阿里发布 128 卡超节点，摩尔线程过会，继续看好 AI 算力硬件。阿里在 2025 云栖大会上全面展示了其从底层硬 件到上层平台的全栈 AI 基础设施升级，并发布全新磐久 128 超节点 AI 服务器，由阿里自主研发设计，可支持多 种 AI 芯片，实现单柜 128 颗 AI 芯片的业界最高密度，磐久超节点集成自研 CIPU 2.0 芯片和 EIC/MOC 高性能网 卡，采用开放架构，可实现 Pb/s 级别 Scale-Up 带宽和百 ns 极低延迟，相对于传统架构，同等 AI 算力下推理性 能还可提升 50%，新一代高性能网络 HPN8.0 采用训推一体化架构，存储网络带宽拉升至 800Gbps，GPU 互联网络 带宽达到 6.4Tbps，可支持单集群 10 万卡 GPU 高效互联。9 月 26 日，摩尔线程 IPO 过会，公司主要产品是全功 能 GPU，是国内极少数兼顾图形渲染与 AI 计算的国产 GPU 公司，公司拟募资 80 亿元，用于新一代自主可控 AI 训 推一体芯片研发项目、新一代自主可控图形芯片研发项目、新一代自主可控 AI SoC 芯片研发项目。英伟达 CEO 黄仁勋在近期接受访谈时表示，A ...

9月26日，消电ETF（561310）盘中回调超3%。 国金证券指出，电子与半导体行业呈现多领域高景气态势。AI-PCB及算力硬件需求强劲，英伟达技术 升级带动PCB价量齐升，多家厂商订单饱满、满产满销并积极扩产，AI覆铜板因海外扩产缓慢，大陆龙 头厂商显著受益，配套设备及上游材料需求同步增长。半导体领域，存储板块受供给端减产及需求端云 计算、消费电子备货推动，DRAM价格预计季增15%-20%，利基型DRAM国产替代加速；晶圆厂稼动率 提升叠加国产替代，半导体材料及设备需求旺盛，设备国产化逻辑强化，刻蚀、薄膜沉积等核心设备厂 商订单弹性显著。 没有股票账户的投资者可关注国泰中证消费电子主题ETF发起联接A（014906），国泰中证消费电子主 题ETF发起联接C（014907）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济 ...

Core Viewpoint - NVIDIA has launched the Rubin CPX, a new GPU designed for large-scale contextual reasoning, which significantly enhances processing capabilities in AI applications [1][2] Group 1: Product Launch and Features - The Rubin CPX GPU is integrated into the NVIDIA MGX rack system, which includes 144 Rubin CPX GPUs, 144 Rubin GPUs, and 36 Vera CPUs, providing 8 EFLOPS of NVFP4 computing power [1][2] - The system features 100TB of high-speed memory and 1.7PB/s memory bandwidth, offering three times the attention mechanism processing capability compared to the NVIDIA GB300 NVL72 system [1][2] Group 2: Market Implications and Predictions - The value of PCBs supporting the CPX is expected to increase, alongside new PCB demand from the CX9 network card, leading to significant growth in the VR NVL144 CPX PCB value [2] - NVIDIA is advancing orthogonal backplane development and may adopt M9+Q materials, which could potentially double the PCB value in a single rack [2] - The technology for ASIC chip PCBs is evolving from high-layer to HDI, with future advancements expected from M8 to M9, continuously enhancing value [2] Group 3: Industry Trends and Demand - Micron has announced a price increase of 20%-30% for storage products, affecting all DDR4, DDR5, LPDDR4, and LPDDR5 products, with a halt in pricing expected for one week [2] - The U.S. Department of Commerce has added 23 Chinese entities, including 13 integrated circuit companies, to its entity list, which may create opportunities for domestic alternatives in analog chips [2] - The surge in downstream inference demand is driving strong growth in ASIC demand, with NVIDIA's technology upgrades boosting both PCB value and volume [2] Group 4: Sector Outlook - The demand for AI PCBs remains robust, with domestic PCB manufacturers likely to benefit from slow overseas expansion [4] - The overall outlook for various sectors is positive, with consumer electronics, PCB, semiconductor chips, and related industries showing stable to accelerating growth [4]

Investment Rating - The report maintains a positive outlook on the AI-PCB and core computing hardware industry, as well as the Apple supply chain and AI-driven sectors [4][32]. Core Insights - The demand for AI-PCB is significantly increasing, driven by the strong performance of companies like NVIDIA and the rapid development of ASIC chips by major tech firms [1][4]. - The report highlights a price increase in copper-clad laminates due to high raw material costs, with several manufacturers announcing price hikes [1][32]. - The overall PCB industry is experiencing a high level of prosperity, with expectations for continued growth in the third quarter [7][32]. Summary by Sections 1. Industry Overview - The AI-PCB sector is witnessing robust demand, with major companies like NVIDIA ramping up production of AI servers and switches, leading to a shift towards M8 and potentially M9 materials [1][4]. - The report predicts that by 2026, the number of ASIC chips from companies like Google, Amazon, and Meta will exceed 7 million units, further driving demand for AI-PCB [1][4]. 2. Subsector Analysis 2.1 Consumer Electronics - The launch of innovative products, such as the影翎 Antigravity A1 drone, is expected to enhance user experience and differentiate from competitors [5]. - The report emphasizes the importance of monitoring the folding screen opportunities in the Apple supply chain, particularly with the anticipated launch of new products [6]. 2.2 PCB - The PCB industry is maintaining a high prosperity level, with significant growth driven by automotive and industrial control sectors, alongside AI demand [7]. 2.3 Components - The report notes the collaboration between Bloom Energy and Oracle to provide power solutions for AI data centers, highlighting the growth potential for SOFC technology [19]. - The demand for passive components is expected to rise due to increased usage in AI applications, with a notable increase in MLCC usage in mobile devices [19]. 2.4 Semiconductor Design - The storage segment is projected to see upward trends, with DRAM prices expected to rise by 10% to 15% in Q3 2025, driven by increased demand from cloud computing and consumer electronics [21][23]. 2.5 Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic equipment and materials as companies adapt to new export controls [24][31]. 3. Key Companies - Companies such as 建滔积层板 are expected to benefit from the rising demand for AI-PCB and the ongoing price increases in raw materials [32][39]. - 北方华创 is positioned to gain market share due to the domestic semiconductor equipment replacement trend, with a strong focus on advanced manufacturing processes [34]. - 兆易创新 is highlighted for its growth potential driven by domestic substitution and the increasing demand for storage solutions in AI applications [38].

Group 1: Market Performance - The PCB and copper-clad laminate sectors have shown strong performance, with companies like Guanghe Technology, Mankun Technology, and Dongshan Precision hitting their daily price limits [1] - Guanghe Technology's latest price is 66.35, reflecting a 10.00% increase, while Mankun Technology's price is 39.88, showing a 20.01% increase [2] Group 2: Industry Events - NVIDIA's CEO Jensen Huang announced at the Chain Expo that there are many orders for the H20 chip, with companies awaiting formal shipping notifications [3] - Huang mentioned that it will take time to enhance the supply chain capacity for the H20 chip, with efforts to accelerate this process in the coming months [3] Group 3: Company Performance - Shengyi Technology forecasted a net profit of 5.112 billion to 5.491 billion, representing a growth of 4.32 to 4.71 times, driven by increased sales and optimized product structure [4] Group 4: Institutional Insights - Demand for PCBs is rising due to capital expenditures from major cloud service providers, particularly driven by NVIDIA's AI server needs and ASIC demand [5] - The rapid rollout of NVIDIA's Blackwell and the strong development of ASICs are expected to sustain robust demand for AI-PCBs, with many companies experiencing full production and sales [5] - The potential market size for AI server CCL/PCB has been updated to $2.3 billion and $5.3 billion for 2025, and $8 billion and $17.4 billion for 2027, indicating a compound annual growth rate of 88% and 80% respectively [5] - Copper-clad laminates (CCL), as a core material for PCBs, are positioned as primary beneficiaries in the supply chain, with significant upgrades in dielectric performance and thermal stability [5]

Investment Rating - The report maintains a positive outlook on the AI-PCB industry chain, indicating strong demand and growth potential [1][4]. Core Insights - The release of the Grok-4 series model by xAI is expected to drive demand in the AI-PCB sector, with significant increases in computational resources and capabilities compared to previous models [1]. - TSMC reported a revenue of NT$263.79 billion in June, a year-on-year increase of 26.9%, indicating robust AI demand [1]. - The report highlights the anticipated rapid shipment of GB200 and GB300 products in the second half of the year, with strong orders from multiple AI-PCB companies [1][4]. - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to geopolitical factors and export controls [24]. Summary by Sections 1. Industry Overview - The AI-PCB industry is witnessing a demand resonance, with many companies experiencing strong orders and full production capacity [4]. - The report emphasizes the importance of focusing on performance growth in the first half of the year, particularly in AI-PCB and core computing hardware sectors [4]. 2. Segment Insights 2.1 Consumer Electronics - The launch of Samsung's Galaxy Z Fold7 is noted, with a recommendation to focus on the Apple supply chain due to favorable tariff conditions [5][6]. 2.2 PCB - The PCB industry is maintaining a high level of prosperity, driven by demand from automotive and industrial control sectors, alongside AI growth [7]. 2.3 Components - The report indicates a continued upward trend in the component sector, with AI applications driving demand for higher specifications in electronic components [19]. 2.4 IC Design - The storage segment is expected to see price increases due to supply constraints and rising demand from cloud computing and consumer electronics [21]. 2.5 Semiconductor Equipment and Materials - The report highlights the ongoing trend of domestic substitution in the semiconductor equipment sector, with a focus on advanced packaging and HBM production [24][27]. 3. Key Companies - Companies such as Huadian, North Huachuang, and Jiangfeng Electronics are highlighted for their strong growth prospects in the AI and semiconductor sectors [33][34][37]. - The report suggests that these companies are well-positioned to benefit from the ongoing trends in AI and domestic production [34][36].

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index approaching 3500 points, reaching a new high for the year, and the ChiNext Index rising over 2% [1] - The trading volume reached 1.47 trillion yuan, an increase of over 240 billion yuan compared to the previous day [1] Solar Energy Sector - The solar energy sector experienced a significant surge, with multiple stocks such as Tongwei Co., Ltd. and Junda Co., Ltd. hitting the daily limit [4] - Major polysilicon manufacturers have raised their prices to 37 yuan per kilogram due to recent anti-involution policy guidance and industry self-discipline [4] - Polysilicon futures rose by 7% today, indicating a bullish trend in the market [4] - Huachuang Securities noted that the recent calls for anti-involution in the solar sector have led to expectations of supply-side reforms, which could improve industry supply and demand dynamics [6] Glass Fiber Sector - The glass fiber sector also saw substantial gains, with stocks like Jin'an Guoji and Jiuding New Materials hitting the daily limit [7] - Huatai Securities reported that the growth in GB200/300 shipments is driving demand for high-end electronic fabrics, which remain in short supply [7] PCB Sector - The PCB sector experienced a notable rally, with stocks such as Bomind Electronics and Yihau New Materials reaching their daily limits [9] - Financial data from Taiwan's PCB industry shows that companies like Jinxing Electronics and Hanyu Bo have maintained high monthly revenues, with significant year-on-year growth [10] - Guojin Securities highlighted that the rapid release of Nvidia's Blackwell and the strong development of ASICs will continue to drive robust demand for AI-PCBs [12] Other Notable Sectors - The pharmaceutical sector, domestic chips, and computing power sectors showed active performance, while the sports industry and high-position pharmaceutical stocks faced declines [12]