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In China Southern Power Grid (CSG), the SIMADYN D (SD) of SIEMENS plays an important role for the HVDC protection system. Based on the field failure data of SD, this paper studies the time-varying failure rate (TFR) characteristic for the protection devices of HVDC in the CSG. According to the concept of TFR, failure mode is divided into two types, one is the aging failure and the other is the random failure. According to the above failure classification, the failure characteristic of different modules is also discussed.