高压直流技术（HVDC）为国产设备带来广阔市场机遇

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.