CHINA/HK FIRST TO MARKET

研报英文原文证据摘录

CHINA/HK FIRST TO MARKET

Asia Pacific Equity Research

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China/HK First to Market 29 July 2026

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Asia Power Equipment (Stephen Tsui, CFA)

Implications of 800V DC Data Center Architecture. Call Series Takeaways

Recent discussions with investors have centered on whether our coverage could be vulnerable if data

centers begin moving from traditional AC systems toward an 800V DC architecture. The concern is that

adopting 800V DC could change the product mix and, as a result, influence demand for low-voltage

electrical equipment. We respond to these questions in this note following a series of conversations with

companies that offer products tied to 800V applications. Our view is that 800V DC represents an “edge”

configuration for data centers rather than a wholesale substitute for the existing AC backbone. It may also

open up incremental growth avenues for firms developing next-generation solutions such as solid-state

transformers, and our discussions indicate several Chinese vendors have already provided prototypes to

U.S. cloud service providers, with commercialization likely in late 2027 or 2028. Korean power companies

are also in R&D for certain types of electrical equipment products suited for the new power architectures.

Table NaNsummarizes our call takeaways, and Table NaN details global EE companies’ involvement in the

new power architecture. Our OW names globally on the 800V DC include Delta Electronics, Mitsubishi

Electric and TGOOD Electric.