HVDC：AI算力驱动供电升级，海内外共筑产业新生态

粤开证券财富管理02-13

01核心逻辑：AI算力高增长催生HVDC刚需，行业或迎来0-1跃迁人工智能产业化进程加速，全球算力需求呈指数级增长。据Semianalysis数据，全球数据中心关键IT功率需求将从2023年的约49GW激增至2026年的96GW，年复合增长率（CAGR）由此前的12%~15%提升至25%左右，其中AI相关算力功耗预计2026年达到约40GW，成为核心增长引擎。在算力需求爆发的背景下，传统UPS...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213075306a49e2991&s=b><strong>粤开证券财富管理</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>01核心逻辑：AI算力高增长催生HVDC刚需，行业或迎来0-1跃迁人工智能产业化进程加速，全球算力需求呈指数级增长。据Semianalysis数据，全球数据中心关键IT功率需求将从2023年的约49GW激增至2026年的96GW，年复合增长率（CAGR）由此前的12%~15%提升至25%左右，其中AI相关算力功耗预计2026年达到约40GW，成为核心增长引擎。在算力需求爆发的背景下，传统UPS...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213075306a49e2991&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":"BK4598","symbol_name":"佩洛西持仓","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213075306a49e2991&s=b","article_id":"2611013309","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213075306a49e2991&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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abroad","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDS":0.6,"NVDS.UK":0.6,"3NVD.UK":0.6,"NVD3.UK":0.6,"2NVD.UK":0.6,"NVIW.SI":0.6,"VGT":0.77,"NVD2.UK":0.6,"NVDQ":0.6,"NVDA":1.95,"NVDX":0.6,"NVDD":0.6,"NVDU":0.6,"NVD":0.6,"SNVD.UK":0.6,"NVDY":0.6,"AI":0.78,"NVII":0.6,"NVDW":0.6,"NVDG":0.6,"DIPS":0.6},"content_text":"01核心逻辑：AI算力高增长催生HVDC刚需，行业或迎来0-1跃迁人工智能产业化进程加速，全球算力需求呈指数级增长。据Semianalysis数据，全球数据中心关键IT功率需求将从2023年的约49GW激增至2026年的96GW，年复合增长率（CAGR）由此前的12%~15%提升至25%左右，其中AI相关算力功耗预计2026年达到约40GW，成为核心增长引擎。在算力需求爆发的背景下，传统UPS供电系统的瓶颈日益凸显，而高压直流系统（HVDC）凭借更高的安全性、稳定性及节能减排优势，成为数据中心供电升级的核心方向。相较于UPS，HVDC减少了逆变环节和功率器件，可降低45%的铜用量，提升5%的端到端效率，同时将占地面积减少约30%，完美适配AI训练与推理任务对高功率密度、高可靠性的要求。当前HVDC板块处于估值相对低位，随着国内外头部企业加速推动技术落地，行业边际变化持续显现，或具备显著的投资价值与成长空间。02海外巨头引领：英伟达800VHVDC成标杆，微软Sidecar架构加速落地海外头部企业率先布局HVDC技术，以英伟达为代表的科技巨头正推动行业标准升级。2025年5月，英伟达宣布从2027年起推动数据中心电力基础设施向800V高压直流（HVDC）过渡，目标支持1MW及以上功率密度的IT机架。其800VHVDC机架集成72kW电源单元（PSU）和锂离子超级电容器（LIC），效率高达98%，可将铜用量减少45%，同时提升5%的端到端效率，减少占地面积约30%。英伟达的布局并非孤立，而是联合电源解决方案公司、上游功率器件供应商构建完整生态，推动800VHVDC方案规模化落地。微软则采用Sidecar架构，通过480V交流输入边柜转换为±400V直流供电，其完整系统包含BBU、超容、PDU和PowerShelf，其中超容用于平抑AI负载“脉冲式”功耗带来的电流冲击，BBU提供微秒级备电保障训练连续性，PDU深度集成提升系统紧凑性，进一步验证了HVDC在AI数据中心的可行性。海外企业的加速布局，不仅推动了HVDC技术的成熟，更打开了国内企业的代工与导入空间。据产业链反馈，已有部分国内公司接到海外HVDC协助研发或代工需求，成为英伟达生态下的潜在受益者。03国内跟进：国内头部企业招标提速，本土企业具备弯道超车潜力国内头部企业紧随海外步伐，加速推动HVDC落地。有从2018年开始启动HVDC相关招标，也有于2025年跟进招标，标志着国内数据中心供电升级进入实质阶段。国内企业在新能源、通信等领域积累的电力电子技术，为承接HVDC需求奠定了基础，部分厂商或已具备从0到1的产品研发能力。值得注意的是，英伟达的白名单具有动态调整特性，2025年8月有国产半导体厂商已成功导入其白名单。距离rubinultraNVL576放量还有2年时间，国内部分电力电子公司凭借较强的技术积淀、优质的工程师团队，以及在海外积累的本地化渠道、售后及配电解决方案能力，有望在未来导入英伟达短名单，实现弯道超车。此外，国内头部企业通过成立海外合资公司，加快HVDC出海节奏，进一步打开了全球市场空间。国内企业在成本控制、交付能力及响应速度上的优势，将助力其在全球HVDC产业链中占据更重要的位置。04投资机会：把握英伟达生态受益标的，关注技术与渠道双优企业HVDC行业的投资机会主要集中在三个维度：1.英伟达白名单潜在导入企业：具备较强电力电子技术、海外渠道及代工能力的公司，有望受益于800VHVDC的规模化落地，如具备技术与渠道优势的电力电子企业。2.国内头部数据中心供应商：承接阿里、腾讯等企业HVDC招标项目的厂商，将直接受益于国内数据中心供电升级需求。3.上游功率器件与材料厂商：HVDC对功率器件的性能要求更高，SiC、GaN等宽禁带半导体厂商有望受益于行业增长，同时具备高可靠性电源解决方案的企业也将迎来发展机遇。风险提示，需关注HVDC技术迭代不及预期、海外客户导入进度慢于预期、行业竞争加剧导致毛利率下滑等风险。05结论：HVDC是AI供电升级的趋势，国内外生态共筑成长新空间AI算力的增长，推动数据中心供电系统从UPS向HVDC跃迁，这一趋势已得到国内外头部企业的认可。英伟达800VHVDC架构成为行业标杆，微软Sidecar架构验证了技术可行性，阿里、腾讯等国内企业的招标则打开了本土市场空间。国内企业凭借在电力电子领域的技术积累、优质的工程师团队及海外渠道优势，有望在英伟达生态中占据一席之地，实现代工与技术导入的双重突破。当前HVDC板块处于估值相对低位，随着行业边际变化持续显现，具备技术与渠道优势的企业或将迎来显著的成长机遇。参考资料1.天风证券-电力设备行业HVDC深度：AI电源的0-1，UPS到HVDC的跃迁，2025年10月12日，分析师：孙潇雅2.国盛证券-电力设备行业点评：如何看待英伟达800VHVDC架构投资机会？，2025年5月20日，分析师：王磊3.民生证券-电子行业点评：头部企业成立海外合资公司，HVDC出海节奏加快，2025年9月5日，分析师：方竞4.招商证券-电力设备行业系列报告（42）：HVDC是大规模数据中心供电升级的趋势，中国公司有机会，2025年11月18日，分析师：游家训","kind":"news","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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 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