2 1 Shi Ji Jing Ji Bao Dao·2025-08-30 13:59Core Insights - The AI computing power competition is reshaping the global technology industry, with AI computing power becoming a crucial infrastructure asset [2] - The market has seen significant growth in AI-related sectors, particularly in AI servers, optical modules, and high-end PCBs, with leading companies reporting strong earnings [2][6] - Nvidia's shift towards AI infrastructure has amplified the resonance effect between capital and industry, making the computing power sector a hot investment theme [2] Industry Performance - Major companies like Industrial Fulian and Xin Yi Sheng have seen their market values soar, with Xin Yi Sheng's stock price increasing over 28 times in three years and Sheng Hong Technology's stock rising over 500% this year [2] - Industrial Fulian reported a revenue of CNY 360.76 billion, with a year-on-year growth of 135.58%, and a net profit of CNY 121.13 billion, up 138.61% [6] - Xin Yi Sheng achieved a revenue of CNY 104.37 billion, a staggering growth of 282.64%, and a net profit of CNY 39.42 billion, up 355.68% [6][8] Market Trends - The demand for AI servers is a core revenue driver, with significant growth in the AI server segment, particularly for Industrial Fulian, which saw a revenue increase of over 60% year-on-year [6] - The optical module market is driven by AI investments, with companies like Zhongji Xuchuang and Tianfu Communication showing strong growth in revenue and net profit [7][8] - The liquid cooling market is expected to grow significantly, with predictions of a 33% penetration rate in AI data centers by 2025 [8] Future Outlook - The overall capital expenditure for AI infrastructure is projected to reach USD 3 trillion to 4 trillion by the end of the decade, with Nvidia leading the charge [14] - Domestic internet companies in China are increasing their capital expenditures on AI-related businesses, with a reported growth of 99.38% year-on-year [13] - The market for optical modules is expected to see continued high growth, particularly with the demand for 800G and 1.6T modules [8]