Hopewind(603063) 21世纪新健康研究院·2025-02-16 16:33Summary of Conference Call Industry Overview - The discussion revolves around the data center industry, focusing on trends in power supply and cooling technologies, particularly high power and high voltage systems [1][4][10]. Key Trends and Insights 1. Increasing Power Requirements: Data centers are experiencing a shift towards higher power demands, with power levels increasing from 20-30 kW to 50-120 kW. This necessitates higher voltage levels to manage power loss effectively [1]. 2. GPU Load Variability: The load on GPU-centric data centers can fluctuate significantly, with idle loads around 10% and spikes up to 150% when new computational tasks are initiated [2]. 3. Power Supply Architecture: The architecture of power supplies is evolving, with a focus on 12V, 5V, and 1V outputs to support server chips. This reflects a broader trend towards optimizing power delivery systems [3]. 4. Liquid Cooling Adoption: Liquid cooling technologies are gaining traction due to their compatibility with existing data center architectures, offering better efficiency compared to traditional cooling methods [4]. 5. Power Supply Technologies: There are two main technological routes for power supplies: UPS (Uninterruptible Power Supply) systems and HVDC (High Voltage Direct Current) systems. UPS systems account for approximately 80% of the market, while HVDC systems represent around 20% [5]. 6. High Voltage and Power Segments: The industry is seeing a division in power supply applications based on voltage and power levels, with a focus on high power (megawatt level) and high voltage (800V and above) systems, which present significant technical barriers [8]. 7. Market Dynamics: The market is characterized by a strong demand for high power and high voltage solutions, with companies like Hezhong and Kewang leading in these segments due to their technological advantages [12]. Additional Important Points - Integration of Power Systems: The integration of transformers, distribution, and backup power systems into a cohesive framework is becoming a trend, enhancing efficiency and space utilization [5]. - Competitive Landscape: Companies such as Kewang, Hezhong, and others are highlighted for their strong capabilities in the power supply sector, with a focus on different voltage and power ranges [7][11]. - Future Outlook: The industry is expected to continue evolving with the increasing demand for data processing capabilities, necessitating advancements in power supply and cooling technologies [10][12]. Conclusion - The conference call provided insights into the evolving landscape of the data center industry, emphasizing the importance of high power and high voltage systems, the variability of GPU loads, and the adoption of advanced cooling technologies. The competitive dynamics and technological advancements in power supply systems were also key focal points.