智通财经APP获悉，"AI芯片霸主"英伟达(NVDA.US)在全面主导万亿美元级别的人工智能算力基础设施 建设方面毫无放缓迹象，这促使华尔街金融巨头Cantor Fitzgerald重申该机构对于英伟达股票的"首 选"(Top Pick)投资地位以及"增持"这一最乐观的股票评级，并将该机构对于英伟达的目标股价点位从 240美元上调至华尔街最高点位——300美元目标股价。 300美元的最新目标价意味着在Cantor Fitzgerald看来英伟达总市值有望超过7万亿美元，以及意味着未 来英伟达股价的潜在涨幅将高达55%。最新股价方面，截至周四美股收盘，英伟达股价再创历史新高， 收涨1.83%至192.570美元。今年以来，英伟达股价涨幅高达45%，大幅跑赢标普500指数以及纳斯达克 100指数，市值徘徊在4.68万亿美元附近，长期稳居全球市值排行榜榜首。 随着英伟达近期宣布携手长期以来的竞争对手英特尔，以及宣布将向人工智能领军企业OpenAI投资高 达1000亿美元，双方计划共同建设至少10吉瓦(GW)算力规模的超级AI数据中心，关于英伟达的"AI算力 神话"，自9月以来可谓来到高潮阶段。 "我们的设想是剔除服 ...

在全球投资者们对于人工智能更新迭代进展以及AI基础设施建设进程抱有更加积极的乐观情绪之际，坐拥全球光刻机巨头——有着"人类科技巅峰"阿斯麦的 欧洲股市在这股AI投资热潮驱动之下即将实现连续六个交易日强劲上涨，并且正在迈向自5月以来涨势最强劲的周涨幅。 截至伦敦时间下午1：40，欧洲股市基准股指——斯托克欧洲600指数上涨0.3%，该指数自9月以来可谓继续迈向创历史新高之路，且正朝创纪录涨势迈进。 其中阿斯麦等欧洲半导体设备巨头领军者所在的半导体板块继续领涨整个欧股市场，在黄金强劲涨势和积极利率环境推动下，银行和矿业板块的表现优于欧 股大市，而食品和化工板块位列跌幅居前。 持续受制于分裂国会的法国股市成为拖累欧洲股市的最核心因素，法国CAC40指数回吐早先涨幅转为持平，此前法国社会党方面称预算提案不足，阻碍了 法国总理塞巴斯蒂安.勒科尔纽结束政治僵局的努力举措。 阿斯麦股价自上周以来，在"High-NA从实验室验证走向与芯片制造端部署"以及投资Mistral AI共同催化之下，显著迈入上行轨迹，当前在欧洲股市徘徊于 880欧元/股附近，自9月以来大幅上涨近30%。在美股市场，阿斯麦美股ADR(ASML.US)自 ...

（原标题：博迁新材拿下镍粉产品大单销售额预计超43亿） 博迁新材表示，协议的履行预计将对公司本年度及以后期间的经营业绩产生积极影响。因协议存在一定 时间交货周期，具体收入需根据协议履约、交货进度逐步体现，收入确认存在不确定性，预计的销售金 额不构成业绩预测。 公开信息显示，博迁新材主营业务为电子专用高端金属粉体材料的研发、生产和销售，产品主要包括纳 米级、亚微米级镍粉和亚微米级、微米级铜粉、银粉、银包铜粉、合金粉。其中镍粉主要应用于MLCC 的生产，并广泛应用到消费电子、汽车电子等其他工业领域。2025年上半年，公司实现销售收入5.19亿 元，同比增长18.30%；实现净利润1.06亿元，同比增长93.34%。 9月28日晚间，博迁新材(605376)公告称，公司及子公司广新进出口与某公司（下称"X公司"）签署《战 略合作协议书》，约定自2025年8月起至2029年12月31日期间，预计向X公司销售5420—6495吨镍粉产 品。按照预计数量、公司目前产品售价及汇率估算，销售金额约43亿元至50亿元。 此次合作的达成，一方面基于博迁新材在镍粉领域的技术积累与品质优势，另一方面受益于MLCC行业 的持续增长。 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by more than 10% [5][53]. Core Insights - The global cloud service provider (CSP) AI arms race is accelerating, benefiting the computing infrastructure development, which is considered a primary growth area. Key recommendations include focusing on optical devices and modules, communication equipment, liquid cooling solutions, and edge computing [4][50]. - The three major telecom operators are viewed as important assets for dividend allocation, with stable operations and increasing dividend payout ratios, suggesting a long-term investment strategy in these operators [4][50]. - The report highlights significant advancements in AI computing infrastructure, including Alibaba's launch of the new generation of AI servers and Nvidia's substantial investment in OpenAI, which is expected to deploy at least 10GW of Nvidia systems [2][3][4]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the "Panjun 128" ultra-node AI server, which supports 128 AI computing chips per cabinet and achieves a power density of 350kW [2][12]. - ZTE showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - Nvidia announced a $100 billion investment in OpenAI, with plans to deploy 10GW of systems, marking a historic investment in AI infrastructure [3][4]. Market Performance Review - The communication index fell by 0.28% this week, while the Shanghai and Shenzhen 300 index rose by 1.07%, resulting in a relative return of -1.35% [3][41]. - Within the sector, fiber optic cables, communication equipment manufacturers, and IDC showed relatively strong performance [3][41]. Company Earnings Forecast and Investment Ratings - Key companies such as China Mobile, Zhongji Xuchuang, and ZTE are rated as "Outperform" with projected earnings per share (EPS) for 2025 estimated at 6.72, 8.08, and 1.79 respectively [5][49]. - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for the communication sector [49]. Investment Recommendations - The report emphasizes the importance of continuously monitoring the development of AI computing infrastructure and suggests a focus on specific companies such as China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for investment opportunities [4][50].

美东时间9月22日周一，英伟达与OpenAI宣布，签署意向书确立达成战略合作，OpenAI将借此利用英伟 达的系统打造和部署至少10千兆瓦（GW）的AI数据中心，使用数百万块英伟达的图形处理器训练和部 署OpenAI的下一代AI模型。 这是英伟达迄今为止做出的最大手笔投资承诺。行情上，隔夜英伟达刷新股价历史新高。 黄仁勋称，10GW相当于多达500万GPU，等于英伟达今年的总出货量，是去年两倍。Altman称，接下 来几个月里，大家应该对OpenAI抱有很大期望。他将英伟达和微软都称为OpenAI的"被动"投资者和"最 重要的合作伙伴"。 此前OpenAI目前拥有超过7亿的周活跃用户，其ChatGPT服务需要密集的计算能力支撑。OpenAI的CEO Sam Altman上周日在社交媒体表示，OpenAI将在未来几周推出一些新的计算密集型产品，由于相关成 本较高，部分功能初期仅向Pro订阅用户开放。 液冷：英维克； 电源：中恒电气、麦格米特； 服务器：工业富联等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 分析认为，AI算力基础设施持续迭代，并获得有望加速建设，与客户存在 ...

Core Viewpoint - Nvidia has invested $5 billion in Intel, marking a significant collaboration between the two long-time competitors in the chip industry, which has led to a surge in stock prices for both companies and a positive impact on the broader semiconductor market [1][10]. Group 1: Nvidia and Intel Collaboration - The partnership aims to develop high-performance chips for PCs and AI data centers, potentially reshaping the market dynamics in these sectors [1][10]. - Nvidia's integration of Intel's x86 architecture with its AI GPU technology is expected to enhance its competitive edge in the AI PC market [12][11]. - The collaboration is seen as a strategic move to leverage Intel's established distribution channels and Nvidia's GPU technology, creating a powerful synergy in the AI infrastructure space [14][13]. Group 2: Market Reactions and Trends - Following the announcement, Nvidia's stock rose by 3.5%, while Intel's stock surged over 22%, indicating strong investor confidence in the collaboration [1]. - The Philadelphia Semiconductor Index (SOX) experienced a nearly 4% increase, reflecting a broader bullish sentiment across the semiconductor sector [1][2]. - The semiconductor sector has been on a long-term bullish trend, with the Philadelphia Semiconductor Index achieving an 8.7% increase over nine consecutive trading days, significantly outperforming the Nasdaq 100 Index [2]. Group 3: AI and Semiconductor Market Outlook - The demand for AI infrastructure is expected to drive significant growth in the semiconductor market, with predictions of a $2 trillion investment wave in AI-related infrastructure [9][5]. - Analysts from Goldman Sachs and other financial institutions maintain a positive outlook on the semiconductor sector, emphasizing the role of AI in sustaining a structural bull market [9][5]. - The collaboration between Nvidia and Intel is anticipated to further accelerate the demand for advanced semiconductor manufacturing and packaging technologies, benefiting companies in the semiconductor equipment sector [15][16]. Group 4: Implications for Competitors and Supply Chain - The partnership poses a potential threat to AMD and ARM, as the combined strengths of Nvidia and Intel could dominate the AI PC market [1][12]. - Semiconductor equipment manufacturers are expected to benefit from increased demand for advanced manufacturing processes and technologies due to the collaboration [15][16]. - Companies like TSMC, ASML, and Applied Materials are positioned to gain from the heightened demand for AI chips and the associated manufacturing equipment [16][18].

聚焦于AI芯片的初创公司Groq在当地时间周三证实，该初创公司经历新融资后估值大约69亿美元，在 新一轮融资中筹集了7.5亿美元。该公司乃"AI芯片霸主"英伟达(NVDA.US)的最大竞争对手之一，论竞 争对手们AI芯片领域的市场规模，可能仅次于美国芯片巨头博通与AMD。 这一最新的融资数据可谓高于7月融资传闻流出时的数字。当时有不少媒体报道称，本轮融资约为6亿美 元，估值接近60亿美元。 PitchBook的预测数据显示，Groq今年迄今已累计融资超过30亿美元，融资规模堪比Anthropic等AI超级 独角兽。 LPU从技术路线角度来看，是为推理场景定制的 AI ASIC，而非通用GPU，该公司将系统形态 GroqCard/GroqNode/GroqRack，明确归类为定制推理ASIC。 Groq是何方神圣? Groq 之所以在全球资本市场炙手可热，主要因为其致力于打破份额高达90%的AI芯片超级霸主英伟达 对科技行业AI算力基础设施的强势控制。 Groq所开发的芯片并非通常为AI训练/推理系统提供动力的AI GPU。相反，Groq将其称为 LPU(language processing units，语言 ...

Core Viewpoint - The first AIDC Industry Development Conference held in Shanghai focused on the future development of AI computing power infrastructure, with Huawei releasing the "AIDC Data Center Reference Design White Paper" to provide systematic design ideas and construction plans for AIDC data centers [1][2]. Group 1: AI Computing Power Demand - The demand for computing power is experiencing explosive growth as AI technology penetrates various industries, leading to a shift towards high-density, liquid-cooled, and clustered AI computing facilities [1]. - The white paper analyzes the trend of AI computing hardware moving towards ultra-large clusters and emphasizes the need for flexible adaptation of cooling systems, balancing both air and liquid cooling [2]. Group 2: Infrastructure Design and Planning - Data center design must reserve sufficient height and load-bearing capacity to accommodate the increasing weight of AI servers and related equipment, ensuring flexibility for future upgrades [2]. - Network wiring strategies should be planned in advance to meet the bandwidth and latency requirements of future ultra-large AI clusters [2]. Group 3: Delivery Models and Industry Collaboration - The white paper outlines diverse data center delivery models aimed at improving construction efficiency while ensuring quality, supporting flexible deployment and rapid launch of intelligent computing centers [2]. - It emphasizes the importance of building an open, shared, and standardized ecosystem for the sustainable and healthy development of AI computing power infrastructure, advocating for close collaboration among industry, academia, and research [2].

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Core Insights - Oracle reported strong performance in its cloud business with a backlog of $455 billion in remaining performance obligations (RPO), an increase of $317 billion from the end of last year, representing a year-over-year growth of 359% [2][4] - The growth in orders is primarily driven by data center-related orders from clients such as OpenAI, xAI, Meta, and NVIDIA [2][4] - For FY2026, Oracle's cloud infrastructure IaaS revenue is expected to grow by 77% to reach $18 billion, with projections for the following four years being $32 billion, $73 billion, $114 billion, and $144 billion respectively [2][4] Industry Developments - NVIDIA launched the Rubin CPX GPU, designed to enhance inference performance and efficiency for contexts exceeding 1 million tokens, featuring 128GB GDDR7 memory and AI computing power of 30 PFLOPS [3] - Lixun introduced Co-packaged Copper (CPC) technology at the 2025 Shenzhen Optical Expo, aimed at addressing high-performance, low-cost interconnect challenges in the AI and computing era [3] - Taiwanese AI server ODM manufacturers reported a monthly revenue of NT$121.39 billion in August, a year-over-year increase of 16.71%, with Wistron achieving a remarkable 198.14% increase [4] - China Unicom received a satellite communication business operating license, accelerating the development of satellite internet infrastructure in China [4] - The communication index rose by 3.00% this week, with the Shanghai and Shenzhen 300 index increasing by 1.38%, indicating a relative performance gain of 1.62% [4] Investment Recommendations - The global cloud service provider (CSP) AI arms race is accelerating, with new product launches from companies like Apple and Huawei, and events such as the Open Data Center Conference and META Developer Conference [5] - Continued focus on optical devices and modules, communication equipment, and liquid cooling technologies is recommended [5] - The three major telecom operators remain important assets for dividend allocation, with stable operations and increasing dividend payout ratios [5]