作为我国经济中心、科技创新高地与对外开放前沿，近年来，上海聚力打造全国领先的智能算力高地， 推动智算资源加速集聚、产业生态持续迭代提质。上海市算力网络协会数据显示，上海智算规模在全国 占比约达8%，已成为引领全国智算产业高质量发展、带动生态协同升级的重要增长极。 中国证券报记者调研发现，从智算规模的跨越式突破到优质企业的集群式崛起，从技术架构的根源性创 新到产业发展共识的深度凝聚，从生态要素的零散分布到全链条协同发力，上海正稳步突破传统规模扩 张、资本驱动的发展瓶颈，引领智算产业实现从"规模增速"向"质量引领、效率优先、可持续发展"的高 阶转型，同步推动智算生态开放共享、协同共生，以标杆性的"上海实践"赋能国家智算产业能级跃升。 天数智芯AI与加速计算技术负责人单天逸把未来的高质量算力定义为"高效率、可预期、可持续"。"所 谓高效率，是指能为客户创造最优的TCO(总体拥有成本)，实实在在帮客户节省使用成本。而可预期是 能够通过精准的仿真模拟，让客户在拿到芯片、部署算力之前，就能清晰预判最终的性能表现，做到所 见即所得。至于可持续，则是从现在主流的算法再到未来还未诞生的全新算法，算力始终能无缝适配， 今天能用， ...

Group 1: Core Insights - The rapid growth of AI applications is driving an increase in demand for computing power, providing cloud service providers with the justification to raise prices [1][4] - Multiple cloud computing service providers indicate that the price hikes are not temporary fluctuations but signify a structural turning point in the industry, with an impending wave of price increases across the sector [1][5] - The entire computing power industry is experiencing a high prosperity cycle, with related listed companies showing continuous growth in performance due to surging AI demand [1][4] Group 2: Price Increases and Market Reactions - On February 11, 2026, Youke De announced a price increase for all products and services starting March 1, 2026, citing significant and structural increases in infrastructure costs due to global supply chain disruptions [4][5] - Following the announcement, A-share computing power stocks surged, with significant increases in prices for CPOs and optical chips, indicating strong market reactions to the price hikes [4][5] - North American cloud computing leaders have already begun announcing price increases, with Amazon Web Services raising its EC2 machine learning capacity block prices by approximately 15% and Google Cloud planning increases of up to 100% [7] Group 3: Supply and Demand Dynamics - The surge in AI model training and inference demand is expected to increase global AI computing power demand to ten times that of 2025 by 2026, with significant increases in token consumption for single tasks [7] - Supply-side constraints, including skyrocketing storage and GPU hardware prices and extended delivery times for AI servers, are contributing to rising computing power costs [7] - The cloud computing rental service sector is entering a growth inflection point, driven by mismatched supply and demand alongside high energy costs [7] Group 4: Industry Outlook - The optical module sector is expected to remain a focal point in 2026, with strong demand, performance, and technological iterations supporting its growth [8] - The computing power industry chain consists of upstream core components like GPUs and high-performance CPUs, midstream data transmission and network-related components, and downstream computing service infrastructure [8] - Investment opportunities in the computing power industry are deemed significant, particularly in the midstream sector, as capital expenditures from major cloud providers continue to grow [8]

Group 1 - The AI medical sector increased by 0.24% compared to the previous trading day, with Youke De leading the gains [1] - The Shanghai Composite Index closed at 4134.02, up 0.05%, while the Shenzhen Component Index closed at 14283.0, up 0.86% [1] - The net inflow of main funds in the AI medical sector was 863 million yuan, while retail funds experienced a net outflow of 47.14 million yuan [1] Group 2 - The table detailing the individual stock performance within the AI medical sector was referenced but not included in the summary [1] - The data was compiled by Securities Star using public information and generated by AI algorithms [1]

从资金流向上来看，当日数字经济板块主力资金净流入64.77亿元，游资资金净流出40.17亿元，散户资 金净流出24.6亿元。数字经济板块个股资金流向见下表： 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。 证券之星消息，2月12日数字经济板块较上一交易日上涨1.16%，优刻得领涨。当日上证指数报收于 4134.02，上涨0.05%。深证成指报收于14283.0，上涨0.86%。数字经济板块个股涨跌见下表： ...

Core Viewpoint - The A-share liquid cooling sector experienced a significant rally, driven by strong performance from overseas leading companies and the growing demand for AI computing power, indicating a shift towards large-scale growth in the liquid cooling industry [1][2]. Group 1: Market Performance - The liquid cooling concept sector rose by 3.34%, with a trading volume of 161.5 billion yuan, and nearly 110 stocks within the sector saw gains [1]. - Notable performers included Yuke Technology, which hit the daily limit and reached a five-year high, and several other companies like Shunling Environment and Fangsheng Co., which rose over 10% [1]. - The strong performance of Vertiv, a leading liquid cooling supplier, with a 24.49% increase in stock price and a year-to-date gain of 53.39%, directly influenced the A-share liquid cooling sector [1]. Group 2: Industry Growth Drivers - The surge in the liquid cooling sector is attributed to the rigid demand stemming from the explosion of AI computing power, as traditional air cooling methods are inadequate for the increased heat generation [2]. - The penetration rate of liquid cooling in AI data centers is projected to rise from 14% in 2024 to 40% by 2026, with the global liquid cooling market expected to reach 105 billion yuan [2]. - The Chinese liquid cooling server market is forecasted to exceed 10.2 billion USD by 2028, with an annual compound growth rate exceeding 40% [2]. - The industry is believed to be entering a critical phase of large-scale development, transitioning from "expectation-driven" to "performance-driven" growth [2].

Market Overview - The A-share market experienced a slight upward trend on February 12, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index gaining 1.32% [2] - A total of 2,108 stocks rose, while 3,280 stocks fell, indicating a mixed market sentiment [2][3] AI Sector Performance - The AI sector in Hong Kong saw a significant surge, with Zhizhu (智谱) stock soaring by 30%, bringing its market capitalization close to HKD 200 billion, and its stock price doubling in just a few trading days [13] - Zhizhu released its new flagship model GLM-5, which has shown strong performance in coding and agent capabilities, competing closely with established models [13] - The company announced a structural price adjustment for its GLM Coding Plan, with an overall price increase starting from 30%, reflecting strong market demand and the need for enhanced service quality [13] Data Center and Cooling Technologies - The computing power industry chain showed strong performance, with companies like Youke (优刻得) and Capital Online (首都在线) hitting the daily limit of 20% increase [4] - In the liquid cooling server segment, stocks such as Chuanrun (川润股份) and Yingweike (英维克) also reached their daily limit [6] CPO Sector - Companies in the CPO (Cloud Point of Operation) sector, including Taicheng (太辰光) and Tianfu Communication (天孚通信), saw stock prices rise over 10%, reaching new highs [8] Non-Ferrous Metals Sector - The non-ferrous metals sector continued its upward trend, with stocks like Xianglu Tungsten (翔鹭钨业) and Zhangyuan Tungsten (章源钨业) hitting the daily limit [10] Media Sector Decline - The media sector faced a downturn, with stocks such as Hengdian Film (横店影视) and Jinyi Film (金逸影视) experiencing significant declines, including some hitting the daily limit down [12]

Group 1 - The stock of Youke De (优刻得) surged by 20%, reaching the daily limit [1] - Companies such as Dawi Technology (大位科技) and Te Fa Information (特发信息) previously hit their price limits [1] - Other companies including Capital Online (首都在线), Qingyun Technology (青云科技), and Wangsu Science and Technology (网宿科技) also experienced significant gains [1]

Group 1 - The AI computing power sector is experiencing a strong resurgence, with the "Computing Power ETF" Yuntianfu (159273) rising by 1.5% and trading volume exceeding 13 million yuan in a single session [1] - Over the past 20 days, the fund has attracted over 160 million yuan, indicating sustained investor interest [1] - Major companies in the cloud computing ETF index have shown mixed performance, with notable gains from companies like UCloud and Wangsu Technology, while Tencent Holdings and Alibaba experienced slight declines [4][5] Group 2 - The recent rumors regarding CSP orders bypassing Zhongji Xuchuang have been refuted, clarifying that the business model remains unchanged and CSP clients will continue to order directly from the company [3] - The launch of the "Spring Festival 3 billion free order" campaign by Qianwen App led to a surge in user engagement, resulting in system overload and highlighting the current shortage of computing power resources [6] - Major tech companies, including Alibaba, Tencent, and ByteDance, are expected to invest heavily in AI during the Spring Festival, with a total of 4.5 billion yuan allocated for competition in AI traffic [7] Group 3 - The global demand for AI computing power is driving significant capital expenditures from major cloud providers, with North American firms projected to increase their capital spending by 67.06% to 372.55 billion dollars in 2025 [11] - This trend is expected to benefit domestic computing power suppliers, as the demand for AI-related hardware and infrastructure continues to grow [11] - The overall industry is witnessing a structural shift, with high-growth areas such as AI chips and optical communication experiencing strong demand, while general manufacturing sectors are also benefiting from the changes [8]

经济观察网优刻得-W(688158)于2月12日以20.01%的涨幅涨停，收盘价报45.05元，成交额45.18亿元， 换手率25.59%。该股已连续4日上涨，区间累计涨幅达31.42%。 股价异动原因 公司于2月11日发布公告，宣布因全球供应链波动导致基础设施成本显著上涨，自2026年3月1日起对全 线云产品与服务实施价格上浮调整。这一消息直接刺激市场对盈利改善的预期。当日液冷服务器、算力 租赁等概念板块走强，优刻得作为算力概念股受到资金追捧。2月11日主力资金净流入2.27亿元，显示 机构资金短期积极参与。 公司基本面 以上内容基于公开资料整理，不构成投资建议。 根据1月19日发布的业绩预告，公司2025年预计净利润亏损收窄至7200万-8700万元，主要因智算产品收 入增长及毛利率提升。但当前市盈率为-129.14倍，扣非净利润仍为负值，基本面尚未完全扭转。股价 近期快速上涨后，市净率达8.54倍，显著高于行业平均水平；且2月12日换手率超25%，筹码松动风险 需关注。云计算行业竞争激烈，公司虽提价转移成本，但长期需观察客户接受度及供应链稳定性。 行业板块情况 短期市场情绪受节前资金面影响，2月12日为 ...

【国产替代之光，科创自立自强】 2月12日午后，字节跳动产业链权重占比超29%的科创人工智能ETF华宝（589520）继续拉升，场内涨幅盘中上探3.57%，现涨3.42%，盘中收复20日均线， 截至当前，已收复全部均线。 成份股方面，优刻得20CM涨停，晶晨股份涨超15%，芯原股份涨逾9%，威胜信息、星环科技、复旦微电、海天瑞声等个股跟涨。 | 序号 | 名称 | 涨跌幅 | | 两日图 | 申万一 -级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 优刻得-W | 20.01% | | | 计算机 | IT服务II | IT服务Ⅲ | 206亿 | 44.89亿 | | 2 | 脂膏胺份 | 15.69% | | | 电子 | *导体 | 数字芯片设计 | 394Z | 27.12亿 | | 3 | 芯原股份 | 9.80% | | | 电子 | 半导体 | 数字芯片设计 | 1373亿 | 45.48 Z | | 4 5 | 威胜信息 | 6.16% | ...