证券研究报告 科技 英伟达新推 LPU，重视铜缆/液冷机遇 华泰研究 2026 年 3 月 01 日│中国内地 行业周报（第九周） 本周观点 市场方面，上周通信（申万）指数上涨 4.76%，同期上证综指上涨 1.98%， 深证成指上涨 2.80%。英伟达在 4QFY26 财报电话会议上详细阐述了对 Groq 的整合计划，并表示后续会推出整合 Groq LPU 技术的推理平台。LPU 作为语言处理单元，在实时 token 生成中可实现极低延迟+高能效。我们认 为英伟达强调对 Groq 的整合计划代表了后续对 LPU 这一推理产品的重视， 未来围绕 LPU 的相关算力配套产业链或受益，其中我们看好 LPU 机柜形式 下的铜缆及液冷需求上行。 周专题：英伟达新推 LPU，重视铜缆/液冷机遇 上周，英伟达在 4QFY26 财报电话会议上详细阐述了对 Groq 的整合计划， 并表示后续会推出整合 Groq LPU 技术的推理平台。我们认为：1）英伟达 斥资 200 亿收购 Groq 且明确阐述整合计划，足见英伟达对推理市场及 LPU 产品重视，未来资源或有所倾斜；2）此前 Groq 自研有 LPU 机柜形式，已 运用在 ...

【导读】有色金属股拉涨，算力租赁板块延续强势；恒生科技指数涨超1% 中国基金报记者 张舟 大家好！今天是周五了，来一起关注最新的市场行情和资讯～ 2月27日上午，A股三大指数集体回调。 从市场结构看，半导体、通信设备、电子元器件、软饮料、建材跌幅居前；有色金属板块强势拉升，钨概念股爆发，算力租赁、云计算等板块逆市上涨。 截至午间收盘，沪指报4139.53点，跌0.17%；深证成指跌0.68%，创业板指跌1.46%，科创综指跌0.52%，北证50跌0.74%。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4139.53 | 14405.76 | 1833.62 | | -7.11 -0.17% -98.03 -0.68% -9.58 -0.52% | | | | 万得全A | 创业板指 | 北证50 | | 6900.10 | 3296.23 | 1533.56 | | -14.29 -0.21% -48.76 -1.46% -11.36 -0.74% | | | | 沪深300 | 中证500 | 中证A500 | | 4693.19 | 8573.46 | 59 ...

Market Overview - The A-share market continues to experience slight fluctuations, with the Shanghai Composite Index changing between red and green over 10 times, while the CSI 1000 index has risen for the fourth consecutive day, reaching a nearly 9-year high since April 2017 [1][10] - The market turnover remains stable, with sectors such as rare metals, artificial intelligence, supercritical power generation, and hotel catering showing strong performance, while sectors like glass fiber, communication equipment, consumer electronics, and aviation equipment are underperforming [1][10] Supercritical Power Generation - The supercritical power generation sector has been gaining momentum, with the sector index hitting historical highs for four consecutive days. Companies like Jin Modern and Yunnan Energy have seen rapid stock price increases, with Yunnan Energy achieving a seventh consecutive day of gains [2][12] - Recent developments include the successful operation of the world's first commercial supercritical carbon dioxide power generation unit in Guizhou, and the initiation of construction for a 2×660 MW ultra-supercritical coal-fired power project, which is expected to complete an investment of 2.349 billion yuan by 2026 and generate approximately 6 billion kWh annually [4][12] - The technology is projected to support lower energy consumption and carbon emissions, with installations planned primarily in coal-rich regions like Xinjiang, Shanxi, and Inner Mongolia, potentially transforming coastal provinces with higher environmental standards [5][13] Artificial Intelligence Sector - The artificial intelligence sector is witnessing a strong rally, with significant inflows of capital. The AI sector has attracted over 11.7 billion yuan in net inflows, with companies like Huasheng Tiancai and Yuntian Lifa receiving substantial investments [6][15] - Recent reports indicate that in the second week of February, the usage of Chinese AI models surpassed that of American models for the first time, with a total of 41.2 trillion tokens compared to 29.4 trillion tokens from the U.S. [8][16] - Four out of the top five AI models by usage on the OpenRouter platform are from Chinese companies, contributing to 85.7% of the total usage among the top models [9][16]

2月27日，国产算力链强势崛起，云计算ETF（159890）开盘拉升涨超1%、目前涨0.74%，成份股表现活跃；拓维信息强势封涨停板，云天励飞大涨13%， 网宿科技、润和软件涨超6%，拓尔思、光环新网、汉得信息、中国软件等多股跟涨。 资金面热度持续攀升。据Wind Level2实时行情结合均价预估，截至发稿，云计算ETF（159890）盘中净流入超6600万元，近5日累计获净申购约5890万元， 规模累破前高。 分析认为，此次V4以国产芯片为基准原生适配，标志着国产算力产业链从过去的"可用"正式走向"规模商用"，有望扭转国产芯片"有算力无生态"的困境，国 产算力逻辑被彻底强化。 该指数前十大重仓包括科大讯飞、金山办公、中际旭创、新易盛、浪潮信息、中科曙光、紫光股份、恒生电子、润泽科技、拓维信息等软硬件龙头，有望充 分受益于AI新基建浪潮。 | | 1.898 +0.014 +0.74% | | | 云计算ETF . | | | --- | --- | --- | --- | --- | --- | | | SZSE CNY 10:12:42 交易中 查看L2全景 | | | 10 | | | | 净值走势 | ...

南方中证500ETF（510500）基金经理为罗文杰。 数据显示，南方基金旗下1只基金位居光环新网十大流通股东。南方中证500ETF（510500）三季度减持 61.71万股，持有股数2133.57万股，占流通股的比例为1.19%。根据测算，今日浮盈赚取约1877.54万 元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益14.65%，同类 排名620/5574；近一年收益43.89%，同类排名1030/4326；成立以来收益188.52%。 2月27日，光环新网涨5.32%，截至发稿，报17.43元/股，成交18.09亿元，换手率5.98%，总市值313.32 亿元。 资料显示，北京光环新网科技股份有限公司位于北京市东城区东中街9号东环广场A座三层，成立日期 1999年1月27日，上市日期2014年1月29日，公司主营业务涉及互联网数据中心业务(IDC及其增值服务) 及云计算业务。主营业务收入构成为：云计算及相关服务69.17%，IDC及其增值服务28.83%，其他 1.40%，互联网宽带接入服务0.59%。 从光环新网十大流通股东角度 截至发稿，罗文 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

（文章来源：每日经济新闻） 每经AI快讯，2月26日午后，算力租赁概念涨势扩大，润泽科技20%涨停，此前中贝通信、华胜天成、 智微智能涨停，奥飞数据、迈信林涨超10%，光环新网、恒润股份、宏景科技、润建股份等跟涨。 ...

Group 1 - The A-share market saw a significant rise in computing power concept stocks, with notable increases in companies such as Xingchen Technology (up over 16%) and Runze Technology (up over 15%) [1] - Nvidia showcased the internal structure and supply chain details of its next-generation Vera Rubin computing power system, which integrates 72 Rubin GPUs and 36 Vera CPUs, totaling 1.3 million components [1] Group 2 - The stock performance of key companies includes: - Xingchen Technology with a market cap of 35.8 billion and a year-to-date increase of 84.86% [2] - Runze Technology with a market cap of 164.4 billion and a year-to-date increase of 100.60% [2] - Zhiwei Intelligent with a market cap of 14.9 billion and a year-to-date increase of 59.14% [2] - Tianfu Communication with a market cap of 290.4 billion and a year-to-date increase of 373.51% [2] - Other companies like Mai Xinlin, Zhongbei Communication, and Fenghuo Communication also showed significant gains [2]

2月25日，光环新网跌2.21%，成交额21.02亿元。两融数据显示，当日光环新网获融资买入额3.22亿 元，融资偿还2.36亿元，融资净买入8557.96万元。截至2月25日，光环新网融资融券余额合计14.98亿 元。 融资方面，光环新网当日融资买入3.22亿元。当前融资余额14.85亿元，占流通市值的5.33%，融资余额 超过近一年60%分位水平，处于较高位。 机构持仓方面，截止2025年9月30日，光环新网十大流通股东中，易方达创业板ETF（159915）位居第 二大流通股东，持股2981.77万股，相比上期减少500.18万股。南方中证500ETF（510500）位居第三大 流通股东，持股2133.57万股，相比上期减少61.71万股。香港中央结算有限公司位居第四大流通股东， 持股2104.18万股，相比上期减少2679.85万股。易方达中证人工智能主题ETF（159819）位居第六大流 通股东，持股1174.00万股，相比上期减少61.08万股。财通资管数字经济混合发起式A（017483）位居 第八大流通股东，持股1127.97万股，为新进股东。广发科技先锋混合（008903）、易方达供给改革混 合 ...

Core Viewpoint - The company, Guanghuan Xinnet (300383.SZ), focuses on internet data center and cloud computing businesses, with expansion plans in various regions [1] Group 1: Business Overview - The main business segments of the company are internet data center and cloud computing [1] - The data center business covers regions including Beijing-Tianjin-Hebei, Yangtze River Delta, and central and western China [1] Group 2: Expansion Plans - The company has plans to develop intelligent computing center projects in Inner Mongolia, Hainan, and Malaysia [1] - The company has a nationwide plan for over 230,000 cabinets, calculated based on a single cabinet power of 4.4KW [1]