全球关税战方兴未艾，对生成式AI投资回报过慢的质疑，以及美国持续扩大对中国大陆AI运算力的技 术、产品封锁，皆未影响主要业者继续大举投入建置AI资料中心，大型语言模型(LLM)效能与应用持续 发展，仍吸引业者不断投资并采购AI服务器。DIGITIMES预估，2025年全球AI服务器出货将达181万 台，而搭载高频宽存储器(High Bandwidth Memory；HBM)的高阶AI服务器出货则将突破百万台大关， 较2024年成长4成。 由于GB200/GB300机种出货占比将从2024年接近0%，大幅成长至近4成，与GB200主板、整机、机柜相 关的台系代工厂皆将显著受惠，其中，鸿海（2317）2025年在主机板(L6)产量的排名将由2024年的第四 上升至第一。在整机系统生产(L10)方面，长期与Google合作的Celestica占比仍将维持第一，但广达 （2382）、鸿海、纬创（3231）的占比亦将大幅提升。 DIGITIMES指出，2025年高阶AI服务器采购量成长最快的预估为甲骨文(Oracle)，主因甲骨文为OpenAI 的星际之门计划(Stargate Project)合作业者中最积极者之一； ...

Investment Rating - Maintain Buy on Chenbro, Auras, and E Ink [2] Core Insights - Chenbro's May revenues declined by 7% MoM to NT$1.8 billion, primarily due to FX impact and a high base, but new rack products are expected to support growth in 3Q25 [5][10] - Auras experienced a 20% MoM revenue decline in May due to FX impact and diversification of production sites, but is expected to benefit from rising liquid cooling adoption and expansion into ASIC AI servers [21][23] - E Ink's April revenues exceeded expectations, with a 50% YoY increase, driven by strong demand for e-readers and e-labels, although FX impact may affect future growth [38][39] Chenbro Summary - May revenues were NT$1.8 billion, 12% below estimates, with expectations for June revenues to remain stable [5][10] - 3Q25 revenues are anticipated to be supported by new noise-cancellation rack products and increased market share in ASIC AI servers [5][10] - Earnings revisions reflect a 3% reduction in net income estimates for 2025-27E due to lower revenues and higher operating expenses [11][12] Auras Summary - May revenues fell to NT$1.62 billion, with expectations for June revenues to remain at similar levels [21][26] - The company is projected to see a 19% QoQ revenue growth in 2Q25, driven by liquid cooling components and AI server expansion [21][23] - Earnings revisions indicate a slight increase in revenue estimates for 2025-27E, reflecting higher growth expectations in liquid cooling [27][28] E Ink Summary - April revenues were NT$3.31 billion, 14% above estimates, with a strong YoY growth of 50% [39][42] - The company expects revenues to stabilize in May and June, with 2Q25 revenues projected at NT$9.26 billion [42] - Earnings revisions show a reduction in net income estimates for 2025-27E due to macro uncertainties, but a positive outlook on e-paper adoption remains [44][45]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan," which aims to accelerate interconnection within nodes and promote the development and application of new high-performance transmission protocols in various fields such as chips, servers, networks, and software [1] Group 1 - The plan emphasizes the role of leading server enterprises in driving the industry and encourages collaboration across the supply chain to develop new high-speed interconnect bus protocols [1] - The initiative promotes the adoption of Remote Direct Memory Access (RDMA) and other new high-performance transmission protocol technologies to enhance the compatibility and adaptability of multiple protocols at the transmission layer [1]

Core Viewpoint - The report highlights the strategic significance of the merger between Haiguang Information and Zhongke Shuguang, emphasizing its potential to reshape the domestic computing power industry amid increasing localization trends in chip production [2][3]. Company Overview - Zhongke Shuguang announced the planned merger with Haiguang Information, which is seen as a pivotal move for the computing power industry, especially in the context of U.S. export controls affecting several companies [2]. - The merger aims to facilitate a complete domestic replacement across the industry chain, enhancing integration and development opportunities [2][3]. Financial Insights - As of May 23, prior to the suspension of trading, Zhongke Shuguang held significant stakes in several listed companies, with a total market value of approximately 948 billion yuan from its holdings in Haiguang Information, Shuguang Shuchuang, and Zhongke Xingtong [3]. - The company has diverse business operations, including server hardware, cloud computing platforms, and big data services, which contribute to its overall market presence [3]. Market Dynamics - The computing power industry is shifting from a globalized model to a polarized one, with domestic companies facing challenges due to international restrictions on chip supplies [2]. - The upcoming launch of new products from Haiguang, including the Haiguang 5 CPU and Shenxuan 3 DCU, is expected to be a critical milestone for the company [4]. Performance Metrics - Despite a projected revenue decline of 8.40% in server-related business for 2024, the gross profit margin is expected to improve by 5.46 percentage points, indicating a focus on enhancing revenue quality [4]. - Comparatively, domestic competitors are experiencing significant margin compression, highlighting Zhongke Shuguang's relative strength in maintaining profitability [4]. Investment Outlook - The investment rating for Zhongke Shuguang remains "buy," with projected earnings per share (EPS) for 2025, 2026, and 2027 estimated at 1.68 yuan, 2.28 yuan, and 3.02 yuan respectively [5]. - The average target price set by institutions over the past 90 days is 78.47 yuan, with 14 out of 16 institutions recommending a buy [5].

Core Insights - Dell Technologies is set to report its first-quarter fiscal 2026 results on May 29, with expected revenues between $22.5 billion and $23.5 billion, indicating a 3% year-over-year growth at the midpoint of $23 billion [1] - The Zacks Consensus Estimate for revenues is $23.10 billion, suggesting a 3.86% growth from the previous year, while the consensus for earnings is $1.71 per share, reflecting a year-over-year growth of 34.65% [2] Financial Performance - Dell Technologies has consistently beaten the Zacks Consensus Estimate in the last four quarters, with an average earnings surprise of 5.13% [3] - The anticipated revenue growth for the combined Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) is 6% year-over-year at the midpoint, with ISG expected to grow in the low teens and CSG revenues expected to remain flat [5] Market Dynamics - The ISG revenues are estimated at $10.379 billion, indicating an 11.2% year-over-year growth, while CSG revenues are pegged at $12.237 billion, suggesting a 2.25% year-over-year growth [6] - The demand for AI-optimized servers is expected to have positively impacted Dell's fiscal first-quarter results, driven by digital transformation and interest in generative AI applications [4][7] Competitive Position - Dell Technologies' leadership in AI-optimized servers, including the PowerEdge 9680, has contributed to its growth, with a reported increase of $1.7 billion in AI server orders in the previous quarter [7] - The company's shares have underperformed the broader Zacks Computer & Technology sector year-to-date, losing 2.7% compared to the sector's 3.6% return, attributed to macroeconomic challenges and trade tensions [8] Valuation Metrics - Dell Technologies shares are considered undervalued, with a Value Score of B and a forward 12-month price-to-sales ratio of 0.75X, significantly lower than the sector's average of 6.12X [11] Strategic Partnerships - Dell's expanding partner base, including collaborations with NVIDIA, Microsoft, and Meta Platforms, is likely to have driven growth during the fiscal first quarter [13][14][15] - The partnership with NVIDIA aims to accelerate enterprise AI adoption, which is expected to reflect positively in the upcoming quarter's performance [14]

在人工智能技术狂飙突进的时代，超大规模 AI 训练成为推动行业变革的核心引擎。然而，传统计算架 构在面对千亿级乃至万亿级参数模型训练时，逐渐显露出性能瓶颈、能耗高企以及生态适配性不足等问 题。近日，浪潮计算机发布新一代安全可靠AI 服务器 CS5698H3，以高性能、低功耗、开放架构的特 点，为超大规模 AI 训练构建起高效、开放、绿色的全新平台。 l 极致性能表现 CS5698H3采用 2 颗第四代 C86 处理器与 8 个 OAM 模组，实现计算性能的跨越式提升。在数据传输方 面，支持 896GB/s 的 GPU 互联带宽，使得数据在各计算单元间的流转迅速；集群扩展带宽达到 3.2Tbps，为大规模分布式训练提供了坚实的带宽保障。通过实际测试验证，CS5698H3在大规模训练任 务中的加速比超90%，能够大幅缩短模型训练周期，显著提升科研与商业应用的效率。 此外，CS5698H3 配备 8*NVMe SSD 数据缓存加速模块，针对高吞吐训练数据预处理的需求，提供了 高效的数据存储与读取解决方案。在处理海量训练数据时，SSD 的高速读写能力能够快速响应计算任 务，避免数据传输成为性能瓶颈，确保整个训练流程的 ...

戴尔(DELL.N)：计划支持英伟达(NVDA.O)VERA CPU，新款戴尔PowerEdge XE服务器支持英伟达 VERA RUBIN平台，与英伟达推出下一代企业人工智能解决方案。 ...

Core Viewpoint - The article discusses the advancements in liquid cooling technology for data centers, particularly highlighting Supermicro's new DLC-2 technology and its implications for energy efficiency and operational costs in the context of rising AI computing demands [2][5][9]. Group 1: Supermicro and DLC-2 Technology - Supermicro announced the launch of its next-generation DLC-2 technology, which has led to a fourfold revenue increase over the past three years, driven by the maturity of liquid cooling technology [2]. - The new data center construction modular solution (DCBBS) integrates the DLC-2 technology, achieving a 40% improvement in energy and water savings, a heat capture rate of 98%, and a noise level as low as 50db, while also reducing capital expenditures by up to 20% [2][9]. - Supermicro's stock has experienced significant volatility, with a 300% increase in 2023 due to AI demand, followed by an 80% decline in 2024 due to financial reporting delays and governance issues [7][12]. Group 2: AI Computing Power and Market Trends - NVIDIA's CEO Jensen Huang emphasized the critical role of computing power in AI development, noting that AI computing performance improves by a factor of one million every decade [4]. - The IDC report predicts that China's AI computing power market will reach $25.9 billion by 2025, growing 36.2% from 2024, while total energy consumption in Chinese data centers is expected to exceed 400 billion kWh, accounting for over 4% of total national consumption [4]. Group 3: Liquid Cooling Technology Overview - Liquid cooling technology is categorized into non-contact and contact types, with non-contact cooling being the most widely used due to its maturity [5]. - The average energy consumption for cooling systems in air-cooled data centers exceeds 50%, with higher ratios in AI computing centers [5]. - The emergence of high-density computing scenarios has led to the development of new immersion cooling solutions, which are expected to see widespread adoption as server power densities increase [5][6]. Group 4: Financial Performance and Future Outlook - MiaoSuan Technology, founded in 2023, aims for a revenue target of 300 million yuan in 2025, leveraging its immersion cooling technology [6][7]. - Supermicro's recent partnership with DataVolt in Saudi Arabia indicates ongoing interest in high-performance computing solutions despite past financial challenges [7]. - The operational efficiency of liquid cooling systems can lower Power Usage Effectiveness (PUE) to as low as 1.15, with potential for further reductions in specific areas [9].

Group 1: Company Overview - MiTAC Computing Technology Corporation is a leading server platform design and manufacturing company, a subsidiary of MiTAC Holdings Corporation, showcasing innovations in AI infrastructure at COMPUTEX 2025 [1][6] - The company specializes in AI, high-performance computing (HPC), cloud, and edge computing, ensuring uncompromising quality at system and rack levels [6][7] Group 2: Product Innovations - MiTAC Computing introduced the MiTAC G4527G6 server, optimized for NVIDIA MGX architecture, supporting NVIDIA RTX PRO 6000 Blackwell Server Edition GPUs and NVIDIA H200 NVL platform for enterprise AI workloads [1][2] - The G4527G6 server accommodates up to eight NVIDIA GPUs, 8TB of DDR5-6400 memory, and integrates four NVIDIA ConnectX-8 SuperNICs, delivering up to 800 Gb/s of networking [2][3] - The MiTAC G4527G6 server configuration supports a wide range of AI-enabled enterprise applications, providing up to 1.8X faster LLM inference and 1.3X improved HPC performance compared to the previous generation [5] Group 3: Market Positioning - MiTAC Computing aims to build enterprise AI factories with a full-stack platform optimized for next-gen enterprise AI, offering over 100 customizable configurations [4][5] - The company leverages advancements in AI and liquid cooling, integrating Intel DSG and TYAN server products to enhance innovation, efficiency, and reliability [7]

Core Viewpoint - The article discusses the growth and investment opportunities in the AI computing center market in China, particularly focusing on the Huawei Ascend ecosystem and its associated companies across four key areas: complete machines, power supply, cooling, and connectivity [2]. Group 1: Complete Machines - The newly added computing power in 2024 is expected to reach approximately 20,000 PFlops, with the investment scale of China's intelligent computing center market projected to reach 288.6 billion yuan by 2028. In 2023, the market size was 87.9 billion yuan, showing a year-on-year growth of over 90% [3]. - As of August 2024, there are over 300 intelligent computing center projects in China, with a total announced computing power exceeding 500,000 PFlops. About one-third of these projects are planned to have a computing power greater than 500 PFlops, mainly funded by government or telecom operators [3]. Group 2: Power Supply - AI servers utilize three power supply methods: external cabinets, racks, and trays. The power supply unit (PSU) converts high-voltage AC from the grid to 48V DC, which is then further converted to 12V for CPUs and 0.8V for GPUs [15]. - The GB200 NVL72 cabinet is equipped with 48 5.5kW PSUs, providing a total power of 132kW. The increasing power demand in AI servers is expected to expand the AI power supply market [16][21]. Group 3: Cooling - The power consumption of single cabinets has increased from 4-6 kW in traditional computing centers to 20-40 kW or higher in intelligent computing centers. Liquid cooling technology is becoming the preferred choice due to its efficiency and low energy consumption [27]. - The market size for liquid cooling data centers in China was 8.63 billion yuan in 2023, with a growth rate of 26.2%, expected to reach 18.01 billion yuan by 2026 [29]. Group 4: Connectivity - Backplane connectors are crucial for high-performance servers and communication devices, supporting high-speed data transmission and ensuring signal integrity [38]. - The Chinese communication connector market is projected to grow at a compound annual growth rate of 30%-35%, with expectations to exceed 60 billion yuan by 2025, where AI-related connectors will account for over 70% of the market [40].