2 1 Shi Ji Jing Ji Bao Dao·2025-08-08 11:03Core Insights - The computing power industry is experiencing significant growth driven by AI demand and domestic substitution, with many companies reporting impressive earnings for the first half of 2025 [2][14] - The semiconductor market is thriving, with a global market size reaching $346 billion in the first half of 2025, reflecting an 18.9% year-on-year increase [4] Semiconductor Industry - Domestic chip companies are benefiting from AI-driven demand and domestic substitution, leading to strong performance in the first half of 2025 [3] - For instance, 澜起科技 (Lanke Technology) expects revenue of approximately 2.633 billion yuan, a year-on-year increase of about 58.17%, with net profit projected to grow by 85.5% to 102.36% [5][6] - 中芯国际 (SMIC) reported a revenue of $4.46 billion, a 22% year-on-year increase, with a gross margin of 21.4%, up 7.6 percentage points [8] Optical Module Sector - The demand for high-speed optical modules is surging, driven by the expansion of data centers and the deployment of 5G networks [9] - 中际旭创 (Inspur) anticipates a net profit of 3.6 to 4.4 billion yuan, representing a year-on-year increase of 52.64% to 86.57% [9][10] - 新易盛 (NewEase) expects a net profit of 3.7 to 4.2 billion yuan, with a staggering year-on-year growth of 327.68% to 385.47% [10] Liquid Cooling Technology - The liquid cooling market is projected to grow at a compound annual growth rate of 59% from 2022 to 2027, driven by the increasing demand for high-density computing solutions [12] - By 2027, the market size for liquid cooling data centers in China is expected to exceed 100 billion yuan [12] Overall Industry Performance - The overall performance of the computing power industry in the first half of 2025 highlights the technological explosion of the AI era and the acceleration of domestic substitution [14] - Companies across the computing power supply chain are providing essential support for the global digitalization process, despite challenges related to technological iteration and market differentiation [14][15]