Event: From March 17th to 21st, local time in the United States, the NVIDIA GTC conference will be held in San Jose, California, NVIDIA founder and CEO Jensen Huang delivered a speech, NVIDIA showed that it is building an infrastructure in the AI era with a full-stack layout, and proposed that the global data center Capex will exceed one trillion dollars in 28 years.

The power supply of data centers is developing to 8OOVHVDC, and the importance of BBU and LIC supercapacitors continues to increase. As AIDC evolves to GW-level, ultra-efficient, and high-density computing, it faces challenges in space, heat dissipation, and cable management. In the future, the power supply and distribution system will evolve from AC400V uninterruptible power supply (UPS) and DC240V to high-voltage DC. In the short term, configuring a cabinet side-mounted power supply can improve space utilization and heat dissipation, and in the medium term, 800VHVDC is a transitional solution, in which ITRack is added to bring the Powershelf increment from 800V DC to 5OV DC. A PDU is added, which is divided into two modules: input AC-PDU and output DC-PDU. In the long run, GW-level AIDC is developing towards high efficiency, green, and low-carbon, and solid-state transformer SST links are short and efficient, which is convenient for new energy to be connected to the grid, and is expected to become the ultimate solution. In the future, the importance of backup BBUs and lithium-ion supercapacitors LIC will continue to increase.

Liquid cooling is the general trend, with a focus on cold chain systematization, full wave cooling, and refrigerant innovation. In the future, the AIDC refrigeration system architecture is expected to realize the entire cold chain of the chip (server) side, the cabinet side, the terminal air conditioning side, and the cold source side. In terms of liquid cooling, full liquid cooling may be adopted, including full cold plate, full immersion, or cold plate + immersion. In addition, the innovation of new liquid-cooled refrigerants will be one of the main directions.

The first CPO switch is recommended, which shortens the path of copper cables and adopts liquid cooling for heat dissipation. NVIDIA uses TSMC's 3D stacked silicon photonics multiplier and microring modulator to launch a 1.6Tb/s CPO switch. Copper cables are suitable for intra-cabinet connections due to their low cost, short distance, and high bandwidth. However, with the development of large-scale AI trunking networks, the delay, power consumption, and signal loss of traditional copper cables and pluggable optical modules have become bottlenecks, and CPO is more suitable in the horizontal expansion scenario, which shifts from "pluggable optical module + switch" to "optical tightening + chip co-packaging" to shorten the physical distance of signal conversion, reduce the use of copper cables, and also eliminate related electrical connectors and PCB wiring to reduce signal loss. With the increase in the data transmission rate of CPO switches and the increase in chip integration, more efficient liquid cooling solutions (such as immersion liquid cooling) are required to efficiently dissipate heat from on-board silicon photonics.

A number of Chinese companies appeared at the GTC conference. Many Chinese manufacturers participated in the GTC conference, covering servers and hardware equipment (Lenovo, Foxconn, Asus, Quanta, etc.), power supplies (Delta, Vertiv, Lite-on, Megmit), liquid cooling (Delta, Vertiv, Gigabyte) and many other links. Mainland manufacturer Megmeet has broken through the boundary of AI server power supply and evolved into a total power supply solution provider.

Investment suggestions: (1) AC/DC server power supply: It is recommended to pay attention to the high-energy-efficiency, high-power-density server power supply manufacturer Megmeet (002851. SZ), Continental (300870. SZ）。 (2) Uninterruptible power supply HVDC/UPS: It is recommended to pay attention to Zhongheng Electric (002364.SZ), Hewang Electric (603063. SH), Kehua Data (002335. SZ), Crestec (002518. SZ）。 (3) Distribution substation equipment: It is recommended to pay attention to Mingyang Electric (301291. SZ), Kinpan Technology (688676. SH), Chint Electric (601877. SH), Liangxin Co., Ltd. (002706. SZ）。 (4) Standby power supply BBU/oil generator: It is recommended to pay attention to the oil engine link Cooltech power supply (300153. SZ), BBU link, EVE Lithium Energy (300014.SZ), Azure Lithium Core (002245. SZ) and supercapacitor Jianghai shares (002484.SZ).

Risk warning: the progress of new technologies is less than expected, the demand for computing power is less than expected, the upstream and downstream of the AI industry chain are short-term fluctuations, the development of AI applications is less than expected, and geopolitical risks