来源：兴证策略 拥挤度是兴证策略团队独家构建的反映热门赛道交易情绪的重要指标，由量能、价格、资金、分析师预测四大维度、七大指标合成而来，量化跟踪市场情 绪变化，对于股价短期走势有较强指示意义。 资料来源：Wind，兴业证券经济与金融研究院整理 注：时间范围为2025/12/29-2025/12/31 资料来源：Wind，兴业证券经济与金融研究院整理 注：时间范围为2025/12/5-2025/12/31 整体来看， 前期市场呈现由部分主题引领上涨的格局，赚钱效应集中在少数板块，因此当前虽然部分主题驱动的板块拥挤度已至高位，而大多数板块拥 挤度仍在中等或偏低水平，仍有较多机会可挖。 一、TMT 1、光模块：拥挤度中等偏高 资料来源：Wind，兴业证券经济与金融研究院整理 2、服务器：拥挤度水平中等偏低 资料来源：Wind，兴业证券经济与金融研究院整理 3、基站：拥挤度水平中等偏高 4、光纤光缆：拥挤度水平较高 资料来源：Wind，兴业证券经济与金融研究院整理 5、IDC：拥挤度水平中等 资料来源：Wind，兴业证券经济与金融研究院整理 6、计算机设备：拥挤度水平中等偏高 资料来源：Wind，兴业证券经济与金融研 ...

Core Viewpoint - The article emphasizes that 2026 is expected to be a year of significant harvest for domestic hard technology in the electronics industry, driven by advancements in AI and a consensus on performance trends within the AI industry chain [3][7]. Group 1: AI Industry Trends - The AI industry is transitioning from divergence to consensus in performance trends, with a notable recovery since the second half of 2023, marked by the return of Huawei's Mate series [3][7]. - The electronics sector has experienced a significant valuation expansion, aided by the rapid growth of passive funds and the resonance of macro policy, inventory cycles, and AI innovation cycles [3][7]. - As of December 16, 2025, the electronics sector has risen by 40.22%, ranking third among all industries [7][16]. Group 2: AI Model Evolution - The evolution of AI models is characterized by innovations in architecture, such as the mixture of experts (MoE) framework, which enhances efficiency by reducing computational load [27]. - The emergence of large models, like OpenAI's GPT-4, showcases the correlation between model size and performance, leading to significant advancements in understanding and reasoning capabilities [27]. - The demand for improved model efficiency has led to innovations in attention mechanisms, which lower computational complexity and memory requirements [27][28]. Group 3: Computing Power and Storage - The domestic chip industry is actively updating and iterating, with companies like Huawei planning to launch new chips in 2026, while the storage sector is expected to face shortages and price increases throughout the year [9]. - The demand for AI-driven storage solutions is projected to increase, with DRAM bit demand expected to rise by 26% year-on-year in 2026, driven by AI applications [9]. Group 4: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a critical breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to reach $21.2 billion by 2030 [11]. - The increasing power consumption of data center chips necessitates advancements in power supply architectures, with a shift towards high-density power solutions [11]. Group 5: Semiconductor Industry - The semiconductor sector is anticipated to benefit from a recovery in demand, with a focus on domestic manufacturing and the rise of analog chips, which are expected to see increased adoption due to their potential for localization [12]. - The global semiconductor market is projected to achieve double-digit growth for three consecutive years from 2024 to 2026, driven by advancements in AI and domestic chip design [12][14].

【中关村在线北京行情】近日，华为TaiShan 5280(Kunpeng 920*2/600GB*2+240GB服务器在中关村在线 商家"乾行科技(华为服务器专卖)"特价促销，价格优惠，详情请咨询商家联系电话：17813129029。华 为TaiShan 5280是一款专为大规模数据存储与高并发处理场景设计的4U双路机架服务器，其核心基于华 为自研的鲲鹏920处理器，构建起高效、稳定、可扩展的国产化算力底座。该服务器采用深度优化的 ARM架构，支持多核并行计算与高速内存带宽，配合灵活的PCIe 4.0扩展能力，可无缝接入智能网卡、 高速SSD及专用加速卡，实现计算与I/O的协同提升。其模块化机箱设计支持前部热插拔硬盘维护，后 部预留丰富扩展槽位，兼顾高密度存储与未来升级需求。系统集成iBMC智能管理平台，实现远程监 控、故障预警与一键运维，显著降低复杂环境下的管理负担，为关键业务提供持续可靠的运行保障。 在真实业务环境中，华为 TaiShan 5280广泛部署于分布 式存储系统、大数据分析平台与私有云基础设施中，尤 其适配对数据安全与自主可控有严苛要求的行业场景。 其与华为BoostKit软件栈深度协同，可显 ...

Core Viewpoint - The article discusses the performance of the stock market on December 30, highlighting a mixed trading day with the Shanghai Composite Index slightly down while the Shenzhen Component and ChiNext indices showed gains. The article emphasizes the surge in humanoid robot concept stocks and the active performance of sectors like digital currency, AI smartphones, and short drama games, while noting a pullback in the photovoltaic industry chain [3][4]. Market Performance - The Shanghai Composite Index closed at 3965.12, down 0.16% [4] - The Shenzhen Component Index rose by 0.49% to 13604.07 [4] - The ChiNext Index increased by 0.63% to 3242.90 [4] Sector Highlights - Humanoid robot concept stocks experienced a collective surge, with over ten stocks hitting the daily limit up, including: - Buke Co., Ltd. (+20.00% to 145.99) - Haichang New Materials (+19.98% to 30.98) - Wu Zhi Electromechanical (+18.59% to 63.80) [5][6] - The liquid cooling server concept also saw gains, with stocks like Unified Co. and New Times hitting the daily limit up [5][7]. Capital Flow - Main capital inflows were observed in sectors such as general equipment, automotive, and home appliances, while there were outflows from telecommunications, batteries, and photovoltaic equipment [9]. - Notable net inflows included: - Sanhua Intelligent Controls: 2.786 billion - N Qiang Yi: 1.824 billion - Shanzi Gaoke: 1.538 billion [9]. - Significant net outflows were recorded for: - Goldwind Technology: 2.871 billion - Aerospace Development: 2.377 billion - China Satellite: 2.006 billion [9]. Institutional Perspectives - Guotai Junan expressed that the upcoming cross-year market trend presents a good opportunity for positioning during adjustments [10]. - Qianhai Bourbon Fund noted that the market is expected to reverse as anticipated, with indices likely to reach new highs [11]. - Pacific Securities predicted that the cross-year market will start with a broad rally, with the volatility of major stock index options remaining low, suggesting a steeper upward trend ahead [12].

每经AI快讯，12月30日，液冷服务器板块盘初拉升，鼎通科技涨超15%，同星科技涨超10%，新时达、 淳中科技、英维克纷纷上扬。 ...

格隆汇12月29日丨溯联股份(301397.SZ)在投资者互动平台表示，公司的液冷服务器相关业务主要由子 公司溯联智控执行。已开展业务的客户主要来自于热管理系统集成商以及服务器OEM/ODM，其中包括 全球主要的液冷组件厂和国内某全球领先的ICT（信息与通信）基础设施和智能终端提供商、主要算力 服务器制造商等。同时随着市场和技术的快速发展，公司也在积极开拓云服务以及芯片设计领域的相关 客户。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者丨雷晨 编辑丨朱益民 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，万得算 力主题指数指数（399363.SZ）收盘报7108点，年初以来累计涨幅高达80%。据Wind，年初至今A股算 力板块涌现22只涨幅翻倍大牛股，其中4股涨幅超400%，分别是仕佳光子、新易盛、永鼎股份、中际旭 创。 | < G | 万得算力主题指数[866468] | | | | | --- | --- | --- | --- | --- | | | 7108.26 -37.90 -0.53% | | | | | 福彩 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 年初至今▼ | 股 == | | 仕佳光子 | | | 457.28% | 0.07 | | 688313.SH | | | | | | 新易盛 | | | 441.57% | 0.07 | | 300502.SZ | | | | | | 永鼎股份 | | | 425.89% ...

AI芯片、液冷技术、光模块等领域龙头业绩高增，资本聚焦具备技术壁垒和生态协同的头部企业，产 业迈向高质量发展。 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，国证算 力基础设施指数（399363.SZ）收盘报9467.22点，年初以来累计涨幅高达80.74%。 这一年，资本市场对算力产业的认知经历了从"概念炒作"向"价值锚定"的转变，折射出全球算力竞争加 剧与国内产业升级需求叠加下，中国算力产业链的必然进阶。 在中美科技博弈持续深化、全球AI算力需求爆发的双重背景下，2025年的A股算力板块，既展现了国产 替代的强劲动能，也暴露了核心技术的现实短板，即部分高端芯片制程仍有提升空间、部分基础软件生 态适配度待加强。 结构性分化：价值锚点转向业绩兑现 2025年的A股算力板块，最显著的特征便是"冰火两重天"的结构性分化。 这种分化并非简单的板块轮动，而是资本市场对算力产业链各环节价值创造能力的重新评估，其核心逻 辑已从短期政策利好转向长期业绩兑现与技术壁垒。市场热点从"概念"向"业绩"集中，具备明确技术落 地路径和真 ...

祥鑫科技（002965.SZ）12月26日在投资者互动平台表示，公司拥有热管理系统相关产品并熟练掌握液 冷散热技术，能够根据客户需求提供定制化散热解决方案。公司的算力服务器液冷模组、液冷结构件 等，可高效应用于GPU冷却及服务器冷却。公司已为超聚变、华鲲振宇、中兴康讯等市场头部客户提供 液冷服务器相关产品。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的液冷设备有没有参加谷歌供应链认证？ ...

今晚8点半，视频号直播间，讲一下最近火热的液冷的市场分析。 还会再聊一下今天很火的NV收购Groq和对于明年几个方向的展望。 之前的直播中，已经讲过了英伟达NVL72和谷歌服务器的液冷价值量拆解，PPT已经放到了星球中。 知识星球 关注星球， 带大家发现新的产业增长点。 最近星球中整理了 NV链和谷歌链的出海企业情况 ， 有兴趣的读者可以到星球查看具体数据。 ...