CICC: AI power supply architecture upgrades to 800V HVDC, SST is expected to become the optimal technical route in the long term

According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that the construction of AI computing power centers is experiencing an upward trend, combined with the resonance of NVIDIA's 800V HVDC architecture and the demand for direct green electricity connections. They are optimistic that Solid State Transformers (SST) are expected to become the preferred solution for future data center power supply architectures due to their advantages of high efficiency, small size, high flexibility, and prefabricated design. Compared to traditional UPS power supply chains, SST can improve overall efficiency by more than 3 percentage points, reduce footprint by over 60%, shorten installation and debugging cycles by 75%, integrate multiple functions, adapt to green electricity access, and have strong advantages in total lifecycle costs. CICC's main points are as follows: AI power supply architecture is upgrading to 800V HVDC, and SST is expected to become the optimal technical route in the long term CICC pointed out that in recent years, leading cloud vendors have raised their capital expenditure expectations, accelerating AIDC construction. On one hand, as the AI era develops to MW-level racks, NVIDIA plans to fully deploy the 800V HVDC architecture by 2027. Viavi Technologies believes that SST applications are expected to begin in 2030. The comprehensive advantages of the SST technology route, combined with shorter delivery cycles, are expected to replace traditional transformers as the optimal technical route in the future. On the other hand, SST is compatible with "solar-storage-direct-flexible" systems, and there are new opportunities for promoting SST under the integrated development of direct green electricity connections and source-grid-load-storage. Performance advantages of SST solutions are prominent, and there is still significant cost reduction potential under technological development Compared to traditional UPS power supply chains, SST can improve overall efficiency by more than 3 percentage points, reduce footprint by over 60%, shorten installation and debugging cycles by 75%, integrate multiple functions, adapt to green electricity access, and have strong advantages in total lifecycle costs. Currently, the initial investment cost of SST is relatively high, but in the future, as core components such as power semiconductor devices and amorphous nanocrystalline core materials become more mature, there is still significant potential for overall cost reduction. Domestic and foreign manufacturers are actively laying out SST technology Global AIDC leaders such as Eaton and Delta have early reserves for SST solutions. Domestic companies entering the layout mainly come from three categories: traditional power equipment, AI power supply, and solar-storage-charging companies, each with its own advantages. Currently, some companies already have SST products applied in projects such as AC/DC hybrid microgrids. China XD has products applied in data center projects; leading manufacturers with a deep understanding of power electronics, high-frequency transformers, and medium-voltage processing, as well as rich experience in data center projects, are expected to stand out. Recommended targets Sifang Co., Ltd. (601126.SH), China XD (601179.SH), Jinpan Smart Technology (688676.SH), and other related companies in the industrial chain. Risk factors Demand may fall short of expectations; commercialization pace may not meet expectations; changes in technical routes