（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问： 1.公司目前是否已掌握HVDC技术？ 2.若已掌握HVDC 技术，公司后续是否有计划将固态变压器（SST）技术与HVDC技术相结合，以进一步凸显四方股份在 智算中心（AIDC）领域的独特优势与战略定位？ 四方股份（601126.SH）9月26日在投资者互动平台表示，公司掌握HVDC技术，并已在多个国家级示范 项目中应用。 ...

这种扎根于实战、经过千万级机柜长期检验的技术实力，在未来算力需求持续爆发的趋势下展现出极强的适配性，瞄 准了万亿级的增量市场。随着NVIDIA Blackwell等新一代GPU将单机柜功耗推向100kW以上，2027年后计划推出的 Rubin Ultra NVL576更将达到600kW功耗，HVDC已从"可选方案"变为"必需品"。Super X通过合资公司将这一经过实战 检验的技术推向全球市场，率先抢占"AI算力能源升级"的黄金赛道，其技术稀缺性在当前市场中尤为突出。 全栈布局构建"算力+散热+供电"壁垒，打造高粘性客户价值 智通财经APP获悉，当AI算力进入"单机柜功耗破百kW"的爆发期，能源效率已成为制约全球AI数据中心扩张的核心瓶 颈——传统交流（AC）供电架构高达10-15%的能源损耗、臃肿的设备占地、居高不下的总拥有成本（TCO），让行 业陷入"算力增长即能耗增长"的困境。而Super X（SUPX.US）正以一场颠覆性合作，在AI+算力赛道开辟出稀缺投资 机会，其核心价值与增长逻辑正加速凸显。值得注意的是，Super X此前虽遭遇J Capital Research做空，但公司通过核 心技术验证和 ...

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.