单芯片功率破千瓦，数据中心正酝酿一场 800V 的静悄悄革命

华尔街见闻01-15

中信建投认为，随着单颗 AI 芯片功率突破1000W大关，传统的电力架构已逼近物理极限。为了支撑未来 GW 级别的算力需求，数据中心电源正处于从交流向 800V 高压直流（HVDC）彻底转型的临界点。这不仅仅是电压等级的提升，而是一场涉及架构重构的供应链革命。 1月15日，中信建投在最新报告中指出，投资者应当关注这场变革中价值量最集中、技术壁垒最高的环节，尤其是能够提供 800V 电源主机（PSU...

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高压直流（HVDC）彻底转型的临界点。这不仅仅是电压等级的提升，而是一场涉及架构重构的供应链革命。\n1月15日，中信建投在最新报告中指出，投资者应当关注这场变革中价值量最集中、技术壁垒最高的环节，尤其是能够提供 800V 电源主机（PSU/HVDC/SST）、以及为解决直流灭弧难题而必不可少的固态断路器和第三代半导体（SiC/GaN）等核心增量部件。对于投资者而言，这不仅是技术迭代，更是真金白银的产业红利重新分配。\n物理极限逼迫架构重构：从“可乐瓶”到“口红”的瘦身革命\n中信建投指出了驱动这场电源革命的根本原动力：算力密度的指数级增长。\n随着以英伟达 Blackwell B200 为代表的芯片单体功率突破 1000W，以及未来 Rubin 架构可能的进一步提升，单机柜功率正在向 MW（兆瓦）级迈进。报告分析认为，现有的 415V 交流供电体系在面对如此恐怖的功率密度时已显得力不从心。\n报告引用了极具冲击力的数据对比来阐述升级 800V 的必要性：在传输 500kW 级功率时，如果沿用传统的 50V 电压等级，所需的铜母线直径将达到惊人的 56mm，粗细堪比一个可乐瓶，这在寸土寸金的服务器机柜中是完全不可接受的。然而，一旦将电压提升至±400V（即 800V 系统），线径将骤降至 14mm，仅相当于一支口红的粗细。\n报告认为，这种物理层面的巨大优势，使得高压化、直流化不再是一个可选项，而是数据中心发展的必然方向。通过 800V 直流供电，不仅大幅减少了铜材使用，更简化了供电结构，使得传输更大功率成为可能。\n英伟达白皮书定调：Sidecar 边柜与 SST 的终极路径\n报告深入解读了英伟达发布的 800V 供电白皮书，认为这为行业确立了清晰的演进路径。英伟达规划的路线图显示，供电方案将经历从“交流”到“800V 直流（过渡）”，再到“800V 直流（Sidecar 方案）”，最终演进至“固态变压器（SST）”的终极形态。\n\n特别值得注意的是“电源外置”这一趋势。随着功率飙升，电源模块占用的机架空间越来越大。如果继续采用传统方案，电源将挤占近一半的机柜空间，导致计算算力密度下降。\n因此，英伟达和 OCP（开放计算项目）都倾向于将电源独立出来，形成所谓的 Sidecar（边柜）方案。报告分析，这种架构变革直接催生了全新的硬件需求：HVDC 主机和 SST（固态变压器）。尤其是 SST，被报告视为终极供电方案，它能将电网的中压交流电一步直降为 800V 直流，虽然目前技术尚在试点，但其节省变压器、提升效率的潜力巨大。\n\n硬件升级的红利：30kW 模块与固态断路器的崛起\n在具体的硬件层面，中信建投报告强调了 PSU（电源供应单元）功率密度的跳跃式升级。为了适配 800V 架构，PSU 单体功率正从目前的 3kW/5.5kW 向 30kW 级别演进。这一过程极大地提升了技术壁垒和价值量，因为要在体积受限的情况下实现如此高的功率转换，必须大量采用 SiC（碳化硅）和 GaN（氮化镓）等第三代宽禁带半导体器件。\n此外，报告特别提示了一个关键的新增增量环节：固态断路器。由于直流电没有过零点，传统机械开关在切断高压直流时会产生难以熄灭的电弧，造成极大的安全隐患。\n英伟达在 800V 白皮书中明确提出使用固态断路器进行保护，利用半导体器件实现微秒级的快速关断和无弧分断。报告认为，这是应对 HVDC 直流电难以开断问题的最佳选择，也是未来数据中心安全体系中的刚需组件。\n\n投资风向标：锁定高壁垒与核心增量\n基于上述产业逻辑，中信建投报告建议投资者紧密跟踪符合 800V 高压化、直流化趋势的标的。\n报告认为，投资机会主要集中在四大方向：首先是价值量最集中、技术门槛最高的 AIDC 电源主机环节，包括 PSU、HVDC 和 SST 设备；其次是为解决高压直流痛点而生的核心零部件，特别是固态断路器、机柜级 DC/DC 以及电子熔断器等新增环节；最后是支撑整个高功率密度实现的底层材料——第三代半导体（GaN、SiC）。\n报告坚信，在这一轮由 AI 算力驱动的能源革命中，能够提供高压直流解决方案的企业将获得显著的阿尔法收益。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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