Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **High Voltage Direct Current (HVDC)** technology and its implications for the **data center** industry, particularly in the context of the growing demand for **AI computing power** and related infrastructure investments [1][2]. Core Insights and Arguments - **AI Computing Demand Surge**: By 2030, AI computing load is expected to increase from 5.5 GW in 2024 to 24.6 GW, representing an annual growth rate of 28%. This will drive capital expenditures for data center construction from $80 billion in 2025 to $200 billion in 2030 [1][2]. - **HVDC Technology Advancements**: Companies like NVIDIA are pushing for voltage upgrades to 800V, enhancing power density and efficiency in data centers. The penetration rate of HVDC technology is projected to rise significantly [1][2][6]. - **Solid-State Transformer (SST) Market Potential**: Demand for SSTs in data centers is expected to exceed $20 billion by 2030, a substantial increase from $2 million in other applications last year [1][4]. - **Data Center Power Equipment Market Growth**: The global market for data center power equipment (excluding diesel engines) is projected to exceed $10 billion by 2030, comparable to the current inverter market size [1][5]. - **Domestic vs. International Data Center Capital Expenditure**: The cost of building data centers in China is approximately $4 billion per GW, while in overseas markets, it can reach $10 billion per GW, indicating significant market potential [1][8]. Additional Important Insights - **Traditional UPS Market Decline**: The UPS market is expected to shrink from over $20 billion in 2025 to around $4 billion by 2030 due to the rise of HVDC technology [3][17]. - **Impact of New Energy Sector Fluctuations**: The uncertainty in the new energy sector and changes in U.S. policies may affect the growth and valuation of companies like Jinpan Technology and Mingyang Electric [3][27]. - **Investment Opportunities in Domestic Power Electronics**: Domestic companies with experience in energy storage and renewable energy are increasingly entering the data center market, with potential market size expected to reach over $100 billion [9]. - **Key Players in the Market**: Leading companies in various segments include Jinpan Technology, Delta Electronics, and others, with significant market shares in transformers and UPS systems [19][20]. Investment Recommendations - **Valuation Considerations**: The value of equipment companies is closely tied to their customer base and reputation. Jinpan Technology, for instance, has a strong brand presence in both domestic and overseas markets [21][22]. - **Short-term Investment Focus**: Companies like Shenghong, Hewei Electric, and Megmeet are highlighted as having strong short-term trading potential due to their involvement in high-demand sectors like charging stations and HVDC technology [28][29]. This summary encapsulates the critical insights from the conference call, focusing on the HVDC technology's impact on the data center industry and the associated investment opportunities and risks.

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容来自工商时报 。 随 着 AI 算 力 需 求 暴 增 ， 资 料 中 心 电 力 架 构 正 迎 来 十 年 最 大 升 级 ， 英 伟 达 领 军 的 800V 高 压 直 流 （HVDC）技术，预计2027年全面导入兆瓦级AI机柜，将牵动第三代半导体代工版图重组。台积 电（2330）日前宣布两年内逐步退出氮化镓（GaN）市场，其大客户纳微半导体（Navitas）急寻 新来源，多方角力下，台系功率元件、电源管理芯片产业链将迎新竞争格局。 将外部工业用交流电转换为800V直流电，可使相同尺寸导线传输功率增加85％；相较于传统架 构，英伟达800V HVDC，主要差异在于多一道800V直流电降压至54V直流电的程序，法人分析， 该架构需使用高规的耐高压PMIC（电源管理IC），但在个别Compute Tray则沿用原先中低压 PMIC即可。 未来Compute Tray中的Power IC需求将提升，如记忆体电压必须由54伏转到12伏。尽管目前为海 外业者如英飞凌、MPS的天下，但台厂致新（8081）、茂达（6138）持续抢攻，从一般型伺服器 入局，有望 ...

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]

Group 1 - Kazakhstan's Energy Minister Erlan Akhmetzhanov announced that the country is advancing 30 renewable energy projects with a total installed capacity of 1,700 megawatts, covering solar, wind, and energy storage sectors [3][4] - The cooperation between Kazakhstan and China has evolved beyond mere raw material trade, focusing on building a technology-intensive industrial ecosystem [3] - Several cooperation agreements were signed during the Central Asia-China Energy Forum, including strategic partnerships in local production, research and development, and decarbonization funds [3][4] Group 2 - The forum aims to deepen technological and investment cooperation in energy transition between Kazakhstan, China, and other Central Asian countries, promoting digitalization and sustainable industrial development in the energy sector [4]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 substack 。 伯恩斯坦证券预测，随着AI芯片用CoWoS需求的爆发，台积电今年先进封装营收有望占总营收的 10%，超越日月光，成为全球最大封装供应商。 此外，上个月的台积电2025技术研讨会首次披露了CoWoS技术的下一步发展，这将引发一场新的技 术革命和激烈的跨行业竞争。 此次台积电技术研讨会的最大亮点，并非最新14A（1.4纳米）制程的亮相，也不是12英寸晶圆大小 的巨型SoW封装，而是台积电联席首席运营官兼业务发展资深副总经理张晓强博士在倒数第二张PPT 的主题演讲中，揭晓了继硅光子之后，又一项令人期待已久的革命性技术。 "然而，这个领域未来将发生根本性的变化，"张博士说，他揭开了"明日CoWoS"幻灯片，其结构比 之前的幻灯片复杂得多。 最显著的变化在于硅中介层，它本质上是披萨中间的"奶酪"，现在由几个小色块组成，代表着不同功 能的IC。张博士解释说，以前，这一层仅用于钻孔互连，但现在将通过3D堆叠集成更多功能。 他身后的屏幕上首先显示的是台积电先进CoWoS封装熟悉的剖面图，上面用粗体字写着："高性能计 算/AI技术平台（今 ...

现在，对于汽车来说，800V架构几乎已经成了标配。更有甚者，将高压母线提高到了1000V这一等级。 之所以提高电压，是因为汽车需要更快的充电速度，同时在相同功率下，800V架构的电流相比400V架构减半。根据焦耳定律 Q=I^2Rt，电流越小，热损 耗就越小，从800V到400V热损耗能降低至原来的四分之一。所以，800V不仅更省电，还能使温度更好控制，提升了能量利用效率。 在AI数据中心领域，传统机架多为48V/54V。随着IT机架电力需求突破200kW并向MW级规模演进，空间约束与母线（busbar）可扩展性问题，使得 48V/54V供电模式的局限性日益凸显。为突破这些瓶颈，行业正加速探索高压直流（HVDC）架构。 最近，巨头们就纷纷宣布自己的计划：谷歌、微软、亚马逊、Meta等巨头开始借鉴最初为EV开发的技术，更保守地推动数据中心向+/-400VDC演进。英 伟达则更为激进，联合一众电源大厂，共同开发推进另一条对器件应力要求更高的AI电源架构路线——800V HVDC（高压直流电）架构，并准备在2027 年与NVIDIA Kyber机架系统同步量产。 可以说，在AI数据中心，也要掀起800V的革命了。 ...

中金研究 近年来以德国、英国、沙特为代表的国家在高压直流输电（HVDC）项目建设招标动态积极，如今年3月英国国家电网授予换流设备和电缆框架合同合 计约590亿英镑。我们认为随着电网互联互济、新能源远距离送出需求日益凸显，海外HVDC项目规划积极，有望为相关厂商带来业绩催化。 点击小程序查看报告原文 Abstract 海外HVDC建设节奏不同，欧洲未来十年或迎约100GW项目密集投运。 海外市场中欧洲技术发展成熟，在电网互联互济和深远海风柔直送出的双重因素 驱动下，英国、德国、意大利等国家大量HVDC项目规划在2030年前后落地，我们预计有望迎来新一轮合同签约高峰。此外，我们认为美国高压线路建设 缓慢对电网可靠性造成影响，输电项目支持政策有望推动储备项目进展向前；亚非拉新兴市场在能源转型和电网互联需求驱动下部分国家已启动项目规 划，具备长期发展潜力。我们测算2025-2030年海外HVDC换流系统年均投产价值量或将超100亿美元，CAGR可达21%。 高压输电环节壁垒高，供给侧集中于海外本土厂商，高毛利项目有望贡献业绩弹性。 关键零部件供给、品牌口碑和业绩积累等因素共同导致海外换流设 备市场供应高度集中、交期大 ...