记者丨 倪雨晴 实习生苏梓丹 编辑丨包芳鸣 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。 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"。 | SZSE CNY 15:30:06 闭市 | | | | | | 通 品 △ ○ 十 | | --- | --- | --- | --- | --- | --- | --- | | 委比 | 46.67% 委差 | 316 | Wind ESG评级 | B | | 详情 | | 卖五 | 356.24 | 12 | ごせ | ...

Core Viewpoint - The liquid cooling sector is poised to become a core investment direction in the AI computing revolution, with increasing penetration rates and a shift from speculative trading to fundamental support [4][6][10]. Group 1: Market Dynamics - In August, the AI market expansion spread from optical modules and PCBs to server power supplies and liquid cooling [1]. - Companies like Invec, Oulu Tong, and Megmeet have seen their stock prices reach historical highs, indicating a growing interest in the liquid cooling sector [2]. - The liquid cooling concept has been developing for nearly two years, but the actual market implementation has been slow [5][6]. Group 2: Technological Advancements - The demand for liquid cooling technology is becoming urgent with the release of NVIDIA's Blackwell series chips, which require advanced cooling solutions [8][10]. - The transition from air cooling to liquid cooling is driven by the increasing power requirements of GPUs, with the B200 and B300 chips necessitating liquid cooling solutions [7][8]. - The penetration rate of liquid cooling in AI data centers is expected to rise significantly, from 14% in 2024 to 33% in 2025, as major cloud service providers upgrade their infrastructure [12]. Group 3: Investment Opportunities - The liquid cooling market is projected to reach 100 billion RMB by 2026, driven by the increasing demand for AI servers and the expansion of liquid cooling solutions [15]. - Companies in the liquid cooling supply chain, such as Invec, have seen substantial stock price increases, with Invec's stock rising nearly 98% in August alone [17]. - The liquid cooling sector is expected to replicate the success of the optical module and PCB markets, with potential for significant growth and investment opportunities [20][27]. Group 4: Competitive Landscape - The liquid cooling industry can be divided into two categories: system integrators like Invec and manufacturers focusing on individual components [28]. - The entry of domestic manufacturers into the global liquid cooling supply chain is anticipated, similar to the previous trends seen in the PCB market [22][24]. - The high entry barriers in the liquid cooling sector are primarily due to the need for advanced system integration capabilities, which many manufacturers currently lack [32][35].

Core Viewpoint - The article discusses the rapid growth and potential of liquid cooling technology in the AI computing sector, highlighting its transition from a niche market to a standard requirement for next-generation computing products [4][11][36]. Group 1: Market Dynamics - In August, the AI market expanded from optical modules and PCBs to include server power supplies and liquid cooling systems [2]. - Companies like Invec, Oulu Tong, and Megmeet have seen their stock prices reach historical highs, indicating a shift in market sentiment towards liquid cooling as a viable investment opportunity [3][16]. - The liquid cooling sector, previously viewed as a laggard in AI trends, is now expected to become a leading investment focus due to its essential role in AI computing [4][16]. Group 2: Technological Advancements - Liquid cooling technology has evolved significantly over the past two years, with increasing expectations following the AI boom in 2023 [6][7]. - The introduction of high-power chips, such as NVIDIA's B200 and B300, necessitates liquid cooling solutions due to their high thermal output [7][8]. - The expected penetration rate of liquid cooling in AI data centers is projected to rise from 14% in 2024 to 33% in 2025, driven by the adoption of new server architectures [11][12]. Group 3: Investment Opportunities - The liquid cooling market is anticipated to reach a valuation of 100 billion RMB by 2026, driven by the increasing demand for AI servers and the corresponding rise in liquid cooling adoption [14][29]. - Companies within the liquid cooling supply chain, such as Invec and others, have experienced significant stock price increases, reflecting investor confidence in the sector's growth potential [16][19]. - The article suggests that the liquid cooling industry could replicate the success seen in the optical module and PCB markets, with potential new leaders emerging in the coming years [25][38]. Group 4: Competitive Landscape - The liquid cooling industry is characterized by two main types of companies: those with system design integration capabilities (e.g., Invec, Highlan) and those focused on manufacturing individual components [30][31]. - The article emphasizes the importance of system integration design capabilities as a high barrier to entry, which could limit competition from companies lacking experience in data center and server applications [34][35]. - As the market matures, the competitive landscape is expected to evolve, with a few key players dominating the supply chain, similar to trends observed in the PCB industry [29][36].

Core Viewpoint - The article discusses the second quarter holdings of the social security fund in A-shares, highlighting significant investments in various sectors and the performance of key stocks. Group 1: Holdings Overview - As of August 30, 2025, 582 A-share companies appeared in the top ten heavy stocks of the social security fund, with a total holding market value of 502.91 billion yuan [2] - There were 158 new stocks added, 171 stocks increased, 126 stocks decreased, and 127 stocks remained unchanged in holdings [2] - The sectors with more than 15 stocks held include chemical products, semiconductors, pharmaceuticals, automotive parts, general equipment, specialized equipment, and medical devices [2] Group 2: Market Value and Performance - Among the 582 companies, 104 stocks had holdings exceeding 500 million yuan, and 37 stocks had holdings over 1 billion yuan, accounting for 76.47% of the total holding market value [3] - Agricultural Bank is the largest holding stock with a market value of over 138.3 billion yuan, experiencing a year-to-date increase of approximately 37% [5] - The average increase for the 582 A-share companies this year is 27.62%, with 32 stocks rising over 50% since the end of June [6] Group 3: Sector Performance - The top five stocks by holding market value are all above 10 billion yuan, with three being large state-owned banks [5] - The banking sector has seen significant stock price increases this year, with over ten bank stocks reaching historical highs [5] - The liquid cooling concept stocks have shown remarkable performance, with the top three stocks doubling in price since the end of June [6] Group 4: Notable Stocks - Yingweike, a leader in temperature control, saw its stock price increase by nearly 170% since the end of June, with a market value exceeding 446 million yuan [8] - Jibite, a gaming company, reported a year-to-date increase of over 110%, with a market value of over 289 million yuan [9] - 28 stocks have a holding ratio exceeding 5%, collectively accounting for 51.83% of the total holding market value [10]

Group 1 - The main stocks with significant capital outflows include Northern Rare Earth (-2.106 billion), Huasheng Tiancheng (-2.033 billion), and SMIC (-1.852 billion) [1][2] - Other notable stocks with large capital outflows are Lingyi Technology (-1.732 billion), Yanshan Technology (-1.407 billion), and Topway Information (-1.214 billion) [1][2] - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from certain sectors, particularly in small metals, internet services, and semiconductor industries [1][2][3] Group 2 - Northern Rare Earth leads the outflow with a significant amount of -2.106 billion, indicating potential concerns in the small metals sector [2] - Huasheng Tiancheng and SMIC also show substantial outflows, suggesting a negative sentiment in the internet services and semiconductor sectors respectively [2][3] - The data reflects a broader trend of capital movement away from certain industries, which may impact future investment strategies [1][2]

| 英入会额最大的前5名 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | よせ 文易营业部名称 | | | | 英人全基(万) | 品成交比例 | 卖出会議(万) | 品点模式比例 | 净以万Y2 | | 1 深胶通专用 | | 641次 48.83% | 0 | 49605.27 | 5.28% | 68768 37 | 7.11% | -17163 10 | | 2 中国建投运券股份有限公司区划中信国际大厦证券费业部 | 28 | 50.00% | A | 46108:16 | 4.91% | 24.97 | 0.00% | 46083 19 | | 3 机构专用 | | 1639次 44.78% | | 23893.18 | 2.52% | 10369.64 | 1.10% | 13323 54 | | 申万宏源运券有限公司上海清东新区陆家嘴环路证券踏业部 | 将 | 0.00% | - | 20393 10 | 2.17% | 157.02 | 0.02% | 20236.08 | | 5 国元证券 ...

英维克今日涨停，全天换手率14.85%，成交额93.92亿元，振幅15.07%。龙虎榜数据显示，机构净买入 6709.79万元，深股通净卖出1.72亿元，营业部席位合计净买入5.86亿元。 深交所公开信息显示，当日该股因日振幅值达15.07%、日涨幅偏离值达8.45%上榜，机构专用席位净买 入6709.79万元，深股通净卖出1.72亿元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交25.69亿元，其中，买入成交额为15.25亿 元，卖出成交额为10.44亿元，合计净买入4.81亿元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买三、卖三、卖五，合计买入金额 2.37亿元，卖出金额1.70亿元，合计净买入6709.79万元，深股通为第一大买入营业部及第一大卖出营业 部，买入金额为4.96亿元，卖出金额为6.68亿元，合计净卖出1.72亿元。 近半年该股累计上榜龙虎榜7次，上榜次日股价平均涨3.55%，上榜后5日平均涨13.39%。 资金流向方面，今日该股主力资金净流入8.95亿元，其中，特大单净流入8.80亿元，大单资金净流入 1532.93万元。近5日主力资金净流入14.27亿元 ...

8月28日，A股主要指数早盘小幅震荡，尾盘拉升冲高。全天成交额3万亿元，较前一交易日缩量1969亿元。 市场热点方面，CPO概念爆发，铜缆高速连接、光通信模块活跃，芯片、半导体板块走高，寒武纪涨超15%登顶A股新股王。 焦点股方面，天普股份一字涨停晋级5连板；算力产业链持续领涨，万通发展、领益智造、特发信息等反包涨停；此外，医疗股济民健康11天7板，零售股国光连锁14天7板。 | 代码 | 名称 | 价格 | 行长师 | 儿大儿板 张骨分析 | 换手容 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 802522 | 天普股份 | 42.90 | +10.00% | 5连板 中景六英松入千+汽车零部 | 0.05% | 315.747 | | 600246 | 万通发展 | 13.52 | +10.01% | 6天4板 PCle5.0芯片+科技转型+国产 | 17.06% | 42.45 7 | | 201888 | 长飞光纤 | 82.95 | +10.00% | 4天3板 空芯光纤+光纤光缆+半年报 | 1.48% | 4.8417. | | 0 ...

数据产业，又迎来好消息！ 8月28日，在2025中国国际大数据产业博览会开幕式上，国家数据局局长刘烈宏表示，近期正在部署一批数据产业集聚区建设试点，加快推动形成产业 生态和规模优势。他还表示，今年将推出数据产权、数据创新型企业、数字产业集群等十几项产业政策。 此前一天，国家数据局会同有关部门召开数字中国建设工作推进会议。会议提出，要加快推进行业高质量数据集建设，积极服务"人工智能+"行动。 8月28日盘中，数据中心板块V形大反弹。截至收盘，天孚通信、英维克、启明信息、深南电路等20多只相关概念股涨停或涨超10%。其中，寒武纪大 涨近16%，股价再创历史新高，总市值突破6600亿元。 | 分时 | 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 | 月线 多分时 更多 | 竞价 暨加 重播 统计 图线 | F10 标记 +自选 返回 | | | 数据中心 880799 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 数据中心 分时 成交额(万) | | | 板块状况 0 | | | | | | 1822 | | | | | ...

Market Performance - The specialized equipment sector increased by 3.86% on August 28, with N Balanshi leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Gainers in Specialized Equipment Sector - N Tianlanren saw a significant rise of 205.13%, closing at 48.15 with a trading volume of 185,700 shares and a transaction value of 889 million [1] - Kai Teng Precision Engineering increased by 15.91%, closing at 11.22 with a trading volume of 200,400 shares [1] - Xin Qi Wei Zhuang rose by 14.26%, closing at 142.30 with a trading volume of 146,500 shares [1] - Ying Weike increased by 10.01%, closing at 79.04 with a trading volume of 1,251,500 shares and a transaction value of 9.392 billion [1] Decliners in Specialized Equipment Sector - Le Hui International decreased by 7.29%, closing at 28.10 with a trading volume of 99,400 shares [2] - He Duan Dong Neng fell by 5.24%, closing at 16.47 with a trading volume of 813,000 shares [2] - Jia Suan Bei Neng dropped by 4.61%, closing at 21.30 with a trading volume of 120,600 shares [2] Capital Flow Analysis - The specialized equipment sector experienced a net outflow of 770 million from institutional investors and 372 million from retail investors, while retail investors saw a net inflow of 1.142 billion [2] - The capital flow for specific stocks showed that Ying Weike had a net inflow of 817 million from institutional investors, while it faced a net outflow of 497 million from speculative funds [3]