探索HVDC和SST

Ofweek维科网11-20

英伟达正引领新AI产业方向。以谷歌Gemini2.5为例，其月度Token消耗量呈现指数级增长，2025年5月的月均Token数已从9.7万亿激增至480万亿，同比增幅高达50倍。Token的增长与算力硬件需求之间也不是线性关系，黄仁勋在2025GTC大会上提出：Token数增加10倍，所需的计算量轻松达到原来的100倍。其实本质还是因为海外AI投资持续，用户需求高增。2024年3月，英伟达其宣布...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251120155917a7063254&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英伟达正引领新AI产业方向。以谷歌Gemini2.5为例，其月度Token消耗量呈现指数级增长，2025年5月的月均Token数已从9.7万亿激增至480万亿，同比增幅高达50倍。Token的增长与算力硬件需求之间也不是线性关系，黄仁勋在2025GTC大会上提出：Token数增加10倍，所需的计算量轻松达到原来的100倍。其实本质还是因为海外AI投资持续，用户需求高增。2024年3月，英伟达其宣布...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251120155917a7063254&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0868494617.USD","symbol_name":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) 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SST","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80992":0.9,"NVD2.UK":0.6,"NVDD":0.6,"SST":1.5,"SNVD.UK":0.6,"NVDY":0.6,"NVDA":0.9,"NVD":0.6,"NVIW.SI":0.6,"2NVD.UK":0.6,"NVDS":0.6,"NVDX":0.6,"NVD3.UK":0.6,"NVDU":0.6,"3NVD.UK":0.6,"NVDS.UK":0.6},"content_text":"英伟达正引领新AI产业方向。以谷歌Gemini2.5为例，其月度Token消耗量呈现指数级增长，2025年5月的月均Token数已从9.7万亿激增至480万亿，同比增幅高达50倍。Token的增长与算力硬件需求之间也不是线性关系，黄仁勋在2025GTC大会上提出：Token数增加10倍，所需的计算量轻松达到原来的100倍。其实本质还是因为海外AI投资持续，用户需求高增。2024年3月，英伟达其宣布推出Blackwell系列，采用铜缆互联技术，再次重塑行业标准；2025年3月，BlackwellUltra的发布进一步推动高阶HDI需求增长。在这一过程中，中际旭创、胜宏科技、安费诺等硬件供应商股价也随之呈现出显著的增长趋势，反映出市场对英伟达引领的技术升级的认可。因此我认为，本次英伟达提出的800VDC的方案也会进一步引领产业趋势。英伟达首次在白皮书中将中压整流器和固态变压器作为未来的供电方案参考，推动行业从传统电力架构向更高效、更适配AI算力需求的高压直流配电架构迈进。目前主要是UPS方案，白色空间改造方案是过渡方案，混合电力是一种可行的方案，最终的方案是800VDC的配电方案，800VDC分为中压整流器和固态变压器方案。根据中压整流器的特征，我认为其同国内的巴拿马电源在结构上是一致的，应用也符合英伟达白皮书上所提出的“相对成熟”，因此我们使用巴拿马电源的特征进行分析。（1）过渡方案——白色空间改造方案：将AC/DC转换模块部署在机架外侧，额外增设专用800VDC电源架，该电源架集成整流器和配电单元，可在现有基础设施空间条件下，实现电力架构向高压直流的初步过渡，兼顾改造可行性与供电性能提升。（2）可行方案——混合电力方案：从低压AC电力系统中直接获取并转换为800VDC，通过公共DC母线进行整流操作。此方案在电力转换效率与系统兼容性之间取得平衡，为行业提供了具备可实施性的中期电力架构优化路径。（3）未来方案——800VDC配电方案：采用中压整流器或固态变压器（SST），直接从中压电力系统转换到800VDC。该方案代表了电源技术的前沿方向，可大幅简化电力转换环节，提升整体供电效率与系统集成度。国内也将800VDC作为未来数据中心的供电方案。在2025年8月，《数据中心800V直流供电技术白皮书1.0》中提到了几种供电模式与英伟达在其白皮书中提到的供电技术路线基本相同。也是将中压整流器和SST作为未来的供电方式。数据中心电源系统正从传统UPS向高压直流（HVDC）、巴拿马电源及固态变压器（SST）的技术跃迁。巴拿马电源和固态变压器系统效率实现显著提升，具有更高的性价比。但是目前巴拿马电源处于应用的中期，固态变压器尚处于研究期。HVDC、巴拿马电源和SST因为减少了转换环节，而大幅提升了效率，同时高度集成化减少了占地面积，总体性价比优于UPS方案。中压整流器中压整流器是一种将中压交流电（通常指1kV至35kV电压等级）直接转换为直流电的电力电子装置，核心功能是高效集成中压电网输入与直流输出，广泛应用于高压直流（HVDC）系统、数据中心供电及新能源基础设施，通过减少转换环节提升能源效率（可达98%以上）。其内部架构由降压变压器、整流模块、滤波单元及保护装置组成。该系统通过一体化的中压直供架构，省去了传统低压配电环节的多重转换损耗，在数据中心等IT负载集中场景中体现出显著的能效与空间优势。固态变压器固态变压器（简称SST，也被称为电力电子变压器）是融合电力电子技术与高频变压器的新型电力变压器，以全控型功率半导体器件和高频变压器替代传统铁芯铜线变压器，实现能量转换与隔离，具备体积小、质量轻、环境友好等优势，是数据中心、新能源系统、充电桩等领域的关键设备。中压整流器和固态变压器在总体结构上是相似的，包括中压柜、变压器柜、整流柜和DC柜等构成。整个产业链的中游是系统集成商，下游是CSP厂商或者运营商。中压整流器和固态变压器的核心区别在于变压器柜部分。中压整流器的变压器柜内放置的是移相变压器；固态变压器的变压器柜内放的是高频变压器。从需求端来看，国内外头部企业正加速推动HVDC（高压直流）技术的商业化落地与生态构建。国内方面，腾讯、阿里巴巴、中国电信等云厂商和运营商已启动相关招标和采购项目；海外市场中，Meta、谷歌等科技巨头通过大型AI数据中心建设和标准化项目（如“魔鬼山项目”）积极布局，全球技术协同与竞争正加速AIDC供电架构的迭代进程。从供给端来看，海外台达和伊顿技术领先，台达发布固态变压器，伊顿推出800V直流架构；维谛技术与英伟达合作计划2026年推出800VDC产品。国内中恒电气深度参与阿里、电信等项目，科华数据加大研发并与腾讯合作交付直流一体柜，显示本土商业化加速。声明：本文所涉及个股或者公司仅代表与产业链或热点有关联，所引述的资讯、数据、观点均作为个人研究记录，提及个股、公司均作案例探讨，不构成任何买卖建议。对于该赛道的未来发展，建议关注以下方向：终端厂商率先受益：【中恒电气】【科华数据】【阳光电源】等变压器是核心变化，也最可能供给海外：【京泉华】【伊戈尔】【新特电气】【金盘科技】等台达电源PCB供应商受益放量：【威尔高】【中富电路】等服务器代工厂商：【工业富联】【华勤技术】【联想集团】等原文标题 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