记者丨雷晨 编辑丨巫燕玲 2026年开局，中国算力产业迎来一则重磅消息。 1月6日，中国证监会官网更新的一则备案信息，揭开了一场酝酿已久的资本大戏——成立仅四年、年营 收已突破400亿元的超聚变数字技术有限公司（下称"超聚变"），正式启动A股上市辅导，中信证券出 任辅导机构。 图片来源：超聚变辅导备案报告 这家从华为母体"断裂"而生的企业，在经历了"独立生存质疑—国资果断接手—技术路线押注—市场逆 势跃升"的完整周期后，不仅活了下来，更以四年狂飙的速度，长成了中国算力版图中一个不容忽视 的"新巨头"。 此刻，站在IPO的起跑线上，超聚变的发展故事既是中国算力产业链自主可控的生动切片，也是地方政 府以资本与政策培育战略性新兴产业的一次关键实验，更是AI浪潮席卷之下，国产算力企业密集资本 化的又一标志性事件。 从生存到领先 超聚变的诞生，始于一场科技界的战略调整。 2021年，在复杂的国际环境下，华为对其x86服务器业务做出了剥离决策。同年9月，脱胎于此的超聚变 数字技术有限公司正式成立，并落户河南郑州。 剥离之初，业内曾有声音：离开了华为的品牌与生态体系，这家新公司如何独立生存？没过多久，河南 国资的果断出手， ...

Core Viewpoint - The article highlights the significant development of Chaopujian Digital Technology Co., Ltd. (超聚变), which has rapidly grown to become a major player in China's computing power industry and is now preparing for an IPO, marking a key milestone in the capital market for the sector [1][2]. Company Development - Chaopujian was established in September 2021 after Huawei's strategic adjustment led to the spin-off of its x86 server business, raising initial concerns about its survival without Huawei's brand and ecosystem [4]. - The company has successfully stabilized its operations by retaining its core team and maintaining existing client relationships, leading to impressive revenue growth from over 100 billion yuan in 2022 to more than 400 billion yuan projected for 2024 [5]. - The company has positioned itself strategically in the AI server market and has made early investments in liquid cooling technology, anticipating trends in domestic production and green computing [5][6]. Market Position and Strategy - By mid-2025, Chaopujian achieved a sales figure of 268 billion yuan, ranking second in the domestic server market and first in the liquid cooling server segment [6]. - The company has developed a full-stack capability from hardware to solutions, focusing on AI and high-performance computing, as well as green computing technologies [6]. - Chaopujian's 2.0 strategy expands its business scope beyond basic computing infrastructure to include AI, data, computing, and energy solutions, with a new headquarters in Zhengzhou symbolizing this strategic upgrade [6]. IPO and Market Dynamics - The initiation of the IPO process is seen as a response to internal needs for funding to support R&D, capacity expansion, and market development [8]. - The ownership structure includes significant stakes from state-owned enterprises, indicating strong local government support for the company's growth and its role in developing the computing industry cluster in Henan province [9]. - The anticipated valuation for Chaopujian post-IPO is approximately 89 billion USD, reflecting its positioning as a stable technology platform rather than a speculative AI company [9]. Industry Context - The article notes that the demand for intelligent computing power in China is expected to reach 486 EFLOPS by 2025, significantly higher than in 2023, supported by government initiatives and funding for computing infrastructure [11][12]. - The rapid response of the capital market to the computing power sector is evident, with multiple companies in the field either preparing for IPOs or already listed, indicating a growing trend towards the commercialization of computing infrastructure [12].

Group 1 - The HP ProLiant DL388 Gen10 (826565-AA1) is an economical and efficient server designed with a compact form factor, featuring the Xeon Silver 4110 processor, balancing scalability, performance, reliability, and manageability [1][5]. - The server is currently on promotion at an authorized dealer in Chengdu for a price of 20,000 yuan, with free installation, debugging, and training services included [1][5]. - The server utilizes a 2U rack structure and is equipped with an 8-core, 16-thread Xeon Silver 4110 processor, operating at a base frequency of 2.1GHz and capable of reaching up to 3.0GHz with Turbo Boost [2][6]. Group 2 - The HP ProLiant DL388 Gen10 supports up to 32GB of memory and includes a smart array P408i-a disk controller, making it suitable for data-intensive applications [2][6]. - Chengdu Qiangchuan Technology Co., Ltd., established in 2011, focuses on providing professional IT services, including network technology services, software development, IT product distribution, and system integration [2][3]. - Qiangchuan Technology is recognized as a comprehensive IT service provider, offering a wide range of IT products and solutions, and has built a strong reputation among clients in various sectors such as government, education, finance, telecommunications, and manufacturing [3][7].

Summary of Datacenter Market Insights - ODM Direct Industry Overview - The report focuses on the **Datacenter Market** within the **Hardware Technology** sector, specifically analyzing **ODM (Original Design Manufacturer) direct server shipments** in the Asia Pacific region. Key Insights 1. **ODM Shipments and Value Growth** - ODM shipments declined by **4% quarter-over-quarter (q/q)** but the shipment value increased by **2% q/q** due to growth in both general and AI servers [1][2] - The expected shipments for **GB200/300 racks** are projected to reach approximately **27.3k** in **CY25** and **70k+** in **CY26** [1][5] 2. **Global ODM Direct Server Shipments** - Total global ODM direct server shipments were **1.83 million** units in **3Q25**, reflecting a **4% decline q/q** but a **37% increase year-over-year (y/y)** [2] - This accounted for **43.5%** of global server shipments, which remained flat at **4.2 million** units q/q but increased by **14% y/y** [2] 3. **Market Share Dynamics** - **Inventec** became the top ODM with a **24.6%** market share, gaining **480 basis points (bps)** q/q, while **Wiwynn** dropped to **20.4%** [2][12] - **Intel** and **AMD** both lost unit share, with Intel at **35.1%** (-300 bps q/q) and AMD at **40.3%** (-390 bps q/q) [3][12] 4. **Regional Performance** - **Central & Eastern Europe** exhibited the highest growth in shipment units at **449% y/y**, followed by the **US** at **50% y/y** [4][12] - The US accounted for **75%** of aggregate ODM direct shipments, with other regions like **APxJC** at **13%** and **Western Europe** at **6%** [4] 5. **AI Server Contribution** - AI servers were the main contributors to the increase in shipment value, with the average selling price (ASP) of ODM servers increasing by **7% q/q** and **54% y/y** [5] Additional Insights - **ODM Shipment Value** reached **US$66.8 billion** in **3Q25**, marking a **2% increase q/q** and a **111% increase y/y** [2] - The report highlights potential investment opportunities in ODMs such as **Wistron**, **Wiwynn**, **Hon Hai**, **FII**, and **Quanta** [5] Conclusion - The ODM direct server market is experiencing a complex landscape with declining unit shipments but increasing value, driven primarily by the growth of AI servers. The competitive dynamics are shifting, with new leaders emerging in market share and significant regional disparities in growth rates.

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Core Viewpoint - The company Chaoguhuan Digital Technology Co., Ltd. (超聚变) is preparing for an IPO in the A-share market, marking a significant development in the computing power industry, with strong backing from notable investors and a robust growth trajectory [2][3][4]. Group 1: Company Overview - Chaoguhuan was established on September 13, 2021, with a registered capital of approximately 880 million yuan, and is currently controlled by the Henan State-owned Assets Supervision and Administration Commission [4][6]. - The company has deployed 10 R&D centers and 6 supply centers globally, serving over 10,000 clients across more than 100 countries and regions, and holds over 2,000 core patents [2][11]. Group 2: Financial Performance - In 2022, Chaoguhuan achieved a revenue of 23.51 billion yuan, with a production output of 406,000 units. In 2023, the revenue increased to 28.38 billion yuan with a production of 300,000 units [11]. - The company aims to surpass 40 billion yuan in revenue in 2024 and 50 billion yuan in 2025, with a reported revenue of 26.8 billion yuan in the first half of 2025 [3][11]. Group 3: Market Position - Chaoguhuan has become the second-largest server manufacturer in China and ranks sixth globally in the server market share, benefiting from its strong technological foundation inherited from Huawei's X86 server business [10][11]. - The company has maintained its position as the leading provider in the emerging liquid cooling server market for two consecutive years [10]. Group 4: Investment and Shareholder Support - The company has attracted significant investment from major players, including China Mobile, China Telecom, and various capital firms, indicating strong market confidence [2][9]. - Following the announcement of its IPO plans, stocks of companies previously rumored to be involved in a reverse merger with Chaoguhuan experienced significant declines, reflecting market speculation and investor sentiment [3][7].

2026年1月6日，证监会官网信息显示，算力巨头超聚变数字技术公司已正式启动上市辅导，辅导机构为中信证券。 这家从华为独立仅四年的企业，2024年 营收突破400亿元，2025年目标直指500亿元，估值预计达800亿至1000亿元。 超聚变的上市，被市场视为2026年资本市场的首个"王炸级"事件。 超聚变的崛起速度堪称"反常识"。 2021年，因美国制裁，华为被迫剥离X86服务器业务，成立超聚变并由河南国资接手。 当时业内普遍认为，失去华为品 牌加持的超聚变可能举步维艰。 然而，其营收从2022年的100亿元飙升至2024年的400亿元，仅用三年时间成为中国服务器市场第二、全球第六大厂商。 更 令人意外的是，它在液冷服务器细分领域连续两年稳居国内市场份额第一，甚至超过部分老牌巨头。 超聚变的上市路径成为市场关注焦点。 此前市场普遍预期其可能借壳上市，主要原因是河南国资要求2025年完成国企改革任务，借壳可大幅缩短上市时间。 潜在壳公司中，荣科科技因与超聚变同受豫信电科实控，被视为最热门标的。 但最新进展显示，超聚变选择了直接IPO路径，于2026年1月6日启动上市辅导。 超聚变的上市将带动A股多家关联公司价值 ...

Group 1 - The article highlights the company's strategic positioning in the AI server market through its multi-business lines, including AI server cooling, high-speed connectors, and optical modules, which are expected to drive significant growth [1] - The company is also expanding its presence in the precision transmission market through robotics, leveraging its comprehensive layout in motors, reducers, joint modules, and control algorithms, showcasing a high degree of self-manufacturing capability for core components [1]

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【中关村在线北京行情】近日，长城 擎天(EF723FT-2000+/64核/2.2GHz//128GB/550W1)在中关村在线商 家"北京神州普华(钻石经销商)"特价促销，现货32800元含 13%专票 ，【商家活动】赠品：京东E卡 (购 买一件及以上，赠完即止）更多优惠详情请致电或微信 13911719964。长城擎天EF723FT-2000+服务器 以国产飞腾FT-2000+/64处理器为核心，构建起高性能、高可靠性的自主计算平台。其64核架构与8通道 DDR4 ECC内存协同工作，为多线程并发任务提供坚实算力支撑，尤其在复杂业务处理与高密度虚拟化 环境中表现卓越。整机采用2U机架式紧凑设计，配合模块化扩展架构，支持多路PCIe高速扩展槽，可 灵活适配AI加速卡、高速网络接口与大容量存储设备，实现从通用计算到异构加速的无缝过渡。系统 深度集成国产BMC智能管理平台，支持远程监控、固件升级与故障预判，结合麒麟操作系统与PKS安 全架构，形成从芯片到软件的内生安全防护体系，确保关键业务在可信环境中稳定运行，满足信创环境 下对自主可控的严苛要求。 该服务器广泛应用于对数据主权与系统安全有核心诉求 的行业场景。 ...