你知道吗？ 就在大家疯狂追逐AI聊天机器人、自动驾驶这些炫酷科技的时候，有一批藏在幕后的"包工头"和"卖铲人"，闷声发起了大财。 他们不直接造 AI，但所有AI都离不开他们。 2026年初，上市公司年报开始披露，一家名叫南兴股份的公司，预计去年的净利润增长中值竟然达到了惊人的159%。 这个数 字，甚至超过了很多风口上的热门AI公司。 它不是什么新锐科技巨头，而是一家深耕数据中心基础设施的公司。 这不禁让人想问：当全世界的目光都聚焦在AI模型本身时，支撑这些模型运行的"算力 底座"，是不是才是真正稳赚不赔的生意？ 而且，嗅觉最敏锐的"聪明钱"，北向资金和高盛这样的国际投行，已经悄悄重仓了包括它在内的好几家相关公 司。 山东章鼓的情况则有些复杂。 它预计的年报利润增长中值是6.24%，这个数字在前几家公司面前不算起眼。 它的故事在于其参股的章鼓高孚公司，这家公 司生产磁悬浮和空气悬浮压缩机，专门为数据中心提供高效的冷源。 去年三季度，高盛公司新进了104万股，中信香港新进了71万股，分别位列第五和第九 大流通股东。 国际大行的入驻，显然看中了它在细分技术领域的潜力。 不过，它的股价近期却因为公司被立案调查的消息 ...

"算力巨头"传来重磅消息！ 证监会官网显示，超聚变数字技术股份有限公司（简称：超聚变）于2026年1月6日正式启动上市辅导，中信证券担任辅导机构。超聚变 是一家全球领先的算力基础设施与算力服务提供商，成立于2021年，总部位于河南省郑州市，专注于AI与数据时代的全栈解决方案。 值得注意的是，超聚变并非只有技术，其业绩也不错。营收方面，2024年公司销售收入突破400亿元。2025年初，超聚变董事长刘宏云透 露，一季度该公司营收再翻倍，2025全年营收目标将突破500亿元。 4分钟涨停 据悉，在2025年世界人工智能大会上，超聚变展出了全球首个多元智算即插即用超级集群系统，单柜128张AI加速卡。超聚变还构建了从 算力支撑到AI数据平台搭建，再到商业智能体构建与业务设计咨询的全栈解决方案，展出了上百个AI场景实践案例。 资料显示，超聚变前身为华为X86服务器业务，2021年9月因美国制裁导致芯片供应中断，华为将其整体剥离并成立超聚变数字技术公 司。华为完全退出持股，由河南国资委旗下河南超聚能科技控股（持股超67%），中国移动、中国电信等机构参股。 其中，有一家A股上市公司受益较大，那就是东方明珠。今天早上，东方 ...

中国证监会官网显示，超聚变数字技术股份有限公司（简称"超聚变"）于2026年1月6日在河南证监局提交了上市辅导备案，中信证券担任辅导机构。 | 能会公示 | 辅导对象 | 辅导机构 | 备案时间 辅导状态 | 派出机构 | 报告类型 | | --- | --- | --- | --- | --- | --- | | 天津 | 苏州上舜科技股份有限公司 | 光大证券股份有限公司 | 2026-01-06 辅导备案 | 江苏证监局 | 辅导备案报告 | | யக | 苏州长城精工科技股份有限 公司 | 中信建投证券股份有限公司 | 2026-01-06 辅导备案 | 江苏证监局 | 辅导备案报告 | | 辽宁 | | | | | | | 黑龙江 | 超聚变数字技术股份有限公 司 | 中信证券股份有限公司 | 2026-01-06 辅导备案 | 河南证监局 | 辅导备案报告 | | 江苏 | | | | | | 企查查显示，2025年11月7日，超聚变完成新一轮投资人变更。新进股东包括郑州航空港先进计算一期创业投资基金合伙企业（有限合伙）、郑州航空港 先进计算二期创业投资基金合伙企业（有限合伙）、郑州航空港先进计算 ...

证券日报网讯1月6日，浙文互联（600986）在互动平台回答投资者提问时表示，公司无杭州智算中心业 务。公司为夯实数字文化板块能力建设，布局发展了算力基础设施业务，成立子公司浙文智算、浙文蓝 耘智算等主体公司，参与投资浙江文投集团旗下浙江文投融资租赁有限公司，从资源、资质、资本等多 维度构建基础设施、金融支撑、运维相结合的全方位文化算力服务体系，为模型方、智能驾驶及数字文 化等行业发展提供算力服务，后续公司会继续推动该业务做深做实。 ...

Core Viewpoint - The computer and software development industry is showing strong growth potential supported by government policies, with significant advancements in key areas such as AI, quantum technology, and integrated circuits as outlined in the 14th and 15th Five-Year Plans [1] Industry Summary - The computer industry is projected to grow by 17% by 2025, with a price-to-earnings (PE) ratio reaching 292 and a price-to-sales (PS) ratio maintaining around 4, indicating high market attention on cutting-edge technologies [1] - The industry's fundamentals are stabilizing, with a year-on-year revenue increase of 10% and a net profit growth of 37% in the first three quarters of 2025, although cash flow has decreased by 58% due to seasonal collection characteristics [1] - Active themes such as AI applications, quantum technology, commercial aerospace, and low-altitude economy are driving market dynamics, with companies like BaiRong Cloud, TongHuaShun, and DingJie Smart achieving success in the AI sector, while GuoDun Quantum and XingTu Measurement Control are forming product matrices in quantum and aerospace fields [1] - The quality of operations in the industry is improving, with stable R&D investments and good control over sales expenses, suggesting a continuation of high attention and valuation advantages in the future [1] ETF Summary - The software ETF (515230) tracks the software index (H30202), which primarily covers publicly listed companies engaged in software development, sales, and related services, typically characterized by high R&D investments and technological leadership [1]

Core Viewpoint - The article discusses the successful IPO of Shanghai Birun Technology Co., Ltd., which became the first GPU stock listed on the Hong Kong Stock Exchange, highlighting the strategic investment approach of Yunhui Capital in the hard technology sector [2][10]. Investment Strategy - Yunhui Capital has adopted a strategy of concentrating investments on a few promising companies, exemplified by their multiple rounds of investment in Birun Technology, starting from a $16 million investment at a $200 million valuation in 2020 [4][5]. - The firm believes in identifying alpha companies within beta industries, focusing on the potential of infrastructure and computing power chips as key growth areas in the AI paradigm shift [6][10]. Investment Background - Birun Technology was founded by Zhang Wen in 2019, and Yunhui Capital was one of the first investors approached for funding [3]. - The initial investment decision by Yunhui Capital was based on three key judgments: the potential for a domestic GPU company to achieve a valuation exceeding $10 billion, the early-stage nature of the domestic GPU market, and the capabilities of the founder [4]. Performance and Growth - Over the past decade, Yunhui Capital has engaged with thousands of startup projects, successfully identifying and investing in leading companies in the hard technology sector, including Birun Technology and CATL [10]. - The firm has managed over 10 billion yuan in assets and has supported more than 20 companies in going public, establishing itself as a significant player in the hard technology investment landscape [10].

一边是AI算力引爆数据中心电力革命，一边是全球电网被动升级催生万亿级设备缺口，两股力量正成为驱动这一行业景气度的关键引擎。其中，哪些领 域将率先爆发，又有哪些公司已抢占核心卡位？请看机构最新研判。 电力设备行业近期表现活跃。机构分析，随着人工智能算力密集部署、全球电网升级提速以及新能源产业链价格体系逐步企稳回升，电力设备行业的投资 逻辑正在发生变化：在传统新能源装机增速边际放缓的背景下，以算力基础设施（AIDC）与电网现代化升级为核心的新需求，正在成为驱动板块中期景 气度的关键力量。 电力设备是一个覆盖发电、输电、配电、储能及终端用电的庞大产业体系，当前阶段市场对该板块的关注，主要基于以下三重逻辑： 第一，算力高功耗时代来临，数据中心正在成为电力设备新的核心增量场景。人工智能产业加速从技术探索迈向规模化商业落地，带动智能算力需求快速 增长。全球数据中心核心IT电力需求预计将从2023年的49GW提升至2026年的96GW，其中AIDC贡献约85%的新增需求。与此同时，AIDC正向高功率密 度、高能耗方向演进，推动电网扩容、供配电升级、储能与散热系统同步进入前置建设周期。 第二，北美与全球电网进入被动扩容周期， ...

12月17日晚间，美克家居（600337.SH）发布公告称，拟通过发行股份及支付现金方式收购深圳万德溙光电科技有限公司（下称"万德溙光电"）控制权，并 募集配套资金。美克家居股票自12月18日起停牌，预计不超过10个交易日。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 600337 | 美克家居 | A 股 停牌 | 2025/12/18 | | | | 公开信息显示，万德溙成立于2018年5月，总部位于深圳，主要从事研发、生产并销售应用于AI算力集群和数据中心的全系列高速互连线缆组件及模块，属 于当前大热的算力基础设施赛道。 值得注意的是，2024年9月，A股上市公司露笑科技（002617.SZ）刚以6000万元增资万德溙，获得16.67%股权，对应估值为3.6亿元。当时交易对方承诺，万 德溙2025-2027年扣非净利润分别不低于3000万元、4000万元和5000万元，3年累计1.2亿元。 美克家居近年来业绩承压。财务数据显示，受房地产下行周期影响， ...

Core Insights - The core message of the news is that Moore Threads is evolving from a GPU manufacturer to a comprehensive computing infrastructure company, similar to Nvidia, but tailored to address the unique challenges of the Chinese market [2][3]. Group 1: Product Development and Strategy - Moore Threads introduced its full-featured GPU architecture "Huagang" and the MUSA (Meta-computing Unified System Architecture) at the MDC 2025, emphasizing a shift towards a more integrated approach to computing [2][5]. - The company aims to support a wide range of applications, including graphics, AI, HPC, and video processing, through its full-featured GPU, which is designed to handle mixed computing tasks rather than focusing solely on AI [2][5][6]. - The MUSA architecture encompasses a complete technology stack, from chip architecture to software frameworks, allowing for versatile applications across different industries [7][8][10]. Group 2: Technical Innovations - The full-featured GPU integrates multiple computing engines, including AI computation, 3D graphics rendering, high-performance computing, and intelligent video encoding, to meet diverse computational needs [6][7]. - The latest MUSA upgrade to version 5.0 enhances compatibility with various programming languages and significantly improves performance metrics, such as achieving over 98% efficiency in core computation libraries [10][11]. - The "Huagang" architecture boasts a 50% increase in computing density and substantial improvements in energy efficiency, supporting a wide range of precision from FP4 to FP64 [12][14]. Group 3: Market Position and Future Outlook - Moore Threads is positioning itself as a key player in the domestic GPU market, leveraging its unique methodologies to tackle challenges such as supply chain uncertainties and technological barriers [3][5]. - The company is set to release two new chips, "Huashan" for AI training and "Lushan" for high-performance graphics rendering, which are expected to significantly enhance capabilities in their respective fields [14][15]. - The launch of the "Kua'a" supercomputing cluster marks a significant milestone, achieving floating-point performance of 10 Exa-Flops and demonstrating high efficiency in AI training and inference tasks [15][16].

12月18日，在首届光合组织人工智能创新大会（HAIC2025）主论坛上，商汤科技、大晓机器人与中科 曙光正式达成战略合作。三方将围绕国产化人工智能基础设施与具身智能关键技术方向，依托各自技术 与产业优势，协同推动软硬一体的"算力基础设施+世界模型+具身智能"生态建设，进一步加速AI能力 向物理世界延展。 ...