配电 UPS&HVDC:机柜内电源: 备用电源 BBU: 柴油发电机: 变压器: · 科华数据 · 欧陆通 · 亿纬锂能 · 潍柴重机 金盘科技 科士达 · 麦格米特 威腾电气 · 科泰电源 · 伊戈尔 禾望电气 蔚蓝埋芯 中恒电气 电源配电柜 IPS不间断电 源及PMM电源 管理系统 计算芯片 UAN GPU: FPGA: · 复旦微电 英武纪 海米信息 · 紫光国微 龙式中科 号直线 ASIC: 精密空调 ● 机柜及其附件 翔捷科技 设备和冷 却器 高性能液 冷服务器 光纤布线系统 机柜 液冷 存储芯片 网络 英维克 · 银轮股份 科学教据 飞荣达 光通信 & CPO: AEC & 铜连 DRAM: NAND: 同飞股份 · · 源杰科技 · 北易创新 · 兆易创新 接: 华丰科技 申菱环境 · 网宿科技 · 江波龙 · 国科微 中际旭创 · 澜起科技 天鸟通信 · 瑞可达 · 佰维存储 太辰光 交换机及芯片: · 锐捷网络 资料来源:Wind,灼识咨询,天风证券研究所 天风策略吴开达团队 《AIDC:人工智能发展的核心引擎 产业赛道投资图谱》 吴开达/肖峰 核心结论:本文对AIDC 进行总览与行情复盘, ...

Group 1 - Chongqing Machinery and Electric (02722) saw a stock increase of over 7%, currently trading at 1.66 HKD with a transaction volume of 83.8 million HKD [1] - Yuchai International reported a net profit of approximately 370 million RMB for the first half of 2025, representing a year-on-year growth of 52%, with revenue also increasing by 34% [1] - The significant growth for Yuchai International is attributed to a substantial increase in production and sales, with diesel engine sales rising by 30% year-on-year, particularly in vehicle and non-road sectors, as well as a rapid increase in power generation diesel engines [1] Group 2 - Guotai Junan Securities noted that investment in AIDC is growing rapidly, but the capacity construction for diesel engines is lagging, indicating that the industry will remain in a tight balance for an extended period [1] - It is expected that the performance of diesel engine-related companies will maintain steady growth [1] - Chongqing Machinery and Electric has a long-standing partnership with Cummins, which began in 1981, leading to the establishment of Chongqing Cummins Engine Co., Ltd. in 1995, where both parties hold a 50% investment stake [1]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The humanoid robot industry is expected to accelerate production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic core components [1][13][14] - The solid-state battery technology is identified as the next definitive direction for battery technology, with expected improvements in energy density and safety, leading to an accelerated industrialization process [2][18][20] - The photovoltaic sector is highlighted for its investment opportunities due to favorable supply-side conditions and price increases, with specific focus on companies benefiting from PCB demand and storage orders [3][25][27] Summary by Sections Humanoid Robots - The launch of the four-legged robot Unitree A2 by Yushu Technology marks a significant step in the humanoid robot market, with strong domestic demand for core components [1][13] - The industry is seeing increased participation from major tech companies, which is expected to create opportunities for component suppliers [14][15] New Energy Vehicles - The new MG4 model featuring semi-solid-state batteries is set to enhance performance and safety, driving demand for advanced battery technologies [2][17] - The overall growth of the new energy vehicle sector is supported by technological innovations and expanding applications in various markets [20][21] New Energy - The photovoltaic industry is poised for growth, with a focus on companies that can capitalize on rising demand for high-end PCB products and storage solutions [3][25] - The market for photosensitive dry film is projected to reach 8.03 billion in 2024, with a compound annual growth rate of 5.3% [25] Power Equipment & AIDC - The rapid growth in AI infrastructure demand is expected to benefit the AIDC industry, particularly in high-power density server power supply and cooling systems [8][26] - The ongoing development of offshore wind projects in Guangxi and Liaoning is anticipated to create significant opportunities in the clean energy sector [7][26]

Group 1: Market Overview - The market experienced a decline of 1.21% during the week of July 28 to August 1, with narrow fluctuations observed [2] - The average daily trading volume for the entire A-share market reached 1.8065 trillion yuan, a decrease of 33.3 billion yuan from the previous week [2] - The average number of rising stocks decreased to 2,215, down by 726 from the previous week, indicating a weakening profit effect [2] Group 2: Key Themes - Brain-Computer Interface (BCI) technology is witnessing clinical breakthroughs and accelerated policy support, marking its commercial year [3][42] - The "anti-involution" policy aims to facilitate the orderly exit of backward production capacity, promoting high-quality industry development [49] - The AIDC sector is experiencing high demand driven by policy support, with expectations for performance to exceed forecasts [52] Group 3: Policy Dynamics - Recent policies emphasize the importance of technological innovation and the development of emerging industries, with a focus on artificial intelligence [61][64] - The State Council has approved the "Artificial Intelligence +" action plan, aiming to promote large-scale commercial applications of AI [64][70] - Various local governments have issued plans to foster the BCI industry, enhancing the ecosystem for innovation and commercialization [45][49] Group 4: Industry Trends - The BCI sector is positioned as a critical frontier technology, with significant advancements in clinical applications and supportive policies from multiple regions [45][46] - The AIDC market is projected to grow significantly, with a compound annual growth rate exceeding 25% from 2023 to 2028, reaching a market size of over 280 billion yuan [52][56] - The anti-involution policies are expected to stabilize profits in industries such as steel, pig farming, and cement, while addressing issues of disorderly competition in sectors like photovoltaics and new energy vehicles [49]

Core Viewpoint - Dongwu Securities issued a report on August 8, giving Hewei Electric (603063.SH, latest price: 39.25 CNY) a buy rating based on several growth drivers and competitive advantages [2] Group 1: Growth Drivers - The growth of the new energy electric control business is driving overall growth, and the full product line coverage supports international expansion [2] - The company possesses leading advantages in high-power technology, indicating significant potential in the transmission business [2] Group 2: Cost Management - The company demonstrates strong cost control capabilities, with a stable decrease in the period expense ratio [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 reached 1.884 billion, a year-on-year increase of 36.39%, with a net profit attributable to shareholders of 243 million, up 56.79% year-on-year [7] - The growth is driven by the new energy business, with significant contributions from wind power converters and photovoltaic inverters [7] - The company is expanding its international market presence, with overseas revenue increasing by 54% year-on-year, now accounting for 8% of total revenue [7] - The engineering transmission business also showed growth, with revenue of 226 million, an increase of 11.5% year-on-year, benefiting from the export of frequency converters [7] - The company maintains strong cost control, with a gross margin of 36.66% and a decrease in expense ratio [7] - Future profit forecasts for 2025-2027 are 590 million, 712 million, and 821 million respectively, with corresponding P/E ratios of 31, 25, and 22 [7] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 3.752 billion, 3.733 billion, 4.514 billion, 5.367 billion, and 6.420 billion respectively, with year-on-year growth rates of 33.56%, -0.50%, 20.91%, 18.89%, and 19.63% [1] - Net profit attributable to shareholders for the same years is projected at 502.25 million, 440.58 million, 590.77 million, 712.23 million, and 820.70 million, with growth rates of 88.18%, -12.28%, 34.09%, 20.56%, and 15.23% [1] - The latest diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 1.10, 0.97, 1.30, 1.57, and 1.81 respectively [1]

罗曼股份与交易相关方就业绩承诺约定了业绩补偿条款，武桐高新2025年度、2026年度、2027年度三年 内累计扣除非经常性损益后归属于母公司所有者的净利润应不低于4亿元。 公告称，本次交易构成关联关系，预计不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 本报讯(记者张文湘)8月6日，上海罗曼科技股份有限公司(以下简称"罗曼股份（605289）")发布公告 称，公司拟以现金方式，收购上海武桐树科技发展有限公司持有的上海武桐树高新技术有限公司(以下 简称"武桐高新")的39.23%的股权。 本次交易完成后，罗曼股份将成为武桐高新的第一大股东；罗曼股份委派的董事，占据武桐高新董事会 席位五分之三，武桐高新财务负责人将由公司推荐的人员担任，并由武桐高新董事会聘任，对其经营、 人事、财务等事项拥有决策权，武桐高新将纳入公司合并报表范围，成为罗曼股份控股子公司。 罗曼股份公告表示，武桐高新主要从事AIDC(自动识别与数据采集)算力服务器与集群综合解决方案服 务业务，本次签订框架协议事项有利于公司优化整合资源，进一步完善公司产业布局，提升公司盈利水 平和综合竞争力，符合公司长期发展战略规划。本次股权收购的资金 ...

Summary of Conference Call Records Industry Overview - The domestic AIDC (Artificial Intelligence Data Center) sector is expected to experience explosive revenue growth starting from Q3 due to increased orders for H20 chips from CSP (Cloud Service Providers) and rising capital expenditures in AIDC [1][4] - The liquid cooling technology in data centers has significant application prospects, with the GV300 model featuring a standard liquid cooling solution that is anticipated to enhance penetration rates [1][5] Key Points and Arguments - **Revenue Growth**: - KWH Data reported a 60% increase in data center product revenue in Q1, with further growth expected in Q2 [1][2] - CSPs like Tencent, Alibaba, and ByteDance have increased their orders for H20 chips, which is expected to drive revenue growth for related companies [2][4] - **Liquid Cooling Technology**: - Current global liquid cooling penetration is below 10%, but this is expected to rise significantly with the introduction of GV300 and NVIDIA's focus on liquid cooling [5] - The design of chips has already integrated liquid cooling layouts, indicating a shift towards more efficient and environmentally friendly solutions [5] - **Server Delivery Models**: - The future of server delivery will shift towards system solutions, starting from CDU (Cooling Distribution Unit) to chips, with CDU being the most valuable and technically challenging component [6] - The estimated cost for secondary liquid cooling systems is around 3,000 to 4,000 RMB per kW, with total costs reaching 5,000 to 6,000 RMB per kW when including primary equipment [7] - **BBU Market Growth**: - The BBU (Battery Backup Unit) market is projected to grow rapidly from 2026 to 2028, with an expected market size of 3.2 billion RMB in 2026 and nearly 8 billion RMB by 2028 [11] Additional Important Insights - **Market Competition**: - The supercapacitor market has a favorable competitive landscape with high profit margins, potentially reaching 50%, making companies like Jia Ai worth a premium valuation [3][13] - The IDC (Internet Data Center) industry in China is expected to see significant power demand growth, with projections of 3.2 GW in 2025 and over 13.6 GW by 2028 [15][16] - **Chinese Companies' Position**: - Chinese companies are making strides in the liquid cooling board market, with some already obtaining orders and certifications, indicating a strong potential for domestic players [10][20] - Companies like Yingwei and others are positioned to benefit from the growing demand for liquid cooling solutions and are recognized as partners by NVIDIA [20][24] - **Future Projections**: - The supercapacitor market is expected to reach a scale of 60 billion RMB by 2028, with significant profit potential for companies capturing market shares [14] - The IDC industry is anticipated to maintain high growth rates, with leading companies likely to outpace the overall industry growth due to their R&D and customer acquisition advantages [15][16] This summary encapsulates the key insights and projections from the conference call records, highlighting the growth potential and competitive landscape of the AIDC and related sectors.

Group 1: Macro Economic Insights - Non-US demand is expected to dominate future export trends, with July exports from China increasing by 7.2% year-on-year, compared to a previous value of 5.9% [5][6] - The indirect export surge continues, with South Korea and Vietnam showing significant export growth, indicating ongoing global industrial countries' export competition [6][7] - Future export performance may be influenced by the sustainability of non-US demand, particularly after the US implements import tariffs [7][8] Group 2: Company-Specific Insights - Guanghua New Network (光环新网) - Guanghua New Network, a leading IDC enterprise, has expanded into high-performance computing and aims to benefit from the growth in computing power, with projected net profits of 329 million, 446 million, and 565 million yuan for 2025-2027 [12][13] - The company has established a multi-heterogeneous computing power scheduling platform to support various applications, with a computing power scale exceeding 4000P as of April 2025 [13][14] - Guanghua's IDC business serves a diverse client base, including traditional cloud vendors and financial clients, with ongoing expansion plans across multiple regions [14] Group 3: Company-Specific Insights - Zhongchong Co., Ltd. (中宠股份) - Zhongchong Co., Ltd. reported a significant revenue increase of 24.32% year-on-year for H1 2025, with net profit rising by 42.56% [16][17] - The company’s domestic sales growth is attributed to strong performance in staple food products, with revenue from staple food increasing by 85.79% [18][20] - The company is expanding its global presence, with products sold in 73 countries and a new factory in Mexico expected to enhance profit margins [20] Group 4: Company-Specific Insights - Haiguang Information (海光信息) - Haiguang Information's revenue for H1 2025 reached 5.464 billion yuan, a 45.21% increase year-on-year, with net profit growing by 40.78% [22] - The company plans to absorb and merge with Zhongke Shuguang to enhance vertical integration and market synergy, aiming to build a comprehensive capability from chip design to computing power services [23] - The projected net profits for Haiguang Information are 3.018 billion, 4.213 billion, and 5.806 billion yuan for 2025-2027, reflecting strong growth potential in the domestic computing power sector [21][22] Group 5: Company-Specific Insights - Techtronic Industries (创科实业) - Techtronic Industries expects to complete its overseas capacity relocation by the end of 2025, which is anticipated to support accelerated growth in 2026 [25][26] - The company reported a revenue of 7.83 billion USD for H1 2025, a 7.1% increase year-on-year, with a net profit of 630 million USD, reflecting a 14.2% growth [27] - The company is cautious about growth in H2 2025 due to uncertainties related to tariffs but remains optimistic about a recovery in 2026 driven by favorable market conditions [28]

Group 1 - The core viewpoint of the report is that Guanghuan Xinnet (300383.SZ) is given a "buy" rating due to its strategic positioning in the intelligent computing service market and its efforts to integrate the computing power industry chain [2] - The company is actively binding with high-quality clients in the AI industry and is pushing forward with its global AIDC (Artificial Intelligence Data Center) layout [2] Group 2 - The report highlights the positive outlook for Guanghuan Xinnet's initiatives in the intelligent computing service sector, which is expected to enhance its market competitiveness [2] - The company's proactive approach in establishing partnerships with AI industry leaders is seen as a significant growth driver [2]