Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

主力资金净流出的行业有21个，计算机行业主力资金净流出规模居首，今日上涨0.58%，全天净流出资 金96.75亿元，其次是医药生物行业，今日跌幅为0.07%，净流出资金为80.96亿元，净流出资金较多的 还有电力设备、机械设备、家用电器等行业。 8月20日，沪指上涨1.04%，深成指上涨0.89%，创业板指上涨0.23%，沪深300指数上涨1.14%。可交易 A股中，上涨的有3675只，占比67.93%，下跌的1587只。 资金面上，今日主力资金全天净流出302.29亿元，已连续3个交易日资金呈净流出状态。其中，创业板 主力资金净流出213.97亿元；科创板主力资金净流入7.30亿元；沪深300成份股主力资金净流入59.39亿 元。 分行业来看，申万所属的一级行业中，今日上涨的有30个，涨幅居前的行业为美容护理、石油石化，涨 幅为2.42%、2.36%。跌幅居前的行业为医药生物，跌幅为0.07%。 行业资金流向方面，今日有10个行业主力资金净流入，电子行业主力资金净流入规模居首，该行业今日 上涨2.32%，全天净流入资金55.22亿元，其次是食品饮料行业，日涨幅为1.39%，净流入资金为24.94亿 元。 今 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company is a communication equipment giant, with significant underestimation of its AI computing and network business progress, which is expected to recreate ZTE in the AI era [1] - The company has a complete AI product ecosystem and has successfully expanded its internet customer base, with a projected revenue of 18.6 billion yuan for its government and enterprise business in 2024, representing a year-on-year growth of 37% [3] - The domestic supernode progress is exceeding expectations, with a core increment in the switching network, and the domestic supernode penetration rate is expected to accelerate [4][5] Summary by Sections Company Expectations - The company is expected to occupy a core strategic position in the supernode system, leveraging its core capabilities [2][17] AI Product Ecosystem - The company has made significant breakthroughs in servers, switches, switching chips, and self-developed chips, with products entering the internet customer ecosystem and related business segments experiencing rapid revenue growth [3] Domestic Supernode Progress - The domestic supernode market is expected to see accelerated penetration, with projections indicating a penetration rate of 5% in 2025, 19% in 2026, and 45% in 2027 [4] Scale Up Switching Network - The Scale Up switching network is identified as a core incremental segment of the supernode solution, with a projected market size of 14 billion USD by 2027 [5] Market Position - The company occupies a core position in the domestic supernode solution, with a significant gap in market recognition and expectations [10] Demand for Scale Up Switching Chips - The demand for Scale Up switching is accelerating the localization of switching chips, with domestic manufacturers gradually catching up in technology [11] Profit Forecast and Valuation - The company's net profit is projected to be 8.7 billion yuan in 2025, 9.3 billion yuan in 2026, and 10.1 billion yuan in 2027, with corresponding PE ratios of 22, 21, and 19 times [13][16]

| 数据来 | | --- | 源：Choice金融终端 来源：上海证券报·中国证券网 上证报中国证券网讯 8月20日，沪深两市成交额合计2.41万亿元，较上一交易日缩量1801亿元。其中， 沪市成交额1.02万亿元，深市成交额1.39万亿元。 个股方面，东方财富成交额居首，为178亿元。其次是北方稀土、中兴通讯、四川长虹，成交额分别为 163亿元、132亿元、130亿元。 ...

Core Insights - The main point of the article is the analysis of capital flow in various industries, highlighting significant net inflows and outflows of funds in the stock market on August 20, with a total net outflow of 335.7 billion yuan from the Shanghai and Shenzhen markets. Industry Analysis - Among the 30 primary industries, 8 experienced net inflows of main capital, with the communication and electronics sectors leading with inflows exceeding 21 billion yuan each [3] - The beauty care, petroleum and petrochemical, food and beverage, social services, and light industry manufacturing sectors also saw net inflows exceeding 1 billion yuan [3] - Conversely, 23 industries faced net outflows, with the computer industry leading at 96.86 billion yuan, followed by the pharmaceutical and biological sector at 65.1 billion yuan [3] Company Insights - Notable individual stocks with significant net inflows include Inspur Information, which saw an inflow of 21.36 billion yuan, and ZTE Corporation with 15.35 billion yuan [4] - Other companies such as Guangxun Technology, Hainengda, Chengfei Integration, and Guangqi Technology also experienced net inflows exceeding 5 billion yuan [5] - On the other hand, major outflows were observed in stocks like Dongfang Caifu, which had a net outflow of 14.06 billion yuan, and Liou Co. and Runhe Software with outflows of 13.87 billion yuan and 11.53 billion yuan respectively [7]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000063 中兴通讯 | | 5.66 | 8.39 | 137393.08 | | 002281 光迅科技 | | 10.00 | 10.86 | 87486.36 | | 002583 海能达 | | 10.00 | 12.03 | 79916.48 | | 002792 通宇通讯 | | 9.98 | 27.17 | 36330.89 | | 002104 恒宝股份 | | 3.52 | 45.86 | 34006.10 | | 300548 长芯博创 | | 6.04 | 11.41 | 18057.99 | | 600941 中国移动 | | 0.64 | 2.39 | 13064.99 | | 300353 东土科技 | | 1.44 | 9.13 | 8032.09 | | 002148 北纬科技 | | -0.63 | 24.38 | 7623.03 | | 603118 共进股份 | | 4.67 | 16.51 | 4876.1 ...

8月20日，沪指上涨1.04%，深成指上涨0.89%，创业板指上涨0.23%，沪深300指数上涨1.14%。可交易 A股中，上涨的有3675只，占比67.93%，下跌的1587只。 主力资金净流出的行业有21个，计算机行业主力资金净流出规模居首，今日上涨0.58%，全天净流出资 金96.75亿元，其次是医药生物行业，今日跌幅为0.07%，净流出资金为80.96亿元，净流出资金较多的 还有电力设备、机械设备、家用电器等行业。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 电子 | 2.32 | 55.22 | 农林牧渔 | 0.77 | -4.55 | | 食品饮料 | 1.39 | 24.94 | 公用事业 | 0.28 | -9.14 | | 通信 | 0.58 | 18.61 | 房地产 | 0.16 | -9.56 | | 汽车 | 1.93 | 14.29 | 环保 | 0.20 | -10.86 | | 银行 | 0.46 | 10.87 ...

Group 1 - The AI mobile concept sector rose by 2.77%, ranking second among concept sectors, with 23 stocks increasing in value, led by Nanchip Technology, Water Crystal Optoelectronics, and Lingyi Technology, which rose by 12.62%, 7.94%, and 7.03% respectively [1][2] - The main capital inflow into the AI mobile concept sector was 537 million yuan, with 12 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow, with ZTE Corporation leading at 1.374 billion yuan [2][3] - The top stocks by net inflow ratio included Changying Precision, ZTE Corporation, and Furong Technology, with net inflow ratios of 11.41%, 10.39%, and 10.13% respectively [3][4] Group 2 - The concept sectors with the highest daily gains included Tonghuashun Fruit Index at 3.70%, AI mobile at 2.77%, and National Big Fund Holdings at 2.76%, while sectors with declines included Monkeypox Concept at -0.86% and Recombinant Protein at -0.85% [2] - The trading volume and turnover rates for leading stocks in the AI mobile concept included ZTE Corporation at 8.39% turnover and a daily increase of 5.66%, and Changying Precision at 8.41% turnover with a daily increase of 2.99% [3][4] - Stocks with significant declines included Shenghong Technology at -4.33%, Siquan New Materials at -3.47%, and Daoming Optics at -0.70% [1][4]

Group 1 - The AI glasses concept sector increased by 2.54%, ranking 7th among concept sectors, with 124 stocks rising, including Kosen Technology, Renhe Pharmaceutical, and Huashengchang hitting the daily limit [1][2] - The leading stocks in the AI glasses sector included Zhuozhao Point Glue, Aiwei Electronics, and Chip Origin, which rose by 19.67%, 15.85%, and 15.52% respectively [1][2] - The stocks with the largest declines included *ST Xinyuan, Sixuan New Materials, and Diaomicro, which fell by 4.26%, 3.47%, and 3.39% respectively [1][2] Group 2 - The AI glasses sector attracted a net inflow of 4.645 billion yuan, with 79 stocks receiving net inflows, and 19 stocks exceeding 100 million yuan in net inflows [2] - The top stock for net inflow was ZTE Corporation, with a net inflow of 1.374 billion yuan, followed by Sanan Optoelectronics, Changying Precision, and Crystal Optoelectronics with net inflows of 760 million yuan, 336 million yuan, and 308 million yuan respectively [2][3] Group 3 - The highest net inflow ratios were seen in Renhe Pharmaceutical, Kosen Technology, and Sanan Optoelectronics, with net inflow ratios of 73.29%, 56.75%, and 24.62% respectively [3] - The AI glasses concept funding inflow list included ZTE Corporation, Sanan Optoelectronics, and Changying Precision, with respective daily price increases of 5.66%, 9.98%, and 2.99% [3][4]

证券之星消息，8月20日通信设备板块较上一交易日上涨0.62%，光迅科技领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。通信设备板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000063 | 中兴通讯 | 14.67 Z | 11.09% | -4.35 Z | -3.29% | -10.32 Z | -7.81% | | 002281 | 光迅科技 | 8.53 Z | 17.57% | -4.43 Z | -9.13% | -4.10 Z | -8.44% | | 002583 | 海能达 | 7.20 Z | 34.87% | -3.63 Z | -17.59% | -3.57 Z | -17.29% | | 002792 通宇通讯 | | 3.40 Z | 21.06% | -1.56亿 | -9.67% | -1.84亿 | ...