Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300376 | 易事特 | 6.87 | -7.16% | 81.87万 | 5.72亿 | | 002630 | ST华西 | 2.35 | -4.47% | 60.55万 | 1.44亿 | | 300593 | 新富能 | 30.21 | -3.82% | 22.98万 | 6.96 Z | | 688551 | 科威尔 | 39.69 | -3.74% | 1.55万 | 6179.73万 | | 688719 | 爱科赛博 | 47.80 | -3.63% | 2.80万 | 1.35 Z | | 300713 | 英可瑞 | 17.78 | -2.41% | 3.33万 | 5966.45万 | | 600405 | 动力源 | 5.44 | -2.16% | 10.03万 | 5515.65万 | | 002227 | 奥特迅 | 12.11 | -1.94% | 4.08万 | 4971.13万 | | 301157 | 华塑科技 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the liquid cooling server concept stocks, particularly noting that Oulutong surged over 15% in the afternoon trading session, with its stock price reaching 263.26 yuan per share [1] Group 2 - The article reports on the performance of liquid cooling server stocks, indicating a positive market reaction and investor interest in this sector [1] - The specific stock mentioned, Oulutong, experienced a notable rise, reflecting broader trends in the industry related to liquid cooling technology [1]

Market Overview - On January 28, the cloud computing sector experienced a significant surge, with Meili Cloud hitting the daily limit, and companies like Wangsu Science and Technology and Oulutong rising over 10% [1] - Meili Cloud's stock price reached 14.28, reflecting a 10.02% increase, while Wangsu Science and Technology saw a price of 16.04, up by 18.46% [2] Price Increases by Major Cloud Providers - Google Cloud announced on January 27 that it will increase global data transfer service prices starting May 2026, with North American rates expected to double from current levels [3] - Amazon Web Services raised its EC2 machine learning capacity block prices by approximately 15%, with the p5e.48xlarge instance's hourly cost increasing from $34.61 to $39.80 [3] Institutional Insights - The recent price hikes confirm the high demand for AI computing power globally, indicating a growing scarcity of resources in the AI cloud industry [4] - The price increases mark a departure from the long-standing trend of declining cloud service prices, suggesting that once a price increase is successfully implemented without significant customer loss, further increases may follow more easily [4] - The global cloud computing market is projected to reach $692.9 billion in 2024, with a year-on-year growth of 20.3%, driven by the demand for IaaS due to AI model training [4] - The emergence of Clawdbot signifies a shift in AI product forms from "scene-level assistants" to "system-level agent platforms," enhancing overall efficiency in various business operations [4]

Group 1 - Naxing Co., Ltd. reached the daily limit increase, while Wangsu Technology surged by 16%, Oulutong rose by 13%, and Capital Online increased by nearly 8% [2] - Other companies such as Yunsai Zhili, Guanghuan Xinwang, and Qingyun Technology also experienced gains [2] Group 2 - The stock prices and percentage changes for several companies are as follows: - Wangsu Technology: 15.81, up 16.77% - Oulutong: 258.59, up 13.45% - Meili Cloud: 14.28, up 10.02% - Naxing Co., Ltd.: 22.72, up 10.02% - Capital Online: 29.02, up 7.92% - Yunsai Zhili: 23.21, up 4.69% - Guanghuan Xinwang: 15.78, up 4.09% - Qingyun Technology: 85.30, up 4.06% [3] Group 3 - Google announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with prices in North America doubling [2]

Group 1 - Naxing Co., Ltd. (南兴股份) reached a limit-up, while Wangsu Science & Technology (网宿科技) increased by 16%, Oulu Tong (欧陆通) rose by 13%, and Capital Online (首都在线) gained nearly 8% [2] - Other companies such as Yunzhai Zhili (云寨智联), Guanghuan Xinwang (光环新网), and Qingyun Technology (青云科技) also experienced increases [2] - The stock price changes for notable companies include: Wangsu Science & Technology at 15.81 with a rise of 16.77%, Oulu Tong at 258.59 with a rise of 13.45%, and Naxing Co., Ltd. at 22.72 with a rise of 10.02% [3] Group 2 - Google announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with prices in North America doubling [4]

Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

证券代码：300870 证券简称：欧陆通 公告编号：2026-008 债券代码：123241 债券简称：欧通转债 暨控股股东及一致行动人权益变动触及 1%整数倍的公告 深圳欧陆通电子股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加致使控 股股东及其一致行动人合计权益被动稀释，以及公司控股股东南京王越科王创业 投资合伙企业（有限合伙）减持公司股份，导致控股股东及其一致行动人合计权 益由 53.89%降低至 52.89%，权益变动触及 1%的整数倍。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发生 变化，不会影响公司的治理结构和持续经营。 深圳欧陆通电子股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日披 露了《关于控股股东减持股份预披露的公告》（公告编号：2025-092），控股股 东南京王越科王创业投资合伙企业（有限合伙）（以下简称"王越科王"），计 划在 2026 年 1 月 21 日至 2026 年 4 月 20 日内以大宗交易方式 ...

| 2026-01-26 | 300870 | 欧陆通 | 188.83 | 1.20 | 226.60 | 机构专用 | 国金证券股份有限 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 公司深圳湾一号证 | | | | | | | | | 券营业部 | | 2026-01-26 | 300870 | 欧陆通 | 188.83 | 1.20 | 226.60 | 机构专用 | 国金证券股份有限 | | | | | | | | | 公司深圳湾一号证 | | | | | | | | | 券营业部 | 安宫亚凯 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-26 | 300870 | 欧陆通 | 188.83 | 1.20 | 226.60 | 机构专用 | 国金证券股 ...

南财智讯1月22日电，欧陆通公告，公司控股股东深圳市格诺利信息咨询有限公司、南京王越科王创业 投资合伙企业及其一致行动人泰州通聚信息技术咨询合伙企业，因公司可转换公司债券转股导致总股本 增加，以及王越科王通过大宗交易减持公司股份100万股，合计持股比例由54.80%被动稀释及减持至 53.89%。本次权益变动已完成，不触及要约收购，未导致公司控股股东及实际控制人变化，不影响公 司治理结构和持续经营。截至2026年1月21日，公司总股本为109,857,660股，上述减持行为在已披露的 减持计划范围内，减持计划尚未实施完毕。 ...