据悉，AI货币化正加速，云厂商围绕AI的资本开支保持强劲势头，全球数据中心新增装机量将保持快 速增长趋势。AIDC(智算中心)整体功率密度正加速提升，高压直流配电方案是大势所趋。 该机构认为，SST是高压直流配电技术方向下的最新技术路线，其在转换效率、建设周期、占地空间、 新能源接入等方面较之高压直流系统(HVDC)、巴拿马电源等方案具备进一步优势，能够精准解决高功 率时代下数据中心配电需求的痛点。随着后续NV Rubin Ultra芯片及NVL576等进入批产阶段，预计SST 配电方案将逐步开启渗透。标的选择上，建议围绕产品成熟度、技术同源积累、客户基础等方面来筛 选。 中信证券指出，经测算，2024年全球数据中心对应的供配电设备市场空间约为427亿元，2028年有望增 长至1009亿元，对应2024—2028年CAGR(复合年均增长率)约为24%。针对SST(固态变压器)方案， AIDC供配电方案选型与机柜功率密度强相关，功率越高越需高集成、高转换效率架构。参考英伟达的 产品Roadmap，2027年后Rubin Ultra将进入批产阶段，对应的最高功率密度机柜架构为NVL576，届时 将出现MW级别的机 ...

Core Insights - The future of AI data centers will standardize on 800V DC power architecture, with solid-state transformers (SST) being the ultimate technology form [1][4] - NVIDIA's release of the 800V DC white paper at the OCP Global Summit signals a significant shift in the power supply landscape for AI data centers [1][4] - High Voltage Direct Current (HVDC) is gaining traction as it offers higher efficiency and reliability compared to traditional AC power systems [1][3] HVDC Overview - HVDC, or High Voltage Direct Current, is a power supply method that is more efficient than the commonly used AC power, reducing energy loss and improving reliability [1] - Despite the growing interest, global HVDC penetration remains below 3%, highlighting a disparity between market enthusiasm and actual implementation [5][6] Market Dynamics - NVIDIA's commitment to 800V DC is prompting other players in the supply chain, including CoreWeave and Foxconn, to adopt similar strategies [5] - Major tech companies like Google, Microsoft, and Meta are testing ±400V DC architectures, indicating a shift towards direct current solutions [5] - The global HVDC market is projected to exceed $15.68 billion by 2029, with a compound annual growth rate (CAGR) of 6.9% [6] Competitive Landscape - The HVDC market is characterized by high barriers to entry, with few players capable of integrating power electronics and system integration [19][20] - Chinese companies are well-positioned to lead in the HVDC space due to their existing experience in UPS and modular power systems [20][21] - Domestic firms like Zhongheng Electric and Kehua Data are already forming partnerships and securing contracts with major cloud service providers [26][27] Technological Evolution - The transition to HVDC involves multiple phases, starting with the integration of 800V DC power cabinets into existing facilities [9] - Solid-state transformers (SST) are seen as a potential future solution, but they are still in the experimental stage and face challenges in cost and reliability [10][11][12] - A hybrid architecture combining traditional grid supply with HVDC is emerging as a practical solution for data centers [12][13] Conclusion - The HVDC market is rapidly evolving, with NVIDIA's white paper providing a clearer direction for the industry [33] - Domestic companies are poised to capitalize on the opportunities presented by the shift towards HVDC, as they have the necessary technological foundations and market experience [34][35]

Group 1 - Nvidia has released a white paper on AIDC infrastructure, defining the ultimate solution for AI data centers as 800V DC power supply combined with Solid-State Transformers (SST) [1] - SST is described as the "high-energy chip" of the power industry, capable of converting medium-voltage AC directly to 800V DC with over 98.5% efficiency, minimal energy loss, and a smaller footprint [1] - Nvidia outlines a clear evolution path for power supply systems: UPS → Distributed HVDC → Centralized HVDC → SST, indicating a strategic direction for future developments [1] Group 2 - As of October 16, 2025, the ChiNext New Energy Index has risen by 1.26%, with notable stock increases from companies like Terui (7.21%) and Sungrow (7.20%) [2] - The ChiNext New Energy ETF closely tracks the performance of the ChiNext New Energy Index, reflecting the operational characteristics of listed companies in the new energy sector [2] - The top ten weighted stocks in the ChiNext New Energy Index account for 64.15% of the index, with major players including CATL, Sungrow, and Yiwei Lithium Energy [2]

Core Viewpoint - The article emphasizes the importance of power and energy efficiency in the second half of AI data centers, highlighting the ongoing electricity shortages in the U.S. and the impact of data centers on electricity costs [2][4]. Group 1: AI Data Center Transformation - The traditional computing centers are evolving into AI factories, making power infrastructure a critical factor for deployment and scalability [7]. - NVIDIA proposes an 800VDC power distribution system combined with multi-time scale energy storage to address the explosive power demands of AI workloads [7][10]. Group 2: Technical Innovations - The shift from traditional low-voltage systems to an 800VDC architecture eliminates unnecessary AC-DC conversions, enhancing overall efficiency to over 90% [10][12]. - The new architecture supports high-density GPU clusters, allowing for scalability exceeding 1 megawatt per rack while reducing copper cable usage by 157% [12][13]. Group 3: Industry Collaboration - Building the 800VDC ecosystem requires collaboration across the industry, with NVIDIA partnering with various silicon suppliers and power system component partners [11]. - The Open Compute Project (OCP) is facilitating the establishment of open standards for voltage ranges and connectors [11]. Group 4: Solid-State Transformer (SST) Technology - SST technology is identified as a key solution for the next generation of data centers, with increasing demand in North America and significant market potential [21][22]. - Major companies like NVIDIA, Google, and Microsoft are actively developing SST solutions, with NVIDIA's Rubin architecture expected to adopt SST as a standard [21][22]. Group 5: Market Potential and Projections - The global market for SST could reach 800-1000 billion yuan by 2030, assuming a 20% penetration rate in new AI data centers [23]. - The demand for efficient power solutions is driving the rapid adoption of SST and HVDC technologies, with significant advancements expected by 2026 [22][24].

Summary of AIDC Power Technology Conference Call Industry Overview - The conference call focuses on the AIDC (Artificial Intelligence Data Center) power technology sector, particularly the transition from traditional UPS systems to 800V HVDC and SST technologies aimed at improving power supply efficiency and reducing maintenance and expansion difficulties [1][2]. Key Points and Arguments - **Technology Transition**: The industry is witnessing a significant shift towards high-voltage direct current (HVDC) systems, with major Chinese internet companies like BAT (Baidu, Alibaba, Tencent) adopting HVDC technology extensively, with Tencent's data centers reporting over 90% HVDC usage as of 2023 [1][5]. - **Market Dynamics**: The North American market has faced challenges in adopting HVDC due to initial setbacks, but the increasing power demands from GPUs and the competitive edge of renewable energy sources are driving a clearer trend towards HVDC adoption [1][5]. - **SST Advantages**: Solid-state transformers (SST) are highlighted for their ability to save space, reduce line losses, and improve overall efficiency compared to traditional transformer and HVDC combinations. SSTs are composed of electronic modules and high-frequency transformers, making them more competitive for companies with mid-to-low voltage electronic capabilities [1][7][8]. - **Concentration of Market**: The HVDC market is more concentrated than the dispersed UPS market, with a CR3 market share exceeding 90%, and companies like Zhongheng Electric holding about 50% market share. This concentration is expected to continue with the introduction of 800V HVDC and SST technologies [3][9]. Important but Overlooked Content - **Opportunities for Chinese Companies**: Chinese firms are positioned favorably in the overseas AIDC power market due to their cost advantages and the relatively low price sensitivity of power technology compared to chip segments. Companies with clear technological advantages and strong distribution channels, such as Zhongheng Electric, Jinpan Technology, and others, are recommended for investment [3][10]. - **Future Trends**: The call emphasizes the importance of channel advantages and R&D capabilities in selecting companies for investment, particularly in the SST sector, which is expected to see significant growth in the coming years [4][10]. - **Impact of Power Demand**: The increasing demand for power in data centers, particularly noted during peak usage periods in July and August, is pushing the need for more efficient power solutions, further enhancing the relevance of HVDC and SST technologies [5]. This summary encapsulates the critical insights from the conference call regarding the AIDC power technology landscape, highlighting the ongoing technological shifts, market dynamics, and investment opportunities within the sector.

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the centralized computing power market, specifically the comparison between HVDC (High Voltage Direct Current) and UPS (Uninterruptible Power Supply) systems, highlighting the advantages of HVDC in terms of reliability, efficiency, and space utilization [1][3][5]. Core Insights and Arguments - **Market Adoption**: Domestic CSP (Cloud Service Providers) like Alibaba and Tencent have widely adopted HVDC systems, while overseas market penetration remains in its early stages [1][5]. - **SST Development**: Solid State Transformers (SST) are viewed as an upgrade to HVDC, primarily driven by advancements in power electronics technology. Although SST won't see mass application in the short term, it represents a potential upgrade path for integrated systems [1][6]. - **Investment Potential**: The UPS and HVDC sectors have shown strong performance recently, with stock prices rising approximately 30%. North American HVDC penetration is expected to surge from 3-5% to over 50% by the second half of 2026, indicating significant investment opportunities [1][7]. - **Overseas Market Dynamics**: The overseas UPS market has experienced positive price and profit changes due to stable market conditions and shifts in supply-demand dynamics. Chinese companies like Kehua Data and Shenghong are actively entering this market, laying the groundwork for future HVDC business [1][9]. Company-Specific Insights - **Kehua Data**: The company has a strong presence in the data center sector, boasting leading technologies in UPS, HVDC, and liquid cooling systems. It holds a significant market share in Tencent's systems, with liquid cooling technology already implemented in the U.S. market. ITC orders have seen rapid growth, with a potential performance inflection point expected in Q3 [1][10]. - **Chinese Companies in the U.S.**: Companies like Shenghong and Kehua Data are making notable strides in the U.S. data center power quality sector, enhancing their profitability and establishing a foundation for future HVDC market entry [1][11]. Additional Important Insights - **Market Trends**: The power conversion sector is witnessing a significant increase in power density, with expectations of cabinet power density rising from 130-140 kW to 600-650 kW by 2027, presenting both challenges and opportunities [2]. - **UPS Shortage Impact**: The current shortage of UPS systems provides Chinese companies with opportunities to participate in North American tenders and meet overseas OEM demands, significantly enhancing their profitability [1][19]. - **Future Demand for HVDC**: Companies with UPS experience are more likely to transition to HVDC, indicating a strong future demand for those already established in the UPS market [1][20]. - **Taiwanese Companies' Progress**: Taiwanese firms like Delta and Lite-On have launched advanced HVDC solutions, showcasing their rapid development in the field [1][23]. Conclusion - The HVDC and UPS markets are poised for significant growth, driven by technological advancements and increasing demand in North America. Companies that adapt to these trends and leverage their existing market positions are likely to see substantial benefits in the coming years [1][7][20].