CHINA DATA CENTER ELECTRICALS: 800VDC POWER & COOLING CORPORATE DAY TAKEAWAYS

On November 4, 2026, Goldman Sachs hosted four data center electricals supply chain companies (Kstar, Megmeet, Honor Electronic, Sinexcel) and a liquid cooling expert at its China Next-Gen Power & Mobility Corporate Day in Shenzhen. Companies reported strong US order backlogs and pipelines into 2027-2028 with no signs of demand slowdown, though policy-driven project delays could weigh on orders and deliveries. Growth is shifting toward Southeast Asian expansion and Chinese hyperscaler buildout, with ByteDance's reported 5-6GW AIDC capacity for 2027-28 improving as AI chip constraints ease. Ex-China capacity bottlenecks are accelerating global ASIC vendors' adoption of Chinese liquid cooling (Envicool CDU/components) and high-power infrastructure (Megmeet AC EDPP, Honor 5kW PSU). Suppliers are shifting manufacturing to Southeast Asia to mitigate trade restrictions and improve margins. The 800VDC transition remains gradual, with pilots in 2027E and broader scaling in 2028E. Stock ideas: