Core Viewpoint - The global macro environment in 2026 is characterized by increased volatility and sector rotation in the commodity market, influenced by geopolitical conflicts and changes in monetary policy, particularly from the Federal Reserve [1][3]. Market Characteristics - The primary feature of the current market is the significant price increase in commodities driven by massive liquidity released by various countries from 2021 to 2025, with the U.S. playing a key role through interest rate cuts and a weaker dollar [3]. - Since the second half of 2025, geopolitical issues have dominated commodity market trends, leading to a persistent rise in prices for precious and base metals due to countries competing for strategic resources [3][5]. Price Dynamics and Trends - In 2026, the market is expected to exhibit characteristics of significant price volatility and a notable premium on safe assets, with a clear division in sector performance [4][5]. - The core drivers of the commodity market in 2026 include the weakening of the dollar's credit, the demand surge for strategic metals due to the AI revolution, and the geopolitical risks prompting countries to secure strategic resources [5]. Currency Outlook - The Chinese yuan is anticipated to appreciate moderately with two-way fluctuations, expected to trade between 6.8 and 7 against the dollar throughout 2026 [6]. - Key supporting factors for the yuan's appreciation include a structural trade surplus exceeding $1 trillion in 2025 and a shift in global asset allocation favoring Chinese assets [6]. Asset Rotation Insights - The pricing mechanism for commodities is shifting from traditional supply-demand dynamics to macroeconomic narratives, emphasizing the importance of de-dollarization, the AI revolution, and supply chain dynamics [7]. - Both industry clients and individual traders are advised to enhance risk awareness and adapt to changes in market pricing mechanisms, focusing on investment opportunities in strategic resources [7].

证券日报网讯 立讯精密11月26日发布公告，在公司回答调研者提问时表示，AI算力平台带来的巨大机 遇是在最近24个月内涌现的。立讯在竞争激烈的消费电子供应链中生存并发展壮大，深知其中的挑战。 公司也看到，许多优秀的大客户正在积极吸引供应链人才，这不仅仅是成本问题，更是基于交付的稳定 性和效率的考量。因此，公司认为未来的供应链格局将与现在大不相同。公司在设定目标时，会深入分 析客户的痛点，思考如何解决他们当前和未来的需求。公司也会研究赛道上友商的优势，不仅要拥有他 们所具备的能力，更要寻求超越。这是公司从消费电子时代至今一贯的方法论。公司做事情的方法论， 无论是从市场、技术、工艺还是材料层面，都力求实现"拆无可拆"，即深入分析客户和竞争对手的每一 个环节，理解他们为何能做到，以及公司如何做得更好。 （编辑 丛可心 王雪儿） ...

Core Insights - The article discusses the liquid cooling market, which is projected to be worth hundreds of billions, and highlights a recent order received by a liquid cooling company from a major overseas tech firm [1] Liquid Cooling Supply Chain - Liquid cooling solutions are not fully customized but are flexibly adapted based on customer needs, with cold plate technology being a standardized core component [3][4] - Different customer requirements lead to system-level adjustments, such as variations in CDU configurations and manifold designs, necessitating tailored solutions for each project [3][4] Collaboration with Major Companies - The article analyzes partnerships between leading liquid cooling companies and major CSPs, emphasizing the importance of collaboration to ensure stable supply chains [5][6] - The partnership with Meta focuses on providing a complete liquid cooling solution, including cold plates and integrated systems, with a significant emphasis on collaboration with manufacturers like 天弘 [5][6] - Google, having more experience in liquid cooling technology, has specific requirements for CDU and is working with 天弘 and 富士康 to develop solutions [6] - Major companies are diversifying their supplier base to mitigate risks associated with relying solely on Taiwanese manufacturers, ensuring timely delivery of critical components [6][7] Technical Trends - The mainstream technology in the liquid cooling industry remains single-direction cold plate design, favored by companies like Meta and Google for its superior temperature control and reliability [9] - Alternative technologies, such as large-area cold plates and phase change cooling, are not yet widely adopted due to their inherent challenges [9] - Specific product configurations vary, with examples including Meta's ASIC chip project, which features a cabinet containing 64 ASIC cards, highlighting the increasing demand for efficient cooling solutions [9]

自4月以来，特朗普多次对中国输美商品进行加征关税，如今关税已加到245%，无疑是宣布终止与中国进行贸易。 但特朗普加征关税的行为，正如人民网近日的一组漫画阐述的观点一样，等于是搬起石头砸自己的脚。 库克称，受美国关税政策影响，预计苹果在第三财季（2025年3月30日至6月28日）将损失约9亿美元，这笔金额相当于65亿人民币。 这反映了苹果作为高度依赖中国供应链的美国企业，当前正面临的困境，更揭示了特朗普对华加征245%关税政策，也会对美国科技领军企业造成系统性的 冲击。 受关税政策，中国有很多企业受到了一定影响，但同时美国科技公司也受到了同等的影响，苹果便是其中之一。 苹果CEO库克在2025财年第二财季财报电话会议上的表态如同一记警钟，震撼了整个科技产业界。 苹果之所以会出现约65亿的巨额损失，主要是因为关税政策会导致美国市场的iPhone成本翻倍，受此影响下，苹果似乎也只有两条路可以走。 第一种是将关税成本全额转嫁给消费者，届时美国市场的iPhone可能面临翻倍涨幅，如此一来美国消费者购买iPhone的频次就会大幅降低。 另一种是苹果通过在全球市场涨价的方式，弥补美国关税造成的损失，但在其它国家和地区涨价 ...