作为AMD最大的竞争对手，英伟达创始人黄仁勋对此却表示欢迎，其根本原因在于此举有助于整个行业的整合发展。而稍早前，英伟达也学习OpenAI脚 踏两只船的做法，迅速投资了马斯克旗下的人工智能公司xAI，后者估值超过200亿美元，黄仁勋声称马斯克的任何项目都想跟投。 黄仁勋还与昔日竞争对手英特尔放下了多年恩怨，达成价值50亿美元的战略合作。而更早些时候，美国政府宣布以每股20.47美元的价格宣布持有英特尔 9.9%的股份。再加上孙正义的软银对英特尔的投资和对"星际之门"的力捧，基本形成了当前硅谷合纵连横的格局。 这场热闹非凡的硅谷合纵连横，以英伟达和OpenAI热情度为最高，甲骨文、AMD、英特尔以及博通等与AI强相关的芯片或算力企业，也乐意捧场。不 过，微软、谷歌、Meta、苹果和亚马逊等巨头，总体处于置身事外的状态。 "ONO"（OpenAI、Nvidia、Oracle）正通过千亿美元级合作，构建"大模型-云基建-算力芯片"的闭环生态，打造下一代AI算力帝国 但很快，AMD也与OpenAI达成战略协议，OpenAI将分阶段部署总计6吉瓦的AMD GPU算力，而AMD向OpenAI发行认股权证，若全部行使，Op ...

长江商报消息 ●长江商报记者 徐佳 随着算力时代数据中心对液冷的需求提升，作为国内领先的精密温控节能设备提供商，英维克 （002837.SZ）经营业绩稳步增长。 10月13日晚间，英维克发布三季报，2025年前三季度，公司实现营业收入40.26亿元，同比增长 40.19%；归属于上市公司股东的净利润（以下简称"净利润"）3.99亿元，同比增长13.13%；扣除非经常 性损益后的净利润（以下简称"扣非净利润"）3.84亿元，同比增长14.76%。 对于前三季度业绩增长，英维克称，主要系报告期机房及机柜温控节能产品收入增加所致。 长江商报记者注意到，2025年前三季度，英维克的研发费用达2.97亿元，同比增长31.36%，占当期营业 收入的比例为7.39%。 业绩连续九年提升 资料显示，英维克是业内领先的精密温控节能解决方案和产品提供商，致力于为云计算数据中心、算力 设备、通信网络等领域提供设备散热解决方案及精密环境控制解决方案。 为最早涉足电化学储能系统温控的厂商，英维克在储能温控行业处于领导地位，也是众多储能系统提供 商重要的温控产品供应商。 2025年上半年，英维克的机房温控节能产品、机柜温控节能产品分别实 ...

以下文章来源于全球半导体观察 ，作者金水 全球半导体观察 . TrendForce集邦咨询旗下全球半导体观察官方订阅号，专注于半导体晶圆代工、IC设计、IC封测、DRAM、NAND Flash、SSD、移动装置、PC相关零部 件等产业，致力于提供半导体产业资讯、行情报价、市场趋势、产业数据、研究报告等。 根据双方的联合声明，双方分工明确，OpenAI将主导AI加速器及整个系统架构的设计， 机架系统完全基于博通的以太网和其他连接解决方 案进行构建和扩展 ，并将部署在OpenAI的设施和合作伙伴数据中心，以满足全球对人工智能日益增长的需求。 此外，两家公司计划于2026年下半年开始部署，预计在2029年底前完成全部部署。对于这次合作，OpenAI总裁布洛克曼表示："通过自 研芯片，我们能将开发前沿模型和产品积累的经验直接嵌入硬件，从而开启更高层级的智能与能力。" 此前OpenAI的CEO奥尔特曼透露，公司与博通已经合作了18个月，双方正在"从晶体管层面重新构思技术架构"，一直延续到用户向 ChatGPT提问时的全流程处理。他强调："通过优化整个技术堆栈，我们能实现显著的效率提升，这将带来更优异的性能表现、更快的模 ...

Core Insights - The overall performance of A-share listed companies for the first three quarters of 2025 is positive, with over 84% of companies reporting favorable earnings forecasts, indicating a recovery in profitability amid supportive economic policies and structural optimization [1][2]. Group 1: Earnings Performance - As of October 14, 2025, 72 companies have released earnings forecasts, with 18 companies expecting slight increases, 4 companies turning losses into profits, and 41 companies forecasting significant profit growth [2]. - Notably, 22 companies are projected to achieve profits exceeding 500 million yuan, with New China Life Insurance leading at a net profit of 32.05 billion yuan, a year-on-year increase of 45%-65% [2]. - Other companies with substantial profits include Luxshare Precision at 11.12 billion yuan (20%-25% growth), Salt Lake Industry at 4.5 billion yuan, and Yuexiu Capital at 3.008 billion yuan [2]. Group 2: Profit Growth Rates - 22 companies are expected to see a year-on-year profit growth of over 100%, with 5 companies exceeding 300% growth [3]. - Chujiang New Materials is highlighted as the "profit growth king," with an estimated net profit of 350-380 million yuan, reflecting a staggering increase of 2057.62%-2242.56% [3]. - Other notable performers include Yinglian Co. (1602.05% growth), Guangdong Mingzhu (964.95%), and Liming Co. (659.48%) [3]. Group 3: Sector Performance - The semiconductor industry is experiencing a significant recovery, with the global semiconductor market reaching $346 billion in the first half of 2025, a year-on-year increase of 18.9% [3]. - Changchuan Technology, a leading semiconductor equipment company, anticipates a net profit of 827-877 million yuan, marking a year-on-year increase of 131.39%-145.38% [3]. - Yangjie Technology expects a net profit of 937-1,004 million yuan, driven by strong growth in automotive electronics, artificial intelligence, and consumer electronics [3]. Group 4: Regional Performance - Shandong stocks have shown resilience, particularly in traditional industries and resource-based enterprises, achieving growth through internal reforms and cost reductions [4]. - Jinling Mining reported a revenue of 1.247 billion yuan, a 12.98% increase, with a net profit of 220 million yuan, up 47.09% [4]. - Shandong Steel successfully turned losses into profits by implementing cost control measures, achieving a gross margin increase to 6.02%, up 4.15 percentage points [4]. Group 5: Market Trends and Opportunities - The current market is entering a "policy + performance" window, with earnings becoming the core criterion for selecting stocks [5]. - The technology sector is experiencing a broad rally, with significant growth in computing power and AI-related stocks, although there is internal differentiation based on earnings support [5]. - The gaming sector is also highlighted, with expectations of recovery driven by normalized issuance of game licenses and strong product pipelines from leading companies [5][6].

Core Insights - The overall performance of A-share listed companies in the first three quarters of 2025 is positive, with over 84% of companies reporting favorable earnings forecasts, indicating a recovery in profitability amid supportive economic policies and structural optimization [2][3] Earnings Performance - As of October 14, 2025, 72 A-share companies have released earnings forecasts, with 41 companies expecting profit increases, 4 companies turning losses into profits, and 18 companies showing slight increases [2] - Notable profit figures include: - New China Life Insurance: 32.054 billion yuan net profit, up 45%-65% year-on-year - Luxshare Precision: 11.117 billion yuan net profit, up 20%-25% year-on-year - Salt Lake Industry: 4.5 billion yuan net profit - Yuexiu Capital: 3.008 billion yuan net profit - Lingyi iTech: 2.005 billion yuan net profit [2] Profit Growth - 22 companies achieved year-on-year profit growth exceeding 100%, with 5 companies exceeding 300% growth. Chujiang New Materials leads with an expected net profit of 350-380 million yuan, reflecting a staggering growth of 2057.62%-2242.56% [3] - Other significant performers include: - Yinglian Co.: 1602.05% growth - Guangdong Mingzhu: 964.95% growth - Limin Co.: 659.48% growth - Morning Light Bio: 372.8% growth [3] Sector Performance - The semiconductor industry is experiencing a robust recovery, with the global semiconductor market expected to reach 346 billion USD in the first half of 2025, a year-on-year increase of 18.9% [3] - Leading domestic semiconductor equipment company Changchuan Technology anticipates a net profit of 827-877 million yuan, a year-on-year increase of 131.39%-145.38%, with a record quarterly profit surge of 180.67% [3] Regional Performance - Shandong companies, particularly in traditional industries and resource sectors, are showing resilience through internal reforms and cost reductions, leading to profit growth or turnaround [4] - Jinling Mining reported a revenue of 1.247 billion yuan, up 12.98% year-on-year, and a net profit of 220 million yuan, up 47.09% year-on-year, attributed to increased sales and reduced production costs [4] - Shandong Steel achieved a turnaround by implementing cost control measures, resulting in a gross margin increase to 6.02%, up 4.15 percentage points [4] Market Trends - Analysts suggest that the current market is entering a "policy + performance" phase, where earnings become the core criterion for selecting stocks, with clearer opportunities emerging across different sectors [5] - The gaming sector is highlighted as a promising area, with normalized issuance of game licenses and improved industry dynamics, suggesting a focus on leading companies with strong product pipelines and R&D capabilities [6]

Group 1 - A-share CPO concept stocks experienced a collective pullback, with the cloud computing ETF Huatai (159273) declining over 5% and achieving a trading volume of nearly 400 million yuan, surpassing the previous day's total [1][3] - The latest scale of the cloud computing ETF Huatai exceeded 1.69 billion yuan, maintaining a leading position among similar funds [1] - Major stocks within the ETF, including Alibaba, Tencent, and others, saw significant declines, with New Yisheng dropping over 8% and Alibaba down over 4% [3][4] Group 2 - Market sentiment indicates increased volatility in overseas computing power chains, influenced by profit-taking pressures and concerns over U.S.-China trade tensions [5] - Long-term securities view the valuation of leading optical module companies as having upward potential, despite current performance being below consensus expectations [5] - The domestic AI industry is accelerating, with significant advancements in model capabilities and computing power deployment, leading to optimism for core segments like optical modules and fiber optics [5]

本季度新租交易总面积环比回落31%。受头部科技企业大规模需求在上半年释放、受科技企业青睐的中 关村区域可租面积快速下滑、部分大面积需求转向周边商务园区、整体市场更多业主在续租或租约重组 时作出让步、需求结构小型化等多重因素共同作用，新租活跃度出现阶段性收缩。搬迁需求仍为主力， 占新租总面积的75%。租户流动动线特点鲜明：金融街、通州呈区内流动；科技中心子市场（中关村、 望京、奥体）间流动活跃；CBD、丽泽为跨区搬迁主要承接地；行业方面，TMT保持需求首位占比高 达31%，以算力为核心支撑的系统解决方案、人工智能、大数据/云计算及游戏类持续活跃；金融行业 缓慢回升，新租数量环比上涨15%，以1,000平方米以下需求为主；专业服务业位列第三，CBD依然是 律所、咨询、广告公关类租户换迁的首选之地；医药及生命科学板块部分优质企业通过换迁提升企业形 象，需求升至第四位。 2025年第三季度，北京办公楼市场新租活跃度阶段性回落，以价换量效果分化，甲级市场结构性优化显 著；零售物业市场老牌项目经营承压而寻求转型，租金加速下行，次级商圈领跌；仓储物流市场传统区 域持续流失客户，平谷及部分近郊区域租金加速调整；商务园区市场复 ...

10月14日，以光模块为核心的海外算力继续回调，光模块含量超51%的创业板人工智能盘中现跌逾 3%。成份股大面积飘绿，中际旭创、新易盛、天孚通信均跌超3%，从日线看，截至今日盘中"易中 天"已五连跌。热门ETF方面，同类规模最大、流动性突出的创业板人工智能ETF（159363）盘中一度跌 逾3.5%，实时成交额超4亿元，截至发稿，创业板人工智能ETF（159363）获资金实时净申购1.1亿份。 就光模块等海外算力链基本面来看，2025年前三季度，全球AI高景气延续，应用侧持续发力， OpenAI发布Sora2，多模态应用迎来奇点时刻，Oracle、谷歌等头部大厂保持高投入，英伟达GB300等 超节点方案加速发货，ASIC出货比例有望逐步提升，光模块、液冷等细分领域业绩增长最为明显。 全市场首只创业板人工智能ETF（159363）及场外联接（023407），标的指数逾七成仓位布局算 力，超两成仓位布局AI应用，高效捕捉AI主题行情，并且重点布局光模块龙头"易中天"，光模块含量超 51%。同类比较看，截至9月30日，创业板人工智能ETF（159363）最新规模超43亿元，近1个月日均成 交额超11亿元，在跟踪创业 ...

10月14日，A股市场表现分化，光模块CPO等AI算力方向高开低走，盘中快速调整，新易盛、源杰科 技、中际旭创等跌超6%。截至11：20，5G通信ETF跌3.89%，创业板人工智能ETF华夏跌4.55%。 5G通信ETF跟踪中证5G通信主题指数，最新规模超90亿元。深度聚焦英伟达、苹果、华为产业链。国 盛金工团队分析，从行业权重分布看，该指数是一只"硬科技"纯度极高的5G主题指数。通信与电子两 大核心赛道合计占比近八成（79.4%），其中通信 44% 的权重直接锁定基站、光模块、射频等5G网络 基建红利；电子 35% 则向上游PCB、消费电子组件延伸，形成"网络建设+终端配套"的闭环。相关ETF 全称：华夏中证5G通信主题ETF，场外联接（A类：008086；C类：。 追求更高弹性可关注创业板人工智能ETF华夏，跟踪创业板人工智能指数0.CNI），精准布局创业板人 工智能主业公司。光模块CPO权重占比51.8%，同时覆盖国产软件+AI应用企业，具备较高弹性。其中 前三大权重股为中际旭创（20.95%）、新易盛（20.42%）、天孚通信（5.39%）。场内综合费率仅 0.20%，位居同类最低。场外联接（A类：0 ...

10月14日，A股三大指数集体高开，算力方向上涨。相关ETF方面，芯片ETF天弘（159310）涨 0.68%；成分股方面，佰维存储涨超11%，北京君正、江波龙、兆易创新等跟涨。科创综指ETF天弘 （589860）上涨0.68%；成分股中，壹石通、炬芯科技涨超11%，骄成超声等涨幅居前。截至发稿， Wind金融终端显示，芯片ETF天弘（159310）获2600万份净申购。 | | | 2.211 +0.015 +0.68% | | | 芯片ETF天弘 159310 | 本 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 9:39:06 交易中 | | | | | | 通 融 / ● + | | 净值走势 | | | 天弘中证芯片产业ETF | 总量 | 1.24万 换手 | 0.22% | | 要比 | | 1.15% 变差 | 170 | 现手 | 16 里比 | 1.68 | | 四 | | 2.220 | 239 | 外盘 | 3714 内盘 | 8638 | | 英国 | | 2.214 | 2500 | 总额 | 272.55万 振幅 ...