CITIC Securities’ research report reveals that as AI chips evolve with enhanced performance and density, the energy demands of Artificial Intelligence Data Centers (AIDC) have surged dramatically. Conventional Uninterruptible Power Supply (UPS) systems now grapple with escalating energy consumption and spatial constraints. Consequently, AIDC power supply and distribution frameworks are swiftly pivoting toward High-Voltage Direct Current (HVDC) solutions. In the near term, HVDC setups paired with Panama power distribution systems offer viable transitional strategies. However, looking ahead, the fusion of 800VDC technology with Solid-State Transformers (SST)—characterized by medium-voltage direct integration, high-frequency isolation, and the overarching trend of ‘silicon advancing while copper recedes’—is poised to emerge as the definitive approach for energizing high-density computing environments. Investors are encouraged to focus on pivotal components, including integrated SST units, Silicon Carbide (SiC) devices, high-frequency magnetic elements, capacitors, and solid-state circuit breakers.