Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the acceleration of the AI Agent era with the official release of DeepSeek-V3.1, which features a hybrid reasoning architecture and enhanced agent capabilities suitable for complex task processing and development integration [12][14] - The report highlights seven key industry directions for investment, including AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [15][22] Summary by Sections 1. Investment Outlook - The release of DeepSeek-V3.1 is expected to drive further development in the AI technology sector, particularly in the context of domestic AI giants like ByteDance, Alibaba, and Tencent making significant investments in AI computing power and applications [15] - The report suggests focusing on the AIDC computing power industry chain as a core investment direction, alongside AI applications, telecom operators, satellite internet, and 6G [15] 2. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [25] - The number of 5G mobile phone users reached 1.098 billion, representing a year-on-year growth of 21.3% [25] - The report notes that 5G mobile phone shipments in May 2025 were 21.19 million units, accounting for 89.3% of total shipments, although this represents a year-on-year decrease of 17.0% [25] 3. Operator Performance - The report details strong growth in innovative business development among major telecom operators, with China Mobile's cloud revenue reaching 100.4 billion yuan in 2024, a year-on-year increase of 20.4% [41] - China Telecom's Tianyi Cloud revenue for 2024 was 113.9 billion yuan, up 17.1% year-on-year, while China Unicom's cloud revenue reached 68.6 billion yuan, also reflecting a 17.1% increase [41] 4. Market Review - The communication index rose by 11.49% during the week of August 18-22, 2025, ranking first among the TMT sector [23]

2024年9月至今，英维克（002837）股价暴涨接近300%，公司市值从不足两百亿攀升至636亿元。 曾经的华为"弃子" ，在人工智能的"东风"下，成为新一届资本宠儿。 此外，国内服务器厂如浪潮、华为、中科曙光（603019）等纷纷开启了自研液冷之路，全球顶级云厂商 亚马逊云在研的新型技术路线则可能让英维克现有技术出现被替代的风险…… 面对竞争压力与毛利率下行，齐勇将如何带领英维克奔向下一个十年？ 精密温控龙头的诞生 二十年前，当华为电气被任正非含泪舍弃，卖给美国艾默生之后，时任技术部门负责人的齐勇，没有选 择留在外企，而是做出了一个大胆的决定——创立英维克， 8月22日，英维克股价再度上涨1.64%，总市值达到636亿元，年内累计涨幅超过112%。公司的实控人兼 董事长齐勇，也在这场牛市盛宴中，身家翻了一番。 上周，意气风发的齐勇在公司20周年纪念日上，发出了"潮平两岸阔，风正一帆悬"的感叹。 作为液冷行业的龙头公司，英维克旗下的UQD产品此前被列入了英伟达MGX生态系统合作伙伴，公司 也在英伟达概念股的带动下小火了一把。 7月，戴尔向CoreWeave交付首批Nvidia GB300 NVL72机架规模 ...

Group 1 - The report highlights that the current market rally is characterized by a disconnect between index performance and underlying earnings recovery, suggesting that the rally is more driven by liquidity and thematic trading rather than fundamental improvements [1][34]. - The report introduces the securitization rate (the ratio of total market capitalization to GDP) as a useful tool for identifying valuation peaks in index bull markets, indicating that a higher securitization rate typically reflects liquidity-driven market conditions [2][23]. - Historical data shows that during significant index bull markets, the securitization rate has risen above 1, with current levels at 0.83 suggesting potential for further valuation upside [2][26]. Group 2 - The report anticipates that the total market capitalization of the two exchanges will continue to expand, driven by expected recovery in producer price index (PPI) and supportive liquidity and policy expectations [3][35]. - The analysis indicates that the current market environment aligns with characteristics of an index bull market, despite concerns about the inability to surpass previous valuation peaks [33][34]. - The report emphasizes the importance of monitoring the securitization rate as it approaches 1, which could signal a critical valuation threshold for the market [3][35]. Group 3 - The investment strategy proposed includes a "4+1" sector allocation approach, focusing on technology, cyclical sectors benefiting from PPI recovery, and structural opportunities in overseas markets [4][39]. - Specific sectors highlighted for investment include technology and military industries, cyclical commodities, and companies with potential for valuation recovery [4][39]. - The report suggests maintaining a stable core allocation in dividend-paying stocks and gold, indicating a balanced approach to investment amidst market fluctuations [4][39].

英大证券研究所证券研究报告 2025 年 8 月 22 日 市场内部分歧加大，指数上行略显疲态，操作上采取不同策略 金 点 策 略 晨 报 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周四沪深三大指数集体高开，沪指盘中再次刷新十年新高，深证成指和创业 板指也表现出一定的强势。然而，盘面分化明显，尾盘一度小跳水。盘面上看， 数字货币概念股强势领涨，银行及电力等防御性板块补涨，但前期涨幅较大的算 力硬件股调整，液冷概念跌幅居前，此外，部分高位人气股也开始出现大幅下跌。 虽然周四指数表现较为强势，但高位股的杀跌以及部分板块的调整，显示出 市场内部的分歧在加大。不过，目前市场并未释放短期的悲观出逃信号，成交量 依然维持在 2.4 万亿的相对较高的水平。券商板块作为市场的风向标，其一举一 动对指数影响较大。如果后市券商股能够再次发力，有望带动指数进一步上行。 短期看，市场在经历前期的快速上涨后，上行略显疲惫，有整固迹象。整体 上，还是留意指数的波动加大可能，紧盯两大核心要素：一是券 ...

格隆汇8月21日｜A股三大指数今日涨跌不一，沪指续创10年新高；截至收盘，沪指涨0.13%报3771点， 深证成指跌0.06%，创业板指跌0.47%。全天成交额2.46万亿元，较前一交易日增量119亿元，全市场近 3100下跌。 | +1.89% | +1.67% | +1.40% | | --- | --- | --- | | Carrent Andrew An Children A. | | CALL A LEAD BELLE Martin | | 石油天然气 | 化肥农药 | 石油化工 | | +1.30% | +1.21% | +1.16% | | and a parting and should and and | And Sun on any on | and a parter language of the | 盘面上，跨境支付板块爆发，三未信安、天融信等多股涨停；可燃冰板块走全天强势，神开股份 (002278)涨停；数字货币板块走高，北信源(300352)20%涨停；石油化工、钛白粉、电力及数据安全等 板块涨幅居前。另外，发电机概念下挫，潍柴重机(000880)跌停；液冷概念大跌，川润股份(0 ...

A股三大指数今日涨跌不一，沪指续创10年新高；截至收盘，沪指涨0.13%报3771点，深证成指跌0.06%，创业板指跌0.47%。全天成交额2.46万亿元，较前 一交易日增量119亿元，全市场近3100下跌。 盘面上，跨境支付板块爆发，三未信安、天融信等多股涨停；可燃冰板块走全天强势，神开股份涨停；数字货币板块走高，北信源20%涨停；石油化工、钛 白粉、电力及数据安全等板块涨幅居前。另外，发电机概念下挫，潍柴重机跌停；液冷概念大跌，川润股份、飞龙股份及金田股份等多股跌停；刀片电池、 麒麟电池板块走低，华光新材跌逾10%；PEEK材料、PCB及CPO概念等跌幅居前。(格隆汇) | 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 3771.10 | 11919.76 | 1589.4 | | +4.89 +0.13% -6.98 -0.06% -25.77 -1 | | | | 科创50 | 创业板指 | 万得全/ | | 1149.15 | 2595.47 | 5962.9 | | +1.00 +0.09% -12.19 -0.47% -7.71 -0 | | | | 沪深 ...

Group 1 - The A-share market experienced a collective pullback in liquid cooling concept stocks, with notable declines in several companies [1] - Feilong Co. and Jintian Co. hit the daily limit down, while Cambridge Technology, Hongfuhang, Tongfei Co., Kexin Innovation Source, and Debang Technology fell over 7% [1] - Other companies such as Fangsheng Co., Binglun Environment, Chuanrun Co., and Dingtong Technology dropped more than 6%, while Gaolan Co., Chuanhuan Technology, Shenling Environment, Liou Co., Yimikang, and Zhongshi Technology saw declines exceeding 5% [1]

Core Insights - The report from China International Capital Corporation (CICC) indicates that the demand for computing power is increasing due to the iterative updates of AI large models and their application deployment [1] - The report highlights that chip power consumption and computing power density are continuously rising, with liquid cooling technology accelerating its replacement of air cooling to become the mainstream solution [1] - CICC forecasts that the global AI liquid cooling market size is expected to reach $8.6 billion by 2026, indicating a rapid market growth [1] - Cold plate liquid cooling is anticipated to be the first to achieve large-scale implementation [1]

Robotics - Xince Standard: The joint venture Xince Standard (Suzhou) Robot Technology Co., Ltd. has not generated any business revenue [1] - High Measurement Co.: The composite tungsten wire tendon rope used in humanoid robots has formed small batch orders [1] - Hongqi Chain Store: The company's robot project is currently under development [1] - Shuangfei Group: The company will actively seek cooperation opportunities with humanoid robot clients [1] Liquid Cooling - Hu塑科技: The company has not yet cooperated with Vidi Technology to develop a dedicated BMU solution for liquid cooling systems [1] Other Developments - Aerospace Electric: The company's connectors, cables, and motors have been applied in supporting new energy vehicles [1] - Zhuoyi Information: The company's BIOS products have a layout in the Harmony ecosystem [1] - Fuxin Technology: The company has initiated the development of the Micro TEC project for 1.6T optical modules [1] - Qiaofeng Intelligent: The company's CNC machine tool products can be applied in the processing of folding screen structural components [1] - Airo Energy: The company's technology and products do not involve AIDC [1] - Sande Technology: There is strong demand, and the revenue growth of the company's unmanned intelligent equipment is sustainable [1] - Yingjie Electric: The demand for nuclear fusion-related power supplies may form an increment in the second half of this year and the first half of next year [1] - Tongguan Copper Foil: The company has sufficient orders for copper foil products, and prices will be adjusted according to market conditions [1]

空间测算：液冷有多大的星辰大海？20250820 摘要 国内液冷市场逐步渗透扩展，市场空间预计可达 70 至 80 亿元，升腾芯 片液冷市场 2024 年预计达五六亿元，2026 年或增至 45 亿元，表明液 冷技术应用前景广阔。 英伟达 GTC 大会发布液冷架构，GB200 单柜液冷价值量约 8 万美元， GB300 单柜约 11 万美元，CDU 环节价值量 1.8 万至 3.75 万美元，标 志着液冷技术进入规模化应用阶段。 英伟达 GB200 和 GB300 整柜出货量假设下，2025 年液冷市场空间预 计达 200 至 300 亿元人民币，2026 年若交付 10 万柜，市场空间或增 至 700 亿元人民币，英伟达产品推动市场快速增长。 2026 年液冷市场预计显著增长，Meta 计划 100%采用液冷，谷歌和亚 马逊也将推出液冷架构产品，中性预估下 ASIC 单卡液冷价值量约 1,250 美元，市场空间约 200 亿元人民币。 综合来看，2026 年英伟达和 ASIC 领域的液冷市场总规模可能达到 900 亿元人民币，接近千亿赛道，市场潜力巨大。 液冷行业增速陡峭，目前处于渗透率快速爬坡阶段，与云商 ...