KAIYUAN SECURITIES·2025-09-11 06:42Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The launch of the Rubin CPX by NVIDIA is expected to enhance AI application inference and reduce inference costs, which may lead to increased demand for network interconnectivity and liquid cooling solutions, thus positively impacting the optical communication and liquid cooling sectors [4] - Oracle's strong performance in cloud business, with a revenue increase of 27% year-on-year, indicates robust demand for AI services, further supported by significant contracts with leading AI companies [5] - The report highlights a positive outlook for the global AI computing power supply chain, recommending various companies in sectors such as optical modules, liquid cooling, and AI chips [6] Summary by Sections Industry Overview - The report emphasizes the growth potential in the optical communication and liquid cooling sectors due to advancements in AI technologies and infrastructure [4][5] Key Developments - NVIDIA's Rubin CPX offers significant computational power, with 30 Pflops NVFP4 precision and 128GB GDDR7 memory, which is expected to drive demand for AI applications [4] - Oracle's cloud revenue reached $14.9 billion, with a notable increase in cloud infrastructure revenue by 54% year-on-year, indicating a strong market for AI-related services [5] Investment Recommendations - Recommended stocks in the optical module sector include Zhongji Xuchuang and Xinyi Technology, while liquid cooling recommendations include Yingweike [6] - The report identifies potential beneficiaries in various segments, including AI chips, servers, and data centers, suggesting a broad investment opportunity across the AI computing ecosystem [6]