谷歌光模块和液冷需求或提升 20251231 摘要 谷歌 TPU 和机柜的变化可能带来哪些产业机会？ 谷歌 TPU 和机柜的变化预计将带来 1.67T 光模块、液冷以及 L AOC 的大幅提 升。我们推测，2026 年谷歌可能会增加 TPU 数量并改变其结构，尤其是提升 V7+8 芯片的占比。V7+8 主要配置 1.6T 光模块和液冷，这些变化将显著影响 相关产业链。 谷歌在 TPU 结构方面有哪些具体变化？ 我们推测谷歌在 2026 年可能会大幅增加 V7+8 TPU 的出货量，并且这些 TPU 主要配置 1.6T 光模块和液冷。此外，谷歌可能会在机柜架构层面引入两种方案： 沿用原来的 3D Taurus 架构或采用 Cloth 架构，并可能引入光入柜内。这些变 化预计将增加大量 scale up 的光模块需求，以及 AOC 需求。 谷歌预计在 2026 年大幅增加 V7+8 TPU 的出货量，这些 TPU 将主要 配置 1.6T 光模块和液冷技术，预示着相关产业链将迎来显著变化。 谷歌可能在机柜架构层面引入 3D Taurus 或 Cloth 架构，并可能引入光 入柜内，这将增加对 scale up 光模 ...

Market Overview - The Shanghai Composite Index surpassed its previous bull market peak from February 18, 2021, reaching a nearly ten-year high, indicating strong market bullish sentiment [1] - Other major indices, such as the CSI 300, Shenzhen Component Index, and ChiNext Index, remain 10%-30% below their peaks from 2021, with distances of 29%, 28%, and 27% respectively [1] Fund Performance - A total of 577 actively managed equity funds achieved over 10% returns from February 18, 2021, to August 18, 2023, showcasing the value of active management [1] - Among these, 11 funds from GF Fund Management exceeded 10% returns, with four funds achieving returns over 30%: GF Multi-Factor (78.13%), GF Small and Medium Cap Selection A (38.43%), GF Technology Innovation A (35.90%), and GF Electronic Information Media Industry Selection A (35.61%) [1] GF Multi-Factor Fund - The GF Multi-Factor fund has consistently outperformed major indices since 2018, with a cumulative return of 352.19% and an annualized return of 21.85% as of August 18, 2023 [2] - The fund's investment strategy features diversified industry exposure and balanced styles, investing in cyclical sectors, undervalued growth sectors, and growth assets like new energy and innovative pharmaceuticals [2] Other Funds Managed by Yang Dong - Yang Dong also manages three other actively managed funds: GF Value Navigator, GF Ruiyu, and GF Balanced Growth, with recent one-year returns of 102.51%, 83.19%, and 50.29% respectively [3] - The funds exhibit different investment styles, with GF Multi-Factor focusing on diversified industry exposure, while GF Value Navigator and GF Ruiyu target high-growth value sectors [3] Investment Outlook - As the A-share market continues to reach new highs, specialized and diversified active investments are expected to outperform indices, providing excess returns for investors [3] - Balanced style products are particularly advantageous in a volatile upward market, offering a smoother investment experience for investors [3]