①AIDC电源架构逐步向800V HVDC和固态变压器（SST）演进，2026年起有望迎来市场爆发"临界 点"，相关企业已进入验证技术、锁定核心客户的关键时期；②SST高度依赖关键的宽禁带半导体器件（Si C、GaN）和特种磁性材料，目前产能主要集中在少数厂商手中，产业链规模化生产能力直接影响SST的 经济性；③高频变压器是SST系统的核心，这些公司凭借在关键子部件上的传统专业优势，有望成为维 谛、台达不可或缺的合作伙伴。 前言 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 ...

Investment Rating - The report rates the industry as "Outperform the Market" [1] Core Insights - High Voltage Direct Current (HVDC) technology presents significant market opportunities for domestic equipment manufacturers [1] - The global AI data center market is expected to see substantial growth, with a projected annual compound growth rate (CAGR) of 28% for AI computing power load from 2024 to 2030 [4] - The demand for power equipment in data centers is anticipated to reach a market size of 108.7 billion yuan by 2030, driven by the increasing requirements for reliability and efficiency [5] Summary by Sections AI Data Center Growth - The global computing power scale is projected to exceed 16 ZFlops by 2030, with AI computing power accounting for over 90% [4] - The expected annual growth in AI computing power load from 2025 to 2030 is 9.7 GW, 15.9 GW, 20.2 GW, 22.3 GW, 23.4 GW, and 24.6 GW respectively [10][11] Power Equipment Demand - The demand for power equipment in data centers is expected to grow significantly, with estimates of 29 GW, 48 GW, 60 GW, 67 GW, 70 GW, and 74 GW from 2025 to 2030 [30] - The market for transformers, switchgear, UPS, and HVDC is projected to reach 85 billion yuan, 341 billion yuan, 41 billion yuan, and 380 billion yuan respectively by 2030 [5] Technology Trends - The integration and modularization of power distribution equipment are increasingly required, with HVDC technology expected to see a steady rise in penetration from the current 15%-20% [6] - The transition to 800V HVDC systems is being accelerated by major companies like NVIDIA, which aims to support ultra-high power density IT racks [6][49] Company Analysis - Key players in the data center power equipment sector include Delta, Vertiv, Schneider Electric, and domestic firms like Hezhong Electric and Mingyang Electric [7] - Investment recommendations include focusing on companies such as Hezhong Electric, Shenghong Co., Magmi Tech, Mingyang Electric, and Jinpan Technology [7]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha June 4, 2025 10:00 AM GMT Delta Electronics Inc. | Asia Pacific M Idea The Value Upgrade Path to 800V HVDC Power Solution | What's Changed | | | | --- | --- | --- | | Delta Electronics Inc. (2308.TW) | From | To | | Price Target | NT$440.00 | NT$485.00 | We retain Delta as our Top Pick and raise the PT to NT$485, as we see a clear path of value upgrades toward 800V HVDC power solution for AI data center/factory throughout in 2027. Its technology leadership and integrated powe ...

Core Insights - NVIDIA has formed strategic collaborations with companies like Weidi and Navitas Semiconductor to develop next-generation 800V HVDC products, expected to launch in the second half of 2026, ahead of NVIDIA's new platforms [2][5] - The demand for high-performance GPUs is surging due to the rapid expansion of AI models, making power management in data centers a critical bottleneck [5] - The global HVDC market is projected to reach $15.68 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%, while China's HVDC market is expected to exceed 12 billion yuan by 2025, with a CAGR of 35% [5][6] Company Developments - Navitas Semiconductor, a leader in GaN and SiC technologies, has announced a partnership with NVIDIA to enhance the efficiency and reliability of the "Kyber" rack-level systems [4] - The stock price of Navitas Semiconductor surged by 180% in after-hours trading following the announcement of its collaboration with NVIDIA [2] - Companies in the A-share and Hong Kong markets related to third-generation semiconductors experienced significant price increases due to these developments [4] Market Trends - Traditional data center architectures are reaching physical limits in power density and efficiency, necessitating the transition to HVDC systems to meet increasing computational demands [5] - The penetration rate of HVDC systems is expected to rise as data centers expand, with HVDC likely to gradually replace UPS systems as the mainstream configuration in AI data centers [5][6] - The market for HVDC is anticipated to grow significantly, with projections indicating a market space of 28.1 billion yuan by 2028, reflecting a CAGR of 90.2% from 2024 to 2028 [6] Key Players in A-Share Market - The leading companies in the A-share market for HVDC technology include five key players, each with significant market shares and technological advantages [7] - The first company is a global leader in HVDC technology, holding over 50% market share in data centers and expecting a net profit of over 100 million yuan in 2024, a 178% increase year-on-year [8] - The second company is a top provider of electrical control and energy-saving solutions, recognized as NVIDIA's designated supplier for data center components [10][11] - The third company is a major UPS provider and has strategic partnerships to promote AI model and domestic computing development [12][13] - The fourth company is a leading manufacturer of photovoltaic inverters, showing a net profit increase of over 90% in the first quarter [14][15] - The fifth company specializes in energy internet solutions and is a global leader in data center power quality [16]

插播： 英诺赛科、能华半导体、致能科技、 万年晶半导体、京东方华灿、镓奥科技、鸿成半导体及中科无线半导体等企业已参编《2024-2025 氮化镓 （GaN）产业调研白皮书》，参编咨询请联系许若冰（hangjiashuo999）。 最近，英伟达发起了数据中心的第二次电源架构革命，并与英飞凌和纳微达成了相关合作，意图进一步降低数 据中心电源能耗。 据"行家说三代半"了解，这次电源架构的革新将需要采用大量的碳化硅和氮化镓器件，规格包括6500V、 3300V、2300V、1200V和650V的碳化硅器件，以及650V和1200V的氮化镓器件。 5月20日，英伟达在其官网宣布，"从2027年开始，英伟达将率先向800V HVDC 数据中心电力基础设施过 渡。 同一天，英飞凌也宣布，他们正与英伟达合作，开发基于全新架构的800V高压直流（HVDC）系统，英飞凌将 该系统提供硅、碳化硅和氮化镓器件解决方案。 5月22日，纳微半导体也宣布，他们与英伟达合作开发下一代800V HVDC架构，以支持为英伟达GPU供电 的"Kyber"机架级系统，该系统由GaNFast和GeneSiC电源提供技术支持。 据英伟达披露，其800V ...