从产业一线视角解析HVDC投资机会

Summary of Key Points from the Conference Call Industry Overview - The conference discusses the development of HVDC (High Voltage Direct Current) technology, particularly in the context of data centers and power supply architectures. The focus is on the transition from 48V power supply units (PSUs) to 800V systems, with significant implications for efficiency and power management in data centers [1][4][5]. Core Insights and Arguments - NVIDIA's Product Launch: NVIDIA plans to launch the Ruben Ultra product in the second half of 2027, featuring a full suite of 800V solutions, which will enable server cabinet power levels to reach megawatt levels. This necessitates data centers to upgrade their infrastructure to support 800V output [1][5]. - Current Power Supply Architectures: The market currently utilizes two main power supply architectures: 48V and the upcoming 800V HVDC architecture. Existing products like GB200 and GB300 servers use 48V PSUs, while future products like Vera Rubin are expected to follow suit until the transition to 800V begins [2][4][6]. - Domestic vs. International Development: There is a notable disparity in HVDC technology development between domestic and international markets. While companies like NVIDIA are advancing rapidly, domestic firms are still in the early stages of exploring customer needs and market timing [2][14]. - Technical Barriers: The main technical barriers between HVAC and HVDC products include differences in form factor and wiring methods. International products often require a flat design to fit into racks, while domestic products are typically larger and face challenges related to heat dissipation and electromagnetic interference [10][15]. Additional Important Content - Delta's Innovations: Delta showcased an ACDC power supply solution at the OCP conference, capable of outputting ±400V or 800V DC, which is suitable for HVAC applications. This system includes multiple PSUs and is designed for high efficiency [7][8]. - Meta's Adoption: Meta plans to adopt Delta's 800V ACDC power supply solution in 2026, indicating a shift towards more efficient power management in their data centers [8]. - Emerging Domestic Players: Domestic companies like Panama and Zhongheng are making strides in developing AC-DC power supplies that support 800V output, indicating a competitive push to catch up with international standards [13][23]. - Market Pricing Dynamics: There is a significant price difference between domestic and international HVDC solutions, with domestic products being more affordable. The pricing strategy will be crucial for domestic companies looking to export their products [21][22]. - Future Market Outlook: The domestic 800V HVDC market is expected to grow rapidly by 2028, with a clear trend towards higher voltage systems. Companies are encouraged to prepare for this shift, despite many still being in the early stages of development [23][24]. This summary encapsulates the key points discussed in the conference call, highlighting the ongoing evolution of HVDC technology and its implications for the industry.