Summary of Datacenter Market Insights - ODM Direct Industry Overview - The report focuses on the **Datacenter Market** within the **Hardware Technology** sector, specifically analyzing **ODM (Original Design Manufacturer) direct server shipments** in the Asia Pacific region. Key Insights 1. **ODM Shipments and Value Growth** - ODM shipments declined by **4% quarter-over-quarter (q/q)** but the shipment value increased by **2% q/q** due to growth in both general and AI servers [1][2] - The expected shipments for **GB200/300 racks** are projected to reach approximately **27.3k** in **CY25** and **70k+** in **CY26** [1][5] 2. **Global ODM Direct Server Shipments** - Total global ODM direct server shipments were **1.83 million** units in **3Q25**, reflecting a **4% decline q/q** but a **37% increase year-over-year (y/y)** [2] - This accounted for **43.5%** of global server shipments, which remained flat at **4.2 million** units q/q but increased by **14% y/y** [2] 3. **Market Share Dynamics** - **Inventec** became the top ODM with a **24.6%** market share, gaining **480 basis points (bps)** q/q, while **Wiwynn** dropped to **20.4%** [2][12] - **Intel** and **AMD** both lost unit share, with Intel at **35.1%** (-300 bps q/q) and AMD at **40.3%** (-390 bps q/q) [3][12] 4. **Regional Performance** - **Central & Eastern Europe** exhibited the highest growth in shipment units at **449% y/y**, followed by the **US** at **50% y/y** [4][12] - The US accounted for **75%** of aggregate ODM direct shipments, with other regions like **APxJC** at **13%** and **Western Europe** at **6%** [4] 5. **AI Server Contribution** - AI servers were the main contributors to the increase in shipment value, with the average selling price (ASP) of ODM servers increasing by **7% q/q** and **54% y/y** [5] Additional Insights - **ODM Shipment Value** reached **US$66.8 billion** in **3Q25**, marking a **2% increase q/q** and a **111% increase y/y** [2] - The report highlights potential investment opportunities in ODMs such as **Wistron**, **Wiwynn**, **Hon Hai**, **FII**, and **Quanta** [5] Conclusion - The ODM direct server market is experiencing a complex landscape with declining unit shipments but increasing value, driven primarily by the growth of AI servers. The competitive dynamics are shifting, with new leaders emerging in market share and significant regional disparities in growth rates.

重仓股战绩回顾：其管理的银华招利一年持有期混合A在2025年第二季度调入工业富联，调入当季均价 20.99，连续持有1个季度后，在2025年第三季度调出，调出当季均价45.73，估算收益率为117.87%（估 算收益率按后复权的调入调出季度均价算出）。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 李程先生：中国国籍，硕士研究生。曾就职于嘉实基金管理有限公司、平安养老保险股份有限公司， 2021年8月加入银华基金管理股份有限公司，现任养老金及多资产投资管理部投资经理(年金、养老 金)。2025年4月3日担任银华招利一年持有期混合型证券投资基金、银华招利一年持有期混合型证券投 资基金、银华汇盈一年持有期混合型证券投资基金、银华盛泓债券型证券投资基金基金经理。2025年8 月22日起任银华钰祥债券型证券投资基金基金经理。 其管理过的公募基金如下: 证券之星消息，2026年1月8日，银华盛安六个月持有混合（025993）发布公告，增聘李程为基金经理， 任职日期自2026年1月8日起，变更后银华盛安六个月持有混合（025993）的基金经理 ...

Market Overview - The Shanghai Composite Index rose by 0.05% on January 7, with 17 out of the 28 sectors experiencing gains, led by the comprehensive and coal sectors, which increased by 3.86% and 2.47% respectively [1] - The electronic sector ranked third in terms of gains, with a rise of 1.25% [2] - The oil and petrochemical and non-bank financial sectors were the biggest losers, declining by 1.73% and 1.13% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 54.336 billion yuan, with only four sectors seeing net inflows [1] - The telecommunications sector had the highest net inflow, amounting to 4.752 billion yuan, while the coal sector followed with an inflow of 1.870 billion yuan [1] - The defense and military industry experienced the largest net outflow, totaling 11.625 billion yuan, followed by the computer sector with an outflow of 8.122 billion yuan [1] Electronic Sector Performance - Within the electronic sector, 476 stocks were tracked, with 283 stocks rising and 183 stocks falling [2] - The top three stocks with the highest net inflow were Northern Huachuang (1.385 billion yuan), Nanda Optoelectronics (871 million yuan), and Changchuan Technology (671 million yuan) [2] - Conversely, the stocks with the highest net outflow included Luxshare Precision (-1.765 billion yuan), Shenghong Technology (-1.216 billion yuan), and Industrial Fulian (-898 million yuan) [3] Notable Stocks in Electronic Sector - The electronic sector's top gainers included Northern Huachuang (6.06%), Nanda Optoelectronics (20.00%), and Changchuan Technology (13.09%) [2] - The stocks with significant losses included Luxshare Precision (-2.82%), Shenghong Technology (-2.12%), and Industrial Fulian (-1.41%) [3]

Summary of Datacenter Market Insights – Overall Servers Industry Overview - The report focuses on the **datacenter market**, specifically the **server segment** within the **Asia Pacific** region, highlighting trends and insights for the third quarter of 2025 (3Q25) [1][8]. Key Insights - **Total Server Shipments**: There was a **14% year-over-year (y/y)** growth in total server shipments in 3Q25, primarily driven by demand from the **cloud sector** for both **AI** and general servers [1][2]. - **Global Shipments**: Global server shipments reached **4.2 million units** in 3Q25, remaining flat quarter-over-quarter (q/q) but showing a **14% y/y** increase. The growth was largely attributed to cloud demand, despite some impacts from tariff pull-ins [2][11]. - **AI Server Demand**: AI servers continue to be a strong growth area, with expectations for robust demand throughout 2026. The report notes that AI server yields are improving as original design manufacturers (ODMs) and original equipment manufacturers (OEMs) enhance testing capacities [3][5][15]. Vendor Performance - **Dell**: Experienced a **1% decline** in total server shipments q/q, but its average selling price (ASP) increased by **11%** [3]. - **Lenovo**: Reported a **14% increase** in total server shipments, attributed to strong performance from Microsoft's general servers, although its ASP declined by **17%** [3]. - **Super Micro**: Saw a **20% decline** in total server shipments q/q, but its ASP increased by **9%** [3]. - **Aggregate ODM Shipments**: Totaled **1,827k units**, down **4% q/q** but up **37% y/y**. The market share for ODMs decreased by **1.8 percentage points** to **43.5%** [4][15]. Segment Performance - **High-End Servers**: Shipments grew **384% y/y** and **3% q/q** in 3Q25, indicating strong demand for AI servers [12]. - **Mid-Range Servers**: Increased by **32% y/y** and **6% q/q** [12]. - **Entry-Level Servers**: Grew by **10% y/y** but saw a **1% decline** q/q [12]. Regional Insights - The **US** market outperformed others with a **18% y/y** increase in shipments, followed by **APxJ** at **17%**. Other regions like **Western Europe**, **Japan**, and **Rest of World (RoW)** experienced declines [11]. Future Outlook - The report anticipates continued growth in AI server shipments through 2026, with general compute servers expected to grow in the **5-10% range** [15]. - **Preferred Picks**: The report highlights several companies as preferred investment picks, including **Wistron**, **Hon Hai**, **FII**, **Wiwynn**, and **Quanta** [6]. Additional Notes - The report emphasizes the ongoing transition in server technology, particularly the shift from traditional GPU servers to more advanced rack-scale systems [3]. - The ASP for ODM direct servers increased by **7% q/q** to approximately **US$36.5k**, reflecting a higher contribution from AI servers [14]. This summary encapsulates the key findings and insights from the datacenter market report, providing a comprehensive overview of the current state and future expectations within the server segment.

证券代码：601138 证券简称：工业富联 公告编号：临 2026-002 号 富士康工业互联网股份有限公司 关于 2019 年股票期权与限制性股票激励计划 2025 年第四季度自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次股票期权行权的决策程序及相关信息披露 1、2019 年 1 月 11 日，公司召开了第一届董事会第十二次会议，审议通过了《关 于<富士康工业互联网股份有限公司 2019 年股票期权与限制性股票激励计划（草案）> 及其摘要的议案》《关于<富士康工业互联网股份有限公司 2019 年股票期权与限制性 股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理公司 2019 年股票期权与限制性股票激励计划有关事宜的议案》，同日公司召开了第一届监 事会第六次会议，审议通过了《关于<富士康工业互联网股份有限公司 2019 年股票期 权与限制性股票激励计划（草案）>及其摘要的议案》《关于<富士康工业互联网股份 有限公司 2019 年股票期权与限制性股票激 ...

Group 1 - The core viewpoint of the news is that Industrial Fulian's stock has shown a positive trend with a 2.01% increase on January 6, reaching a price of 64.95 yuan per share, with a total market capitalization of 1,290.33 billion yuan [1] - As of January 6, 2023, the company has seen a year-to-date stock price increase of 4.67%, with a 1.74% rise over the last five trading days and a 6.27% increase over the last 20 days, while experiencing a 2.20% decline over the last 60 days [1] - The company, founded on March 6, 2015, and listed on June 8, 2018, specializes in the design, research and development, manufacturing, and sales of various electronic devices, primarily focusing on 3C electronic products, which account for 99.85% of its revenue [1] Group 2 - As of September 30, 2025, Industrial Fulian reported a total revenue of 603.93 billion yuan, representing a year-on-year growth of 38.40%, and a net profit attributable to shareholders of 22.49 billion yuan, reflecting a 48.52% increase year-on-year [2] - The company has distributed a total of 56.54 billion yuan in dividends since its A-share listing, with 35.15 billion yuan distributed over the past three years [3] - The number of shareholders increased to 476,400 as of September 30, 2025, marking a 53.11% rise, while the average number of circulating shares per person decreased by 34.69% to 41,687 shares [2]

中泰证券指出，2026年CES展会上端侧AI成为核心主题，智能手机、PC及智能汽车等终端厂商纷纷推 出搭载AI功能的新品，推动AI从云端向设备端加速迁移。随着AI应用场景不断拓展，消费电子产品的 智能化水平将持续提升，带动产业链技术创新与需求升级。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年12月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密 (002475)、寒武纪(688256)、工业富联(601138)、中芯国际(688981)、京东方A(000725)、兆易创新 (603986)、澜起科技(688008)、东山精密(002384)、豪威集团(603501)、生益科技(600183)，前十大权重 股合计占比54.35%。 截至2026年1月6日 09:35，中证消费电子主题指数(931494)上涨0.01%，成分股京东方A(000725)上涨 2.60%，长盈精密(300115)上涨2.34%，领益 ...

Group 1 - Goldman Sachs has updated its global server market forecast, expecting total revenue to reach $433.1 billion, $606.1 billion, and $763.9 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 71%, 40%, and 26% [2] - AI training servers are identified as the core growth engine, with projected revenues of $234.8 billion, $369.8 billion, and $506.2 billion for the same years, reflecting year-on-year growth rates of 97%, 57%, and 37% [2] - The report highlights a structural transformation in the global server market, driven by accelerated ASIC server penetration and significant capital expenditure growth from global cloud service providers, maintaining a high prosperity period from 2025 to 2027 [1][2] Group 2 - ASIC chip penetration in AI servers is expected to increase, with forecasts of 38%, 40%, and 50% for 2025, 2026, and 2027 respectively, up from a previous estimate of 45% for 2027 [3] - The demand for AI chips corresponding to AI servers is projected to reach 11 million, 16 million, and 21 million units in 2025, 2026, and 2027, representing increases of 7%, 17%, and 26% from previous forecasts [3] - The AI rack server market is shifting from reliance on Nvidia to a more diversified competition, with non-Nvidia solutions like AMD's Helios expected to gain market share [4] Group 3 - High-power AI training servers are projected to see significant growth, with shipment forecasts of 692,000, 952,000, and 1,227,000 units for 2025, 2026, and 2027, and corresponding market sizes of $180.2 billion, $205.2 billion, and $251.1 billion [5] - AI inference servers are expected to grow steadily, with shipment forecasts of 470,000, 539,000, and 656,000 units, and market size increasing from $29.8 billion to $48.4 billion from 2025 to 2027 [6] - The general server market is returning to normal growth, with shipment growth rates of 11%, 8%, and 2% for 2025, 2026, and 2027, and revenue growth rates of 51%, 19%, and 5% [7] Group 4 - Key companies in the server supply chain include ODM manufacturers like Wistron, Quanta, and Hon Hai, with Hon Hai being a leader in AI server market share [8] - Liquid cooling manufacturers such as AVC and Auras are highlighted for their roles in the cooling solutions for AI servers, with AVC providing custom cooling solutions for Nvidia's platforms [10][11] - TSMC is recognized as a foundational player in the AI chip and ASIC manufacturing sector, while companies like Chenbro and GCE are noted for their roles in critical components for server manufacturing [12]

Group 1 - As of December 31, 2025, the A-share market's margin balance reached 25,406.82 billion yuan, a 36.26% increase compared to the same period in 2024, accounting for 2.58% of the A-share circulating market value [6] - The financing balance was 25,241.56 billion yuan, up 36.14% year-on-year, while the securities lending balance was 165.26 billion yuan, reflecting a 58.33% increase from 2024 [6] - In 2025, 27 out of 31 industries in the Shenwan first-level classification received net financing inflows, with 13 industries exceeding 10 billion yuan in cumulative net financing [6] Group 2 - The electronics industry led with a cumulative net financing inflow of 1,631.69 billion yuan, followed by power equipment, communication, machinery, non-ferrous metals, computers, automobiles, biomedicine, national defense, and chemical industries, all exceeding 300 billion yuan in cumulative net financing [6] - In 2025, 130 individual stocks had cumulative net financing inflows exceeding 1 billion yuan, with Xinyi Sheng (300502) being the most favored, attracting 177.36 billion yuan [7] - The top 10 stocks with the highest margin buying in 2025 all experienced price increases, with Shenghong Technology achieving the highest annual growth rate of 586.02% [7]

智通财经APP获悉，1月5日，中国上市公司协会发布2025年A股上市公司市值表现报告。截至2025年12月31日，上证指数从2025年初的3351.76点增长至 3968.84点，同比增长18.4%；2025年底A股上市公司共5469家，总市值123万亿元，其中2025年新增上市公司116家，2025年1月1日前上市的存量公司5353 家，2025年存量上市公司总市值同比增长22.5%。 一、上市公司市值表现总体情况 2025年，我国市值管理制度从理念倡导走向制度化、体系化、实践化，资本市场呈现以下特点和趋势： 一是市值表现反映国家战略导向。2025年，在集成电路、人工智能、高端制造、生物制造等涉及国家战略的新兴产业和重点领域，上市公司市值表现较为 突出。市值增长成为科技创新实力与产业升级成果的客观映射，推动资源要素配置与国家中长期战略同频共振。 二是政策指引更加体系化和精准化。近年来，监管部门陆续出台系列政策文件，并购重组、现金分红、股份回购等制度不断完善，优化上市公司开展市值 管理工作的"工具箱"，引导上市公司关注自身投资价值，推动公司内在价值与市场估值协同提升。 三是上市公司主动作为意识增强。部分上市公 ...