本文源自：鸿晟信合研究院 内容部分有删减·详细可参鸿晟信合研究院完整信息 第一章 算力产业概述与发展背景 第一节 算力基本概念与核心内涵 一、算力的定义与计量单位 二、算力与数据、算法的协同关系 三、算力作为新型基础设施的战略定位 第二节 算力产业链结构解析 一、上游分析 二、中游分析 三、下游分析 第二章 全球算力产业发展现状 第一节 全球算力规模与增长态势 一、全球总算力规模（eflops级）年度变化 二、区域算力分布格局（北美主导，亚太加速追赶） 三、公共云与私有算力资源占比演变 第二节 全球算力技术演进特征 一、异构计算架构成为主流 第四章 算力产业链细分环节深度剖析 二、先进封装与chiplet技术提升算力密度 三、光互联与cpo技术在高带宽场景渗透 第三节 全球算力基础设施布局 一、超大规模数据中心集群建设进展 二、国家级超算中心升级计划 三、边缘算力节点在工业与车联网中的部署密度 第三章 中国算力产业发展回顾："十四五"期间 第一节 "十四五"期间算力规模扩张 一、全国总算力规模突破 二、东数西算工程对算力地理重构的影响 三、智算中心数量与投资规模统计 第二节 算力基础设施建设进展 一、数据中心 ...

这个周末的消息面呈现出科技领域利好与利空交织的局面，对下周市场的影响值得深入分析。首先，国 家数据局发布消息，将引导金融机构支持数据科技创新，推动长期、耐心和优质资本更多地投向数据科 研领域。同时，强调加快全国一体化算力网络建设，打造高性能算力体系，培育科技领军企业。这一政 策导向明显利好算力科技等相关领域，为相关企业提供了资金支持和政策倾斜的机会。 紧接着，工信部强调要系统推进6G技术研发、标准制定和应用培育，并统筹推动算力布局和结构优 化。此外，工信部还召开全国信息通信监管会议，强调严处不正当竞争，抓紧人工智能发展机遇。这一 系列措施同样利好6G技术、算力等相关方向，为相关企业的发展提供了政策保障。 综合来看，本周的利好消息主要集中在科技领域，尤其是算力、6G技术、人工智能、区块链等方向。 这些领域在政策支持下有望迎来快速发展，相关企业可能会受益于资金流入和技术突破。尽管商业航天 长期潜力巨大，但短期来看，受美股跳水和国内龙头公司利空影响，下周初可能会面临一定的回调压 力。不过，上交所的降费让利措施有助于稳定市场情绪，提升市场活跃度，对市场起到一定的支撑作 用。 下周市场可能会在利好与利空消息的交织中出现 ...

Summary of Liquid Cooling Connector Industry and Company Insights Industry Overview - **Industry**: Liquid Cooling Connector Industry - **Growth Drivers**: The rapid development of the liquid cooling connector industry is primarily driven by the limitations of traditional air cooling technologies in meeting the heat dissipation needs of data centers. The increasing demand for high-density data centers due to the growth of digital economy, 5G, and artificial intelligence is a significant factor [2][9][10]. Key Insights - **Market Size and Growth**: The liquid cooling connector market in China is projected to grow from 1.8 billion yuan in 2021 to 5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 40.6%. By 2030, the market size is expected to reach 24.1 billion yuan, with a CAGR of approximately 30% [2][9]. - **Core Application**: Data centers are the primary application for liquid cooling connectors, expected to account for 60% of the market share. The demand for liquid cooling connectors will increase as the number of data center racks continues to grow [2][17]. - **Energy Efficiency**: Liquid cooling technologies can significantly reduce Power Usage Effectiveness (PUE) to below 1.3 for cold plate systems and even 1.2 for immersion cooling systems, enhancing energy efficiency and equipment stability [1][3]. Technological Developments - **Connector Types**: Liquid cooling connectors, known as Universal Quick Disconnect (UQD), are designed for quick connection and disconnection without tools. They are categorized into first-in and blind-mate types, suitable for different operational scenarios [4]. - **Technical Evolution**: The technology has evolved from the Beta version to version 4.0, with continuous improvements in functionality and application scenarios. The latest version includes features like pressure relief valves and non-stop pressurized connection capabilities [7]. Competitive Landscape - **Key Players**: Major competitors in the Chinese market are categorized into three tiers: - **Tier 1**: International companies like Stäubli and Parker, known for their high reliability and early market entry. - **Tier 2**: Domestic leaders such as AVIC Optoelectronics, Zhengbei Connection, and Yonggui Electric, which have strong production capabilities but are still catching up to international giants. - **Tier 3**: Companies like Industrial Fulian and Liminda, which have production capabilities but lack scale [12][13]. Policy Support - **Government Initiatives**: The Chinese government supports the liquid cooling technology and connector industry through various policies aimed at promoting energy-efficient cooling technologies and enhancing the development of data centers [8]. Company Spotlight: AVIC Optoelectronics - **Company Overview**: Established in 2002 and listed in 2007, AVIC Optoelectronics specializes in fluid connection technology and has developed over 500 series of products. The company has a strong patent portfolio and has been involved in setting industry standards [19]. - **Competitive Advantages**: AVIC Optoelectronics holds a significant position in the industry, having authored numerous national standards and developed a comprehensive range of liquid cooling solutions. Their revenue from related businesses grew from 840 million yuan in 2021 to 1.43 billion yuan in 2023 [20][21]. Conclusion - The liquid cooling connector industry is poised for significant growth driven by technological advancements and increasing demand from data centers. Companies like AVIC Optoelectronics are well-positioned to capitalize on this trend, supported by favorable government policies and a strong competitive edge in product development and market presence.

Core Viewpoint - The press conference highlighted the achievements in the construction and development of Digital China during the "14th Five-Year Plan" period, emphasizing significant advancements in digital infrastructure and computing power [1] Digital Infrastructure Development - Since the beginning of the "14th Five-Year Plan," China's digital infrastructure has made substantial progress, positioning the country as a global leader in scale and technology [1] - The total computing power scale ranks second globally, indicating a strong competitive position in the digital economy [1] "East Data West Calculation" Project - The "East Data West Calculation" initiative has been deeply implemented, promoting a scientific layout of computing power as a new productive force [1] - Among the eight major computing power hub nodes, five are located in the western region, leveraging the area's clean energy advantages [1] - This initiative effectively promotes regional coordinated development, highlighting the strategic importance of the western regions in the national digital strategy [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **electric power industry** and its transition towards **high-quality development** influenced by policy document **No. 136** [1][2] - The role of **thermal power** is shifting from being the main power source to a **backup and peak regulation** role, with coal prices significantly impacting profitability [1][2] Core Insights and Arguments - **Coal Price Impact**: The price of coal has dropped significantly, with the northern port 5,500 kcal thermal coal index reaching a low of **620 RMB/ton**. This decline has positively affected the profitability of thermal power plants [1][6] - **Performance of Power Companies**: Major thermal power companies like **Jingneng** and **Huadian** reported strong performance in Q1, with continued growth expected in Q2 despite a slight decrease in thermal power generation [1][4] - **Hydropower Performance**: Hydropower companies have also performed well due to favorable water conditions and stable electricity prices, with notable performance from the **Yalong River** in Q2 [1][4] - **Green Power Transition**: The green power sector is moving towards quality over quantity, with expectations for new installations to slow down. The focus is on improving yield rates and addressing subsidy and pricing pressures [3][5][12][13] Additional Important Content - **Capacity Pricing Mechanism**: The capacity pricing mechanism is expected to enhance revenue stability for thermal power companies, with projections indicating that the recovery of fixed costs will increase from **30%-50%** in 2024-2025 to **50%-70%** by 2026 [9][10] - **Investment Recommendations**: The call suggests focusing on large thermal power companies with high market procurement ratios and strong resilience, such as **Jingneng** and **Huadian**. Additionally, smaller projects with stable returns, like waste-to-energy projects, are also recommended [8][24][26] - **Long-term Outlook**: The long-term outlook for the thermal power sector is positive due to the multi-revenue system that enhances stability and reduces dependence on coal prices. Companies are expected to increase dividend rates as profitability stabilizes [11][24] Regional Contractual Insights - The signing of long-term contracts varies by region, influenced by supply-demand dynamics and coal price levels. For instance, Shanghai has a tight supply situation, while Jiangsu has seen an increase in new energy installations [7] Renewable Energy Challenges - The renewable energy sector faces challenges such as subsidy issues and consumption pressure, particularly in western regions where wind and solar energy utilization rates are low. The government is implementing measures to improve consumption scenarios [15][14] Conclusion - The electric power industry is undergoing significant changes driven by policy shifts and market dynamics. The focus on quality development, coupled with favorable coal prices, presents both opportunities and challenges for investors in the sector.