Core Viewpoint - The liquid cooling industry, while part of the computing ecosystem alongside optical modules and PCBs, has a less robust business model and profitability. However, it has significant potential for penetration, particularly in high-density AI clusters, where current overall penetration is low, projected to reach about 20%-25% by 2025 [1]. Group 1: Industry Overview - Optical modules and PCBs are essential components of server and switch infrastructure, with nearly 100% penetration rates, while liquid cooling is only a necessity in high-density AI clusters [1]. - The revenue recognition for optical modules and PCBs is quick and has a short cycle, whereas liquid cooling projects typically have a lag of over six months due to the need for infrastructure setup [1]. - The standardization and mass production of optical modules and PCBs lead to stable and high gross margins, while liquid cooling faces challenges due to customization and project-based sales, resulting in lower gross margins [2]. Group 2: Key Companies - **Inspur**: A leading domestic liquid cooling company with a comprehensive solution covering cold plates, CDU, and system integration, benefiting from partnerships with major players like NVIDIA and Intel. It is positioned to gain from the AI high-density computing cooling market, although its valuation may be stretched with a PB exceeding 30x [2]. - **Tongfei Co., Ltd.**: A specialized enterprise transitioning to data center liquid cooling, with a dual-path approach in cold plate and immersion cooling, aiming for significant growth in AI computing infrastructure and energy storage [3]. - **Yidong Electronics**: Entering the AI server liquid cooling market in 2024, it aims to integrate connectors and liquid cooling solutions, achieving significant revenue milestones in 2025 [4]. - **Dingtong Technology**: Focused on integrated connector and liquid cooling modules, it is set to ramp up production and gross margin potential in the coming years [5]. - **Siquan New Materials**: Specializing in high thermal conductivity materials for AI server cooling, it is expected to enter a critical phase of mass delivery and certification by 2025 [6]. - **Zhongshi Technology**: Engaged in thermal management materials and AI server cooling solutions, it is expanding its production capacity and is expected to see significant order and margin growth [7]. - **Feirongda**: With a focus on electromagnetic shielding and thermal management, it is positioned for significant delivery and expansion in the AI server cooling market [8]. - **Dongyangguang**: Following a comprehensive approach in liquid cooling, it is set to enter a critical phase of delivery and overseas expansion [9]. - **Juhua Co., Ltd.**: Leveraging its fluorochemical expertise, it is positioned as a key player in the liquid cooling market, focusing on domestic replacement and overseas expansion [10]. - **Qiangrui Technology**: Engaged in integrated solutions for testing equipment, it is expected to achieve significant breakthroughs in delivery and ecosystem integration by 2025 [11].

12月25日举行的第七届人民网内容科技论坛上，沐曦股份研发副总裁黄向军展示了国产高性能GPU的最 新进展。他在发言中表示，沐曦致力于打造世界一流的GPU芯片及计算平台，努力成为数字经济的算力 基石，并已在关键技术上取得系列突破。 黄向军介绍，经过五年左右技术积累，沐曦完成了到产品矩阵落地的跨越式发展，已打造自研的完整产 品线，明确三大产品系列：曦思(N系列)主要为推理产品；曦云(C系列)主打训推一体产品；此外还有曦 彩(G系列)，做图形渲染的产品线。目前，曦思与曦云系列产品已进入规模量产阶段。 人民网上海12月26日电 (记者赵竹青)当前，我国正处于"十五五"规划谋篇布局的关键阶段，高水平科技 自立自强是高质量发展的战略支撑。算力作为数字经济时代的新质生产力，是支撑全国一体化算力网络 建设、深入实施"东数西算"工程的核心要素。 在硬件基础上，软件生态的构建同样关键，它直接决定了用户能感受到的算力价值。黄向军介绍，沐曦 的软件团队已打造了广泛兼容的自研软件栈，"今天我们可以非常自信地跟大家讲，PyTorch上所有的算 子我们全部都支持。"他进一步用数据说明生态兼容性：团队选取了近4500个活跃的开源应用仓库进行 ...

Core Insights - The article discusses the upcoming "2025 Yangtze River Delta Artificial Intelligence Industry Integration and Coexistence Development Conference" set to take place in Hangzhou, China, emphasizing the shift from large model development to practical applications in AI [2][10]. Group 1: Industry Trends - The AI industry is transitioning from a focus on developing large models to implementing practical applications, with a clear need for businesses to create commercial viability [3][5]. - Companies are moving away from a blind faith in large parameters and are now focusing on vertical fields to find unique solutions for "Chinese-style AI" [6]. - The demand for AI applications is growing in various sectors, including low-altitude economy, industrial manufacturing, and embodied intelligence, indicating a shift towards practical, real-world applications [6]. Group 2: Challenges in Implementation - There exists a significant mismatch in the AI industry, characterized by "time differences" in computing power and "temperature differences" in application, which hinders innovation [7]. - Many small and medium enterprises face high costs and logistical challenges in accessing advanced computing power, which is often concentrated in a few centers [8]. - Traditional enterprises possess vast amounts of data but are hesitant to adopt AI technologies due to concerns over data security and unclear ROI, creating a barrier to effective collaboration [8]. Group 3: Conference Objectives - The conference aims to break down information silos and facilitate real discussions on AI applications and industry collaboration [10][12]. - It will gather experts from various fields, including government, industry, academia, and research, to discuss the latest trends and practical experiences in AI [11][12]. - The goal is to make AI a practical tool for various industries, moving beyond theoretical concepts to real-world applications that enhance efficiency and reduce costs [12].

Group 1 - The A-share market opened lower, with the AI industry chain showing volatility; as of 10:50, the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index fell by 1.1%, while the CSI AI Theme Index rose by 0.1% [1] - The DeepSeek company released two new models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, aimed at enhancing reasoning capabilities and exploring the limits of model capabilities [1] - Analysts noted that DeepSeek is driving collaborative innovation and evolution in China's computing power ecosystem, integrating innovations in models and algorithms with lower-level computing chips [1] Group 2 - The CSI AI Theme Index consists of 50 stocks that provide foundational resources, technology, and application support for AI, covering the entire AI industry chain; the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index includes 30 larger market cap stocks involved in AI, with a higher proportion in basic chips and AI applications [2] - AI ETFs (159819 and 588730) are available to help investors capitalize on growth opportunities in the AI and computing power ecosystem [2]

本报讯(记者李雯珊)11月25日，大湾区生态创新中心签约仪式在广州数字科技集团有限公司顺利举行。 广州广电五舟科技股份有限公司与沐曦集成电路(上海)股份有限公司、上海华研企业发展(集团)有限公 司正式签署战略合作协议。三方将依托各自在国产算力产业链中的核心优势，共建大湾区生态创新中 心，加速国产算力技术规模化应用，助力粤港澳大湾区智算生态构建与数字经济高质量发展。 当前，粤港澳大湾区正加速打造全球数字经济与人工智能创新高地。《广东省国家数字经济创新发展试 验区建设方案(2025-2027年)》明确提出，到2027年大湾区人工智能核心产业规模将超4400亿元，算力规 模突破60EFLOPS。在此背景下，大湾区生态创新中心将围绕"算力生态聚合+技术创新突破+行业场景 落地+人才培育+社区共建共享"五大核心，以"品牌赋能+价值共创"为导向，打造大湾区智算技术创新 基地，构建"芯片—整机—系统—场景—人才"全产业链协同生态，成为智算技术赋能千行百业的重要平 台、行业应用的"实验室"和"试验场"。 该创新中心建成后，将重点推动国产算力与医疗、交通、金融、教科研等关键领域的深度融合，加速 AI应用规模化落地；持续深化协同 ...

Group 1: Industry Trends - Nvidia's CEO Jensen Huang predicts a tenfold increase in AI inference, leading to a $5 trillion annual market for AI infrastructure capital expenditures [2] - The collaboration between Nvidia and OpenAI aims to build AI data centers with a capacity of up to 10GW, equivalent to deploying 4-5 million GPUs, setting a high barrier for competitors [3] - The competition in the global computing power market is entering a critical phase, with increasing demand driving companies to form alliances with Nvidia, such as Oracle and Intel [2][3] Group 2: Competitive Landscape - Huawei has announced a comprehensive open-source strategy, planning to invest 150 billion RMB annually for ecosystem development and support over the next five years [5] - Huawei's decision to open-source its software is aimed at fostering a broader ecosystem and gaining long-term trust from internet companies, while focusing on monetizing its Ascend hardware [5][6] - The Chinese computing power industry is transitioning from hardware breakthroughs to ecosystem construction, with significant advancements in key metrics like computing density and energy efficiency [6][7] Group 3: Ecosystem Development - The competition in the computing power ecosystem involves not just hardware but also developer ecosystems, application ecosystems, and standard systems [6] - Nvidia's CUDA platform has created a significant lock-in effect for AI applications, making it challenging for competitors to overcome this ecosystem advantage [7] - Huawei is actively collaborating with open-source communities and projects to build its ecosystem, contributing to over 60 open-source projects and 370,000 lines of code [7][8]

Core Insights - The urgency to establish a robust ecosystem in the domestic computing power market is increasing despite warnings about a computing power bubble [1] - Nvidia's CEO Jensen Huang has raised expectations for the computing power industry, predicting a tenfold increase in AI inference and a $5 trillion annual market for AI infrastructure capital expenditures [1] - Nvidia's strategic partnership with OpenAI, described as a "smart investment," is seen as a way to secure profits while fostering an AI ecosystem dominated by American companies [1][2] - Huawei is responding to the changing landscape by adopting an open-source strategy, planning to invest 150 billion RMB annually in ecosystem development over the next five years [3][4] Industry Dynamics - The global computing power competition is entering a critical phase driven by rising demand, with Nvidia and OpenAI planning to build AI data centers with a capacity of up to 10GW, equivalent to deploying 4-5 million GPUs [2] - The rapid iteration of large models is leading to the emergence of new frameworks and algorithms, primarily developed on Nvidia's platform, which may create significant barriers for new entrants [2] Competitive Landscape - Huawei's decision to open-source its software and support mainstream open-source projects is aimed at fostering a broader ecosystem, while also focusing on monetizing its Ascend hardware [3][4] - The Chinese computing power industry is transitioning from hardware breakthroughs to ecosystem building, with significant advancements in key metrics like computing density and energy efficiency [4][5] - The competition in the computing power ecosystem is fundamentally about developer ecosystems, application ecosystems, and standard systems, with Nvidia's CUDA platform presenting a significant challenge for Chinese companies [5][6] Ecosystem Development - Huawei is actively collaborating with open-source communities and projects, contributing to over 60 open-source projects and 370,000 lines of code, while aiming to create a self-sustaining ecosystem independent of Western supply chains [6] - The belief that ecosystem development requires collective effort across the industry is emphasized, with a focus on long-term growth and sustainability in the global computing power competition [6]

Core Viewpoint - The article discusses the challenges and opportunities in China's computing power market, particularly focusing on the emergence of "intelligent computing centers" and the role of the company Wuwen Xinqun in addressing these challenges through innovative solutions [1][10]. Group 1: Current State of Computing Power - As of September 2024, China's computing power scale reached 246 EFLOPS, with intelligent computing power growing over 65% year-on-year, and over 13,000 computing power application projects across various industries [1]. - Despite the growth in computing power, the average cabinet utilization rate in intelligent computing centers is only 20% to 30%, with some enterprise-level centers as low as 10% [1][2]. - The overall utilization rate of computing power in the country is only 32%, indicating a significant gap between supply and demand [2]. Group 2: Challenges in the Computing Power Market - There is a shortage of quality computing power supply, making it difficult for many enterprises to find suitable resources [2][3]. - High usage thresholds prevent startups from effectively utilizing available computing power, leading to a phenomenon of "computing power scarcity" among AI companies [3]. - The domestic chip ecosystem is fragmented, with various models and architectures that are incompatible, hindering efficient resource flow [3]. Group 3: Wuwen Xinqun's Approach - Founded in May 2023 by a team with strong ties to Tsinghua University, Wuwen Xinqun has quickly gained market attention, securing nearly 1 billion yuan in funding within two years [4][5]. - The company aims to be a "computing power operator" in the era of large models, addressing the challenges posed by the dominance of NVIDIA's CUDA ecosystem and the fragmentation of domestic chip manufacturers [5]. - Wuwen Xinqun has developed a cloud computing network that integrates heterogeneous computing resources, allowing developers to focus on applications without worrying about underlying hardware differences [5][10]. Group 4: Product Offerings - Wuwen Xinqun has introduced three core products, referred to as "three boxes," to enhance computing power utilization across various scales [6][9]. - The "Wuqiong AI Cloud" serves as a large-scale computing network, integrating resources from 26 provinces and over 53 data centers, with a total computing power exceeding 25,000 P [7]. - The "Wujie Intelligent Computing Platform" targets large computing clusters, demonstrating significant performance in training large models [8]. - The "Wuyin Terminal Intelligence" solution is designed for limited computing terminals, enabling them to perform complex tasks without relying on cloud resources [9]. Group 5: Future Outlook - Wuwen Xinqun's efforts reflect a broader need for a cohesive ecosystem that allows computing power to flow effectively, addressing the current challenges of fragmentation and high costs [10][11]. - The company aims to enhance the actual utilization rate of computing resources and improve the cost-performance ratio, contributing to the growth of China's AI industry [10].

Core Viewpoint - The release of DeepSeek's V3.1 model highlights a significant shift in the domestic AI ecosystem, emphasizing the collaboration between software and hardware through the introduction of the UE8M0 FP8 floating-point format designed for next-generation domestic chips [6][11]. Group 1: Technical Innovations - DeepSeek's V3.1 model features a mixed reasoning architecture, improved thinking efficiency, and enhanced agent capabilities [6]. - The UE8M0 FP8 format prioritizes numerical range stability over decimal precision, allowing for stable training on domestic GPUs, which differ from NVIDIA's hardware [11][13]. Group 2: Competitive Landscape - The competition around FP8 standards represents a broader struggle for computational ecosystem dominance, with NVIDIA solidifying its position through the Blackwell architecture and MXFP8 format [13]. - Domestic AI firms are encouraged to innovate collaboratively from models to chips, as seen with companies like Muxi and Suiyuan Technology optimizing FP8 computation efficiency [13][18]. Group 3: Future Trends - The collaboration between hardware and software, even at the cost of temporary performance compromises, is likely to become a prevailing trend in the industry [14]. - The UE8M0 FP8 format signifies a critical step for the domestic AI industry, moving from isolated breakthroughs to comprehensive stack collaboration, which may offer more long-term value than merely increasing model scale [16].

Core Viewpoint - The event focused on the deep integration of intelligent computing technology and industry, highlighting the launch of new products by Huawei and Hengyang Data to empower various sectors through advanced computing solutions [1][3]. Group 1: Event Overview - The 2025 Huawei Shenzhen Government and Enterprise and Hengyang Data New Product Launch Conference successfully took place in Shenzhen, centered around the theme "Kunpeng Ascending, Empowering Business Renewal" [1]. - The event attracted numerous industry elites to discuss how intelligent computing can inject new vitality into various sectors [1]. Group 2: Product Launch - Huawei and Hengyang Data jointly launched two significant products: the Hengyang Data K+A integrated machine and the SempFusion intelligent computing platform, marking a new stage in their collaboration in the intelligent computing field [1][6]. - The K+A integrated machine is the first flagship model officially released by a partner in South China, designed to assist enterprises in rapidly achieving intelligent transformation and application implementation [4]. Group 3: Strategic Collaboration - Huawei's commitment to building an open and collaborative computing ecosystem through its core technologies, Kunpeng and Ascend, was emphasized by the Minister of Huawei's Commercial Marketing and Solutions Sales Department [3]. - Hengyang Data's Chairman highlighted the joint development of a series of intelligent computing products and solutions aimed at empowering enterprises' digital transformation [3]. Group 4: Technological Advancements - Huawei's marketing expert discussed the creation of competitive differentiated products in collaboration with numerous KPN partners, covering various application scenarios [3]. - The introduction of large models like DeepSeek has significantly lowered the barriers to AI deployment and usage, accelerating the pace of industry intelligence [3]. Group 5: Ecosystem Development - The collaboration aims to create an open and collaborative computing ecosystem, consolidating the efforts of the entire industry chain to meet diverse industry demands [1][3]. - The SempFusion intelligent computing platform is designed to provide enterprises with a full-stack AI solution, enhancing knowledge assets and empowering business activities [6]. Group 6: Practical Applications - Representatives from Eden Software and Mingtai Intelligent shared their practical achievements in the intelligent computing field, showcasing products that provide end-to-end smart office capabilities and AI applications in government scenarios [6]. - Attendees experienced a series of high-performance multi-core integrated computing platforms and related software products developed by Hengyang Data based on Huawei's computing foundation [6].