联想集团：英伟达此前表示，联想等合作伙伴预计将从 2025 年下半年开始推出基于Blackwell Ultra 的 各类服务器。 华勤技术：国内知名互联网厂商 AI 服务器的核心 ODM 供应商，交换机、AI 服务器、通用服务器等全 栈式出货，受益下游云厂资本开支扩张。 在投资标的方面，维持AI服务器系统组装相关标的： 工业富联：GB200系列产品测试方面，二季度较一季度大幅优化与提升；系统级机柜调试时间显著缩 短，自动化组装流程导入，有效改善整体生产与交付节奏。公司已在全球多个厂区扩充产能，并部署全 自动组装线。公司预计 GB200 三季度出货量将延续强劲的增长势头。主要订单来自北美大型云服务 商，同时也在同步推进主权客户及品牌客户的案子。预计今年会维持逐季向好的态势。GB300 的单台 利润存在超过 GB200 的潜力，有望在明年成为公司 AI 服务器业务盈利的重要支撑点。 海光信息：合并中科曙光，有望形成包括 CPU、DCU 及系统组装在内的垂直整合能力。 近日，东方证券发布研报称，制程工艺升级驱动芯片性能提升，先进封装则成为芯片性能提升的又一驱 动力。在制程工艺升级放缓背景下，增加单颗裸晶（die）的 ...

Market Overview - On September 25, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.67%, and the ChiNext Index increased by 1.58%, reaching a three-year high [1] - The total market turnover was 2.39 trillion yuan, with over 3,800 stocks declining [1] Key Stocks Performance - Huarsoft Technology achieved a limit-up with a 5-day consecutive rise, while other notable stocks included Lianmei Holdings and Seven Wolves with 4 and 2 consecutive rises respectively [3] - TCL Zhonghuan and other stocks in the silicon wafer sector also showed strong performance with consecutive gains [3] Top Gainers - The top gainers included: - Huarsoft Technology: +20.01% with a turnover of 313 million yuan [2] - Shangwei New Materials: +20.00% with a turnover of 978 million yuan [2] - Hart Walkway: +19.99% with a turnover of 739 million yuan [2] - Nepe Mining Machinery: +19.99% with a turnover of 396 million yuan [2] Top Net Buy and Sell - The top net buy stocks included: - Shanghai Electric: 759 million yuan [5] - Inspur Information: 686 million yuan [5] - Huarong Technology: 270 million yuan [5] - The top net sell stocks included: - Zhongdian Xilong: 132 million yuan [6] - Yongding Shares: 116 million yuan [6] - Fulongma: 90 million yuan [6] Institutional Activity - Institutional net buying was significant in Shanghai Electric, Inspur Information, and Huarong Technology, indicating strong interest from institutional investors [5][7] - Conversely, Huarong Technology saw a net sell from institutions, suggesting mixed sentiment [18] Sector Highlights - The AI server and liquid cooling server sectors are experiencing high demand, with Inspur Information reporting a 90.05% increase in revenue year-on-year [15] - Huarong Technology is advancing in the semiconductor equipment sector, with a focus on domestic production and innovation [18] Conclusion - The market shows a mixed sentiment with certain sectors like AI and semiconductor equipment gaining traction, while overall market performance remains cautious with significant turnover and stock volatility [1][5][15]

本报记者 方凌晨 今年以来，权益资产走强带动相关基金表现整体向好。 此外，华泰柏瑞质量精选混合、信澳业绩驱动混合等"翻倍基"也均关注AI方向。中银港股通医药混合发起、永赢医药创新 智选混合发起、长城医药产业精选混合发起式等"翻倍基"则聚焦创新药。 Wind资讯数据显示，截至9月23日，年内净值增长率可统计的7982只（仅统计主代码，下同）权益类基金（股票型+混合 型）中，有7709只基金实现净值增长，占比为96.58%。而去年同期实现净值增长的权益类基金占比仅为18.63%。 截至9月23日，市场上年内净值增长率超100%的权益类"翻倍基"数量达到46只。这些"翻倍基"属于永赢基金、华泰柏瑞基 金、汇添富基金、长城基金、红土创新基金等32家公募机构。 进一步来看，多个产品因布局科技板块取得亮眼成绩。例如，永赢科技智选混合发起A以201.63%的年内净值增长率暂居 榜首，从最新定期报告来看，该基金在今年上半年维持高仓位运作，关注全球云计算产业的投资方向。中航机遇领航混合发起 A、中欧数字经济混合发起A分别以141.81%、136.79%的年内净值增长率位列其后。前者以AI（人工智能）算力为主要方向， 重点配置与 ...

Group 1 - The company held an online investor interaction session on September 19, 2025, where key executives addressed various investor inquiries regarding restricted stock release, business layout, asset acquisitions, shareholder numbers, and stock price stability [1][2][3] - Regarding the restricted stock release, the company stated that according to the Shenzhen Stock Exchange's regulations, there are restrictions on the transfer of shares by directors and senior management during their term and for six months after [1] - The company has launched its Xinjiang factory and strategically entered the AI server business, achieving revenue of 53.98 million yuan from AI server operations during the reporting period, aiming to become a provider of integrated solutions for high-performance AI servers [1] Group 2 - The company currently has no plans for issuing shares to purchase assets, major asset restructuring, or acquisitions, and will disclose any future developments in a timely manner [2] - To ensure fair information disclosure, the company will report shareholder numbers in its regular reports, and it is focused on improving its main business and creating new profit growth points to address stock price declines [3] - The board of directors has approved a proposal to amend the company's articles of association to add the position of vice chairman, which still requires shareholder meeting approval [3]

Group 1 - Hongteng Precision (06088) saw its stock price increase by over 25%, currently trading at 5.74 HKD with a transaction volume of 20.63 billion HKD [1] - Goldman Sachs predicts that Industrial Fulian (601138) will enter a strong profit growth cycle starting from Q3 2025, driven by significant revenue growth from rack-level AI servers [1] - CITIC Securities reports that the efficiency and yield metrics of Industrial Fulian's GB200 series products have significantly improved, and the launch of the GB300 new products is expected to further enhance the company's revenue and profit growth potential [1] Group 2 - Hongteng Precision is a leading global manufacturer of server connectors, with its parent company Hon Hai closely collaborating with NVIDIA in the AI sector [1] - The group is actively developing new products in the AI service sector, including connectors, cables, and memory slots [1] - Changjiang Securities indicates that Hongteng Precision is transforming the immense potential of AI into solid growth momentum, with sustained profit growth expected [1]

Group 1: AI Infrastructure and Market Potential - Bernstein's report highlights the massive potential of AI inference systems, predicting a trillion-dollar "super blue ocean" market by 2030, benefiting major tech companies focused on IT hardware and consumer electronics [1][2] - The global AI infrastructure investment wave is expected to reach up to $2 trillion, with Nvidia's CEO forecasting spending on AI infrastructure to hit $3 trillion to $4 trillion before 2030, presenting significant long-term growth opportunities [2] Group 2: Company-Specific Insights - Apple is identified as the "best entry point for the AI inference revolution," with strong pre-order demand for the iPhone 17, particularly in China, indicating robust market interest despite initial criticisms [3][4] - Dell and HPE are expected to benefit from the significant growth in AI server shipments, which should lead to substantial increases in profitability and free cash flow [4][5] Group 3: Storage Demand and Market Dynamics - The surge in AI inference demand is anticipated to drive long-term growth in data storage needs, with Seagate and SanDisk positioned to benefit significantly from this trend [6][8] - NAND flash leader SanDisk has seen a remarkable 500% stock price increase this year, while Seagate and Western Digital have also experienced substantial gains, reflecting the booming storage market driven by AI infrastructure [6][8] Group 4: Future Growth Projections - Data center storage is projected to grow at a compound annual growth rate of approximately 23% until 2030, with HDD and NAND manufacturers poised to benefit from the ongoing surge in storage demand driven by AI inference [8] - The emergence of AI agents is transforming AI from an information tool to a highly intelligent productivity tool, enhancing operational efficiency across various sectors [7]

记者丨倪雨晴 实习生苏梓丹 业绩和股价齐飞 编辑丨包芳鸣 AI浪潮下的算力竞赛，正在改写全球科技产业的节奏。大模型推理与训练需求急速膨胀，让AI算力一 跃成为基础设施中的"硬通货"。 在英伟达市值冲上4万亿美元之后，这场算力周期的红利，正沿着产业链层层释放。过去一年，从存 储、封装到通信连接，资本市场已经经历过数轮追逐。进入2025年，A股的英伟达产业链热度继续攀 升，AI服务器、光模块、液冷、高端PCB与高速连接等环节全面点燃，龙头公司半年报普遍超预期。 工业富联市值突破万亿，新易盛股价三年累计飙升逾28倍，胜宏科技股价今年以来涨幅超过500%，多 家公司纷纷交出亮眼成绩单。在英伟达转向AI基建企业的过程中，资本与产业共振效应进一步放大， 算力赛道已成为资本市场炙手可热的主线之一。 | 356.20 +1.25 +0.35% | | | | | | 新易盛 立即 300502 交易 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 15:30:06 闭市 | | | | | | 通 融 / △ + | | 麦比 | 46.67% 委差 | 31 ...

Core Viewpoint - The AI computing power competition is reshaping the global technology industry, with AI computing power becoming a "hard currency" in infrastructure as demand for large model inference and training surges [1] Group 1: AI Server Market - AI servers are the core revenue segment, with Industrial Fulian achieving record high revenue and profit in the first half of the year, with Q2 revenue surpassing 200 billion yuan and AI server revenue increasing over 60% year-on-year [2] - Inspur Information reported a revenue of 801.92 billion yuan in the first half of 2025, a year-on-year increase of 90.05%, with net profit rising by 34.87% [2] Group 2: Optical Module Market - Optical modules are crucial in AI investments, with leading companies like New Yisheng and Zhongji Xuchuang showing strong growth; Zhongji Xuchuang's revenue reached 147.89 billion yuan, up 36.95% year-on-year, and net profit increased by 69.40% [2] - Tianfu Communication also reported significant growth, with revenue of 24.56 billion yuan, a year-on-year increase of 57.84%, and net profit rising by 37.46% [2] Group 3: Liquid Cooling and PCB Market - Liquid cooling penetration is expected to rise significantly, with a projected 33% penetration rate in AI data centers by 2025; companies like Yingwei Ke achieved a revenue of 25.73 billion yuan, up 50.25% year-on-year [3] - PCB manufacturers are also experiencing growth, with Shenghong Technology's revenue increasing by 86% to 90.31 billion yuan and net profit soaring by 366.89% [4] Group 4: Supply Chain Developments - BYD Electronics entered the NVIDIA GB300 liquid cooling supply chain, leading to a 7.3% stock price increase; the company reported a revenue of 806.1 billion yuan, up 2.58% year-on-year [4] - Luxshare Precision's communication data center business grew nearly 50%, with overall revenue reaching 1245.03 billion yuan, a year-on-year increase of 20.18% [5] Group 5: Capital Expenditure Trends - Major cloud service providers are significantly increasing capital expenditures, with a 69% year-on-year increase to 87.4 billion USD in Q2 2025; combined capital expenditures for Microsoft, Amazon, Meta, and Google are expected to grow by 50% to 333.8 billion USD [7] - Domestic internet companies in China are also ramping up investments in AI-related businesses, with a combined capital expenditure of 55.01 billion yuan, a year-on-year growth of 99.38% [7] Group 6: Future Market Outlook - NVIDIA anticipates a capital expenditure of approximately 600 billion USD this year, projecting global AI infrastructure spending to reach 3 to 4 trillion USD by the end of the decade; China's market is expected to be around 50 billion USD with a CAGR of about 50% [8] - Investment opportunities are suggested in various components related to server hardware, including system assembly, GPU, CPU, storage, high-speed connectors, and PCB/IC substrates [8]

Core Viewpoint - BYD Electronics (00285.HK) aims to solidify its leadership in the high-end product supply chain while expanding collaborations with overseas major clients, driving steady growth in its consumer electronics segment [1] Group 1: Financial Performance - In the first half of 2025, the company recorded sales of approximately RMB 80.606 billion, representing a year-on-year increase of about 2.58% [1] - Shareholder profit attributable to the company rose by approximately 13.97% to around RMB 1.730 billion [1] Group 2: Business Segments - The AI server shipment volume is rapidly increasing, opening new growth opportunities for the new intelligent product business [1] - The new energy vehicle segment continues to show strong growth momentum, contributing to a record high in the overall business scale of the group [1]

Group 1: Market Dynamics - The market is witnessing a fierce competition between retail investors and institutional players, with 81 stocks on the leaderboard and over 700 million yuan being traded [1] - Retail investors are primarily focused on military and computing sectors, while institutions are offloading real estate and home appliance stocks [1] Group 2: Key Players and Strategies - "Zhang Mengzhu" invested 332 million yuan in "turnaround" stocks, notably buying 131 million yuan of Huasheng Tiancai, which is facing institutional sell-offs [3] - "Quantitative trading" has aggressively purchased stocks worth 441 million yuan, including 146 million yuan in Guangqi Technology, driven by rumors of military contracts [4] Group 3: Industry Trends - Military new materials are gaining consensus, with Guangqi Technology's production capacity utilization exceeding 90%, indicating strong performance potential [6] - The computing sector is showing resilience, with Langchao Information's AI server overseas orders increasing by 70% quarter-on-quarter [8] Group 4: Risks in Traditional Sectors - The white goods sector is under pressure, with Hai Li股份 facing significant sell-offs and high inventory levels [10] - The real estate sector is also struggling, with 华丽家族 having a debt ratio of 87%, indicating high financial risk [11]