相关企业：华为技术有限公司、新华三技术有限公司、武汉长江计算科技有限公司、杭州华澜微电子股 份有限公司、慧与云（重庆）科技有限公司、深圳市宙视达科技有限公司、长春师凯科技产业有限责任 公司、长鑫存储技术有限公司、长江存储控股股份有限公司、超聚变数字技术股份有限公司 关键词：存储服务器、存储芯片、算力规模、存算一体、存储服务器行业政策、存储服务器行业产业 链、存储服务器市场规模、存储服务器企业竞争格局、存储服务器发展趋势 内容概要：存储服务器是聚焦数据存储管理的专用服务器，与通用服务器相比，硬件配置偏向大容量存 储介质与冗余机制，软件搭载专业存储协议，优先保障数据安全与存取效率。当前行业发展受多重利好 驱动，政策层面，多份重磅文件从技术标准、基建建设等维度提供支持；上游存储芯片领域，长江存 储、长鑫存储等企业实现技术突破并扩大市场份额，完善国产产业链；下游需求覆盖公共服务、互联 网、金融等多领域，算力基础设施升级进一步打开增长空间。市场规模方面，2024年整体服务器市场规 模达2492.1亿元，存储服务器规模达438.7亿元，2025年预计稳步增长，技术上分布式存储、液冷等方案 加速落地。竞争格局呈现头部主导、 ...

（文章来源：每日经济新闻） 每经AI快讯，液冷服务器概念震荡走强，大元泵业涨停，菲沃泰涨超10%，胜蓝股份、捷邦科技、泰福 泵业、银轮股份等涨幅居前。 ...

Core Insights - The report from CITIC Securities indicates that supernode solutions are expected to scale up rapidly, serving as fundamental computing units for future AI infrastructure [1] - Supernode scale-up domains possess advantages such as efficient communication bandwidth and native memory semantics, making them well-suited for current mainstream MoE architecture models [1] - The "decoupling" at the system level enhances the overall system value, although the design faces challenges including multi-chip power consumption, heat dissipation, and cabinet reliability [1] - The industry anticipates that supernodes can increase the value of the entire machine segment through higher technological added value, and there is a positive outlook for the future development of supernode server machine segments [1] Industry Implications - The report suggests paying attention to companies within the supply chain related to supernode technology, indicating potential investment opportunities in this sector [1]

Core Insights - The article discusses the significant rise in server spending during the AI boom, comparing it to the internet bubble era, highlighting the differences in scale and market dynamics [2][4][5] Server Market Trends - IDC has ceased quarterly reporting of server data since Q4 2023, which raises concerns about transparency and the motivations behind this decision [4] - Server spending has not returned to the peak levels seen during the internet bubble, despite a brief recovery in proprietary systems spending [5][6] - The market has experienced fluctuations due to various economic factors, including the 2008 recession and the COVID-19 pandemic, which impacted server sales [5][6][7] Current Market Dynamics - Current server spending is significantly higher than in 1999, driven by GPU and XPU systems, with quarterly sales reaching $100 billion or more [7][10] - There is uncertainty regarding the sustainability of this spending, as many companies have yet to demonstrate revenue that matches the scale of their server investments [7][11] Future Projections - IDC's forecasts suggest that total server spending could reach approximately $3 trillion from 2014 to 2029, with AI-related server spending accounting for $21.8 billion [10] - The article emphasizes the challenges in chip production and the need for evidence of investment returns to support such high levels of spending [11] Company Performance - Dell Technologies leads the market with a revenue of $9.3 billion in Q3 2025, while ODM vendors have captured nearly 60% of global server revenue [12][14] - X86 server sales reached $76.3 billion, growing by 32.8%, while non-X86 server sales surged by 192.7% to $36.2 billion, indicating a shift towards Arm servers in large data centers [13]

环球市场动态 财 政 加 码 助 力 社 融 增 速 平 稳 运 行 A 股周五强势上行，"十五五" 新质 生产力引领大盘；港股上涨，科技 股表现突出；欧洲股市下跌，科技 股担忧引发回调；美股 AI 泡沫忧虑 再现，市场大幅下跌。 外 汇 / 商 品 市场对供应过剩的担忧加剧，上周 五国际油价下跌，纽约期油跌至 5 月以来最低水平；受美国科技股抛 售和美联储官员鹰派言论影响，上 周五伦敦期铜创两个月最大跌幅， 黄金收窄涨幅。 固 定 收 益 美国国债涨跌互现，收益率曲线进 一步趋陡。美联储于上周五开始购 买 400 亿美元国库券。亚洲债市走 势坚挺，利差收窄 1-3 个基点。本 周将有非农就业和 CPI 数据公布， 以及 20 年期美债拍卖。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 12 月 15 日 ▪ 今年 11 月内地社融增速保持平稳，一方面四季度结余额度使用大幅减缓了政府债发行放缓对社融的拖累，另 一方面，企业债融资情况出现明显改善，或反映出在贷款利率管控和融资结构调整背景下，企业发债意愿系统 性提高。我们预计年度社 ...

在全球服务器市场竞争加剧的背景下，联想高速增长值得关注。IDC数据显示，本季度全球服务器市场 头部企业中，超微(同比下降 13.2%)、浪潮(同比下降10.5%)、慧与(同比下降2.3%%)等企业均出现不同 程度的营收下滑，而联想凭借在AI服务器领域的技术深耕与多元化产品矩阵，实现了26.1%的同比增 长，以40.04亿美元营收和3.6%的市场份额，巩固了全球前三的市场地位。 2025 年第三季度，x86 服务器营收同比增长 32.8%，达 763 亿美元；非 x86 服务器营收同比激增 192.7%，达 362 亿美元。 智通财经APP获悉，近日，IDC发布的《全球服务器市场季度追踪报告》显示：2025年第三季度服务器 市场收入达到创纪录的1124亿美元，同比猛增61%，再次创下两位数高增长率。其中联想集团(00992)以 稳健表现跻身全球服务器市场前三阵营，核心指标呈现显著竞争优势：营收同比增长26.1%，在头部企 业中增速领先，与浪潮科技并列市场第三，成为全球服务器市场增长的核心动力之一。 | | 3Q25 | 3Q25 Market | 3Q24 Vendor | 3Q24 Market | 3Q25 ...

近日，IDC发布的《全球服务器市场季度追踪报告》显示：2025年第三季度服务器市场收入达到创纪录的1124亿美元，同比 猛增61%，再次创下两位数高增长率。其中联想集团(00992)以稳健表现跻身全球服务器市场前三阵营，核心指标呈现显著 竞争优势：营收同比增长26.1%，在头部企业中增速领先，与浪潮科技并列市场第三，成为全球服务器市场增长的核心动力 之一。 在全球服务器市场竞争加剧的背景下，联想高速增长值得关注。IDC数据显示，本季度全球服务器市场头部企业中，超微 (同比下降13.2%)、浪潮(同比下降10.5%)、慧与(同比下降2.3%%)等企业均出现不同程度的营收下滑，而联想凭借在AI服务 器领域的技术深耕与多元化产品矩阵，实现了26.1%的同比增长，以40.04亿美元营收和3.6%的市场份额，巩固了全球前三 的市场地位。 2025年第三季度，x86服务器营收同比增长32.8%，达763亿美元；非x86服务器营收同比激增192.7%，达362亿美元。 2025年第三季度，嵌入式GPU服务器营收同比增长49.4%，占服务器市场总营收的一半以上。超大规模数据中心运营商和云 服务提供商对嵌入式GPU服务器的快速 ...

Core Insights - The global technology industry is expected to experience a dual trend of differentiated end-user demand and accelerated AI innovation by 2026, driven by rapid iterations of AI large models [1][4] - The demand for computing power and the innovation cycle of edge AI products (AI smartphones, AI PCs, AI glasses) will be the main growth drivers, while low-end consumer electronics demand is anticipated to face short-term pressure due to macroeconomic uncertainties and rising storage costs [1][4] AI Computing Infrastructure - The global server market will be dominated by AI infrastructure investments, with AI server shipments expected to grow by 50% year-on-year to 2.32 million units in 2026 [2][6] - The market will exhibit a "GPU/ASIC dual-drive" pattern, with GB/VR iterations driving specification upgrades and self-developed ASICs enhancing value [2][6] - ODM leaders and core component suppliers with "mechatronics" capabilities are expected to benefit, including companies like Luxshare Precision, Hongteng Precision, and BYD Electronics [2][6] Smartphone Market - Global smartphone shipments are projected to decline by 5% year-on-year to 1.18 billion units in 2026, primarily affecting low-end models due to macro uncertainties and rising storage costs [2][6] - The high-end market remains resilient, driven by AI innovations, with Apple expected to launch significant upgrades including the iPhone 18 and the first foldable iPhone [2][6] - Opportunities in optical components, structural parts, and thermal management are highlighted, with companies like Luxshare Precision, AAC Technologies, and Xiaomi Group being key players [2][6] AR/VR Market - The global AI glasses market is expected to exceed 10 million units by 2026, marking a new era for smart glasses [2][6] - Major tech companies are accelerating their investments, with Meta focusing on social ecosystems and Google building an ecosystem through the open Android XR platform [2][6] - Companies with core optical technologies and assembly capabilities are likely to benefit from industry growth, including Sunny Optical, AAC Technologies, and Q Tech [2][6] PC and Automotive Electronics - The global PC market is projected to see a slight decline of 2% year-on-year to 275 million units, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [2][6] - AI PCs are expected to penetrate the market significantly, with their share projected to exceed 50% by 2026 [2][6] - The commercialization of L4-level autonomous driving is expected to accelerate, with opportunities in high-voltage connectors, automotive optics, and smart cockpit displays, benefiting companies like Luxshare Precision, Hongteng Precision, BYD Electronics, Sunny Optical, AAC Technologies, and BOE Technology Group [2][6]

Core Insights - The global technology industry is expected to experience a divergence in end-user demand alongside accelerated AI innovation by 2026 [2] - High-end markets are showing resilience driven by AI functionalities, while low-end consumer electronics are facing short-term pressure due to macroeconomic factors and cost challenges [2] AI Computing Infrastructure - The demand for AI computing power is expected to expand, with a focus on AI infrastructure, including VR/ASIC architecture upgrades that will drive both volume and price increases for ODM and components [2][3] - AI server shipments are projected to grow by 50% year-on-year to 2.32 million units, driven by investments in AI infrastructure [3] Smartphone Market - Global smartphone shipments are anticipated to decline by 5% year-on-year to 1.18 billion units due to macroeconomic uncertainties and rising storage costs [4] - High-end smartphones, particularly Apple's innovations, are expected to maintain resilience, with the introduction of the first foldable iPhone and AI-driven features [4] AR/VR Market - The global AI glasses market is projected to exceed 10 million units by 2026, marking a significant growth in wearable technology [5] - Major tech companies are intensifying their investments in AR/VR, with expectations for AR glasses to reach 32 million units by 2030 [5] PC and Automotive Electronics - The global PC market is expected to face a slight decline of 2% year-on-year to 275 million units, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [6] - AIPC penetration is forecasted to exceed 50% by 2026, becoming a mainstream standard, while L4-level autonomous driving is expected to accelerate due to regulatory improvements and cost reductions [6]

【蓝思科技收购PMG 或切入英伟达供应链】通过收购，消费电子龙头蓝思科技（300433.SZ）有机会快 速切入服务器机柜与液冷赛道，获取AI算力赛道"入场券"。 12月10日晚，蓝思科技公告，拟战略收购PMG International Co.,LTD.（裴美高国际有限公司）100%股 权，进而获得元拾科技（浙江）有限公司（以下简称"元拾科技"）95.11645%股权。 公告显示，标的公司PMG国际为萨摩亚注册的有限责任公司，法定代表人为吕松寿，其与蓝思科技控 股股东、实控人及董监高无关联关系。元拾科技成立于2003年8月，注册资本2150万美元，注册地位于 浙江嘉兴，经营范围涵盖技术服务、金属制品制造销售、有色金属合金制造、模具制造等，另一股东为 品达科技股份有限公司（以下简称"品达科技"），持股比例4.88355%。 蓝思科技表示，通过本次收购，公司将快速获得国内外特定客户服务器机柜业务（包括但不限于机架、 滑轨、托盘、Busbar、其他组件）的成熟技术与客户认证，以及先进液冷散热系统集成能力，此举标志 着蓝思科技在AI算力硬件赛道的布局上迈出了决定性的一步。 蓝思科技还表示，此次收购是公司拥抱AI时代的 ...