技术硬件与设备行业周报：算力硬件规模扩张，液冷加速渗透-20251224

Investment Rating - The communication industry is rated as "Recommended" due to sustained high prosperity driven by AI, 5.5G, and satellite communication [1][4]. Core Insights - The report highlights the expansion of computing hardware and the accelerated penetration of liquid cooling technology as a mainstream choice due to increasing heat density from high-performance chips [2]. - Major global manufacturers, including NVIDIA and Google, have fully adopted liquid cooling solutions, indicating a shift from pilot projects to large-scale implementation [2]. - The Taiwanese liquid cooling manufacturer, Qihong, reported a year-on-year revenue growth of 80.63% and a net profit increase of 115.10% in Q3 2025, driven by increased orders from overseas clients [2]. Market Overview - The overall market performance for the week of December 15-21, 2025, saw the Shanghai Composite Index rise by 0.03%, while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively. The communication sector also experienced a decline of 0.89% [1][9]. - Within the communication sector, the highest gain was seen in the communication cable and accessories sub-sector, which rose by 4.29%, while the communication application value-added services sub-sector experienced the largest decline of 4.13% [1][12]. Stock Performance - Notable stock performances for the week included Wanlong Optoelectronics with a gain of 34.20%, followed by Tongding Interconnection at 24.74% and Zhenyou Technology at 21.89% [1][14]. Industry News - A report indicated that the single-channel 100G LPO/LRO optical modules are set to ramp up production, supporting the efficient expansion of computing clusters [16]. - LightCounting forecasts that the optical module market will exceed $23 billion in 2025, with significant capital expenditures from major tech companies like Alphabet, Amazon, Meta, and Microsoft [18][19].