2025-07-16 06:13Summary of Conference Call Transcript Industry Overview - The report discusses the evolution of power supply architectures in data centers, focusing on High Voltage Direct Current (HVDC) systems and their adoption by major overseas companies such as Microsoft, Google, and Meta [1][10]. - The increasing demand for AI computing power is driving the need for more efficient power supply solutions in data centers, impacting both energy consumption and operational costs [1][10]. Key Points on Power Supply Architecture Evolution of Power Supply Systems 1. First Generation: Utilized Uninterruptible Power Supply (UPS) systems, converting AC from the grid to DC for server use, with a power capacity of 10-15 kW [2]. 2. Second Generation: Introduced an open pricing power supply model, integrating power sources directly into the system [2]. 3. Third Generation: Features a high-voltage direct current (HVDC) solution that separates power supply from IT cabinets, allowing for better scalability and efficiency [3][4]. Major Companies' Initiatives - Microsoft: Launched the Mount Diablo power architecture, separating power and server units, currently using a 50V DC supply [4]. - Google: Presented a two-phase power architecture at the OCP conference, with a transition plan to a direct DC supply of ±400V for data centers [5]. - Meta: Announced a three-step approach to high-power rack solutions, gradually moving towards HVDC systems [6][7]. - NVIDIA: Introduced an 800V power architecture capable of supporting over 600 kW, focusing on future-proofing against increasing power demands [9]. Domestic vs. Overseas Trends - Domestic HVDC systems in China are primarily at 240V, with a focus on compatibility with existing equipment, while overseas systems are moving towards 400V and 800V solutions [17][18]. - Chinese companies like Alibaba and Tencent are still utilizing 240V systems, with some planning for higher voltage systems in the future [19][20]. Supply Chain and Market Dynamics - The supply chain for 400V systems is mature, making it cost-effective, while 800V systems are newer and face higher costs and safety concerns [13][14]. - The transition to HVDC will be gradual, with existing systems needing to adapt to new power supply standards [10][22]. Investment Opportunities - Companies such as Zhongheng, Kehua, and others are positioned to benefit from the increasing penetration of HVDC systems in both domestic and international markets [22]. Additional Insights - The report highlights the importance of solid-state transformers (SST) in future power supply solutions, which can enhance efficiency and reduce size [15][16]. - The compatibility of existing servers with new power supply systems remains a critical factor in the transition to higher voltage solutions [22][23]. This summary encapsulates the key insights from the conference call, focusing on the evolution of power supply systems in data centers, the initiatives of major companies, and the implications for investment in the sector.