Or take Enphase, where the branch circuit wiring is covered by the NEC between the breaker and the j-box on the roof, and then the manufacturer's cable with the UL listing takes over between the J-box and the inverters. Same circuit.
I wouldn't say it takes over, I would say it augments. Surely Enphase's cable meets all the NEC rules for a branch circuit or feeder cable (that don't have exceptions of the form "or as per the listing instructions")? If it didn't, that would be an NEC violation.
Also they might be feeders. Haven't you argued that anything that isn't clearly a branch circuit or a service conductor must be a feeder? Doesn't it have to one or the other in the NEC, so the 125% factor will come into play if NEC rules apply?
It has to be one or the other for conductors between the service equipment and the outlet. But my argument here is that the outlet is at the "power cabinet", so that doesn't apply to the field installed DC conductors. I agree those conductors aren't exempted from the NEC entirely by 90.7, as they are not factory installed. But they can still plausibly be considered internal to the utilization equipment.
So I am warming to the idea that the DC conductors are subject to the NEC rules, such as Articles 300 and 310, but not to rules specific to branch circuits or feeders. As such you can determine their ampacity per the usual procedure, but 210.19 and 215.2 would not apply. Presumably some other part of the manual tells you what current they will be carrying based on the equipment configuration, and you can select the ampacity accordingly, with no 125% factor.
BTW, this situation of conductors under the NEC that don't have a 125% continuous use factor applies also to service conductors that are not service entrance conductors. Although there the NEC specifies the requisite ampacity.
Now if the power cabinet does have a UL 489 branch circuit type DC breaker protecting the DC conductors, then that at least permits the interpretation that the DC conductors are branch circuit conductors. Conversely, if it doesn't, then the DC conductors as branch circuit conductors interpretation means such equipment could not be installed in an NEC compliant manner without adding such OCPD.
Cheers, Wayne