2026 年 2 月 27 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn SAC 执业证书编号： S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 超配（维持） 散热需求向互连系统延伸，连接器散热成为重要补充 深 度 研 AI 集群互连散热专题报告 证 券 研 究 报 告 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 通信行业 SAC 执业证书编号： 罗炜斌 AI集群功耗上扬，集群散热需求增长。AI算力需求呈指数级爆发直接推 动了AI集群功耗上扬，从单芯片到机柜级别的功耗密度的激增已经超越 了传统数据中心的设计极限。以英伟达产品为例，2026年是其AI硬件产 品将从H100/H ...

证券日报网讯2月25日，中航光电（002179）在互动平台回答投资者提问时表示，公司为我国互联网卫 星星座星间微波、星间激光通信配套全链路解决方案，产品包含连接器、电缆组件、柔板组件、光模 块、光缆组件等，有丰富的飞行应用经历。 ...

同壁财经讯，企查查数据显示，根据《某单位水密电缆及连接器中标公告》，中航光电科技股份有限公 司于2026年2月25日公告中标某单位采购项目，中标金额为254.07万元。 相关上市公司：中航光电(002179.SZ) 同壁财经小贴士： 中航光电（002179.SZ）2024年营业收入为206.86亿元，营业收入增长率为3.04%，归属母公司净利润为 33.54亿元，归属母公司净利润增长率为0.45%，净资产收益率为15.67%。 相关上市公司：中航光电(002179.SZ) 同壁财经小贴士： 中航光电（002179.SZ）2024年营业收入为206.86亿元，营业收入增长率为3.04%，归属母公司净利润为 33.54亿元，归属母公司净利润增长率为0.45%，净资产收益率为15.67%。 2025年上半年公司营业收入为111.83亿元，营业收入增长率为21.60%，归属母公司净利润为14.37亿 元，归属母公司净利润增长率为-13.87%。 目前公司属于信息技术行业，主要产品类型为电子元器件，2024年报主营构成为电连接器:78.36%;光器 件及光电设备:13.74%;流体、齿科及其他产品:7.9%。 2025 ...

航空航天ETF（159227）：规模位居同类第一，紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动 机、火箭、导弹、卫星、雷达等全产业链龙头，完美契合"空天一体"的战略方向，涵盖大飞机、商业航 天、低空经济等新兴领域，商业航天含量高达69.65%。前十大重仓股中包含了航天发展、中国卫星、 航天电子、中航机载、中航高科等行业龙头。 （文章来源：每日经济新闻） 此前，在长征十号运载火箭系统低空演示验证与梦舟载人飞船系统最大动压逃逸飞行试验中，梦舟载人 飞船成功实施最大动压逃逸并在海上安全溅落。这是我国首次在海上实施载人飞船搜索回收任务，为后 续空间站应用与发展任务和载人登月任务积累了重要经验。 东吴证券表示，近期，中国在可回收火箭领域取得了技术突破与试验进展，我国航天产业距离"低成 本、高复用"越来越近。中国可回收火箭技术突破，不仅是航天产业内部的成本革命与技术升级，更是 国家战略安全、高端制造升级与全球竞争格局重塑的重要支点。长期来看，将推动我国从航天大国向航 天强国跨越，为我国在新一轮科技革命与产业变革中抢占先机提供重要支撑。 2月25日，A股三大指数集体上涨，商业航天板块午后强势拉升。截至13:51，航空航 ...

（文章来源：证券日报） 证券日报网讯 2月24日，中航光电在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 户数为176729户。 ...

（文章来源：证券日报） 证券日报网讯 2月24日，中航光电在互动平台回答投资者提问时表示，公司产品遵循市场化定价，在与 客户沟通价格的过程中，已经将大宗原材料上涨作为价格谈判的因素。面对大宗原材料价格变动，公司 也将不断推进战略成本管控，坚持研发源头拉动，推动数智化转型，促进效率提升。 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry [8] Core Views - The successful controlled sea splashdown of the Long March 10 rocket's first stage marks a significant breakthrough in rocket payload capacity, which is crucial for the development of the commercial space sector and the acceleration of satellite deployment [1][11] - The report emphasizes the importance of reusable rocket technology in reducing launch costs and enhancing satellite internet construction, which is expected to benefit the satellite industry chain [15][12] Summary by Sections Industry Overview - The report highlights the advancements in China's reusable rocket technology, which is seen as a key factor in enhancing launch capacity and reducing costs, thereby accelerating satellite deployment [1][15] - The military modernization during the "14th Five-Year Plan" period is expected to shift from quantity to quality, creating structural opportunities in military equipment demand [2] Key Companies - Recommended companies include Torch Electronics, Hongyuan Electronics, AVIC Optoelectronics, Steel Research Nack, Gaode Infrared, Aerospace Intelligence, and AVIC High-Tech, all rated as "Buy" except for AVIC High-Tech, which is rated as "Hold" [3][37] - The report provides target prices for these companies, indicating strong growth potential based on their performance and market conditions [37] Market Performance - The report notes that the aerospace and military sector outperformed the market, with a 2.17% increase in the defense and military index, ranking 8th among 31 sectors [24] - The report includes a detailed analysis of stock performance, highlighting significant gainers and losers within the industry [9][10] Valuation Metrics - As of February 13, 2026, the Shenyin Wanguo defense and military sector index has a PE (TTM) of 97.40, indicating a high valuation relative to historical levels [29][34] - The report provides a breakdown of PE ratios for various sub-sectors within the military industry, indicating varying levels of valuation across different segments [29][36]

Group 1 - The core point of the article is that as of February 10, the number of shareholders for AVIC Optoelectronics (stock code: 002179) is reported to be 174,478 [1]

Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]

Group 1 - Company AVIC Optoelectronics Technology Co., Ltd. won a procurement project from Shanghai Nuclear Engineering Research and Design Institute, with a bid amount of 8.8484 million yuan [1] - The company is listed under the stock code 002179.SZ [2][3] - In 2024, the company's operating revenue is projected to be 20.686 billion yuan, with a growth rate of 3.04% [2][3] Group 2 - The net profit attributable to the parent company for 2024 is expected to be 3.354 billion yuan, with a growth rate of 0.45% [2][3] - The company's return on equity (ROE) is 15.67% [2][3] - In the first half of 2025, the company's operating revenue reached 11.183 billion yuan, showing a growth rate of 21.60% [2][3]