国金证券：AI电源革命超级电容为下一个涨价品种 LIC路线具优势成为主流选择

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智通财经APP获悉，国金证券发布研报称，AIDC算力密度跃迁驱动供电架构变革，超级电容成为结构性必需品。AI 负载从稳态转向毫秒级阶跃脉冲，传统三级备电体系在响应速度、循环寿命与能量损耗维度全面承压。超级电容以双电层物理吸附或锂离子嵌入机制实现微秒级响应与超长循环，其中LIC 路线凭借更高能量密度与紧凑体积适配AI 机柜空间约束，成为主流选择。国金证券主要观点如下：NVIDIA 自GB300 ...

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服务器、储能、电网调频等场景长期并存，并在部分应用中形成替代关系。GB300 推动超级电容进入标配时代，国产厂商迎来补位窗口随着GB300 NVL72 单柜功率提升，AI 服务器对瞬态供电稳定性的要求显著提高，超级电容与BBU 正从GB200 阶段的“选配”升级为GB300  时代的标准电源架构组成部分，并被统一整合至Energy Storage Tray 能量存储托盘体系中。当前产业链主流方案由武藏与Flex 合作的CESS  系统主导，但在AI 服务器需求爆发背景下，供给端已出现明显缺口：GB300 对应超级电容需求量较大，而当前产能或无法满足，该行假设2026 年GB300  NVL72 机架出货量在5-6 万台，单个GB300 机柜需要5 个BBU 模块和超过300 个超级电容器，2026 年GB300 预计将需要1500-1800  万个超级电容器，而武藏截至到2026Q3 的规划年产能为650  万颗。国内厂商有望迎来重要补位机会，包括东阳光、江海股份、思源电气(旗下烯晶碳能)等，均在EDLC/混合超级电容方向积极布局，有望受益于AI  电源架构升级带来的产业机会。相关标的超级电容：东阳光、江海股份、思源电气、海星股份、艾华集团等。SST：四方股份、金盘科技、阳关电源、京泉华、可立克等。SST  需要用到的SiC：天岳先进、晶升股份、宇晶股份、三安光电等。风险提示行业竞争加剧的风险;技术研发进度不及预期的风险;特定行业下游资本开支周期性波动的风险。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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":"CCBot/2.0 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