Electric, Jinpan Technology, and Xinte Electric are highlighted as key players in the SST system and materials market, with significant advancements in efficiency and application [3].