AIDC 国内链-H 公司专家交流 20250920 目前，H 公司的 384 节点系统是一种过渡产品。与 920B 相比，920C 性能有 所提升，但仍显不足，尤其是在某些精度运算方面。因此，通过超节点方式组 合起来，以达到一定效果。然而，这种架构并未完全优化，因此 H 公司在 9 月 份推出了 950、960 等新产品，并计划对现有架构进行较大调整。 电源方面， 高压直流（HVDC）将成为未来的发展方向。目前传统机房多采用 AC 转 DC 模 华为主要液冷供应商包括英维克、申菱环境和高澜，英维克在 CPU 冷板 市场占有重要地位，申菱环境主要生产室外大型制冷设备，高澜逐步涉 足内部设备领域。 预计 2025 年 920C 出货量约 30 万片，920B 约 60 万片，950 将于 2026 年一季度推出，但良率较低。2025 年 384 节点部署预计 300- 400 套，2026 年预计 400-500 套，具体取决于 950 上量速度。 式，但这种模式极大限制了供电功率。为了提高供电功率并降低能耗，H 公司 计划采用 800 伏或更高的高压直流模式，这不仅可以节约线缆，还能提高功率 密度。从 202 ...

Report Industry Investment Rating - The report recommends a long position for IF, IC, IM, and IH in the stock index futures of the macro and financial sector [1]. - Goldman Sachs maintains an overweight rating for A - shares and H - shares [1]. - CITIC Construction Investment Research Report is bullish on the overall Hong Kong stock market [1]. Report's Core View - The Chinese stock market's strong performance this year may be driven by "re - inflation" expectations and artificial intelligence, and future improvements in valuation and liquidity may contribute to further prosperity [1]. - International capital is actively increasing its positions in China's technology sector as China has global competitiveness in frontier fields such as AI, robotics, and biotechnology, and the window for stock market valuation repair is opening [1]. - The narrowing of the Sino - US interest rate spread will attract more global funds to focus on RMB assets, and investors will adjust their asset allocation to increase holdings of Chinese bonds and stocks [1]. - After entering September, the A - share market is in a consolidation period, and the advantages of Hong Kong stocks are emerging [1]. - The current stock market is in a rest stage after a sharp decline on Thursday. The traditional industries are strengthening, and the CSI 300 index stabilizes the market. The market is undergoing a phased style shift from growth to defense, but the upward trend remains unchanged [2]. Summary by Relevant Catalogs Market Review - On Friday, the main indexes of the two markets fluctuated and closed slightly lower, with the CSI 300 index rising. The trading volume of the two markets was 2.32 trillion yuan, showing a rapid contraction. The CSI 300 index closed at 4501 points, up 3 points or 0.08%; the SSE 50 index closed at 2909 points, down 3 points or - 0.11%; the CSI 500 index closed at 7170 points, down 29 points or - 0.41%; the CSI 1000 index closed at 7438 points, down 38 points or - 0.51% [1]. - Among industry and theme ETFs, coal ETF, military industry leading ETF, engineering machinery ETF, real estate ETF, and tourism ETF led the gains, while auto parts ETF, robot 50ETF, and integrated circuit ETF led the losses. Among the sector indexes of the two markets, energy metals, engineering machinery, tourism, film and television theaters, and coal mining indexes led the gains, while motor manufacturing, home appliance parts, auto services, reducers, and PEEK material indexes led the losses [1]. - The settlement funds of stock index futures for the CSI 1000, CSI 500, CSI 300, and SSE 50 indexes had net outflows of 5.8 billion, 3.1 billion, 2.6 billion, and 2.2 billion yuan respectively [1]. Important Information - Goldman Sachs believes that "re - inflation" expectations and artificial intelligence may be the key drivers of the Chinese stock market's strong performance this year, and future improvements in valuation and liquidity may contribute to further prosperity [1]. - Goldman Sachs maintains an overweight rating for A - shares and H - shares, and international capital is actively increasing its positions in China's technology sector [1]. - The narrowing of the Sino - US interest rate spread will attract more global funds to focus on RMB assets [1]. - CITIC Construction Investment Research Report shows that after entering September, the A - share market is in a consolidation period, and the attention of domestic and foreign funds to Hong Kong stocks is increasing, and the advantages of Hong Kong stocks are emerging [1]. - Huawei's core strategy is "super - node + cluster", and its Atlas 950 super - node is leading compared with NVIDIA's planned NVL576 in 2027 [1]. - In July, Japan and the UK increased their holdings of US Treasury bonds, while China reduced its holdings by 25.7 billion US dollars to 730.7 billion US dollars, the lowest level since 2009 [2]. - The Bank of Japan announced that it will sell its ETF holdings at a rate of about 330 billion yen per year and real - estate REIT at a rate of about 5 billion yen per year [2]. - The US Department of Energy launched the "Power Acceleration" plan to meet the surging power demand from artificial intelligence and data centers [2]. - Microsoft will invest 3.3 billion US dollars in a data center in Wisconsin, which will be put into use early next year and will be 10 times more powerful than the current fastest supercomputer [2]. Market Logic - The Chinese stock market's current rally is mainly driven by liquidity, with "re - inflation" expectations and AI autonomy as key catalysts [2]. - If the proportion of foreign institutional holdings in the A - share market rises to the average level of emerging or developed markets, it may bring 14 trillion to 30 trillion yuan of potential capital inflows [2]. Future Market Outlook - The narrowing of the Sino - US interest rate spread will attract more global funds to focus on RMB assets, and investors will increase their holdings of Chinese assets [2]. - The current stock market is in a rest stage after a sharp decline on Thursday. The traditional industries are strengthening, and the CSI 300 index stabilizes the market. The market is undergoing a phased style shift from growth to defense, but the upward trend remains unchanged [2]. Trading Strategy - For stock index futures directional trading, in the rest stage, traditional industries are strengthening, and the CSI 300 index stabilizes the market. The market is undergoing a phased style shift from growth to defense, and the upward trend remains unchanged [2]. - For stock index option trading, during the volatile period when the market is undergoing a phased style shift from growth to defense, it is advisable to wait and see [2].

Core Viewpoint - *ST Yushun is undergoing a significant asset acquisition of 3.35 billion yuan to purchase 100% equity of Zhong'en Cloud Data Center assets, while simultaneously making a strategic investment of 300 million yuan in Bingji Technology, an AI computing service provider, raising questions about potential competition and future integration of assets [1][7]. Group 1: Investment and Acquisition Details - *ST Yushun plans to pay 3.35 billion yuan in cash to acquire Zhong'en Cloud Data Center assets, which will expand its business into the data center sector [7]. - The acquisition is part of a broader strategy to reverse the company's declining performance, as it has reported losses for five consecutive years [9]. - The revenue projections for the acquired companies are significantly higher than *ST Yushun's current performance, with expected revenues of 735 million yuan, 815 million yuan, and 218 million yuan for 2023, 2024, and Q1 2025 respectively [8]. Group 2: Strategic Investment in Bingji Technology - Shanghai Fengwang, the controlling shareholder of *ST Yushun, has signed a strategic investment framework agreement to inject 300 million yuan into Bingji Technology, which specializes in AI computing services [1][2]. - Bingji Technology is recognized as one of the largest AI computing service providers in Southwest China, operating a computing cluster of no less than 20,000 P and planning to expand to 50,000 P [2]. - The investment in Bingji Technology raises questions about potential competition with the data center business of Zhong'en Cloud, but the chairman of *ST Yushun asserts that the two businesses serve different customer needs [4][5]. Group 3: Future Prospects and Market Reactions - The chairman of *ST Yushun indicated that while the current investment is made by Shanghai Fengwang, there is a possibility that Bingji Technology could be integrated into *ST Yushun in the future [6]. - The market is closely watching the upcoming shareholder meeting on September 29, where the acquisition of Zhong'en Cloud will be reviewed [9].

以下文章来源于东四十条资本 ，作者蒲凡 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 "本次交易是兑现投资成果的合适时机"。 2018年12月，被誉为奥斯卡风向标的美国国家评论协会奖发布了最新的年度影单。史上最卖座的超英电影之一《黑豹》、斩获无数大奖的经典公路片 《绿皮书》、美国华人的史诗《摘金奇缘》悉数入围，堪称神仙打架。但很快，网友们的讨论热情都集中到另一部入选电影《网络谜踪》上，因为它实 在是太另类了： 《网络谜踪》拢共就投资了100万美元，是《绿皮书》的二十五分之一，是《黑豹》千分之四，制作成本寒酸到不能再寒酸，就连场景都充分极简。除 了片尾最后真相大白，画幅徐徐展开，观众们在全片的绝大部分时间里只能看到一张电脑桌面、一个视频聊天对话框。著名影评网站IndieWire由是给出 评价："这是一次名副其实的壮举，独特的叙事加上犀利的剪辑，让剧情逻辑真正做到了天衣无缝。" 更重要的是，《网络谜踪》虽然是一部悬疑片，但它如实展现了一种奇观： 无论什么年龄、什么职业、什么地区、什么样的兴趣爱好， 只要你生活在现代社会中，总会在网络上留下痕迹，总 ...

Investment Rating - The report recommends the industry, particularly focusing on companies like CATL, EVE Energy, Sungrow Power, and others, indicating a positive outlook for high-quality development in the energy storage sector [1][2]. Core Insights - CATL's chairman emphasized that the low pricing of energy storage cells is unsustainable, suggesting a shift towards high-quality development in the industry [1]. - Panasonic plans to launch solid-state battery samples in 2026, targeting industrial applications, while SK On aims for commercial production by 2029 [2][60]. - The report highlights the recovery of offshore wind power subsidies in the Netherlands, with a budget of approximately €1 billion for next year [3]. - The renewable energy sector is set to receive significant subsidies, with the Ministry of Finance allocating ¥46.18 billion for renewable energy price subsidies [3][62]. Summary by Sections Energy Storage - CATL's chairman stated that the current energy storage system pricing is significantly below costs, indicating a need for price recovery and quality improvement in the sector [1]. - Recommended companies in the energy storage sector include EVE Energy, Sungrow Power, and others, with a focus on high-quality development [1]. Solid-State Batteries - Panasonic plans to release solid-state battery samples in 2026, focusing on high-temperature industrial applications [2]. - SK On has completed its solid-state battery pilot plant and aims for commercial production by 2029, with a focus on high energy density products [60]. Renewable Energy - The Dutch government has reinstated offshore wind power subsidies, planning to allocate around €1 billion for the next year [3]. - The report mentions a ¥46.18 billion subsidy for renewable energy prices, with solar power receiving the largest share [62]. Electric Vehicles - The report recommends CATL and other companies in the electric vehicle sector, indicating a positive outlook for the industry [2]. Data Centers - Microsoft is investing $7.3 billion in AI data centers, enhancing its competitive edge in AI capabilities [55][56]. - Huawei hosted a data center innovation summit, focusing on sustainable development and AI integration [57].

Core Viewpoint - The stock prices of non-WiTech Materials and *ST Yushun have surged significantly this year, with *ST Yushun's stock price increasing nearly tenfold since the beginning of the year, driven by strategic acquisitions and market speculation [2][10]. Group 1: Company Developments - *ST Yushun's major shareholder, Shanghai Fengwang, signed a strategic investment framework agreement with existing shareholders of Binge Technology, committing to an investment of 300 million yuan, expected to be completed within 30 days [2][4]. - The chairman of *ST Yushun, Ji Min, indicated that the major asset restructuring is close to completion but still requires shareholder approval and other processes before further acquisitions can be initiated [2][4]. - Binge Technology, established in 2020, is recognized as the largest AI computing power service provider in Southwest China, with a registered capital of 147 million yuan and operational capabilities involving nearly 30,000 computing power cards [5][6]. Group 2: Market Reactions and Speculations - The market reacted positively to the news of the investment in Binge Technology, leading to consecutive stock price increases for *ST Yushun, despite the ongoing restructuring process [2][8]. - Analysts suggest that the acquisition could indicate either the high quality of Binge Technology's assets or potential speculative motives from the major shareholder [4][8]. - The stock price of *ST Yushun has been subject to significant speculation, with over ten announcements regarding abnormal stock price fluctuations since the announcement of the major asset restructuring [9]. Group 3: Industry Context - The A-share market is experiencing unprecedented enthusiasm for mergers and acquisitions, supported by favorable policies, with over 40 completed mergers in the computing power data sector from 2022 to 2024 [4][9]. - The computing power industry is seen as a critical infrastructure for the smart era, with increasing demand for high-performance chips and a push from government policies to develop a systematic and high-quality computing power network [8][9].

Domestic News - The "East Data West Computing" project has led to over 1 trillion yuan in social investment, forming 8 hub nodes and 10 data center clusters, covering 14 provinces and providing approximately 80% of the intelligent computing power for the nation, promoting the development of AI, smart manufacturing, and telemedicine [1] - In the first eight months of this year, Chongqing's automobile production reached 1.659 million units, a year-on-year increase of 7.6%, with new energy vehicle production at 690,000 units, up over 31% [2] - The 11th batch of national drug centralized procurement allows medical institutions to report quantities either by generic name or specific brand, optimizing the procurement process [2] - Jiangsu Province's industrial added value increased by 6.8% year-on-year from January to August, with advanced manufacturing and high-tech manufacturing leading the growth [3] International News - The European Central Bank's council member suggested that a rate cut in December would be beneficial for achieving inflation targets and economic development [5] - Tesla has received approval to test autonomous vehicles equipped with safety monitors in Arizona, marking a significant step in expanding its autonomous taxi business [5] - The United Nations Educational, Scientific and Cultural Organization awarded the "Al-Fozan Prize" to a researcher from the Chinese Academy of Sciences for contributions to marine climate change, highlighting the importance of scientific evidence in assessing climate risks [4]

央视网消息：记者9月20日从国家数据局了解到，我国"东数西算"工程实施以来，规模化效应不断显现。"东数西算"工程带动社会投资已超过 万亿元。 在8个枢纽节点中，5个位于西部，实现了东部业务向西部风光水电丰富的区域迁移。带动甘肃庆阳、内蒙古乌兰察布等算力新城不断崛起。 中国科学院计算技术研究所网络研究部总工程师赵晓芳介绍，在"东数西算"工程实施之前，我国的算力80%分布在东部，而对应比例的能源分 布在西部。算力消耗的是能源，"东数西算"把能源基础设施的布局和算力基础设施的布局结合起来，来支撑算力持续供给、良性发展，同时为 西部发展带来全新的产业和机遇。 创新技术 提高"东数西算"绿电使用占比 "东数西算"工程在"十四五"期间全面启动。目前，已形成8个枢纽节点和10个数据中心集群，覆盖东、中、西部14个省份，带动社会投资超过 万亿元。为全国提供了约八成的智算算力，促进人工智能、智能制造、远程医疗等行业加快发展。 在全国首个绿色算电协同发展试点省份青海，这片百亩光伏产生的绿色电力，"点对点"供给就近的数据中心，直接转化为绿色算力。 中国联通三江源国家大数据基地运营维护负责人李洪麒介绍，这种绿电直供的新模式和过去比， ...

Core Insights - The "East Data West Computing" project has led to over 1 trillion yuan in social investment since its implementation, showcasing significant scale effects [1][2] - The project has established 8 hub nodes and 10 data center clusters across 14 provinces in eastern, central, and western China, providing approximately 80% of the national intelligent computing power [2] Investment and Infrastructure Development - The project has facilitated the migration of computing resources from the eastern regions to the western areas rich in renewable energy, contributing to the rise of new computing cities such as Qingyang in Gansu and Ulanqab in Inner Mongolia [2] - Prior to the project, 80% of the country's computing power was concentrated in the east, while the corresponding energy resources were located in the west, indicating a strategic alignment of energy and computing infrastructure [2] Green Energy Utilization - Recent monitoring indicates a continuous improvement in the green energy usage ratio within the "East Data West Computing" project, with some new data centers in Inner Mongolia achieving over 85% green energy usage [3][4] - The introduction of direct supply models for green electricity has resulted in over a 20% reduction in energy consumption for data centers [4] Technological Innovations - Innovative cooling technologies, such as liquid cooling, have been implemented in data centers, leading to a 30% reduction in energy consumption [4] - The use of natural cooling methods in high-altitude regions has also contributed to significant energy savings, with one data center reducing industrial electricity use by over 7 million kilowatt-hours annually [4] Future Development Plans - The National Bureau of Statistics plans to focus on green, intensive, and inclusive development in the ongoing implementation of the "East Data West Computing" project, aiming to accelerate the construction of a national integrated computing power network [5] - The project is expected to lay the groundwork for significant advancements in computing power during the 14th Five-Year Plan period, with a vision for further development in the 15th Five-Year Plan [5]

Group 1 - The demand for liquid cooling technology in data centers is rapidly increasing, transitioning from an optional to a necessary solution due to the explosive growth of AI computing power requirements [1] - Liquid cooling technology offers significant advantages such as efficient heat dissipation, energy savings, and noise reduction, making it suitable for high-density computing scenarios [1] - Trend Force predicts that the global adoption rate of liquid cooling in data centers will rise from 14% in 2024 to 26% in 2025, with the liquid cooling market in China expected to exceed 100 billion yuan by 2027 [1] Group 2 - The liquid cooling data center industry chain includes upstream components, midstream servers and infrastructure, and downstream data centers [2] - Several listed companies are actively investing in and promoting liquid cooling technology, with some offering comprehensive liquid cooling solutions across the entire value chain [2] - Companies like Kehua Data Co., Ltd. and Guangzhou High Cloud Energy Saving Technology Co., Ltd. are developing and providing various liquid cooling solutions, emphasizing their commitment to capturing market opportunities and driving growth in liquid cooling business [2]