Core Insights - Traditional data centers face challenges in high-parallel intelligent computing scenarios, leading to the emergence of AIDC with a new architecture featuring a computing power base layer, platform service layer, model enabling layer, and industry application layer [1][4] - AI servers are projected to consume five times more power than traditional servers, resulting in a doubling of total power consumption in data centers by 2030, with the US, China, and Europe accounting for 82% of global data center capacity [1][4] Group 1: AIDC Architecture - AIDC requires a computing power base to be constructed as a highly coordinated system akin to a supercomputer, moving towards "DC as a Computer" [1][4] - The architecture allows for decoupling between layers while requiring high vertical integration within each layer to ensure efficient computing power and integrated operations [1][4] Group 2: Power Supply Solutions - The transition to HVDC technology is necessary to support future data center power demands, with NVIDIA leading the shift to 800V HVDC infrastructure starting in 2027 [2][5] - The global market for AI data center 800V HVDC is expected to reach 35.4 billion yuan by 2030, with a compound annual growth rate of 46% from 2026 to 2030 [2][5] Group 3: Cooling Solutions - As AI technology evolves, cooling solutions are diversifying, with liquid cooling becoming essential as rack power density exceeds 40-60 kW [3][6] - AI data center IT energy consumption is projected to reach 77.7 TWh by 2025, doubling from 2023, and further increasing to 146.2 TWh by 2027, with a compound annual growth rate of 44.8% from 2022 to 2027 [3][6] - The liquid cooling market in China is expected to reach 10.5 billion USD by 2028, with a compound annual growth rate of approximately 48.3% from 2023 to 2028 [3][6]

Core Viewpoint - The company has confirmed its mastery of HVDC technology and its application in several national demonstration projects [1] Group 1 - The company has been asked by investors about its capabilities in HVDC technology [1] - The company plans to explore the integration of solid-state transformer (SST) technology with HVDC technology to enhance its unique advantages and strategic positioning in the intelligent computing center (AIDC) sector [1]

Core Insights - The article highlights that energy efficiency has become a critical bottleneck for the global expansion of AI data centers, particularly as AI computing power enters a phase where single cabinet power consumption exceeds 100 kW [1][3] - Super X is positioned as a key player in addressing this challenge through a strategic partnership with China’s leading digital energy company, Zhongheng Electric, to establish a joint venture focused on high-efficiency AI data centers [3][11] - The collaboration aims to redefine the core technology of next-generation AI data centers, leveraging Zhongheng Electric's expertise in HVDC technology to significantly reduce energy loss and total cost of ownership (TCO) [4][11] Group 1: Strategic Partnership - Super X and Zhongheng Electric announced the formation of a joint venture, "SuperX Digital Power," to tackle urgent power supply issues in AI data centers globally, excluding mainland China, Hong Kong, and Macau [3][4] - The partnership is not merely an extension of business but a strategic positioning in the core technology of next-generation AI data centers, with Zhongheng Electric being a leader in HVDC technology [4][5] Group 2: Technological Advantages - Zhongheng Electric's HVDC solutions have been widely deployed in major data centers of top operators and internet giants in China, achieving an end-to-end energy efficiency breakthrough of over 96%, which is more than 20% lower in TCO compared to traditional AC architectures [4][5] - The integration of HVDC technology with Super X's AI servers and liquid cooling systems creates a unique synergy that enhances power efficiency and system stability, providing a competitive edge in the market [8][11] Group 3: Market Positioning - Super X's joint venture fills a significant gap in the market for high-efficiency, fast-deployment power solutions for AI data centers, leveraging its global channels and mature technology [11][13] - The partnership aligns with the global trend towards "green computing," as Zhongheng Electric's HVDC solutions not only reduce costs but also minimize energy waste, appealing to ESG-conscious investors [11][13] Group 4: Investment Potential - Super X's investment value lies in its proactive positioning for the next generation of AI computing infrastructure, focusing on the integration of computing power and energy solutions [13] - The company is expected to benefit from the doubling demand for AI computing power annually, with its integrated solutions likely to translate into sustained revenue and profit growth [13]

Summary of Conference Call Records Industry Overview - **Industry**: Liquid Cooling, Backup Power, UPS, Diesel Generators - **Market Size**: The liquid cooling market is expected to reach a scale of 70 to 80 billion RMB by 2026, with CDU and liquid cooling plates accounting for approximately 40% and over 30% of the total market value respectively [1][5][6]. Key Insights and Arguments - **Liquid Cooling Demand**: The liquid cooling segment benefits from the growing demand for AI servers and the increasing value of liquid cooling solutions. The value of a GB300 liquid cooling cabinet is approximately 700,000 RMB, representing a nearly 20% increase from the GB200 model [1][2]. - **Market Concerns**: Investors express concerns about the sustainability of the current market trend, but the fundamentals are still in the early stages, indicating that the market cycle has not yet ended [1][7]. - **Investment Focus**: Investment in liquid cooling technology should focus on the supply chain and upstream materials, with leading companies and those with strong performance support being more advantageous [1][10]. - **Challenges for Domestic Supply Chain**: Domestic suppliers face challenges in entering international supply lists, particularly with major CSPs like NVIDIA. However, new technology iterations provide opportunities for new suppliers [4][10]. Additional Important Content - **Market Dynamics**: The IDC market is driven by economic conditions, inflation, and expectations for domestic supply chain integration. Increased capital expenditure from overseas CSPs supports the liquid cooling sector [2]. - **Backup Power Market Growth**: The overseas market for IDC backup power is growing rapidly, with lithium battery penetration expected to exceed 250 billion RMB [2][16][17]. - **UPS Market Opportunities**: The overseas UPS market presents significant opportunities for domestic companies like Kehua and Kstar, as traditional UPS manufacturers face capacity constraints [25][27]. - **Technological Advancements**: The importance of HVDC technology is increasing, with Chinese companies expected to enter overseas supply chains [28][29]. - **Diesel Generator Market Expansion**: Domestic diesel generator companies are beginning to secure orders from Europe and the US, marking a significant shift towards international markets [36][40]. Financial Projections - **Profit Margins**: The liquid cooling market is projected to have a profit margin of around 20%, potentially leading to a market capitalization of 400 to 500 billion RMB [5][24]. - **UPS Market Potential**: The global UPS market is valued at approximately 800 billion RMB, with significant revenue potential for domestic companies if they capture a 10% market share [33]. Conclusion - The liquid cooling, backup power, UPS, and diesel generator industries are poised for growth, driven by technological advancements and increasing international demand. Domestic companies are well-positioned to capitalize on these trends, although they must navigate challenges related to international market entry and competition.