Core Viewpoint - The investment theme in artificial intelligence (AI) is shifting from chip giants to a broader range of industries, particularly in technology infrastructure and related sectors [1][2]. Group 1: Technology Infrastructure - Investors are increasingly purchasing stocks of "picks and shovels" companies in the technology infrastructure sector, as large cloud service providers invest billions in new data centers [2]. - The beneficiaries of the current AI investment cycle have expanded beyond companies like Nvidia to include data storage, power supply, and construction contracting sectors [3]. - Data storage companies dominated the S&P 500 index performance in 2025, with SanDisk's stock soaring nearly 580%, making it the best-performing stock in the index [3]. Group 2: Power Supply and Cable Production - AI-related power suppliers and manufacturers of cables and fibers, such as Amphenol Corp., Corning Inc., NRG Energy Inc., and GE Vernova Inc., have also made it to the top 25 performers [5]. - Nvidia, once a top performer, saw only a 40% increase in 2025, ranking 71st in the S&P 500 index, indicating a shift in market dynamics [5][7]. Group 3: Data Storage Sector Outlook - Analysts expect the data storage sector to remain strong through 2026, although the current boom may be nearing its end [8]. - The average target price for SanDisk in 2026 is projected at $264, reflecting an approximate 8% increase from its current price of $244 [8]. - Companies like Pure Storage Inc. are anticipated to have greater upside potential, with a projected increase of 38% from its current price of $68 to $94 by 2026 [8]. Group 4: Construction and Power Stocks - Stocks related to data center construction and power supply are expected to continue their upward trend, with Quanta Services Inc. being a preferred choice among investors [10]. - Other notable contractors include MYR Group Inc., Primoris Services Corp., and MasTec Inc. [10]. Group 5: Cooling Systems and Software - Companies providing precision cooling, ventilation, and air conditioning systems for data centers are in demand, with Vertiv Holdings Co. expected to rise by 40% in 2025 [14]. - The software sector, while underperforming this year, is viewed as a long-term beneficiary of AI advancements, with companies like Snowflake Inc., Datadog Inc., and ServiceNow Inc. being highlighted for their attractive valuations [16].

2025 年，数据存储企业领涨标普 500 指数：闪迪公司股价飙升近 580%，登顶该指数年度涨幅榜首，西 部数据、希捷科技分别位列第二、第四。与此同时，安费诺、康宁、NRG 能源、通用电气维诺瓦等人 工智能相关电力供应商、线缆及光纤生产商，均跻身指数涨幅前 25 强。 人工智能投资热潮迎来新风口，大型云服务商豪掷数十亿美元兴建新数据中心，一众投资者为抢占前沿 布局先机，正大举抢购科技领域的 '卖铲人'概念股 。 这一格局与过去数年截然不同 —— 英伟达作为人工智能领域初代'卖铲人'龙头，此前长期稳居标普 500 指数涨幅前列，而该芯片巨头 2025 年仅上涨 40%，排名跌至指数第 71 位。尽管英伟达与微软、元宇 宙平台、字母表等头部云服务商，仍凭借庞大的体量支撑市场走势，但其股价涨幅已开始收窄。 景顺环球投资组合经理杰克・塞尔茨表示：'当指数权重高度集中时，挖掘能驱动营收与利润增长的赛 道主题至关重要。人工智能是当前最核心的赛道之一，这一点毋庸置疑，因此我们正拓宽视野，布局科 技赛道外的相关标的。' 头部云服务商斥巨资建设数据中心，新一轮受益企业迎来增长空间与估值优势，成为投资者布局新方 向。 '我们重 ...

人工智能投资主题正在发生转移。随着大型云服务提供商向新数据中心投入数十亿美元，投资者正在抢 购技术基础设施领域的"卖铲人"股票，而非此前主导市场的芯片巨头。这一轮AI交易的受益者已从英伟 达等明星公司扩散至数据存储、电力供应、建筑承包等更广泛的产业链环节。 据统计数据显示，数据存储公司在2025年主导了标普500指数涨幅榜。闪迪股价飙升近580%，成为该基 准指数表现最佳的股票，西部数据公司位列第二，希捷科技排名第四。与此同时，与AI相关的电力供 应商以及电缆和光纤生产商，如Amphenol Corp.、Corning Inc.、NRG Energy Inc.和GE Vernova Inc.均跻 身前25名。 这与过去几年形成鲜明对比。作为最初的AI"卖铲人"，英伟达曾长期占据标普500指数顶级股票之列。 但该芯片巨头2025年仅上涨40%，成为今年该指数第71位表现最佳的股票。尽管英伟达及云计算巨头微 软、Meta Platforms和Alphabet因其庞大规模仍在推动市场，但它们的涨幅百分比已开始减弱。 Allspring Global Investments投资组合经理Jake Seltz表示："当基 ...

随着大型云服务提供商向新数据中心投入数十亿美元资金，人工智能投资风向正在转变，寻求前沿投资 方式的投资者正抢购科技领域的"卖铲人"股票。 2025年，数据存储公司主导了标普500指数的表现。Sandisk Corp.(SNDK.US)股价飙升近580%，成为该 基准指数中表现最佳的成分股，西部数据公司(WDC.US)位列第二，希捷科技公司(STX.US)排名第四。 同时，与AI相关的电力供应商、电缆及光纤生产商，如安费诺公司(APH.US)、康宁公司(GLW.US)、 NRG能源公司(NRG.US)和GE Vernova公司(GEV.US)，也跻身前25名。 尽管如此，随着超大规模企业持续承诺投入，投资者仍对AI投资持乐观态度。以下是投资者目前为参 与科技基础设施建设而买入的标的。 数据存储 这与过去几年的情况有所不同，当时最初的AI"卖铲人"公司英伟达一直稳居标普500指数顶级股票之 列。这家芯片巨头在2025年上涨了40%，使其成为该指数今年表现第71佳的成分股。尽管英伟达以及云 超大规模企业微软(MSFT.US)、Meta Platforms(META.US)和Alphabet(GOOGL.US)因其庞 ...

Core Insights - Huawei has officially launched the global call for the 2025 Olympus Mons Awards, marking the sixth year of this global event [1] - The awards aim to address challenges in data processing in the AI era, including high computational costs, complex protocol stacks, knowledge base construction difficulties, and increased storage costs [1] Prize Details - The total prize pool for this year's Olympus Mons Awards remains at 3 million yuan, with two main awards of 1 million yuan each and five Pioneer Awards of 200,000 yuan each [1] - Since its establishment in 2019, the Olympus Mons Awards have attracted over 320 scholars from 12 countries, awarding 6 main awards and 18 Pioneer Awards [1] Previous Winners - The 2024 Olympus Mons Award was awarded to Professor Wu Yongwei's team from Tsinghua University for their innovative "data exchange for computation" technology [2] - Pioneer Awards in 2024 were given to teams from Fudan University, Huazhong University of Science and Technology, Peking University, City University of Hong Kong, and Technical University of Berlin [2] - The 2023 Olympus Mons Award was awarded to teams from ETH Zurich and Shanghai Jiao Tong University, with Pioneer Awards going to teams from National University of Singapore, KAIST, Peking University, and the Institute of Computing Technology, Chinese Academy of Sciences [2]

Core Viewpoint - Huawei has officially launched the global solicitation for the 2025 Olympus Mons Awards, focusing on addressing challenges in data processing in the AI era, including high computational costs, complex protocol stacks, and increased storage costs [2][8]. Group 1: Olympus Mons Awards Overview - The Olympus Mons Awards, established by Huawei in 2019, aims to drive foundational theoretical research in the global data storage field and accelerate the industrialization of research results [8]. - The total prize pool for this year's awards remains at 3 million yuan, with two Olympus Mons Awards of 1 million yuan each and five Pioneer Awards of 200,000 yuan each [5]. Group 2: Challenges for 2025 - The awards will focus on innovative medium technologies for the AI era, addressing issues such as the increasing cost of processing cold and warm data and the need for new paradigms in storage and computation [3]. - Specific challenges include: - Fusion of storage and computation based on SSDs and efficient indexing technology [3]. - Storage channel modulation coding technology for ultra-high recording density [3]. - Hierarchical large memory network protocols and IO path optimization technology [3]. Group 3: Past Achievements - Since its inception, the awards have attracted over 320 scholars from 12 countries, resulting in 6 Olympus Mons Awards and 18 Pioneer Awards being awarded [8]. - Notable past winners include: - The team led by Professor Wu Yongwei from Tsinghua University, awarded the 2024 Olympus Mons Award for their innovative "storage-based computation" technology [8]. - Teams from Fudan University, Huazhong University of Science and Technology, Peking University, and others received the 2024 Pioneer Awards [8][9].

证券时报·数据宝统计，根据深交所、上交所、北交所上市委会议公告， 将有9家企业首发事项上会。 2家创业板公司拟上会 大普微主要从事数据中心企业级SSD产品的研发和销售。 三瑞智能主营业务为无人机电动动力系统及机器人动力系统的研发、生产和销售。 1家科创板公司拟上会 从拟上市板来看，福恩股份、盛龙股份拟登陆深市主板；视涯科技拟科创板IPO；三瑞智能、大普微拟 创业板IPO；广泰真空、新恒泰等4家企业拟北交所IPO。 拟募资额方面， 即将上会的9家企业中，拟募集资金最多的是视涯科技，预计募集资金20.15亿元，募资 拟投向超高分辨率硅基OLED微型显示器件生产线扩建项目、研发中心建设项目等项目。其次是大普 微、盛龙股份，拟募资金额分别为18.78亿元、15.30亿元。地域分布看，即将上会企业中，浙江省有4家 企业上榜，安徽省、广东省、河南省、江西省、辽宁省分别有1家企业上榜。 拟上会公司中，按保荐机构统计，视涯科技、大普微、三瑞智能等3家公司的保荐机构为国泰海通；福 恩股份、广泰真空等2家公司的保荐机构为中信证券；隆源股份、普昂医疗等2家公司的保荐机构为国金 证券。 2家主板公司拟上会 盛龙股份是国内领先的大型钼 ...

<> NAS工作原理 «> 字储器:对比其他存储方式 ·II NAS 以付阳,夕公卿ゴ叔父タ八匹任以上初刊,只日以十五 低目运行效率高等特点。 NAS作为中心节点,把不同终端设备统一联接,形 45 成"家庭/办公数据中心" NASil 3 41 资料来源:AWS官网,硬核茶谈,华泰研究 来源：市场资讯 （来源：华泰证券科技研究） NAS VS DAS:传统DAS(直连式存储)将硬盘与电 脑直接连接以扩大电脑内存容量。而 NAS 是以网络连 接方式,实现电脑等设备内存容量的扩充。 Network-attached storage 资料来源:TechTarget,华泰研究 具操作便捷性和数据安全性 现有数据存储方式分为本地存储和云存储两大类,本地 存储方式私密性高但无法完成设备之间高效的数据传输 和同时访问，而云存储有效解决了这一痛点。 U 本地存储 硬盘 数据存储 百度云、阿里云 公有云 阿里云、今克云. 云存储 私有云(NAS) <> 数据存储方式的分类 <> 资料来源:华泰研究 ◆ 硬盘: 从HDD到SSD,历经近70年发展 传统数据存储方式,发展历程近70年,硬盘存储始于 1956年,容量逐渐增大。 <> ...

Group 1 - The acquisition involves two main entities: the parent company of Yuanlin Co. plans to acquire 3.3847% of Hualan Micro's shares, while its wholly-owned subsidiary, Yunhe Technology, aims to acquire 3.1122% of the same company, totaling 6.4969% ownership post-transaction [2][3] - The total transaction amount for the acquisition is approximately 112 million yuan, with a per-share valuation of 11.50 yuan based on an assessment report [2][3] - Yuanlin Co. emphasizes that this investment is a financial one and will not result in a controlling interest in Hualan Micro, thus not affecting the consolidation scope of the company's financial statements [3] Group 2 - The motivation behind this cross-industry investment is rooted in Yuanlin Co.'s strong confidence in the future development of the storage and semiconductor chip industries [3] - Hualan Micro is a significant provider of components in the domestic data storage sector, with strong technical barriers and a product range that includes solid-state storage control chips and array storage products [3][4] - The investment in the semiconductor storage sector represents an important step for Yuanlin Co. to explore a second growth curve amid increasing competition in the landscaping industry [4]

Group 1 - Gree Electric Appliances, led by Dong Mingzhu, will not adopt aluminum technology for air conditioning until it achieves the same level of technical assurance as copper [1] - The Chinese home appliance technology annual conference has released relevant standards to promote the application of aluminum in the air conditioning sector [1] Group 2 - Huawei's HarmonyOS installation has surpassed 30 million units, increasing by 3 million in less than a month [3] - The latest data shows that the number of devices equipped with HarmonyOS 5 and HarmonyOS 6 was 27 million as of November [3] Group 3 - The price of DDR5 memory has surged due to increased demand driven by AI, leading many users to revert to the AM4 platform due to its cost-effectiveness [4] - The AM4 platform is now seen as a viable option due to its mature technology and affordability, even contributing to environmental benefits [4] Group 4 - SPhotonix has announced a plan to implement its 5D glass storage technology in data centers, with a single 5-inch glass disc capable of storing up to 360TB of data [8] - The stability of this storage technology is projected to last for 13.8 billion years [8] Group 5 - The China Iron and Steel Association has called for steel companies to avoid "involution" and hopes for a response from automotive companies [10] - The demand for automotive steel is expected to grow in the future [10] Group 6 - China Mobile has released a white paper on 6G transmission technology, emphasizing the core concept of "beyond connectivity" [16] - The white paper details the architecture and key technological directions for 6G transmission networks [16]