[CITIC Construction Investment: Vera Rubin and 800VDC will drive another rising cycle of AIDC power supply] On September 14th, CITIC Construction Investment’s latest research report pointed out that after reviewing the changes in the stock prices and fundamentals of overseas AIDC power supply companies over the past 23 years, it can be found that the core catalyst of the fundamentals is NVIDIA chip replacement and power supply architecture upgrade. The last round of AIDC power supply cycle benefited from the fact that Blackwell chips were mainly shipped in the form of complete cabinets such as NVL72, and the value of power supplies was greatly increased, driving the performance of power supply companies to be concentrated in 2025 and extended to 26 years. NVIDIA's next-generation Rubin chip has entered mass production ramp. Judging from the Capex, inventory, orders and other indicators of NVIDIA and power supply companies, the industry chain is ready to take over, and the prosperity is stronger. The increased volume of Vera Rubin will drive the increased volume of new products such as high-power PSU and HVDC Sidecar, and the value of power supply will further increase. 2027 is expected to be the starting point of a new round of AIDC power supply cycle, and mainland companies are expected to increase their share and realize their performance.