人民财讯11月18日电，重庆市经济和信息化委员会近日印发《重庆市加快推进人工智能终端产业创新蝶 变行动计划(2026—2030年)》，其中提出，在智算服务器方面，聚焦大模型训练与推理需求，推动智算 服务器搭载高性能GPU、NPU芯片，构建异构计算架构。支持企业研发液冷散热、高速互联等关键技 术，加强智算服务器与AI框架、工具链协同优化，打造高效稳定的智算基础设施。 ...

Group 1: Industry Insights - North American optical module and chip companies show strong performance guidance, indicating sustained global computing power demand [1] - Fabrinet's FY2026 Q1 revenue increased by 22% year-on-year and 8% quarter-on-quarter, driven by robust demand in the Data Center Interconnect (DCI) business, which saw a 92% year-on-year and 29% quarter-on-quarter revenue growth [1] - Coherent's FY2026 Q2 revenue guidance is between $1.56 billion and $1.70 billion, benefiting from technological advancements in DCI ZR/OCS/1.6T VCSEL solutions [1] - Lumentum's FY2026 Q2 revenue guidance is between $630 million and $670 million, with strong demand for optical modules and a supply shortage of EML lasers expanding from 10% to 20-30%, leading to a planned 40% increase in production capacity [1] - Zhongke Shuguang launched the world's first single-cabinet 640-card super node scaleX640, enhancing computing density by 20 times for large-scale cluster deployments [1] - Global AI investment is accelerating, with companies like NVIDIA sending AI server satellites into space and Google initiating the "Daily Plan" to promote space AI infrastructure development [1] Group 2: Market Performance - The Guotai Artificial Intelligence ETF (159388) tracking the ChiNext Artificial Intelligence Index (970070) experienced a daily fluctuation of 20% [2] - The index selects listed companies involved in AI technology development and application from the ChiNext market, covering software, hardware, and related services, reflecting the overall performance of high-growth innovative enterprises in the AI sector [2] - The industry allocation is primarily concentrated in information technology and high-end manufacturing, showcasing the technological forefront and industrial upgrade characteristics of the sector [2]

Core Viewpoint - The company has successfully deployed liquid-cooled servers in various industries, and its "All in liquid cooling" strategy has gained market recognition [1] Summary by Relevant Categories Product Deployment - The company's liquid-cooled servers have achieved large-scale deployment across numerous industries and fields [1] Market Strategy - The "All in liquid cooling" strategy has received market recognition, indicating a positive reception from customers and stakeholders [1] Profitability Factors - The product gross margin is influenced by multiple factors, including customer structure, product structure, supply conditions, and market competition [1]

Core Viewpoint - The liquid cooling server sector in the A-share market has experienced a significant surge, driven by increasing demand for computing power and supportive policies, highlighting the competitive advantages of Lenovo Group in this field [1][2]. Group 1: Market Dynamics - The explosion of the liquid cooling server sector is a result of the exponential increase in computing power demand and policy support, particularly due to the rise of generative AI and large model training [2]. - Traditional air cooling technology is inadequate for high-density computing clusters, with AI servers consuming 10-20 times the power of standard servers, necessitating a shift to liquid cooling technology [2]. - The Chinese government has included "efficient cooling technology" in its list of key low-carbon technologies, aiming for a significant increase in liquid cooling penetration from 15% to 38% by 2025 [2]. Group 2: Lenovo's Competitive Edge - Lenovo Group has developed a comprehensive "full-stack" liquid cooling capability, covering core technology research, complete solution design, and lifecycle services, making it a pioneer in the liquid cooling sector since 2006 [3]. - Lenovo's Neptune liquid cooling system has become an industry benchmark, with over 80,000 units deployed globally across various critical sectors, including AI, supercomputing, and finance [3][4]. - The company has established long-term strategic partnerships with leading chip manufacturers like NVIDIA and AMD, enhancing its competitive position in the liquid cooling market [4]. Group 3: Financial Performance and Growth Outlook - Lenovo's liquid cooling business reported a 68% year-on-year revenue growth in Q1 2025, reflecting strong market demand [5]. - The global server cooling market is projected to grow significantly, with estimates of 111%, 77%, and 26% annual growth from 2025 to 2027, reaching $17.6 billion by 2027 [5]. - Lenovo is well-positioned to increase its market share in this expanding market due to its technological leadership, rich case studies, and robust ecosystem [5].

Core Viewpoint - The A-share liquid cooling server sector has experienced a significant surge, driven by increasing computing power demands and supportive policies, with Lenovo Group emerging as a key player in the market despite short-term stock price fluctuations [1][2]. Industry Overview - The liquid cooling server sector's growth is attributed to the exponential increase in server computing power density, particularly due to the rise of generative AI and large model training, which traditional air cooling systems cannot adequately support [1]. - The Chinese government's "dual carbon" goals and digital economy strategies are providing strong momentum for the development of liquid cooling technologies, with specific targets set for increased penetration rates by 2025 [2]. Company Positioning - Lenovo Group has established a comprehensive "full-stack" liquid cooling capability, covering core technology research, complete solution design, and lifecycle services, positioning itself as a leader in the liquid cooling space [2]. - Lenovo's Neptune liquid cooling system has become an industry benchmark, with over 80,000 units deployed globally across various critical sectors, demonstrating its technological maturity and compliance with international standards [2][3]. Competitive Advantages - Lenovo's liquid cooling solutions have been validated through numerous successful implementations in major projects, showcasing their adaptability and efficiency in various applications, such as automotive and educational sectors [3]. - Strategic partnerships with leading chip manufacturers like NVIDIA and AMD enhance Lenovo's competitive edge, particularly with the introduction of advanced AI server solutions [3]. Financial Performance - Lenovo's liquid cooling business reported a 68% year-on-year revenue growth in Q1 2025, reflecting strong market demand and performance [4]. - The global server cooling market is projected to experience substantial growth, with estimates indicating a market size of $17.6 billion by 2027, driven by increased AI server shipments and rising liquid cooling penetration rates [4].

Core Insights - Dell Technologies (DELL) and Super Micro Computer (SMCI) are significant players in the AI-driven server market, with DELL focusing on PowerEdge servers and SMCI leading in high-performance, energy-efficient systems [1][2] Dell Technologies - DELL is experiencing strong demand for AI servers, shipping $8.2 billion in AI servers in Q2 of fiscal 2026 [3] - The company reported a $5.6 billion increase in AI server orders, with an AI backlog of $11.7 billion at the end of Q2 fiscal 2026, indicating sustained demand [4] - DELL delivered $10 billion worth of AI-optimized servers in the first half of fiscal 2026 and projects $20 billion for the entire fiscal year [5] - DELL introduced the PowerEdge XR8720t, the first single-server solution for Open RAN and Cloud RAN, enhancing performance and reducing costs for telecom and edge deployments [6] Super Micro Computer - SMCI is a frontrunner in the AI server market, quickly launching systems based on NVIDIA's latest platforms, which provides a competitive advantage [7] - The company announced new AI-optimized servers featuring NVIDIA RTX Pro and other advanced technologies at its INNOVATE! EMEA 2025 event [8] - SMCI's Data Center Building Block Solution offers comprehensive server and data center solutions, optimizing performance and reducing power consumption [9] Challenges and Valuation - SMCI faces challenges such as customer delays in transitioning to new AI platforms and reliance on NVIDIA's product cycles, which may impact its near-term performance [10][11] - Year-to-date, DELL shares have increased by 23.9%, while SMCI shares have risen by 31.9%, with SMCI's growth attributed to rising demand for AI infrastructure [12] - DELL's shares are trading at a lower forward P/E of 14.20X compared to SMCI's 19.36X, indicating a more attractive valuation for DELL [10][16] - Zacks Consensus Estimate for DELL's fiscal 2026 earnings is $9.54 per share, reflecting a 17.20% year-over-year increase, while SMCI's estimate is $2.15 per share, showing a 4.37% increase despite a 15.3% decline in estimates over the past 30 days [19][20] Conclusion - DELL's expanding portfolio and partner base position it favorably for long-term investors, while SMCI's challenges and valuation concerns may hinder its performance [21]

Core Viewpoint - Super Micro Computer (SMCI) shares have experienced significant volatility, with a recent drop despite strong revenue growth forecasts for fiscal 2026, yet the stock is still up nearly 40% year-to-date [1] Company Overview - Super Micro Computer designs and assembles servers and rack solutions for data centers, including networking and cooling systems, often customized around Nvidia's GPUs, making it a key partner for the chipmaker [2] Financial Performance - For the quarter ended September 30, Supermicro's revenue decreased by 15% year-over-year to $5.02 billion, missing the analyst consensus of $5.8 billion and falling short of the company's own forecast of $6 billion to $7 billion [5][6] - The company lowered its revenue guidance to $5 billion due to delays in "design win upgrades," indicating ongoing challenges in revenue forecasting [6] - Gross margin has been under pressure, dropping from 17% a year ago to 9.3% in the latest quarter, impacting profitability [7][8] - Adjusted earnings per share (EPS) fell 52% to $0.35, missing the analyst consensus of $0.37 [8] Future Projections - Supermicro projected fiscal Q2 revenue between $10 billion and $11 billion, significantly above the $7.8 billion analyst consensus, but adjusted EPS guidance of $0.46 to $0.54 was below the $0.61 consensus [9] - The company raised its full-year revenue forecast to at least $36 billion, up from a prior outlook of at least $33 billion [9] Valuation Metrics - The stock trades at a forward price-to-earnings (P/E) ratio of 13.5 based on fiscal year 2026 estimates and a forward price/earnings-to-growth (PEG) ratio below 0.4, suggesting it may be undervalued [10] Competitive Landscape - Supermicro operates in a low-margin, low-moat business facing intense competition and has struggled with GPU product transition cycles, which may pose ongoing challenges as Nvidia introduces new architectures [12]

Core Viewpoint - The article discusses the rapid progress of Chaojuvian, a leading AI server company in China, towards its IPO, highlighting its impressive growth and strategic focus on liquid cooling technology as a key differentiator in the AI server market [2][4][11]. Group 1: Company Overview - Chaojuvian, as a successor to Huawei's X86 server business, has shown remarkable growth, with revenue increasing from several billion to 40 billion RMB in just three years, and a target of exceeding 50 billion RMB by 2025 [4]. - The company has initiated an IPO process, evidenced by job postings for financial experts and a new round of employee stock incentives [2][4]. Group 2: Industry Trends - The shift in the AI era is moving from a "performance race" to an "energy efficiency race," with liquid cooling becoming essential due to the high power consumption of GPUs and data centers [5][7]. - Liquid cooling has transitioned from an optional feature to a survival necessity for AI server manufacturers, with NVIDIA leading this revolution [5][7]. Group 3: Liquid Cooling Technology - Chaojuvian has launched a rack-level liquid cooling solution in 2023, achieving a PUE as low as 1.1, and has delivered over 70,000 liquid cooling nodes by October 2024 [8][10]. - The company's latest product, FusionPoD for AI, features a fanless, all-liquid cooling architecture capable of supporting 72 GPUs with a total power of 120 kW [8]. Group 4: Valuation and Market Position - The valuation of AI servers increasingly depends on energy efficiency, with liquid cooling technology becoming a critical factor in determining market value [11]. - Chaojuvian's strategic investments in liquid cooling technology are seen as a significant part of its growth narrative, positioning it well within the evolving AI server ecosystem [11].

Core Viewpoint - Investors are presented with a significant opportunity in Dell Technologies, an AI infrastructure stock that is currently undervalued and has the potential to deliver substantial returns in the long run [1][5]. Industry Overview - The AI infrastructure sector is experiencing heightened interest due to substantial investments in AI data centers, which are essential for managing the increasing workloads generated in the cloud [2]. - Companies across various segments, including chipmakers, foundries, and cloud infrastructure providers, are witnessing a surge in revenue and earnings driven by the demand for AI solutions [2]. Company Performance - Dell Technologies is a major player in the global server market, with a market share of approximately 19.3%, positioning it well to benefit from the growing AI infrastructure market [8]. - The Infrastructure Solutions Group (ISG) segment of Dell reported a remarkable 44% year-over-year revenue increase in Q2 of fiscal 2026, reaching a record $16.8 billion [7]. - Dell anticipates its AI server revenue to more than double in the current fiscal year to $20 billion, indicating significant growth potential in the AI server market [9]. Market Potential - The global AI server market is projected to grow at an annual rate of nearly 34% through 2030, potentially generating $730 billion in annual revenue by the end of the forecast period [8]. - Dell's potential AI server revenue pipeline is described as "multiples of our backlog," with a reported backlog of $11.7 billion at the end of fiscal Q2, suggesting sustained growth in this segment [10]. Financial Metrics - Dell is currently trading at a price-to-sales ratio of just 1 and a trailing price-to-earnings ratio of 21, with a forward earnings multiple of 13, indicating that analysts expect significant earnings growth [4][19]. - Despite the challenges faced by the Client Solutions Group (CSG) segment, which saw only a 1% year-over-year revenue increase, the overall PC market is beginning to recover, with global PC shipments rising by 9.4% in Q3 compared to the previous year [13][15]. Future Outlook - Analysts currently do not expect double-digit growth from Dell in the near term; however, the company's potential for growth, particularly in the AI and PC markets, suggests it could exceed these expectations [18]. - Assuming a conservative growth rate of 8% post-fiscal 2028, Dell's revenue could reach $160 billion by the end of the decade, indicating substantial upside potential from its current market cap of $107 billion [18][19].

Core Insights - Hewlett Packard Enterprise Company (HPE) is transitioning from a cyclical server company to a networking and AI infrastructure platform, aiming to capitalize on strong market opportunities [1] Company Overview - HPE is focusing on enhancing its capabilities in networking and artificial intelligence to align with current technological trends [1] Strategic Transition - The company is shifting its business model to better position itself in the growing sectors of networking and AI, indicating a strategic pivot from its traditional server business [1]