3.产业链加速本土化集群。为应对快速的研发迭代，产业集群优势逐步显现，如PCB产业链国内下游高 份额之后，上游的覆铜板，覆铜板上游的树脂、玻纤布、铜箔等都开始了国内企业加速验证，光模块亦 是如此； 4.订单外溢。围绕份额变化投资，随着龙头公司订单外溢，整个产业链都呈现高景气度，部分公司份额 提升。 人民财讯11月26日电，中信建投发布算力产业链2026年投资展望，研报认为，展望2026年，算力领域有 以下投资机会： 1.龙头公司增长确定性：英伟达需要整个产业链研发能力快速迭代、快速响应。若能力不够很难进入英 伟达产业链，或者份额显著下降，PCB、光模块等龙头公司与下游芯片公司跟踪紧密、地位稳固，其中 PCB价值量未来将受益于正交背板使用、cowop工艺的提升； 2.新技术升级方向，英伟达阶段性着重解决问题的方向，是获取超额利润的子方向。2025年开始，系统 方案的供电、散热问题成为整个系统的瓶颈点。北美缺电越来越明显，电力系统需要更加稳定以及更加 高效的输送方式，关注HVDC和更高效的SST固态变压器等技术。同时随着芯片性能提升，散热方面遇 到越来越多的瓶颈，关注液冷板、CDU、UQD等领域企业份额提升的投资 ...

Global | Washington Strategy November 20, 2025 Will China's Transition Slow — The Electrotech Revolution w/ Kingsmill Bond Continuing our work on the energy transition & US-China, we hosted Kingsmill Bond (Energy Strategist, Ember) on their report on the Electrotech Revolution and if China's rapid pace in the space is set to continue. KTs: 1) China's emissions have been flat/falling for 18m, powered by a pivot to electrotech; 2) solar + wind met all growth in global power demand in H1'25; 3) AI could enable ...

证券代码：300693 证券简称：盛弘股份 编号：2025-013 深圳市盛弘电气股份有限公司 投资者关系活动记录表 | 随着智算中心单机柜功率密度的提升，供电系统优化的 | | | --- | --- | | 关注点将转向更高电压等级，以解决导体截面积过大，更多 | | | 的材料和更大的体积的问题。同时，电压等级的升高也会带 | | | 来远距离输电的优势，这将会引发数据中心设计架构上颠覆 | | | 性的变革。传统的交流400V | UPS及直流的240、336V的HVDC虽 | | 然已经过多年的市场考验，已证明其技术可行性，市场接受 | | | 度较高，产业链较为成熟。但对于高密度、高效率的智算中 | | | 心而言，由于智算服务器之间连接的光缆已经占用过多机柜 | | | 的走线空间，探索更高电压的应用可以减少电源线占用的空 | | | 间，带来潜在的性能提升和成本节约，这也更符合可持续发 | | | 展的要求。 | | | 新一代的800V | HVDC，相比传统交流供电以及之前低电压 | | 的直流供电，可以提供系统效率能效提升；占地空间节约； | | | 铜耗降低等等特点，凭借这些优势，在海 ...

Core Viewpoint - North America is facing a systemic electricity shortage driven by the expansion of AI computing power, changes in manufacturing patterns, and electrification, leading to increased electricity demand and pressure on supply [1][2]. Group 1: Electricity Demand and Supply Dynamics - The rapid growth of AI is a major driver of increased electricity demand, with significant investments in data centers expected to continue [1][2]. - The aging power grid in North America and the retirement of old coal and gas projects are exacerbating the supply-demand imbalance, with a projected annual increase in electricity load exceeding 30GW over the next five years [2]. - The net electricity imports in the U.S. have surged by 125% year-on-year, indicating a rapidly expanding electricity gap [2]. Group 2: Impact on Electricity Prices and Industries - The tightening electricity supply has led to a 6% increase in retail electricity prices in the U.S. compared to the previous year, with potential implications for corporate electricity costs and profitability [2]. - The ongoing electricity shortage is expected to benefit various sectors in China, including machinery, electrical equipment, photovoltaic new energy, and non-ferrous metals, as demand from North America increases [4]. Group 3: Opportunities for Chinese Companies - The demand for gas turbines is expected to rise as they are seen as the optimal short-term solution for powering data centers, benefiting companies like GE, Siemens, and Mitsubishi [4]. - The need for upgrading the aging power grid in North America presents opportunities for Chinese electrical equipment manufacturers, with a projected supply gap of 66% for transformers in the region [5]. - The increasing demand for energy storage solutions is anticipated as a response to the high power density and fluctuating electricity needs of AI data centers, creating opportunities for Chinese companies with technological advantages [5][6]. Group 4: Sector-Specific Insights - The aluminum demand for cables in North America is expected to rise due to the accelerated construction of the power grid, which may support the profitability of the electrolytic aluminum industry [7]. - The transition to high-voltage direct current (HVDC) and solid-state transformers (SST) is seen as a favorable trend for companies with advanced technology and project experience in these areas [6].

Group 1: Semiconductor Industry - The semiconductor industry is experiencing structural opportunities driven by AI demand and domestic substitution, characterized by capacity expansion and supply chain security [1][16]. - Global silicon wafer shipments are expected to reach 12.824 billion square inches in 2025, with a year-on-year growth of 5.4%, and this growth trend is projected to continue until 2028 [16]. - The advanced process capacity (≤7nm) is expected to grow from 850,000 wafers per month in 2024 to 1.4 million wafers per month by 2028, with a compound annual growth rate (CAGR) of 14% [16]. Group 2: AI Computing - AI capital expenditures are surging, with major cloud service providers (CSPs) increasing their investments in AI infrastructure, leading to growth opportunities in PCB, liquid cooling, optical modules, and HVDC [2][48]. - CSPs' capital expenditures are expected to continue rising, with North American companies like Microsoft, Amazon, Google, and Meta showing significant year-on-year increases in their capital spending [48][52]. - The demand for AI computing is driving the need for high-end PCB products, particularly in GPU acceleration cards, with a clear trend towards advanced technologies such as HDI and CoWoP [56]. Group 3: Storage - The storage industry is entering a "super cycle" driven by AI demand, breaking traditional storage cycle models, with prices rising and technological innovations leading the investment narrative [3]. - Despite expectations of a downturn in 2024, the market is rebounding in the first half of 2025 due to high enterprise storage demand from AI servers and strict capacity control by leading manufacturers [3]. - The transition from planar to 3D DRAM technology is becoming crucial, with the 4F² combined with CBA technology expected to increase bit density by approximately 30% [3]. Group 4: Consumer Electronics - The consumer electronics sector is witnessing a significant shift as major companies like Apple and Meta transition from technology layout to market realization, with AI innovations providing macroeconomic momentum for the industry [9]. - The global sales of AI smart glasses surged by 370% year-on-year in Q3 2025, indicating that the industry has entered a high-growth phase [9]. - The market for optical displays and storage components is expected to benefit from the increasing demand for smart glasses and other AI-driven consumer electronics [9].

Group 1 - The company is actively monitoring the developments in the HVDC market [2]

Core Insights - The article discusses the rapid advancements in HVDC (High Voltage Direct Current) and SST (Solid State Transformer) technologies, highlighting the increasing interest in power export and the implications of recent developments in the industry [1][2]. Group 1: SST Developments - NVIDIA has indicated that the SST penetration rate is expected to reach 15-20% by 2027, urging suppliers to accelerate technological advancements [1]. - Meta has reversed its previous stance against SST solutions, providing SST architecture parameters (3MW) to various manufacturers, with Eaton expected to deliver samples in Q1 next year and another domestic SST company in Q2 [1]. Group 2: Solid State Breakers - The progress of SST is faster than anticipated, with expectations for solid-state circuit breakers to significantly increase in value [2]. - Solid-state circuit breakers can achieve rapid fault current interruption in microseconds, minimizing the impact on the power grid and enhancing safety and reliability [6][7]. - When solid-state breaker technology matures and costs decrease, it will become an ideal choice for DC power system protection, offering high-speed response, long electrical lifespan, and reduced maintenance costs [7]. Group 3: Comparison of DC Protection Devices - A comparison of different types of DC protection devices shows that solid-state breakers outperform traditional mechanical breakers in terms of speed, reliability, and maintenance [6]. - Solid-state breakers do not produce electric arcs, which further reduces the risk of damage to power sources and loads [6]. Group 4: Industry Trends - The article notes the ongoing trend of power export, particularly in the context of the US power system and the recent trade framework established between China and the US [1]. - The acquisition of Power Distribution by Eaton and the introduction of liquid cooling solutions for SST are also highlighted as significant industry movements [1].

Core Viewpoint - The article discusses the increasing concern over the electricity shortage in the United States, highlighting the growing demand for expert consultations and the positive market performance in the related sectors [1][2][4][5]. Group 1: Electricity Shortage in the U.S. - The topic of electricity shortage in the U.S. has gained significant attention, with major North American companies discussing the issue [2]. - There is a noticeable increase in expert consultation requests related to the electricity sector, indicating heightened interest from institutions and brokerages [4]. - The related market sectors have shown strong performance, indicating a favorable investment climate [5]. Group 2: HVDC/SST Developments - Eaton's solid-state transformer (SST) products are currently in a small-scale pilot testing phase, with three units supplied to Century Interconnect for testing [6]. - The product specifications are customized to meet local grid standards, such as the 13.8 kV for the U.S. market compared to 10 kV in China [6]. - Future research and development will focus on expanding product lines to accommodate various voltage specifications and enhancing functionalities to integrate renewable energy [7]. Group 3: Market Projections and Financial Estimates - A detailed financial projection for the HVDC and SST market indicates a potential market space of 735 billion yuan for HVDC and 504 billion yuan for SST in North America [10]. - The estimated revenue from HVDC contract manufacturing is projected to be around 36.75 billion yuan, with a profit margin of 10% [10]. - The overall market valuation for SST and SOFC components is estimated at 239.4 billion yuan, excluding certain option-based businesses [10]. Group 4: Cost Breakdown for Data Center Operations - The cost of establishing 1 GW of computing power in data centers is estimated to be between 35 billion to 60 billion USD, with a detailed breakdown provided in a Bernstein report [11].

Group 1 - The article highlights the shift towards HVDC technology, predicting significant growth by 2026, and suggests focusing on leading companies, ODMs, and new module players as investment opportunities [1] - It notes that the stabilization of interest margins is driving performance recovery, with policies supporting this trend and a loosening of market positions, recommending a focus on companies with strong fundamentals and quality dividends [1]

Group 1: Financial Performance - The company achieved a revenue of 5.706 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 5.79% [3] - The net profit attributable to shareholders for the same period was 344 million CNY, a significant increase of 44.71% [3] - In Q3 2025, the revenue reached 1.973 billion CNY, marking an 18.65% increase year-on-year, while the net profit soared to 101 million CNY, reflecting a remarkable growth of 711.41% [3] - Total credit impairment and asset impairment losses amounted to 172.6362 million CNY, impacting the profit total for the first three quarters [4] Group 2: Data Center Business - The data center industry is transitioning from CPU-based to GPU-based systems, with increased capital expenditure on AI computing capabilities [5] - The company has made significant progress in serving major clients in the internet, telecommunications, finance, and semiconductor sectors [5] - The IDC service business has seen growth, with the launch of a new computing power platform (V2.0) aimed at optimizing resource allocation across multiple computing clusters [5][6] - The company is integrating quantum computing technologies into its existing data center infrastructure to enhance capabilities [6] Group 3: New Energy Business - The new energy sector has shown growth, with the company maintaining its leading position in the domestic energy storage market [7] - According to S&P Global, the company ranks first in global energy storage PCS (>500kW) shipments and second in overall energy storage PCS shipments [7] - The company has successfully developed a new model that integrates energy storage and computing power, enhancing its competitive edge in the market [7] - In 2025, the company's new energy product shipments to Europe and the US have more than doubled compared to the previous year [7] Group 4: Future Outlook - The company plans to expand its overseas market presence, particularly in Southeast Asia, the Middle East, Europe, and the US [8] - It aims to enhance product development and enter client product whitelist systems in response to market demands [8] - The company has allocated 348 million CNY for R&D in 2025, with a 102.94% increase in development expenditures [9] - The company is focusing on technological innovation, particularly in high-voltage direct current (HVDC) systems, to meet the growing power demands of data centers [9]