【中信证券：算力突破电力边界 SST开启硅进铜退新周期】中信证券研报表示，AI芯片性能与密度提高带来智算中心功耗跃升，传统不间断电源架构在能耗、占地等多方面已触及瓶颈，AIDC供配电加速向高压直流化演进。短期内，高压直流输电系统、巴拿马电源有望作为过渡方案，长期看，800VDC+固态变压器凭借中压直入、高频隔离及“硅进铜退”优势，或成为高密算力供电的终局解决方案。建议关注SST整机及SiC、高频磁件、电容和固态断路器等核心环节。
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