Guosheng: Supercapacitors have become a necessity, and domestic manufacturers are fully catching up.

Guosheng has released a research report stating that supercapacitors are parallelly developed along two lines: EDLC and LIC. EDLC is adapted for millisecond-level transients with ultra-long lifespan and high pulse rates, while LIC is suited for space-constrained scenarios with higher voltage and energy density. The two lines complement and coexist within the AI power supply ecosystem. The GB300/Rubin high-power cabinets are promoting the upgrade of supercapacitors from optional components to structural necessities, and domestic manufacturers are reaching a critical turning point from technology validation to large-scale deployment. Guosheng's main points are as follows: Supercapacitors act as power buffers between traditional capacitors and batteries, with both EDLC and LIC running in parallel. They store charge through the physical adsorption of ions at the electrode/electrolyte interface, forming a double electric layer, and do not rely on chemical reactions. This gives them high power density and energy density comparable to batteries, along with advantages like a wide operating temperature range, high safety with no risk of thermal runaway, and other benefits. The commercialization pathways are divided into three categories: EDLC (pure double electric layer, 2.7V, with the longest lifespan, the mainstream in commercialization), pseudocapacitance (which uses pure redox reactions to enhance energy density but sacrifices lifespan), and LIC/HSC (pure lithium intercalation + double electric layer, 3.8V, balancing high energy and high power as the direction for technological iteration). EDLC adapts to millisecond-level transients with ultra-long lifespan and high pulse rates, while LIC, with higher voltage and energy density, is suited for space-constrained scenarios. The two lines complement and coexist within the AI power supply ecosystem. The synchronous pulse characteristics of AI training loads have led supercapacitors to upgrade from optional components to structural necessities. The operation of thousands of GPUs simultaneously causes the cabinet power to fluctuate drastically between 30% and 100%, resulting in milliseconds to seconds of power surges, invalidating the traditional assumption of "gentle load." The power of NVIDIA cabinets has increased from 40kW with Hopper to over 150kW with BlackwellUltra, and over 200kW with Rubin, where these sudden changes in power can easily trigger circuit breaker malfunctions or cause bus voltage drops. The GB300NVL72 integrates electrolytic capacitors into the power supply racks for pure low-load charging and high-load discharging, achieving a 30% reduction in actual peak power. The next-generation Rubin platform will feature further improvements; supercapacitors in UPSTray will insert farad-level energy storage between microsecond to millisecond onboard capacitors and second to minute UPS batteries, extending coverage from microseconds to seconds, perfectly filling the power fluctuation gap of GPUs, and expected to become the best choice for multi-time-scale energy buffering. The global landscape is characterized by "Japanese technology leading + domestic comprehensive catch-up," with domestic supercapacitors experiencing significant strength, led by Nantong Jianghai Capacitor. Overseas, Musashi Precision is simultaneously developing multiple pathways of EDLC/LIB/HSC, and has collaborated with Flex to launch the CESS capacitor energy storage system; Maxwell (a part of Clarios) has over 50 years of technical accumulation, with cumulative shipments exceeding 85 million supercapacitor batteries; Skeleton has launched a complete matrix of Graphene GPU/BBU/UPS products. Domestically, Nantong Jianghai Capacitor is one of the few companies globally that is simultaneously laying out the three major types of capacitors. The dual pathway of EDLC + LIC is based on acquiring all intellectual property from Japan's ACT in 2013, making it one of the few capable of mass production globally. Sieyuan Electric holds 70.42% of Xinhua Crystal Carbon Energy (which focuses on dry method electrode EDLC), and according to its July 2026 capital increase announcement, supercapacitors are entering the bulk application phase in data centers, with plans to increase funds by no less than 400 million yuan for expansion; Guangdong Hec Technology Holding is one of the few vertically integrated companies across the entire industry chain, with layered foils having established stable cooperation with Delta, jointly launching the world's first SST DC power supply solution with Meituan, Qinhuai Data, and Delta; Fujian Torch Electron Technology, through its subsidiary Mingqi Hongke, acquired 58.46% equity of Zhongke Supercapacitor for 102 million yuan in June 2026, breaking the international voltage ceiling with its 3.2V double EDLC, achieving energy densities of 13-15Wh/kg and nearly doubling the performance. Wuhan Yifi Laser Corporation has launched an automated packaging production line for cylindrical supercapacitors and has signed orders for cylindrical supercapacitor packaging lines of 10-20PPM with several leading clients, with some production lines already delivered and receiving repeat bulk orders; in July 2026, it signed a strategic cooperation agreement with the wholly-owned subsidiary of Nantong Jianghai Capacitor, Jianghai Energy Storage, to comprehensively upgrade collaboration in the field of supercapacitor R&D and manufacturing. Risk warnings: AI server growth may not meet expectations, introduction and verification progress may lag behind expectations, concentrated capacity release may pose price risks, supply chain fluctuations and dependence on imports.