Core Insights - The demand for copper cable high-speed connectors is surging due to the rapid growth of AI infrastructure, driven by significant investments and policy support in data centers [1][9] Industry Overview - The market for copper cable high-speed connectors is experiencing explosive growth as AI infrastructure expands, with Alibaba announcing a massive investment of 380 billion yuan to enhance AI infrastructure [1] - The global energy consumption of data centers is projected to increase tenfold by 2032, indicating a substantial rise in demand for efficient connectivity solutions [1] Key Companies - **Jingda Co., Ltd.**: Dominates the global market with a 35% share through its silver-plated copper wire, serving as the exclusive supplier for Microsoft's Azure data center. The company has developed superconducting copper composite materials that improve conductivity by 40% compared to traditional products [4] - **Xinya Electronics**: Known for its proprietary copper cable design that reduces dielectric loss by over 30%, outperforming industry standards by 33%. This product is specifically designed for NVIDIA's GB series servers [4] - **Zhaolong Interconnect**: The only domestic supplier of 800G copper cables certified by NVIDIA, also receiving certifications from Google and Meta. The company specializes in customized high-speed direct-connect copper systems [5] - **Luxshare Precision**: Breaks foreign monopolies with its Optamax™ technology, achieving minimal impedance variation in its 224G copper cables, and capturing 60% of the market share in AI server connectivity [7] - **Changxin Bochuang**: The only domestic developer of 800G AEC (active electrical cables) with the highest market share, securing significant orders from Meta and Huawei [8] - **Shufflebox**: An indirect supplier to NVIDIA, providing the Shufflebox data center optical module switch, valued at approximately $2,500 per unit, and establishing a technological moat through patents [9] Market Dynamics - The combination of technological barriers, customer loyalty, and favorable policies positions these leading companies to capture a significant share of the trillion-yuan AI infrastructure market [9]

9月26日，私募排排网最新数据显示，截至9月19日，股票私募仓位指数达78.41%，反映出股票私募近 期加仓动作显著。 自8月份以来，股票私募仓位指数整体呈增长态势，从8月1日的73.93%到9月19日的78.41%，期间累计 增长4.48个百分点。进入9月份以来，股票私募仓位指数增长加速，从9月5日的75.08%升至9月12日的 78.04%，单周大幅增长2.96个百分点，此后一周又继续上涨至78.41%。 值得关注的是，不同规模股票私募的仓位配置呈现出"两端"高、"中间"低的特点，即小规模(管理规模 在5亿元以下)和大规模(管理规模在50亿元以上)股票私募仓位指数更高、进攻性更强，中等规模(管理规 模在5亿元至50亿元之间)股票私募仓位指数相对较低。 具体来看，管理规模在100亿元以上和管理规模在50亿元至100亿元之间的股票私募仓位指数分别为 79.95%、85.56%，管理规模在20亿元至50亿元之间、10亿元至20亿元之间、5亿元至10亿元之间的股票 私募仓位指数分别为75.19%、76.28%、76.74%，管理规模在5亿元以下的股票私募仓位指数为79.02%。 相较于上周，除了管理规模在50亿元 ...

" 基于镇岳510的pSLC方案已在阿里云OSS开展灰度测试，平头 哥与阿里云深度合作开展ZNS+QLC存储解决方案的探索。 " 作者丨 刘伊伦 编辑丨包永刚 " 存储是保证大模型正常运行的基础。 " 平头哥半导体产品总监周冠锋向雷峰网说到。 在大模型时代，全球正掀起大规模算力基建潮。 " 算力、算力，还是算力 " 的口号成为行业对这一趋势 的直白 概括 ，不少人将算力视为最核心的竞争资源。 但鲜少有人意识到，大模型从千亿参数训练到实时场景推理， 每一步都需要 EB 级海量数据的持续供给 ，而这些数据的安全留存、高效调取，全依赖存储系统的稳定运行，若缺乏高质量、高可靠的存储支撑， 再强大的算力也会因 " 数据断供 " 陷入 " 无米之炊 " 的困境。 这也恰恰点破了大模型时代技术基建的核心逻辑： 看似聚焦 " 算力突破 " 的技术革命，实则离不开 " 存 储支撑 " 的底层托举。 中国信通院最新出具的《 2025 先进存力研究报告》指出，我国数据生产量逐年增长，存力建设却略显滞 后，数据 " 应存未存 " 现象凸显。 在数据产量与存储容量的规模方面， 2023 至 2024 年数据年产量由 32.85 ZB ...

阿里集团董事兼首席执行官吴泳铭9月24日在2025云栖大会上表示，大模型是下一代操作系统，而AI云 是下一代计算机，也许未来全世界只会有五六个超级云计算平台。 目前阿里正积极推进3800亿元的AI基础设施建设，并计划追加更大的投入。为了迎接ASI时代的到来， 对比2022年这个生成式人工智能的元年，到2032年阿里云全球数据中心的能耗规模将提升10倍。这意味 着阿里云算力投入将指数级提升。 研究机构认为，北美云厂商上调资本性支出预期，业绩增长超市场预期，AI基建投入持续。统计数据 显示，谷歌、微软、Meta和亚马逊四家公司，预计今年将在数据中心等AI基建上投入超3500亿美元， 2026年将超过4000亿美元。国内方面，后续伴随着DeepSeek以及Agent、多模态方面相关进展，AI行业 景气度持续，国产服务器、交换机、液冷等环节值得重视。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 素材源：吕怡蕾 编辑：康书源 审核：王怡然 ...

随着越来越多的数据中心项目和投资在近期官宣和落地，美国万亿AI基建潮中的部分领域可能将严重依赖外国供应商的问题，似乎也逐渐被置于了 聚光灯下…… 在美国，AI的尽头显然是电力。市场领先的供应链人工智能公司Exiger首席执行官Brandon Daniels表示，建设传统的发电厂——无论是燃 气电厂还是核电站，目前都亟需一系列美国无法大量生产的专业部件。 Daniels警告称，"有四大类设备和商品极其昂贵又主要依赖外国来源，而这种依赖正值美国电力建设已面临严重积压和短缺之际。" 燃气轮机 Exiger供应链数据显示，全球重型公用事业级燃气轮机市场由三大原始设备制造商（OEM）主导：美国通用电气旗下Vernova、德国西门子 以及日本三菱重工。 Daniels指出，这三家企业掌控着新型涡轮机的供应，其中美国近50%的供应来自国外进口。 钢材 钢铁及钢材则是这条供应链中可能增加成本的第四类商品。 他指出，"这些公司对于支撑如此大规模的AI基础设施的电力供应，将是不可或缺的。" 超大型核电站锻件和组件 Daniels指出，美国已不再生产大型一体式反应堆压力容器及配套硬件。例如，位于佐治亚州、美国近二十年来首座新建的核 ...

Monetary Policy - The central bank will conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on September 25, with a one-year term [1][2]. Digital Economy - The Ministry of Commerce and nine other departments issued policies to promote service exports, emphasizing the acceleration of international data service business development [1][2]. - A joint guideline from eight departments encourages the development of digital consumption, urging companies to innovate and increase the supply of AI terminal products [3]. Gaming Industry - The National Press and Publication Administration announced that 145 domestic online games and 11 imported games received approval for publication as of September 2025 [2]. Energy Sector - The China Electricity Council predicts that the national electrification rate will grow steadily at an average annual rate of about 1 percentage point during the 14th Five-Year Plan, reaching around 35% by 2030, exceeding the OECD average by 8-10 percentage points [2]. AI Infrastructure Investment - Alibaba plans to invest 380 billion yuan in AI infrastructure, with expectations of a tenfold increase in energy consumption for its global data centers by 2032 [5]. - North American cloud providers, including Google, Microsoft, Meta, and Amazon, are expected to invest over 350 billion dollars in AI infrastructure this year, with projections exceeding 400 billion dollars by 2026 [6]. Construction Materials - The Ministry of Industry and Information Technology and other departments released a plan for stable growth in the building materials industry, prohibiting new cement and flat glass production capacity [7]. - The plan aims to optimize supply and demand dynamics, with expectations for cement prices to rise and regional leading enterprises to recover profitability [7]. Company Developments - Guoer Co., Ltd. leads in micro speakers, MEMS acoustic sensors, VR/MR products, AI smart glasses, and other smart wearable devices [4]. - Huayi Group expects a net profit of 340 million to 420 million yuan for the first three quarters of 2025, representing a year-on-year increase of 69.81% to 109.77% [8]. - Heng Rui Medicine has reached a milestone payment agreement for its innovative drug project, with potential payments up to 1.093 billion dollars [9]. - PetroChina Oilfield Services signed a contract worth approximately 2.553 billion yuan for an overseas project [10]. - Jicheng Electronics won a bid for a project with the State Grid, totaling approximately 81.836 million yuan [11].

AI Hardware - The Ministry of Commerce and seven other departments issued guidelines to promote digital consumption, encouraging companies to accelerate the development of AI terminal products and explore new consumption potential in AI smartphones, computers, and other devices [1] - Dongfang Securities predicts that more large model manufacturers and internet companies will enter the hardware market, creating a direct path from models to terminals to users, which will drive innovation in smart hardware [1] AI Infrastructure - Alibaba's CEO announced a significant investment of 380 billion yuan in AI infrastructure, with plans for further investment, anticipating a tenfold increase in energy consumption at Alibaba Cloud's global data centers by 2032 [2] - North American cloud providers are expected to invest over $350 billion in AI infrastructure this year, with projections exceeding $400 billion by 2026 [2] Cement Industry - The Ministry of Industry and Information Technology and other departments issued a plan to stabilize growth in the building materials industry, prohibiting new cement clinker and flat glass production capacity [3] - Galaxy Securities believes that the "anti-involution" sentiment will accelerate supply optimization in the cement industry, leading to price increases and improved profitability for regional leading enterprises [3] Nuclear Fusion - China Fusion Energy Company showcased its technology and business layout at an industrial expo, aiming for commercial nuclear fusion energy by 2050 [4] - Controlled nuclear fusion is seen as a key to achieving "energy freedom," providing a clean and virtually limitless energy source [4] Physical AI - Alibaba Cloud and NVIDIA announced a collaboration in the Physical AI field, integrating NVIDIA's software stack into Alibaba's AI platform to enhance the development cycle of applications like embodied intelligence and autonomous driving [5] Macro and Industry News - The Ministry of Commerce and other departments issued policies to promote digital consumption and support the development of international data centers and cloud computing centers in specific regions [6] - The China Academy of Information and Communications Technology projected that the number of new Beidou-supported terminals and devices will exceed 400 million by the end of 2028 [7]

"卖铲子的人"向"递铲子的人"角色转变。根据英伟达此前披露，建设1GW算力的成本大 约为500-600亿美元，而英伟达的芯片与系统占其中约350亿美元。我们认为最新的10GW数 据中心建设项目投资规模大约为5000-6000亿美元—与此前公布的星际之门Stargate（投资约 5000亿美元）项目规模基本一致，而英伟达在其中能收获大约3500亿美元收入。10吉瓦算力 相当于400-500万块GPU，与英伟达今年预计的出货量一致，并且是英伟达去年出货量的两 倍。而OpenAI的Sam Altman认为，建设这套基础设施对OpenAI的所有目标都至关重要。没 有它，OpenAI无法向用户交付他们想要的服务，也无法持续打造更好的模型。这些基础设 施就是推动OpenAI改进模型、增加营收的"燃料"。 AI的下半场，已经从模型的比拼，进入到基础设施的全面扩张。为什么是投资1000亿美 元？为什么又选择了OpenAI？根据科技最前线统计，过去一年，ChatGPT每周有7亿人使 用，已经是全球最受欢迎的AI产品。但这只是开始。Altman反复强调，OpenAI的使命不是 做一款应用，而是要推动"超级智能"的到来。而要实现这 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the AI infrastructure sector, including 德科立, 仕佳光子, 中际旭创, 新易盛, 天孚通信, and 润泽科技 [5]. Core Insights - The report highlights a significant investment by NVIDIA in OpenAI, amounting to up to $100 billion (approximately 711.47 billion RMB), aimed at deploying at least 10GW of NVIDIA systems, which includes millions of GPUs [1][2]. - The transition from "selling shovels" to "delivering shovels" is noted, with the estimated cost of building 1GW of computing power being around $50-60 billion, where NVIDIA's chips and systems account for approximately $35 billion [2]. - The AI sector is entering a phase focused on infrastructure expansion rather than just model competition, with OpenAI's mission to drive "superintelligence" being heavily reliant on computational power [3]. - The report suggests that the current focus in AI infrastructure has shifted from cloud vendor spending to AIDC cloud computing centers, recommending companies with a first-mover advantage in GPU cards [4]. Summary by Sections Investment Opportunities - Key companies to watch include Oracle, Coreweave, Nebius, AppliedGigital, and Iris Energy for their GPU card advantages [4]. - In the domestic market, companies like 润泽科技, 奥飞数据, and 润建股份 are highlighted for their potential in AI infrastructure [4]. Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, indicating strong growth potential for 2024-2026 [5]. - For example, 中际旭创 is projected to have an EPS of 12.94 RMB by 2026 with a PE ratio of 34, while 新易盛 is expected to reach an EPS of 13.10 RMB with a PE of 27 [5]. Market Trends - The report emphasizes the increasing demand for AI infrastructure, with OpenAI's rapid growth and significant contracts with cloud service providers indicating a robust market environment [3]. - The establishment of a 1GW data center by OpenAI in 2026 is anticipated to mark a milestone in the infrastructure arms race, paving the way for large-scale application deployment [3].

报告导读： 上周全球市场小幅收涨，估值继续拔升，港股卖空占比降至历史低位。资金面 上，美联储如期降息 25BP ，但鲍威尔发言中性偏鸽，联储年内或降息 2 次左右。基本面 上，上周欧美经济预期出现改善，美股科技盈利预期继续上修。 市场表现：上周全球市场小幅收涨。 股市方面，MSCI全球+1.0%，其中MSCI发达+1.0%、MSCI新兴+1.1%。债市方面，美国10Y国债利率大幅上升。大宗 方面，金价小幅收涨，原油、铜价下跌。汇率方面，美元平，英镑贬，日元贬，人民币平。分板块看，上周全球可选消费与信息技术板块表现突出。 交投情绪：上周欧美股市成交明显放量，港股卖空占比降至历史低位。 从成交看，上周恒指、日经225成交下降，标普500、欧洲Stoxx50、韩国Kospi200 成交上升。从投资者情绪看，港股投资者情绪环比上升、处历史偏高位，美股投资者情绪下降、处历史偏高位。从波动率看，上周港股、日股波动率下降，美 股、欧股波动率上升。从估值看，上周发达市场、新兴市场整体估值均较前周提升。 盈利预期：上周港股盈利预期转为上修，美股科技盈利预期继续上修。 横向对比来看，上周港股25年盈利预期边际变化表现最优，美股、 ...