Guosheng Securities: Supercapacitors have just become necessary for domestic manufacturers to fully catch up

The Zhitong Finance App learned that Guosheng Securities released a research report stating that the supercapacitor EDLC and LIC dual lines run in parallel. EDLC adapts to millisecond transients with ultra-long life and high-rate pulses, and LIC adapts to space-limited scenarios with higher voltage and energy density, and the two lines complement each other in the AI power supply ecosystem. GB300/Rubin high power cabinet volume is driving the upgrade of supercapacitors from optional to structural necessities, and domestic manufacturers are facing a critical inflection point from technical verification to scale compliance.

Guosheng Securities's main views are as follows:

A supercapacitor is a power buffer between a traditional capacitor and a battery. EDLC and LIC dual lines are parallel

It forms a double layer of charge storage through ionic physical adsorption at the electrode/electrolyte interface. It does not rely on chemical reactions. It has the advantages of high power density and energy density close to that of a battery, wide operating temperature range, high safety, and no risk of heat loss of control. Commercial routes are divided into three categories: EDLC (pure double double electric layer, 2.7 V, longest life, mainstream commercial), Pseudocapacitor pure redox reaction increases energy density but sacrifices longevity), and LIC/HSC (pure lithium + extremely double electric layer, 3.8V, taking into account high energy and high power, which is the direction of technology iteration). EDLC adapts to millisecond transients with ultra-long life and high-rate pulses, and LIC adapts to space-limited scenarios with higher voltage and energy density, and the two lines complement each other in the AI power supply ecosystem.

The synchronous pulse characteristics of AI training loads upgrade supercapacitors from optional to structural necessities

The simultaneous operation of thousands of GPUs causes the cabinet power to jump drastically between 30% and 100%, causing millisecond to second power shocks. The traditional “gentle load” assumption fails. The NVIDIA cabinet power increased from Hopper's 40kW to BlackwellUltra's 150kw+ and Rubin's 200kW. Sudden power changes can easily trigger the circuit breaker to trip incorrectly or the bus voltage to drop. GB300NVL72 integrates an electrolytic capacitor into the power frame for pure low load charging, high load discharge, and the measured peak power is reduced by 30%), and the load capacity of the next Rubin platform has improved; the supercapacitor UpStray inserts Farer-level energy storage between the on-board capacitor (pure microsec-millisecond level) and the UPS battery's pure seconds-minute level), extending the coverage window from microseconds to the second level, filling the GPU power fluctuation range, and is expected to become the best choice for multi-time scale energy storage buffering.

The global pattern is (“Japanese technology leading+comprehensive domestic catch-up” trend, with many strong domestic companies and Jianghai shares leading the way

Overseas, Musashi Precision simultaneously laid out multiple EDLC/LIB/HSC routes and cooperated with Flex to launch the CESS capacitor energy storage system; Maxwell (pure Clarios) has more than 50 years of technology accumulation and has shipped over 85 million supercapacitor batteries; and Skeleton launched graphenegpu/BBU/UPS full matrix products. On the domestic side, Jianghai Co., Ltd. is one of the few companies in the world with the same layout of the three types of capacitors. EDLC+LIC dual-line pure LIC originated from the transfer of all intellectual property rights from Japan's ACT in 2013, making it one of the few people with mass production capacity); Siyuan Electric Holdings is 70.42% pure dry electrode EDLC). According to the July 2026 capital increase announcement, Chaocong is entering the batch application stage in data centers and plans to increase production by no less than 400 million yuan; Dongyang is one of the few vertically integrated enterprises in the world. Laminated Foil has established stable cooperation with Delta and others to join forces with Meituan and Meituan Qinhuai Data and Delta launched the world's first SST DC power supply solution; in June 2026, Torch Electronics acquired 58.46% of Zhongke Supercapacity's shares for 102 million yuan. Its 3.2V dual EDLC broke the international 2.7V voltage ceiling, and the energy density was 13-15 Wh/kg, increasing nearly 2 times. Yifei Laser launched an automated cylindrical supercapacitor packaging production line. It has signed 10-20 PPM cylindrical supercapacitor packaging line orders with many leading customers, and some production lines have actually been delivered and batch repurchase orders; in July 2026, a strategic cooperation agreement was signed with Jianghai Energy Storage, a wholly-owned subsidiary of Jianghai Co., Ltd., and the two sides have fully upgraded and collaborated in the field of supercapacity R&D and manufacturing.

Risk warning: AI server volume falls short of expectations, import and verification progress falls short of expectations, concentrated production capacity releases the risk of price pressure, supply chain fluctuations and import dependency