Group 1 - Goldman Sachs increased its holdings in Nvidia, Microsoft, Tesla, Broadcom, and Meta in the second quarter [1] - The firm has significant positions in Nvidia, Microsoft, SPDR S&P 500 ETF Trust, Apple, and Meta [1]

根据Fubon的数据，台积电的 CoWoS 产能将从 2025 年底的 70k wpm（wafer per month）提升至 2026 年底的 100-105k wpm，2027 年进一步突破 130k wpm。从全年产能看，2025 年预计为 675k wafer，2026 年达 1.08mn wafer（同比增长 60%），2027 年则增至 1.43mn wafer（同比增长 31%），即便增速 放缓，仍保持着远超行业平均的扩张力度。 这种扩张并非均匀分布，而是集中在特定工厂。台南的 AP8 工厂是绝对主力，作为由原 Innolux LCD 厂房改造的生产基地，其 96,000 平方米的面积是 竹南 AP6 工厂的 9 倍，2026 年底将贡献约 30k wpm 产能，主要服务于英伟达 Blackwell GPU、AMD MI355/400 等高端芯片。而嘉义的 AP7 工厂则更具 战略意义，计划聚焦 Wafer-level Multiple-Chip Module（WMCM）、CoWoS-L、SoIC（3D 堆叠）及 CoPoS 等前沿技术，2027 年后逐步释放产能，成为 台积电技术迭代的 "试验 ...

Key Takeaways Cadence and NVIDIA debut hardware-accelerated power analysis for billion-gate AI designs.New DPA App on Palladium Z3 Platform achieves 97% accuracy across billions of cycles.Breakthrough enables early, precise power modeling for AI, ML and GPU-accelerated chips.Cadence Design Systems ((CDNS) and NVIDIA Corporation ((NVDA) have achieved a breakthrough with hardware-accelerated dynamic power analysis for billion-gate artificial intelligence (AI) designs, spanning billions of cycles, all complete ...

来源：Wind 沪指连续两日突破新高，昨日突破2024年10月8日盘中创下的3674.4点前高，刷新2021年12月13日以来 盘中新高。今日开盘沪指一路上涨突破3700点，午后大盘乏力下探，V型触底后最终全天仍收阴。 宏观数据方面，2025年8月13日，中国人民银行公布2025年7月货币金融数据：社融新增1.16万亿元，上 月为新增4.20万亿元；社融存量同比增速为9.0%，上月为8.9%；人民币贷款减少500亿元，上月为新增 2.24万亿元；M1同比增速为5.6%，上月为4.6%。 7月份新增社融1.16万亿元，同比多增3893亿元，表现弱于市场预期。从季节性表现来看，7月份增量高 于过去六年（2019-2024年，下同）1.02万亿元的历史同期均值。7月末，社融存量同比增速为9.0%，较 上月提升0.1个百分点。结构上，7月社融口径的人民币贷款减少4263亿元，同比多减3455亿元。外币贷 款重回负增长，当月减少86亿元，但同比少减804亿元。非标融资当月减少1667亿元，同比多减911亿 元。直接融资中，7月政府债券净融资1.24万亿元，同比多增5559亿元，依然为社融主要的增量来源； 企业债券净融资 ...

AI 带来的液冷投资机会 20250814 摘要 英伟达 B200 和 B300 芯片热设计功耗高达 1,200-1,400 瓦，风冷散热 受限，液冷成为主流。GB200 的 ML72 机柜 TDP 达 120-130 千瓦， 液冷 PUE 指标更低（1.05-1.15），节能环保。 数据中心液冷方案主要有冷板式、浸没式和喷淋式。2024 年中国液冷 服务器市场规模约 201 亿元，同比增长 84.4%，预计 2025 年达 300 亿元。冷板式占据 65%市场份额，浸没式 34%，喷淋式 1%。 液冷显著提升单芯片及单机柜功率密度。英伟达芯片 TDP 从 H100 的 700 瓦提升至 B200/B300 的 1,200/1,400 瓦，机架功率从 H100 的 40 千瓦提升至 NVL GB200 的 120-130 千瓦。 液冷热管理除数据中心外，还应用于新能源汽车动力电池、充电桩及 AI PC 等领域，这些领域面临高功率密度散热挑战，需采用高效液冷解决方 案。 全球数据中心单机柜平均功率密度快速上升，2023 年已达 20.5 千瓦， 预计 2029 年超过 50 千瓦，英伟达 Rubin 系列芯片升 ...

AIDC 头部厂家最新进展 20250814 摘要 2025 年是全球液冷元年，预计全年液冷设备出货量达 3 万台，远超 2024 年的一两千台。下半年需求将超上半年，增速预计达 30%以上。 英伟达计划 2026 年交付 500 万张卡，对应约 6-7 万个液冷柜，需求将 再次翻倍。 液冷市场供应商分散，唯地占 30%-35%份额领先，北美市场主要供应 商包括唯地、宝德、酷 IT、盈凡等，合计占据近 60%市场。中国厂商在 国际市场受阻，主要参与东南亚业务，国内市场则集中于通算液冷领域， 但功率密度与海外存在显著差距。 海外标准 N172 柜内液冷系统约 7 万美元，N272 柜外系统约 5 万美元。 国内因采用高温自然冷方案，成本较低，每千瓦约 2000 人民币（不含 机内部分）。 海外制造业毛利率通常不低于 35%，而国内企业对利润率接受度较低， 25%甚至 20%以下也有人愿意做。目前尚无明确迹象表明国内公司能 直接进入海外市场，需通过集成商供应链。 Q&A 今年（2025 年）上半年海外市场的需求情况如何？下半年是否会有变化？ 今年（2025 年）上半年，海外市场需求表现超出预期。特别是在液冷技术方 ...

[Table_Title] 研究报告 Research Report 14 Aug 2025 中国财富管理 China (Overseas) Wealth Management 桥水 2Q25 调仓：止盈中概，抄底美股科技巨头，稳守黄金 Bridgewater's 2Q25 Portfolio Change: Exit China, Add U.S. Tech Leaders and Hold Gold 黄雨昕 Yuxin Huang 周林泓 Amber Zhou yx.huang@htisec.com amber.lh.zhou@htisec.com | Name | Code | Amount Position | | | Position | Sector | | --- | --- | --- | --- | --- | --- | --- | | | | (USD mn) | (mn) | Change (mn) | | | | SPDR S&P 500 ETF TR | SPY US | 1,613 | 2.6 | | -0.7 | ETF | | ISHARES S&P500 ETF | IVV ...

Core Viewpoint - The article discusses the competitive landscape among the world's most influential business leaders, highlighting the rise of artificial intelligence and the critical role of companies like Nvidia in shaping the future of technology and business [3][5][6]. Group 1: Nvidia and AI Leadership - Jensen Huang, CEO of Nvidia, is recognized as the most influential business leader, with Nvidia becoming the highest-valued company on the U.S. stock exchange due to the demand for its AI chips [3][6][7]. - The demand for Nvidia's chips is described as nearly infinite, with major tech companies building large data centers equipped with thousands of Nvidia GPUs [7]. - Nvidia's stock price has reached historic highs, making it the first company to surpass a market capitalization of $4 trillion [7]. Group 2: Competitive Dynamics - The article emphasizes the intense competition among top business leaders, with many closely ranked, indicating a fierce battle for market dominance [4][5]. - The rankings reveal that even slight differences in position can signify significant competition, as seen with leaders from Amazon and Walmart, and Tesla and BYD [4]. - The historical context shows that past advantages can quickly become liabilities, with emerging startups posing threats to established giants [5][6]. Group 3: Transformations in Major Companies - Microsoft, under Satya Nadella, has successfully transitioned from personal computing to cloud services and now to AI, maintaining a market cap of over $3.7 trillion [9][10]. - Meta, led by Mark Zuckerberg, has pivoted towards generative AI, with projected revenues nearing $190 billion, despite facing social media-related challenges [12]. - Tesla's Elon Musk continues to innovate, with significant advancements in SpaceX and Neuralink, despite controversies affecting Tesla's brand image [14]. Group 4: Emerging Leaders and Market Trends - BYD, led by Wang Chuanfu, has become the largest seller of new energy vehicles, with sales exceeding 4 million units in 2024 [16]. - Alphabet's Sundar Pichai is navigating regulatory challenges while pushing for AI advancements within Google, which has a profit of $100 billion [17]. - OpenAI's Sam Altman has transformed the company into a $300 billion entity, leading the AI arms race against competitors like Meta and Google [21]. Group 5: Financial Sector Insights - Jamie Dimon of JPMorgan Chase wields significant influence in the financial sector, with the bank reporting revenues of $279 billion in 2025 [24]. - Citigroup's Jane Fraser is restructuring the bank with a focus on technology modernization, achieving an 8% revenue growth [32]. - Accenture's Julie Sweet has positioned the company as a leader in generative AI, reporting $1.8 billion in AI-related revenue [30].

Nvidia and AMD have found themselves caught in the middle of a US-China chips showdown. What do we know so far and what’s next as both countries race toward AI supremacy?Join us for a Live Q&A on Aug. 14 at 9:30 p.m. EDT / Aug. 15 at 9:30 a.m. HKTListen live: https://t.co/b8cilYbNAK ...

Trump’s move to extract a 15% sales tax from Nvidia on certain semiconductors sold in China did nothing to damp investor enthusiasm for the world’s most valuable company https://t.co/sGYRJ2IVno ...