Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, and Jimin Health, have hit the daily limit down [1] - Over 30 stocks, such as Tianfu Communication and Huahong Company, have experienced declines exceeding 10% [1]

Group 1 - The core viewpoint of the article highlights a significant decline in computing hardware stocks, particularly in the CPO and liquid cooling server sectors [2] - Companies such as Invec, Megmeet, and StarNet have hit the daily limit down, indicating severe market pressure [2] - Other companies like Tianfu Communication, Taicheng Light, Ruijie Networks, Dekoli, and Oulu Tong have experienced declines exceeding 10% [2]

每经AI快讯，9月2日，液冷服务器指数盘中跌幅扩大至2.41%，成分股普遍走弱。其中科创新源跌 7.18%、领益智造跌6.19%、依米康跌6.01%、腾龙股份跌5.22%、英维克跌5.50%。 ...

Group 1 - As of August 30, 2025, a total of 582 A-share companies are included in the top ten heavy positions of the social security fund, with a total holding market value of 502.91 billion yuan [1] - The social security fund has new positions in 158 stocks, increased positions in 171 stocks, decreased positions in 126 stocks, and maintained positions in 127 stocks [1] - The sectors with significant holdings include chemical products, semiconductors, chemical pharmaceuticals, automotive parts, general equipment, specialized equipment, and medical devices, each with more than 15 stocks [1] Group 2 - Among the 582 companies, 104 stocks have holdings exceeding 500 million yuan, and 37 stocks have holdings exceeding 1 billion yuan, accounting for 76.47% of the total holding market value [3] - Agricultural Bank is the largest heavy position stock of the social security fund, with a holding market value exceeding 138.3 billion yuan and a year-to-date increase of approximately 37% [7] - The average increase of the 582 A-share companies this year is 27.62%, with 32 stocks increasing over 50% since the end of June [8] Group 3 - The top five stocks by holding market value all exceed 10 billion yuan, with four of them maintaining their holding market value [6] - The average holding ratio of the 582 A-share companies is approximately 1.8%, with 28 stocks having a holding ratio exceeding 5%, accounting for 51.83% of the total holding market value [14] - The stocks with the highest holding ratios include China Life Insurance, Founder Securities, and Bank of Communications, each exceeding 10% [16]

证券研究报告 科技 2Q25 国内互联网 CapEx 出现拐点， 继续关注国产算力 华泰研究 2025 年 9 月 01 日│中国内地 行业周报（第三十五周） 风险提示：中美贸易摩擦加剧；云厂商资本开支投入不及预期；5G 发展不 及预期。 一周内行业走势图 一周行业内各子板块涨跌图 0.0 3.8 7.5 11.3 15.0 08/22 08/24 08/26 08/28 (%) 通信 通信设备制造 沪深300 (2.00) 2.25 6.50 10.75 15.00 通信设备制造 通信运营 通信服务 (%) 本周观点 市场方面，上周通信（申万）指数上涨 12.38%，同期上证综指上涨 0.84%， 深证成指上涨 4.36%。BAT（百度、阿里、腾讯）2Q25 合计资本开支为 615 亿元，同比增长 170%，环比增长 13%，环比增速重回增长，其中阿里 2Q25 资本开支 386 亿元，同比提升 224%。我们认为，阿里 Q2 资本开支 投入超出市场预期，国内互联网厂商资本开支增长已从 Q2 起呈现拐点（市 场此前预期需到 Q3 以后），下半年或维持高增趋势，建议关注国产算力链 投资机会，板块包括交换机、光 ...

Core Insights - The communication sector outperformed the market in August, with the Shenwan Communication Index rising by 34.41%, compared to a 10.33% increase in the CSI 300 Index, ranking first among 31 primary industries [2][3] - In the first half of 2025, the communication industry (excluding operators) saw revenue and net profit attributable to shareholders grow by 12.4% and 24% year-on-year, respectively, with significant contributions from the optical communication sector benefiting from AI development [2][3] Industry Performance - The optical devices and modules, optical fiber and cables, and IDC segments showed strong performance, with revenue growth rates of 67%, 21%, and 16% respectively in H1 2025 [2][3] - Notable stock performances in August included Yingweike (up 118.88%), Tianfu Communication (up 95.23%), and Dekeli (up 92.49%) [2][3] AI and Cloud Investment - Major cloud service providers (CSPs) are increasing their AI investments, leading to improved revenue and profit in their core businesses, creating a positive feedback loop [3] - Alibaba's Q2 2025 Capex for AI and cloud reached 38.6 billion yuan, with AI revenue accounting for over 20% of external commercial income [3] Satellite Internet Development - Rapid advancements in satellite internet infrastructure are noted, with China completing five low-orbit satellite launches in just 22 days, and SpaceX's Starlink deploying over 8,000 micro-satellites [4] Investment Recommendations - Focus on optical devices and modules, communication equipment, and liquid cooling technologies as key investment areas [5] - Long-term investment in the three major telecom operators is recommended due to their stable operations and increasing dividend payouts [5] Recommended Stocks - Suggested stocks for September include China Mobile, Zhongji Xuchuang, ZTE, Yingweike, and Guanghetong [6]

液冷已来，产业变革加速 20250831 摘要 电能正成为继光模块和 PCB 之后的新兴投资热点，液冷技术是关键驱动 力。市场共识在于液冷板块即将爆发且市场空间巨大，主要分歧在于电 能板块的竞争格局及 A 股公司能否占据优势。 中国台湾公司在液冷冷板领域占据优势（30%-40%价值量），但 CPU 转接头、管路等剩余份额（60%-70%）是 A 股上市公司的机会。相变 或静默模式技术发展将削弱中国台湾公司的优势，为 A 股公司提供更多 机遇。 国内企业如阿里、字节跳动积极布局液冷。英维克是全链条龙头，在 GPU 和 Ethereum 市场份额高。工业富联、旭创新材、申菱环境、高 澜股份等企业也具备潜力。 英伟达 GB300 芯片单片功耗接近 2000 瓦，推动相变冷板等散热技术 需求，提升快接头、管路和 CDU 等设备价值，数据中心建设向 G 瓦级 跃升，液冷需求倍增。 当前液冷技术主要应用于 GB200、GB300 等产品，以水基溶液为主。 未来可能采用氟化液（氢氟醚、氢氟烃、碳氟化合物）作为冷却介质， 因其沸点高且稳定，优于易燃的有机硅油。 中国台湾省公司在液冷产品中的优势如何？ 中国台湾省公司在液冷产品 ...

8月，AI行情扩散从光模块、PCB，扩散至服务器电源、液冷等环节。 英维克、欧陆通、麦格米特等概念股股价均创出历史新高。 由于供应链地位不如光模块、PCB等环节，以往液冷板块上涨总被当成是AI行情的尾声，缺少基本面的支撑，炒得再高也只 是主题炒作，个把月股价便纠回原型。 然而，这次不一样了。 随着液冷方案成为下一代算力产品的标配，液冷渗透率加速提升，有望继续成为AI算力革命下的核心投资方向。 今年是液冷元年？ 事实上，液冷概念从诞生到发酵已近2年。 2023年AI热潮兴起后，市场对液冷有从0到1爆发的高预期，但产业实际落地节奏平稳缓慢。 究其原因，液冷的落地延迟主要是国内外主流高芯片的落地延迟，如国外GB200、GB300系列，国内主流芯片也类似。 理论上风冷散热只有30kW，而B200单卡1.2kW，B300单卡1.4kW，NVL72机柜更直接120-130kW。这意味着，只要机柜功率 跨过去，就必须上液冷。 | 펠릉 | 表1: 历代 NVIDIA GPU 功耗提升 | 发布时间 | 功耗 (W) | 芯片类型 | | --- | --- | --- | --- | --- | | | A100 | 20 ...

以下文章来源于More Than Semi ，作者猫叔 More Than Semi . More Than SEMI 半导体行业研究 背景就不多介绍了，大A液冷龙头的英维克，股价相比去年年初，翻了接近10倍。这篇文章，我们来聊 聊液冷的技术。 在液冷技术领域，英伟达和AMD无疑是液冷技术应用的领跑者。英伟达的芯片功耗和机柜容量正在快 速迭代。B200芯片功耗已达1200瓦，搭配的GB200 NVL72机柜容量为120千瓦；而最新量产的B300芯 片功耗提升至1400瓦，机柜容量也增至140千瓦。英伟达的下一代Rubin芯片预计功耗将达1800瓦，2027 年推出的Rubin Ultra更是可能高达3600瓦，届时机柜总功率将是B300的14倍，这对液冷系统的设计和部 署提出了极高的要求。 AMD的GPU功耗增长同样迅猛。从MI300系列的700-750瓦，到MI325系列的1000瓦，再到MI355系列的 1400瓦，未来MI375系列预计将达到1600瓦。 相比之下，AMD的CPU功耗增长较为温和，维持在400-600瓦之间，Intel的CPU功耗也类似，保持在 500-600瓦。 液冷系统的核心部件升级 ...

记者丨倪雨晴 实习生苏梓丹 业绩和股价齐飞 编辑丨包芳鸣 AI浪潮下的算力竞赛，正在改写全球科技产业的节奏。大模型推理与训练需求急速膨胀，让AI算力一 跃成为基础设施中的"硬通货"。 在英伟达市值冲上4万亿美元之后，这场算力周期的红利，正沿着产业链层层释放。过去一年，从存 储、封装到通信连接，资本市场已经经历过数轮追逐。进入2025年，A股的英伟达产业链热度继续攀 升，AI服务器、光模块、液冷、高端PCB与高速连接等环节全面点燃，龙头公司半年报普遍超预期。 工业富联市值突破万亿，新易盛股价三年累计飙升逾28倍，胜宏科技股价今年以来涨幅超过500%，多 家公司纷纷交出亮眼成绩单。在英伟达转向AI基建企业的过程中，资本与产业共振效应进一步放大， 算力赛道已成为资本市场炙手可热的主线之一。 | 356.20 +1.25 +0.35% | | | | | | 新易盛 立即 300502 交易 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 15:30:06 闭市 | | | | | | 通 融 / △ + | | 麦比 | 46.67% 委差 | 31 ...