北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映射逻 辑。公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高， 覆盖了光模块&光器件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF （516630）为跟踪该指数合计费率最低的ETF。 （文章来源：每日经济新闻） 天风证券指出，在整体市场延续较强动能之际，AI算力方向凭借行业持续高景气，需求旺盛，成为重 要的主线之一。海外算力产业链高景气度依旧，相关产业链的基本面共振更强，持续看好海外算力产业 链投资机会。该机构坚定看好AI行业作为年度投资主线，国内方面，后续伴随着DeepSeekR2/V4等以及 包括Agent、多模态方面相关进展，仍然看好AI行业以及围绕AIDC产业链的持续高景气。 国信证券最新周报称，继续推荐AI算力链，本土多相控制器及OCS产业进程提速。近期在北美算力强势 上涨的带动下，相关映射链条成为主要情绪拉动点，尤其是受益于ASIC趋势下网络架构的变化而带来 显著增量的交换机及服务器产业链。该机构表示，当下时点仍坚定看好25年电子板块在"宏 ...

Summary of Key Points Core Viewpoint - On August 19, the Beijing Stock Exchange (BSE) saw a total trading volume of 2.062 billion shares and a trading value of 52.896 billion yuan, marking an increase of 7.429 billion yuan compared to the previous trading day. A total of 188 stocks closed higher, indicating a positive market sentiment [1]. Trading Performance - Among the tradable stocks on the BSE, 188 stocks (69.37%) closed higher, with notable gainers including JinHao Medical (up 18.63%), BoXun Bio (up 18.20%), and GeLiEr (up 17.75%) [1]. - Conversely, 78 stocks closed lower, with the largest declines seen in ShuGuang ShuChuang (down 7.95%), LiTong Technology (down 6.57%), and LinTai New Materials (down 6.17%) [1]. Trading Volume and Activity - A total of 160 stocks had a trading value exceeding 10 million yuan, with the highest trading values recorded for ShuGuang ShuChuang (1.424 billion yuan), GeLiEr (1.152 billion yuan), and HaiNeng Technology (1.122 billion yuan) [1]. - In terms of trading activity, 105 stocks had a turnover rate exceeding 10%, with 25 stocks exceeding 20%. The highest turnover rates were observed in BoXun Bio (43.90%), JingSai Technology (41.04%), and ZhiGao Machinery (40.28%) [1]. Notable Stocks - The trading details for some notable stocks include: - ShuGuang ShuChuang: Closing price 91.21 yuan, down 7.95%, turnover rate 7.60%, trading value 1.424 billion yuan [1]. - GeLiEr: Closing price 22.16 yuan, up 17.75%, turnover rate 26.98%, trading value 280.77 million yuan [2]. - BoXun Bio: Closing price 34.03 yuan, up 18.20%, turnover rate 43.90%, trading value 261.67 million yuan [2].

Core Insights - The upgrade of Nvidia's architecture is driving the development of liquid cooling solutions, with the GB300 liquid cooling system covering over 80% of high-power components, and the Rubin architecture Kyber rack expected to achieve 100% liquid cooling by 2027 [1] - The demand for GPU liquid cooling is significantly increasing, with the GPU liquid cooling market projected to reach 80 billion yuan by 2026 [2] - ASIC cooling presents high gross margin potential, with a surge in ASIC chip shipments expected in 2026, driven by major tech companies like Google, Meta, and Amazon [3] - Chinese companies are positioned to become industry leaders in the liquid cooling sector, with several firms already making significant advancements [4] Liquid Cooling Market Dynamics - The four main components of the cold plate liquid cooling solution (cold plate, CDU, UQD, Manifold) account for over 90% of the total value of the GB200 NVL72 cooling solution [2] - The GB300 system will increase the number of cold plates used from 54 in GB200 to 126 in GB300, indicating a significant rise in component demand [2] ASIC Chip Market Outlook - Google has fully adopted liquid cooling for its TPU clusters, achieving a GW-level operational scale with high availability [3] - Expected shipments of Google TPUs will reach between 1.5 million to 2 million units by 2025, with Meta and Amazon also planning substantial ASIC chip releases [3] Growth Potential for Chinese Companies - Companies like Qihong Technology and Shuguang Digital Innovation are making strides in the liquid cooling supply chain and commercial deployment [4] - Other firms such as Yingweike and Feirongda are also establishing themselves as key players in the liquid cooling market, with innovative products and successful partnerships [4] Investment Recommendations - The performance boost from Nvidia's Blackwell architecture necessitates liquid cooling solutions, while the customization of ASIC chips is expected to enhance profit margins [5] - The growth of the cooling industry is anticipated as GB200/GB300 systems continue to expand and ASIC servers are introduced [5]

Core Insights - As of August 18, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 6.993 billion yuan, an increase of 291 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Innovation, and Ailun Software, with latest financing balances of 352 million yuan, 215 million yuan, and 187 million yuan respectively [1] - A total of 152 stocks on the Beijing Stock Exchange received net margin purchases on August 18, with 22 stocks having net purchases exceeding 5 million yuan, led by Shuguang Digital Innovation with a net purchase of 95.87 million yuan [1][2] Industry Analysis - The industries with the most stocks receiving net margin purchases over 5 million yuan include machinery equipment, computers, and basic chemicals, with 6, 4, and 3 stocks respectively [2] - On average, stocks that received net margin purchases over 5 million yuan increased by 8.43% on August 18, with notable gainers including Shuguang Digital Innovation, Rongyi Precision, and Audiwei, which rose by 29.99%, 19.02%, and 14.97% respectively [2] - The average turnover rate for stocks with net margin purchases over 5 million yuan was 12.87%, with leading turnover rates from Litong Technology, Benlang New Materials, and Rongyi Precision at 32.74%, 24.35%, and 22.64% respectively [2] Stock Performance - The stocks with the highest increases in margin financing balances on August 18 include Shuguang Digital Innovation, Litong Technology, and Guangmai Technology, with increases of 95.87 million yuan, 36.67 million yuan, and 16.81 million yuan respectively [2][3] - The margin financing balance for Shuguang Digital Innovation accounted for 1.11% of its circulating market value, while Litong Technology accounted for 3.77% [2][3] - Other notable stocks with significant margin financing increases include Ailun Software and Yanhang Precision, with financing balances of 187.16 million yuan and 76.74 million yuan respectively [2][3]

Core Viewpoint - The A-share liquid cooling concept stocks have surged, with 22 companies experiencing price increases of over 10%, driven by the growing demand for efficient cooling solutions in data centers [2][3]. Group 1: Market Performance - On August 18, 22 companies in the A-share liquid cooling sector saw stock price increases of over 10%, with notable performers including Shuguang Shuchuang, which hit a 30% limit up, and several others reaching 20% limit up [2]. - Shuguang Shuchuang's stock price increased by 99.09% to 29.99%, while other companies like Fangsheng Co. and Gaolan Co. also saw significant gains of 22.07% and 20.02%, respectively [3]. Group 2: Industry Background - The liquid cooling technology is gaining traction as a solution to the increasing heat management challenges faced by data centers due to the explosive growth in data volume and computing demands [5]. - Liquid cooling offers advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO), positioning it as a "green revolution" solution for data center cooling [5]. Group 3: Market Projections - According to Dongfang Securities, the global liquid cooling market for data centers is expected to reach approximately 68.8 billion yuan by 2026, with the domestic market projected at around 17.9 billion yuan [7]. - Zheshang Securities forecasts that the liquid cooling market will grow to 35.4 billion yuan in 2025, 71.6 billion yuan in 2026, and 108.2 billion yuan in 2027, driven by the intelligent upgrade of computing infrastructure [7]. Group 4: Industry Chain Insights - The liquid cooling industry chain consists of upstream components like cooling towers and pumps, midstream participants including third-party solution providers, and downstream users such as server end-users [7]. - Key components in the liquid cooling system, such as CDU, Manifold, UQD, and liquid cooling plates, account for over 90% of the system's value [9]. Group 5: Company Developments - Shuguang Shuchuang, formerly part of the Zhongke Shuguang Group, specializes in data center infrastructure products and services, focusing on liquid cooling technologies [4]. - Companies like Fangsheng Co. and Gaolan Co. are actively developing and delivering liquid cooling solutions, with Fangsheng noting that its liquid cooling plate products are already being applied in data centers [11]. - Runhe Materials is advancing its research and production of cooling liquids, while Shenglan Co. is in the trial production phase of its liquid cooling plate products [13][14].

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

Core Viewpoint - The liquid cooling concept in the A-share market has seen a significant rise, driven by the increasing demand for cooling solutions in data centers and computing equipment due to the growing computational density [1][3]. Market Performance - On August 18, related stocks surged, with notable increases such as Shuguang Shuchuang (30% limit up), Fangsheng Co. (up 22.07%), and several others achieving 20% limit up [1]. - The liquid cooling technology is gaining traction as a core solution for addressing high-density heat dissipation issues, leading to explosive market demand [1]. Industry Growth - The liquid cooling server market in China is projected to reach $2.37 billion in 2024, representing a 67% year-on-year growth, with a compound annual growth rate (CAGR) of 46.8% expected from 2024 to 2029, potentially exceeding $16.2 billion by 2029 [3]. - The penetration rate of liquid cooling data centers among the three major operators is expected to rise from 14% in 2025 to 26%, with order schedules extending to 2026 [3]. Applications - Liquid cooling technology is increasingly essential in the AI sector, significantly reducing energy consumption and improving power usage effectiveness (PUE) to levels between 1.1 and 1.2, compared to over 1.5 for air cooling [3]. - The market for thermal management in new energy vehicles is projected to reach 77.1 billion yuan in 2024, with the value of liquid cooling systems per vehicle being three times that of traditional fuel vehicles [3]. Competitive Advantage - Chinese liquid cooling companies have established a global competitive edge, achieving breakthroughs in key areas such as immersion cooling and cold plate cooling, with top-tier technology indicators [5][6]. - Chinese firms hold 35% of the top 20 global liquid cooling patents, with a 55% share in the immersion cooling sector [6]. - The use of nylon to replace metals in liquid cooling components has reduced costs by 30% to 50% and decreased leakage risks by 90% [6]. Industry Chain - The Chinese liquid cooling industry encompasses a complete supply chain, from coolant production to core components and system integration [6]. - Major companies involved include Juhua Co. for coolant, Feilong Co. for electronic pumps, and Industrial Fulian for system integration [6]. Company Highlights - The A-share liquid cooling sector comprises 120 constituent stocks with a total market capitalization of 3.66 trillion yuan [7]. - Companies like Invec provide precision temperature control solutions across various sectors, while Shuguang Shuchuang focuses on data center liquid cooling solutions, particularly in immersion phase change cooling technology [7][8]. - Silver Wheel Co. is advancing its liquid cooling business as a third growth curve, with proprietary technologies enhancing cooling efficiency [7]. - Highlan Co. specializes in liquid cooling solutions for new energy and data center applications, collaborating with major battery manufacturers [8].

每经讯，2025年8月18日，北交所上市公司曙光数创（872808，收盘价：99.09元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日收盘价涨幅达到29.99%，成交数量1705.22万股，成交金额15.55亿元。买一席位为东方证券股份有限公司上海浦东新区张 杨路证券营业部，买入2.25亿元；卖一席位为国泰海通证券股份有限公司贵州贵阳中华中路营业部，卖出1766.01万元。 （记者 张喜威） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 | | 2025-08-18曙光数创（872808） 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ਜੇਵ ਹ | 东方证券股份有限公司上海浦东新区张杨路证券营业部 | 224604127.1 | 335185 | | 买2 | 国金证券股份有限公司深圳分公司 | 26547367.71 | 3910873.1 | | 买3 | 国泰海通证券股份有限公司上海江苏路营业部 | 23398230.28 | 19602 | ...

曙光数创8月18日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 东方证券股份有限公司上海浦东新区张杨路证券营业 | 22460.41 | 33.52 | | | 部 | | | | 买二 | 国金证券股份有限公司深圳分公司 | 2654.74 | 391.09 | | 买三 | 国泰海通证券股份有限公司上海江苏路营业部 | 2339.82 | 1.96 | | 买四 | 中信建投证券股份有限公司安徽分公司 | 2035.79 | 24.18 | | 买五 | 国信证券股份有限公司深圳红岭中路证券营业部 | 1787.71 | 83.32 | | 卖一 | 国泰海通证券股份有限公司贵州贵阳中华中路营业部 | 0.99 | 1766.01 | | 卖二 | 国泰海通证券股份有限公司江苏南京太平南路营业部 | 66.13 | 1746.20 | | 卖三 | 中泰证券股份有限公司章丘双山北路证券营业部 | 3.19 | 1605.35 | | 卖四 | 机构专用 | 1374.10 | 1573.22 ...

证券之星消息，8月18日计算机设备板块较上一交易日上涨2.26%，曙光数创领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。计算机设备板块个股涨跌见下表： 从资金流向上来看，当日计算机设备板块主力资金净流出4.24亿元，游资资金净流出5.36亿元，散户资金 净流入9.61亿元。计算机设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002236 大华股份 | | 3.93亿 | 10.12% | -3.46 Z | -8.90% | -4751.41万 | -1.22% | | 000977 浪潮信息 | | 3.14 Z | 4.48% | -8589.04万 | -1.23% | -2.28亿 | -3.26% | | 001339 智微智能 | | 2.30 Z | 17.16% | -1.55 Z | -11.60% | -7 ...