证券研究报告 2026年可转债年度策略： 内生时代，博弈稀缺 证券分析师：陈伯铭 执业证书编号：S0600523020002 联系邮箱：chenbm@dwzq.com.cn 证券分析师：李勇 执业证书编号：S0600519040001 联系邮箱：liyong@dwzq.com.cn 2025.12.4 请务必阅读正文之后的免责声明部分 1 一、需求：主线叙事 ➢ 当前全球能源网络正面临供给端与需求端两侧同步深度变革：在供给端，双碳目标带来能源供给方式的深层重构，减碳能源 发电比重持续提升（风、光、核）。在需求端，AI算力革命催化耗能端需求质变：AI训练与推理、数据中心、云计算、终端 AI设备（PC、手机等）对电力的需求从量与质两方面深刻变化。两者叠加意味着能源网络"生产—输送—消费—调节"，也 即"源-网-荷-储"的全链条重构，构成未来多年全球资本支出和科技投资脉络的主线叙事。 400 410 420 430 440 450 460 470 480 490 500 4,000 4,200 4,400 4,600 4,800 5,000 5,200 5,400 5,600 5,800 6,000 2025-01 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][33]. Core Insights - NVIDIA's recent white paper on the 800V DC architecture highlights energy consumption as a critical factor affecting the development of current and next-generation AI data centers. The power density of GPU racks is approaching 100 times that of web servers and continues to grow exponentially. Power infrastructure, once secondary, is now on par with or surpassing computational space [3]. - The 800V DC architecture significantly reduces current, copper usage, and cable volume compared to 54V DC or 480VAC systems while maintaining safety and scalability. It enhances overall energy efficiency and density through simplified power paths and increased transmission voltage [3]. - The performance of the 800V DC system relies on GaN (Gallium Nitride) and SiC (Silicon Carbide) power semiconductors, which have unique advantages in high-voltage, high-frequency, and high-efficiency scenarios. The market for GaN and SiC is expected to grow significantly, with GaN power devices projected to increase from $390 million in 2024 to $3.51 billion by 2030, representing a compound annual growth rate (CAGR) of 44% [3]. - The report suggests focusing on the GaN and SiC supply chain, recommending companies such as Sanan Optoelectronics, China Resources Microelectronics, Innoscience Technology (Hong Kong), Tianyue Advanced, Sinda Semiconductor, Silan Microelectronics, and Times Electric [3]. Summary by Sections Industry Overview - NVIDIA's white paper emphasizes the transformation of data centers into "AI factories" driven by GPU advancements, highlighting the critical role of energy infrastructure [3]. Market Trends - The demand for GaN and SiC is driven by applications in AI data centers, new energy vehicles, and humanoid robots, indicating a robust market outlook [3]. Investment Recommendations - The report recommends monitoring the GaN and SiC industry chain, identifying key players for potential investment opportunities [3].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - On October 13, NVIDIA released the white paper "800 VDC Architecture for Next-Generation AI Infrastructure," outlining its vision for "AI factories," which includes the new generation of open architecture rack servers and an expanded NVIDIA NVLink Fusion ecosystem [2][3] - The introduction of the 800VDC power supply system in NVIDIA's Vera Rubin GPU platform allows for a significant increase in power capacity from 200KW to 1MW per cabinet, indicating a clear trend towards HVDC technology [3] - The demand for high-end soft magnetic materials is expected to rise due to the higher voltage and current requirements of the 800V architecture, necessitating advancements in material performance [3] - The adoption of hollow-core fiber optics by cloud computing giants enhances data center interconnectivity, reducing latency over long distances, which is crucial for real-time data synchronization and AI model training [3] Summary by Sections HVDC Technology - The transition from UPS to medium-voltage rectifiers and eventually to SST solutions is outlined, with medium-voltage direct current (MVDC) already validated in industrial applications, suggesting low implementation difficulty [3] - SST solutions are projected to be more efficient, potentially saving about 50% in space, thus providing more operational flexibility for future data center management [3] Soft Magnetic Materials - The 800V architecture's requirements for magnetic components necessitate higher performance materials, with ferrite materials being particularly suitable [3] Hollow-Core Fiber Optics - Hollow-core fiber optics are noted for their advantages in speed, signal loss reduction, and signal quality improvement, which are critical for enhancing data center operations [3] Investment Recommendations - Suggested companies to watch include: 1. HVDC: Zhongheng Electric, Igor, Sunshine Power, Jinpan Technology, Heweih Electric 2. Soft Magnetic Materials: Hengdian Dongci, Jinli Permanent Magnet 3. Hollow-Core Fiber: Zhongtian Technology, Hengtong Optic-Electric [4]