国信证券：26年算力景气度持续上行 关注互联、液冷、供电板块

Core Viewpoint - The report from Guosen Securities indicates a strong capital expenditure (Capex) guidance from overseas tech giants for 2026, with a year-on-year increase of nearly 50%, driven by expanding AI computing power investments [1][2]. Group 1: Capital Expenditure Insights - Major overseas companies like Microsoft, Google, Meta, and Amazon are optimistic about their capital expenditure guidance for 2026, with total Capex expected to reach $406.5 billion in 2025 and $596.4 billion in 2026, representing year-on-year increases of 46% and 47% respectively [2]. - The proportion of capital expenditure allocated for AI computing power and infrastructure is anticipated to continue rising [2]. Group 2: Connectivity Side Developments - The demand for optical modules is increasing as data center networks evolve, with port speeds advancing from 10G/40G to 800G/1.6T, driven by the expansion of AI training clusters [3]. - The PCB industry is entering a new AI-driven cycle, with a fundamental shift in demand structure, leading to simultaneous upgrades in computing boards, switches, and optical modules [3]. Group 3: Cooling Side Trends - The peak density of AI GPU racks is expected to rise from 130 kW in 2024 to over 1 MW by 2029, making liquid cooling technology a necessity [4]. - The increase in computing density in overseas cabinets will enhance the value of secondary and ICT equipment [4]. Group 4: Power Supply Side Evolution - The traditional power supply architecture is facing challenges due to increased power demands from AI servers, necessitating upgrades to reduce footprint, enhance system efficiency, and improve distributed energy access [5]. - The evolution of AIDC power supply methods is projected to follow the UPS-HVDC-SST path, with ongoing industry catalysts expected by 2026 [5]. Group 5: Investment Recommendations - The report suggests monitoring companies such as Haiguang Information in the computing side, and for the connectivity side, companies like Guangxun Technology and Huagong Technology are recommended [5]. - For PCB, companies like Shenghong Technology and Huitian Technology are highlighted, while for cooling, Yinvike is noted, and for power supply, Magmi Te is recommended [5].