Summary of Luxshare (A) Conference Call Company Overview - **Company**: Luxshare - **Sector**: Technology - **Key Customers**: Apple, Google, Microsoft, HP, Dell, Lenovo - **Sales Breakdown**: 80% consumer segment, 9% communication, 6% automotive, 3% computing [12][13] Key Industry Insights - **iPhone Demand**: Luxshare is a key assembler for iPhone 17/Pro Max models, with expected shipments of 239 million, 250 million, and 258 million units in 2025, 2026, and 2027 respectively, surpassing the previous high of 238 million units in 2021 [2][32][33] - **AI Server Growth**: Luxshare is a significant supplier for AI-related projects, benefiting from the build-up of AI datacenters in China and partnerships with global tech giants like Google, Cisco, and Microsoft [3][12] Financial Performance - **Earnings Growth**: Luxshare's earnings are projected to grow at a CAGR of over 25% from 2024 to 2027, driven by the iPhone upcycle and increasing contributions from automotive and communication sectors [13][18] - **Recent Earnings**: In Q3 2025, Luxshare reported earnings of CNY 4.8 billion, a 35% QoQ and 32% YoY increase, exceeding guidance [29][30] - **Q4 Guidance**: Expected earnings for Q4 2025 are projected to be between CNY 5.0 billion and CNY 5.7 billion, indicating a 9% QoQ and 24% YoY growth [31] Valuation and Price Target - **Price Objective**: Raised from CNY 50 to CNY 78, reflecting a P/E ratio of 24x for 2H26-1H27E, aligning with historical averages [1][14] - **Current Share Price**: CNY 63.00, with a market cap of CNY 457.24 billion [7] - **P/E Comparison**: Luxshare trades at 20x 2026-27E average P/E, below the Apple supply chain's 24x and AI server peers' 24-26x [25][29] Key Financial Metrics - **Net Income Projections**: - 2025E: CNY 16.88 billion - 2026E: CNY 21.29 billion - 2027E: CNY 27.55 billion [4][20] - **EPS Growth**: Expected to increase from CNY 2.33 in 2025 to CNY 3.80 in 2027, with a YoY growth rate of 25.9% in 2025 and 29.4% in 2027 [4][20] - **Free Cash Flow**: Projected to rise from CNY 4.33 billion in 2025 to CNY 30.19 billion in 2027 [4] Strategic Outlook - **AI and Technology Integration**: Luxshare's collaboration with OpenAI and other tech giants positions it well for future growth in the AI sector, with potential projects expected to materialize by 2027 [3] - **Market Positioning**: The company is expected to benefit from a stronger execution strategy compared to peers, enhancing its ability to capitalize on opportunities in the AI era [15] Conclusion - **Investment Recommendation**: The company maintains a "Buy" rating, supported by strong earnings growth, strategic positioning in the iPhone supply chain, and expanding opportunities in AI and technology sectors [1][13]

Material Revolution: How Industry Partners Power Nvidia's Next-Generation AI Performance Breakthrough Original Article By SemiVision Research (2025 TPCA & Impact Tech Forum) OCT 27, 2025 ∙ PAID 6 Share SEMIVISION 18 Material Revolution: How Industry Partners Power Nvidia's Next-Generation AI Performance Breakthrough As the TPCA Show 2025 opened in Taipei last week, the focus has shifted from manufacturing equipment to the materials that underpin next-generation electronics. With the explosive growth of AI c ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 既然地球上电力存在限制，将数据中心建在太空，便成为越来越多硅谷科技公司的选择。 "我们的TPU（张量处理器）即将进入太空！"谷歌CEO桑达尔·皮查伊（Sundar Pichai）近日在社交媒体 上说，谷歌启动了一项名为"Suncatcher"（太阳捕手）的计划，探索在太空中构建可扩展的机器学习计 算系统。 想在太空建设数据中心的硅谷科技公司不止谷歌。 SpaceX CEO埃隆·马斯克近日表示，SpaceX将在太空中建设数据中心。只需将配备高速激光链路的 Starlink V3卫星进行规模扩大即可，SpaceX将会做到这一点。亚马逊创始人杰夫·贝索斯上个月也表示， 未来10到20年，人类将能够在太空建造吉瓦级数据中心。 有一些AI芯片将先行进入太空。谷歌与卫星图像公司Planet Labs合作，计划在2027年初发射两颗卫星， 以探索建设大规模太空数据中心集群的可能性。 英伟达GPU也即将进入太空。太空计算公司Starcloud计划在今年11月发射一颗载有英伟达H100 GPU的 卫星进入太空，这将是先进数据中心GPU首次进入外太空。承担 ...

【跟踪牛人动态】超3000名"专业选手"如何调仓？最牛选手单只标的浮盈超400% 【头条要闻】 保障金融市场稳健运行！央行探索流动性管理新工具 向非银机构提供流动性支持 近日，中国人民银行行长潘功胜表示，央行正探索在特定情景下向非银机构提供流动性的机制性安排。 业内人士认为，这一探索意味着央行正补齐货币政策传导的"最后一公里"，推动流动性支持从以银行体 系为中心的间接投放模式，迈向覆盖更多金融机构的直接投放机制。此举有望在极端市场情况下发 挥"稳定器"作用，也标志着我国货币政策正在从"总量调节"向"结构优化"、从"银行中心"向"市场全覆 盖"转型。 速度快4倍多，谷歌"最强芯片"来袭，A股概念股已大涨！ OpenAI高管言论引发风暴！科技股再遭"血洗"，特朗普顾问：AI公司倒了政府不会救 周三OpenAI首席财务官Sarah Friar暗示美国政府可以担保数据中心融资。随后周四特朗普政府的AI顾问 David Sacks回应："美国至少有5家主要前沿AI模型公司，如果一家倒闭，其他公司将取而代之。"事件 愈演愈烈，OpenAI CEO Altman回应："我们不需要也不想要美国政府为OpenAI数据中心提供担 ...

Core Insights - Morgan Stanley predicts that the value of liquid cooling components for NVIDIA's next-generation AI servers will approach 400,000 RMB [2][5] - The cooling component value for the GB300 NVL72 system is approximately 49,860 USD (around 36 million RMB), representing a 20% increase compared to the GB200 NVL72 system [2][3] - The total cooling component value for the upcoming Vera Rubin NVL144 platform is expected to rise by 17%, reaching about 55,710 USD (approximately 40 million RMB) [2][3] Industry Trends - The demand for liquid cooling solutions is surging due to the exponential increase in data center computing density and the rising power consumption of CPUs and GPUs [3][4] - NVIDIA's GPUs are projected to have a maximum thermal design power (TDP) of 2,300W by the time the Vera Rubin platform is launched in late 2026, and 3,600W for the VR300 platform in 2027, making cooling capabilities a critical bottleneck for performance [4] Market Growth - The liquid cooling industry is entering a phase of explosive growth, with IDC forecasting that China's liquid cooling server market will reach 3.39 billion USD by 2025, a year-on-year increase of 42.6% [5] - From 2025 to 2029, the compound annual growth rate (CAGR) is expected to remain at an impressive 48%, with the market size potentially exceeding 16.2 billion USD by 2028 [5] Stock Performance - Several liquid cooling concept stocks have seen significant price increases this year, with companies like Siyuan New Materials, Yinvike, and Kexin New Source doubling their stock prices [7] - Many of these companies reported strong performance in the first three quarters, with net profits for several firms, including Yimikang and Tongfei Co., doubling year-on-year [7] Company Developments - Companies such as Ice Wheel Environment and Silver Wheel Co. have been actively involved in providing cooling equipment for data centers and liquid cooling systems [7][8] - Silver Wheel Co. has outlined a strategic plan for liquid cooling development, anticipating that thermal management will surpass 50% of its overall business scale in the long term [7]

（原标题：价格屠夫AMD，刺伤Intel却打不过英伟达） 作者 | 丁卯 编辑 | 张帆 11月5日，超威半导体（AMD）发布了2025年第三季度的财务报告。 本季度公司实现营收92.5亿美元，同比增长35.6%，大超市场预期。更受瞩目的数据中心业务，受益于 Instinct MI350系列GPU的推广和服务器市场份额的增长，公司数据中心业务收入达到43.4亿美元，同比 增长了22.3%。 10月以来，AMD利好不断。先是与OpenAI达成一项6GW算力的战略合作，紧接着又拿下甲骨文5万颗 MI450系列的超级订单。 在此次财报后的业绩交流会中，AMD透露出，OpenAI的首GW部署将在26年下半年开始，预计未来几 年将为公司贡献超1000亿美元的收入，极大地提升了公司未来业绩增长的确定性。 更重要的是，正如交流会中AMD所言，OpenAI、甲骨文等头部玩家的采纳，意味着AMD的Instinct平 台和ROCm生态已具备成熟的性能与成本优势，标志着其在AI加速芯片和数据中心市场进入了快速增 长和份额掠夺的新阶段。 业绩公布后，市场给予了积极反馈，当日收盘AMD股价上涨2.5%。拉长周期看，10月6日至今，公司 ...

Core Insights - Morgan Stanley's report highlights the increasing value of liquid cooling components in AI systems, with the GB300 NVL72 system's cooling component valued at $49,860, a 20% increase from the GB200 NVL72 system [1] - The next-generation Vera Rubin NVL144 platform is expected to see a 17% increase in cooling component costs, reaching approximately $55,710, driven by rising cooling demands for compute and switch trays [1][4] Industry Trends - The demand for liquid cooling solutions is surging due to the exponential increase in data center computing density, as traditional air cooling methods are inadequate for high-density computing equipment [5] - NVIDIA's GPUs are experiencing significant power increases, with TDPs projected to reach 2,300W for the Vera Rubin platform and 3,600W for the VR300 platform, making cooling capabilities a critical bottleneck for performance [5] Market Growth - IDC forecasts that China's liquid cooling server market will reach $3.39 billion by 2025, with a year-on-year growth of 42.6%, and a compound annual growth rate of 48% from 2025 to 2029, potentially exceeding $16.2 billion by 2028 [6] - NVIDIA's related chip cooling demand is expected to be a major driver of market growth [6] Stock Performance - Several liquid cooling concept stocks have seen significant price increases this year, with companies like Siyuan New Materials, Yinvik, and Kexin New Energy reporting over 50% revenue growth year-on-year [7] - Notable companies such as Ice Wheel Environment and Silver Wheel Co. have received extensive institutional research interest, indicating strong market confidence in the liquid cooling sector [7][10]

（原标题：科技股重挫，英伟达市值一夜蒸发1.2万亿，特斯拉跌超3%） 美东时间周四，美股三大指数收跌，纳指跌近2%，一众明星科技股集体下跌。 大型科技股普跌，超威半导体跌超7%，英伟达跌幅3.65%，市值一夜蒸发1733亿美元（约合人民币 12337.92亿元）。特斯拉、高通跌逾3%，甲骨文、亚马逊、Meta跌超2%。微软已连续7个交易日下跌， 创2022年以来最长连跌天数；Robinhood跌近11%，创3月份以来最差单日表现；多邻国因业绩指引不及 预期，股价暴跌25%，创有史以来最大单日跌幅。 纽约尾盘现货黄金冲高回落，现货白银涨0.05%。 加密货币市场继续重挫，成交额集体下跌，截至北京时间6:36，近20万人被爆仓，爆仓金额5.63亿美 元。 据智通财经报道，北京时间周五清晨，特斯拉股东以超过75%的票数通过了一项最高价值可达1万亿美 元的薪酬计划。 特斯拉9月披露了一份阶梯式薪酬方案，将最多授予马斯克额外4.237亿股特斯拉股权。马斯克若要拿满 所有奖励，需要达到的最终目标包括： 中概股涨跌互现，纳斯达克中国金龙指数微跌0.03%。小鹏汽车涨近10%，阿特斯太阳能涨近7%，百度 涨超3%，阿里巴巴涨 ...

| 记者丨刘雪莹 | | --- | 编辑丨江佩霞 美东时间周四，美股三大指数收跌，纳指跌近2%，一众明星科技股集体下跌。 大型科技股普跌，超威半导体跌超7%，英伟达跌幅3.65%，市值一夜蒸发1733亿美元（约合人民币 12337.92亿元）。特斯拉、高通跌逾3%，甲骨文、亚马逊、Meta跌超2%。微软已连续7个交易日下跌， 创2022年以来最长连跌天数；Robinhood跌近11%，创3月份以来最差单日表现；多邻国因业绩指引不及 预期，股价暴跌25%，创有史以来最大单日跌幅。 | 名称 | 现价 | 涨跌幅 - | | --- | --- | --- | | 英伟达(NVIDIA) | 188.080 | -3.65% | | 特斯拉(TESLA) | 445.910 | -3.50% | | 亚马逊(AMAZON) | 243.040 | -2.86% | | 脸书(META PLATFORMS) | 618.940 | -2.67% | | 微软(MICROSOFT) | 497.100 | -1.98% | | 苹果(APPLE) | 269.770 | -0.14% | | 谷歌(ALPHABET ...

当地时间11月6日，美股三大指数集体收跌，纳指下跌445.81点，跌幅1.90%；标普500指数跌1.12%；道 指跌0.84%。 打开百度APP畅享高清图片 大型科技股普跌，特斯拉跌超3%，英特尔、亚马逊、Meta跌超2%，微软跌超1%，奈飞、苹果小幅下 跌；谷歌小幅上涨。其中，微软连续七个交易日下跌，创2022年以来最长连跌天数。Robinhood跌近 11%，创3月份以来最差单日表现。多邻国跌超25%，创该公司美国IPO以来最差单日表现，公司优先考 虑用户（基数）增长。 特斯拉股东批准马斯克的1万亿美元薪酬计划，超过75%的股东批准。特斯拉美股盘后一度拉升超3%。 美国中部时间11月6日（北京时间7日5时），特斯拉年度股东大会正式拉开帷幕。在大会前夕，马斯克 的1万亿美元薪酬计划遭遇了极大的阻力。挪威主权财富基金等多家机构投资者明确表示将投反对票。 | | 特斯拉 | | | | | | --- | --- | --- | --- | --- | --- | | | TSLA US 空 | | | | | | 445 910 '2 | 467.450 | | 昨收 462.070 量比 1.28 | | ...