国产算力链本周迎来多重利好 模型端看，DeepSeek官宣发布DeepSeek-V3.1，该模型使用了UE8M0FP8Scale的参数精度，并大幅调整 了分词器及chat template。UE8M0FP8浮点格式用于适配下一代国产芯片，有望推动国产AI芯片大规模 放量。此外竞争格局看，英伟达要求鸿海集团、三星电子、Amkor等供应商停止H20芯片生产。伴随国 产大模型能力迭代升级、国产芯片量产爬升，长期坚定看好AI芯片的国产替代。 国金证券发布研报称，DeepSeek官宣发布DeepSeek-V3.1，该模型使用了UE8M0FP8Scale的参数精度。 UE8M0FP8浮点格式用于适配下一代国产芯片，有望推动国产AI芯片大规模放量。AI数据中心需求旺 盛，液冷平台有望充分受益，看好液冷成为下一大AI时代出海板块。建议关注国内AI发展带动的服务 器、IDC等板块，以及海外AI发展带动的服务器、光模块等板块。 英伟达官网再提CPO交换机商用时间。Quantum-X InfiniBand交换机预计将于2026年初投入商用， Spectrum-X以太网交换机预计将于2026年下半年投入商用，建议关注太辰光等CPO产 ...

2025年1月-3月，上海洗霸实现营业收入1.03亿元，同比减少17.73%；归属净利润982.85万元，同比减少 51.39%。 8月25日，上海洗霸盘中上涨9.27%，截至10:17，报74.29元/股，成交5.51亿元，换手率4.43%，总市值 130.36亿元。 截至3月31日，上海洗霸股东户数3.23万，人均流通股5437股。 资料显示，上海洗霸科技股份有限公司位于上海市嘉定区博学路138号6幢、7幢，公司是一家在上海证 券交易所上市的公司，主要业务为提供水处理特种化学品、过程特种化学品、电池材料特种化学品等业 务以及水处理设备、消毒设备与其他定制化设备业务。公司的业务领域包括水处理技术整体解决方案服 务，云数据中心空冷与算力中心液冷业务，以及先进材料业务，业务涵盖工业、民用以及新能源、信息 产业等多个领域，客户包含石油化工、汽车制造、钢铁冶金、制浆造纸、芯片制造等多个行业大户，同 时还为中央空调水处理、锅炉水处理、景观水处理等提供服务。 ...

开源证券近日发布基础化工行业深度报告：模型端看，DeepSeek官宣发布DeepSeek-V3.1，该模型使用 了UE8M0FP8Scale的参数精度，并大幅调整了分词器及chat template。 以下为研究报告摘要： 1）国产算力链本周迎来多重利好。模型端看，DeepSeek官宣发布DeepSeek-V3.1，该模型使用了 UE8M0FP8Scale的参数精度，并大幅调整了分词器及chat template。UE8M0FP8浮点格式用于适配下一 代国产芯片，有望推动国产AI芯片大规模放量。此外竞争格局看，英伟达要求鸿海集团、三星电子、 Amkor等供应商停止H20芯片生产。伴随国产大模型能力迭代升级、国产芯片量产爬升，我们长期坚定 看好AI芯片的国产替代。2）海外光通信方案加速迭代。英伟达官网再提CPO交换机商用时间。 Quantum-X InfiniBand交换机预计将于2026年初投入商用，Spectrum-X以太网交换机预计将于2026年下 半年投入商用，建议关注太辰光等CPO产业链内公司。同时英伟达推出跨区域扩展（scale-across）以太 网新网络技术NVIDIA Spectrum-XGS ...

国金证券近日发布电力设备与新能源行业研究：金风科技发布强势半年报，制造端盈利 同比大幅改善4.2pct，带动风机制造分部盈利实现自22年以来的首次转正，海外业务开拓继 续加速；国家能源集团等多个央国企启动风机集采招标，8月以来央国企风机招标规模约 8.3GW，环比6、7两月实现明显修复，中标均价维持较好水平，持续推荐整机环节。 以下为研究报告摘要： 氢能与燃料电池：北京打造京津冀及周边跨区域氢能运输廊道，推进氢燃料汽车扩容增 量；氢航科技年内完成吨级氢混eVTOL五百公里飞行测试；田湾核电核能制氢项目累计制 氢量突破30000立方米；甘肃首个工业用户燃气掺氢项目试运行成功，掺氢比例最高达 20%。 投资建议与估值：详见报告正文各子行业观点详情。 风电：金风科技发布强势半年报，制造端盈利同比大幅改善4.2pct，带动风机制造分部 盈利实现自22年以来的首次转正，海外业务开拓继续加速；国家能源集团等多个央国企启动 风机集采招标，8月以来央国企风机招标规模约8.3GW，环比6、7两月实现明显修复，中标 均价维持较好水平，持续推荐整机环节。 风险提示：政策调整、执行效果低于预期风险；产业链价格竞争激烈程度超预期风险。 ...

Core Insights - The report highlights a significant growth in the AI sector, driven by macroeconomic factors such as the expectation of interest rate cuts in the US and supportive policies for AI investments from the Trump administration. This has led to increased investor interest in AI-related technologies and companies [5][6] - The liquid cooling industry is experiencing heightened attention due to accelerated deployments by overseas cloud service providers (CSPs) and positive performance indicators from key players in the sector. The report suggests that the liquid cooling market is transitioning from a conceptual phase to one of actual performance delivery [5][6] - The report emphasizes the importance of domestic supernodes and the expected growth in high-speed copper connections and optical modules, particularly following the recent Open Compute Project (OCP) conference [6][9] Industry Commentary - The communication sector is witnessing a rotation towards AI-related investments, with a focus on liquid cooling, optical circuit switching (OCS), and domestic supernodes. The report suggests that these areas are poised for growth due to technological advancements and market demand [5][6] - The report notes that the OCS market is expected to see significant commercial deployment in North America by 2026, with potential total addressable market (TAM) reaching $2 billion. This technology is becoming increasingly relevant for large CSP data center networks [9][10] Company Analysis - The report discusses the performance of China Mobile, which reported a slight decline in revenue but an increase in net profit for the first half of 2025. The company is focusing on transitioning its business model towards value-based operations, leveraging its extensive customer base [18][19] - The report highlights the strong performance of a specific company, which achieved a revenue of 12.354 billion yuan in the first half of 2025, marking a 251% year-on-year increase. The company is expanding its market presence both domestically and internationally [10][12] - Another company mentioned in the report experienced a revenue growth of 10.36% in the first half of 2025, despite facing challenges in profitability due to operational pressures from older factories and the ramp-up of new facilities [15][16]

通信 周跟踪（20250811-20250815） 领先大市-A(维持) ——液冷、OCS 与国产超节点，继续关注 AI 板块轮动行情 2025 年 8 月 22 日 行业研究/行业周报 通信行业近一年市场表现 资料来源：最闻 相关报告： 【山证通信】OpenAI 发布 chatGPT Agent 并预热 GPT5，英伟达端侧 Thor 即将发货-周跟踪（20250714-20250720） 2025.7.25 【山证通信】——Grok4、KIMI K2 发布，算力板块业绩预告亮眼-周跟踪 （20250707-20250713） 2025.7.17 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 近期以 AI 算力、卫星互联网、液冷为代表的赛道表现较好、投资者关注度 显著提升，我们认为主要原因在于宏观和产业的积极因素共振。宏观方面，美国 降息预期确定性显著提升、特朗普政府采 ...

近期，英维克（002837.SZ）发布2025年上半年业绩。财报显示，2025年上半年，公司实现营收25.73亿 元，同比增长50.25%；实现归母净利润2.16亿元，同比增长17.54%。 在上半年实现营收利润双增长的同时，今年以来英维克在二级市场同样表现亮眼。Wind数据显示，今 年内公司累计涨幅高达109.16%，若从年内低点至今算起，该股已经上涨超230%。 这或许与今年以来AI带来的算力浪潮，掀起的液冷行情暴涨有关。随着AI大模型更新迭代以及应用落 地驱动算力需求提升，液冷凭借散热效率优势正成为主流方案。 21世纪经济报道记者 吴佳楠 深圳报道 在这两大业务板块中，英维克正加速导入液冷技术。在机房温控节能产品，报告期内英维克在算力的设 备及机房的液冷相关营业收入超过2亿元，主要供给大型数据中心、IDC运营商、大型互联网公司和通 信运营商等。 在机柜温控节能产品，今年上半年英维克来自储能应用的营业收入约8亿元，同比增长约35%，其中在 受贸易政策影响较大的第二季度公司直接出口的储能相关业务仍实现同比增长。 另外，叠加下游厂商英伟达、英特尔等对液冷渗透率的持续提升，英维克还坐拥英伟达产业链公司身 份，也 ...

Market Overview - A-shares opened mixed on August 22, with all three major indices showing positive performance by the time of reporting [1] - The STAR 50 index rose over 5%, driven by a strong performance in the semiconductor industry, with Haiguang Information hitting a 20% limit up and Cambrian Technology rising nearly 12% [1] Sector Performance - The computing power and big data sectors showed strength, while the liquid cooling concept continued to adjust, and sectors like fintech, stablecoins, and rare earths experienced slight declines [4] - The computing power sector saw significant gains, with Kede Education hitting the limit up and other companies like Cambrian Technology and Chipone also performing well [5] Catalysts and Trends - Research reports indicate that the domestic computing power sector is experiencing concentrated catalysts, with Tencent's earnings call highlighting multiple supply channel options for inference chips, suggesting potential support for domestic inference computing power chips amid international supply chain fluctuations [7] - The rare earth permanent magnet sector continued to strengthen, with companies like San Chuan Wisdom hitting the limit up and others like China Northern Rare Earth Group also seeing gains [7] Price Movements - As of August 21, the price of praseodymium oxide reached 657,500 yuan per ton, up 110,000 yuan from the beginning of the month, marking a more than 20% increase and a year-to-date increase of over 58% [9] - Neodymium oxide also saw a price increase, reaching 657,500 yuan per ton, with a month-to-date increase of 115,000 yuan and a year-to-date increase of 62.95% [9] Company Highlights - In the Hong Kong market, Miniso's stock surged nearly 16%, with Q2 revenue reaching 4.97 billion yuan, a year-on-year increase of 23.1%, and an adjusted net profit of 690 million yuan, up 10.6% year-on-year [12] - XPeng Motors' stock rose over 12%, following the announcement of share purchases by its co-founder and CEO, He Xiaopeng, who acquired 3.1 million shares at an average price of 80.49 HKD per share [12] Chip Sector Performance - The Hong Kong chip sector saw gains, with companies like SMIC, Hua Hong Semiconductor, and Shanghai Fudan rising over 7% [13]

2025.08.22 09:25A股开盘｜三大指数开盘涨跌不一 国产芯片概念集体高开 本文字数：498，阅读时长大约1分钟 作者 |一财资讯 09:39创业板指涨幅扩大至1% 创业板指涨幅扩大至1%，沪指涨0.24%，深证成指涨0.49%。 09:38科创50大涨3% 创近三年半新高 科创50大涨3%创近三年半新高，芯片产业链集体走强，海光信息涨超10%创历史新高，寒武纪涨近 10%。 09:33 碳酸锂期货主力合约跳水，一度跌超4%。 | 分野 多日 1分 5分 15分 30分 60分 日 周 月 更多 | F9 大单气范 凸显 九和 面线 工用 (0) | LC2511 立即 | 玻酸锂2511 | LC2511[WBNW2511] 09:33 价 79860 溶膜 - 2740[ 1.32%) 均价 80906 减交量 3028 猪仓 39.91万 增仓 -206 | 2025/08/22 | 79840 | 0 | -2760 -3.34% RB | 16100 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Market Overview - The Shanghai Composite Index rose by 0.03%, while the Shenzhen Component Index fell by 0.15%, and the ChiNext Index decreased by 0.31% [1] - Domestic chip concepts opened higher, with Cambrian Technology rising nearly 4%, while sectors like financial technology and rare earths experienced slight declines [1] Securities Insights - Huaxi Securities noted a market sentiment recovery after a brief fluctuation, with a focus on tracking fund movements, indicating a positive participation willingness from investors [2] - Huatai Securities highlighted a significant increase in new account openings and a shift towards wealth management among brokerages, suggesting a recovery opportunity for firms leading in this transformation [2] - The A-share brokerage index PBLF is at 1.67x, while the H-share brokerage index PBLF is at 1.00x, indicating potential for value reassessment in the sector [2] Commercial Aerospace - Galaxy Securities projected sustained high growth in the commercial aerospace industry, with advancements in reusable rockets and low-cost satellites [3] - The demand for low-altitude economy and space tourism is expected to expand, supported by recent policy measures in Guangdong province [3] Consumer and Commodity Trends - CITIC Construction pointed out the approaching consumption peak season, with rising demand leading to increased prices for rare earths and lithium [4] - The price of lithium carbonate surged due to supply disruptions, while the prices of praseodymium-neodymium and cobalt are also on the rise due to supply constraints [4] AI Server Cooling Technology - Guojin Securities reported that the liquid cooling technology for AI servers is gaining traction, with cold plate liquid cooling being favored for its cost-effectiveness and compatibility with various cooling liquids [5] - The use of high thermal conductivity materials, such as liquid metal TIM, is expected to enhance the cooling performance of cold plate systems, making it a preferred choice for high-end chips [5][6]