英伟达业绩超预期，液冷产业链有望迎来新一轮上涨

Investment Rating - The report maintains a "Recommended" rating for the industry [3] Core Insights - Nvidia's performance exceeded expectations, with Q4 revenue reaching $68.127 billion, a year-on-year increase of 73% and a quarter-on-quarter increase of 20%. The net profit was $42.96 billion, up 94% year-on-year and 35% quarter-on-quarter, with a gross margin of 75% [9][47] - Major cloud service providers (CSPs) like Google, Amazon, and Meta have also provided capital expenditure (CapEx) guidance that exceeded expectations, indicating strong growth in the sector [9][15] - The liquid cooling industry is expected to see a new wave of growth driven by Nvidia's introduction of fully liquid-cooled systems and increasing demand from Google for liquid cooling solutions [9][20] Summary by Sections Industry News - Finnish quantum computing company IQM plans to go public in the US with a valuation of $1.8 billion [2] - OpenAI completed a new funding round with a pre-money valuation of $730 billion, raising $110 billion from investors including Amazon and Nvidia [22] Company Dynamics - Hengdongguang reported a revenue of 2.216 billion yuan for 2025, a year-on-year increase of 68.48%, and a net profit of 302 million yuan, up 104.52% [2] - Guomai Technology reported a revenue of 484 million yuan for 2025, a year-on-year increase of 20.38%, but a net profit decline of 34.79% [40] Investment Recommendations - The report suggests focusing on the computing power sector and recommends companies in the optical fiber and cable segment such as Changfei Fiber, Zhongtian Technology, and Hengtong Optic-Electric. It also highlights the liquid cooling sector, recommending companies like Yinvike and Highlan [10][48]