Core Insights - The domestic computing power ecosystem is evolving through collaboration across various sectors, from chips to servers and intelligent computing clusters, aiming for higher efficiency and application deployment [1][2][3] - Companies like DeepSeek are leading the charge in integrating domestic chips into practical applications, enhancing computational efficiency while reducing storage and data transmission costs [4][5] - The launch of the OISA 2.0 protocol during the conference marks a significant step in building a collaborative platform for GPU interconnectivity, supporting the scale-up of intelligent computing clusters [5][6] Industry Developments - The collaboration among domestic operators, internet companies, chip manufacturers, and research institutions is crucial for establishing a cohesive computing power industry chain [3][5] - The OISA 2.0 protocol supports up to 1024 AI chips with bandwidth exceeding TB/s and latency reduced to hundreds of nanoseconds, enhancing the performance of intelligent computing clusters [5] - The introduction of the GSE technology system by China Mobile aims to optimize the scale-out route for intelligent computing centers, focusing on high-capacity networking capabilities [6] Technological Innovations - The industry is addressing the challenges of heterogeneous computing by developing unified platforms that enhance ecosystem synergy [6][8] - The integration of high-performance computing and intelligent computing requires a deep restructuring of hardware architecture, emphasizing the need for collaborative innovation across various layers [8] - The focus on liquid cooling technologies is increasing, with cold plate liquid cooling systems being highlighted for their efficiency in high-density deployments [11][12] Market Trends - The demand for intelligent computing centers is rising, but challenges remain in infrastructure planning, model development efficiency, and deep integration of industrial applications [9][10] - The report emphasizes the need for a comprehensive standard system covering construction, development, and application processes in intelligent computing services [9] - Companies are actively developing full-stack solutions to meet diverse computing power demands across various industries, including education, energy, and healthcare [10] Future Directions - The industry is moving towards a collaborative ecosystem that promotes open protocols and integrated solutions, driving technological advancements in the domestic computing power sector [13] - The focus on energy efficiency and cost reduction through innovative cooling solutions is expected to play a critical role in the future of data center construction [11][13]

Group 1 - The core viewpoint is that A-share liquid cooling server concept stocks have seen significant price increases, with Invec hitting the daily limit and reaching a historical high [1] - Other notable performers include Kehua Data, which rose over 7%, and Shunling Environment and Keda, both increasing by over 5% [1] - Additional stocks that experienced gains include Leo Group, Feilong Co., Highlan Co., and Feirongda, indicating a broader trend in the sector [1] Group 2 - The formation of a MACD golden cross signal suggests a positive momentum for these stocks [2]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, focusing on significant stock market events such as suspensions, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers, with key announcements marked in red to assist investors in identifying investment hotspots and mitigating potential black swan events [1] - A company is noted for providing a complete liquid cooling solution, primarily serving intelligent computing centers, indicating a strong position in the data center market [1] - Another company has established a project team for humanoid robot connectors, integrating optical modules and copper cables for high-speed connections, suggesting a focus on advanced technology and military applications [1] - A third company has reported a nearly 23-fold year-on-year increase in net profit for the first half of the year and has formed a strategic partnership with Zhiyuan Robotics, emphasizing its growth in computing power and robotics [1]

Core Insights - Guangdian Yuntong announced the launch of five innovative products in collaboration with Guangdian Wuzhou, aimed at supporting the application of "AI+" across various industries [1] - The company is focusing on resource synergy, technology integration, and market collaboration to enhance the adaptability and efficiency of computing services [1] Strategic Layout - The first strategic focus is on deepening the domestic AI computing infrastructure, exemplified by the Kunpeng dual-route training and inference integrated server S74AK3, which has been successfully implemented in key sectors such as government, finance, and education [1] - The second focus is on strengthening the integration of hardware and software, providing a full-stack collaborative AI computing solution that emphasizes domestic production and differentiation [1] - The third focus is on building an open and collaborative industrial ecosystem, actively participating in national innovation projects and collaborating with over 300 partners to create a comprehensive product system and solutions for AI computing [1]

经济观察网 据新华三微信公众号消息，紫光股份（000938）旗下新华三集团近日推出全新存储型服务 器——UniServer R3350 G7，以高效、敏捷、可靠三大核心价值，打造面向AI时代的数据基石。 ...

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, while the total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 15.8 billion yuan compared to the previous trading day, marking the seventh consecutive day of trading volume exceeding 2 trillion yuan [1] - Over 3,000 stocks declined, indicating a bearish sentiment in the market, while sectors such as oil and gas, digital currency, beauty care, and banking showed gains, contrasting with declines in rare earth permanent magnets, PEEK materials, liquid cooling servers, and CPO sectors [1] Policy and Financial Tools - A new policy financial tool is set to be launched with a funding scale of 500 billion yuan, focusing on emerging industries and infrastructure, including digital economy, artificial intelligence, and low-altitude economy, with participation from policy banks such as the China Development Bank, Agricultural Development Bank of China, and China Export-Import Bank [1] Industry Insights - Guojin Securities reported that the demand for liquid cooling solutions is rapidly increasing due to enhanced computing power in AI servers, with various existing liquid cooling solutions including cold plate, immersion, and spray cooling methods [2] - The demand for electronic fluorinated liquids is expected to rise significantly, driven by the increase in AI server shipments, presenting structural opportunities in the market [2] - Longjiang Securities highlighted that the domestic computing power sector is gaining traction, with China Mobile's recent announcement of a 1.7 billion yuan AI server procurement, where ZTE secured over 50% of the total bid [2] Market Trends - The market maintained stability above the 5-day moving average, with the Shanghai Composite Index reaching a ten-year high, supported by bank stocks [3] - The trading volume has consistently remained above 2 trillion yuan, indicating strong trading sentiment without clear signs of short-term weakness [3] - As the index approaches 3,800 points, there may be a need for consolidation, with funds likely to shift between high and low-performing stocks [3]

Group 1 - The A-share market showed mixed performance with the ChiNext index fluctuating, while sectors related to AI hardware such as liquid cooling servers and circuit boards faced significant declines [1] - The liquid cooling concept has gained attention, with multiple institutions optimistic about its industry chain development prospects, driven by increasing AI model updates and application demands [1] - CICC predicts that the global AI liquid cooling market size is expected to reach $8.6 billion by 2026, indicating rapid market growth [1] Group 2 - Huatai Securities states that the liquid cooling industry chain is entering a phase of increased demand, highlighted by NVIDIA's GB300 adopting a fully liquid cooling design [2] - Major North American cloud providers like Google, Meta, and Microsoft are expected to transition to liquid cooling technology in their next-generation self-developed ASIC chip clusters [2] - Domestic liquid cooling industry leaders are actively engaging with overseas AI giants, suggesting that companies with advanced technology and strong performance are likely to achieve breakthroughs [2]

Group 1 - A-shares showed mixed performance on August 20, with the ChiNext Index dropping over 1%, led by declines in the pharmaceutical and communication sectors [1] - The liquid cooling server concept stocks gained strength, with Inspur Information hitting a 10% limit up, indicating a positive trend in this segment [1] - According to Industrial Securities, the liquid cooling market has reached a turning point, with increased shipments of GB200 and GB300 cabinet-level solutions, and a growing demand for liquid cooling technology in various applications [1] Group 2 - North American cloud vendors continue to expand capital expenditures, reflecting strong demand for AI computing power, which is expected to benefit the domestic computing power industry chain [2] - The Cloud Computing 50 ETF (516630) tracks an index with a high AI computing power content, covering popular concepts such as optical modules, computing power leasing, data centers, AI servers, and liquid cooling [2] - The Cloud Computing 50 ETF (516630) has the lowest total fee rate for tracking this index, making it an attractive investment option [2]

Group 1 - The core viewpoint is that the increasing power density of AI chips and servers is driving the transition from air cooling to liquid cooling systems, which are expected to become the dominant solution in the AI era [2][4] - Vertiv predicts that by 2029, the power of a single AIGPU cabinet will exceed 1MW and a single AIPOD will exceed 500kW, posing challenges for cooling systems [2][4] - As rack density rises to 20kW, the advantages of liquid cooling become more pronounced, particularly in terms of energy efficiency and reduced system power consumption [2][4] Group 2 - The liquid cooling market in China is projected to grow by 67.0% year-on-year in 2024, reaching a market size of $2.37 billion, with a CAGR of 46.8% expected from 2024 to 2029 [4][5] - The global AI server liquid cooling market is estimated to reach $3.07 billion in 2025 and $8.58 billion in 2026 [4][5] - The liquid cooling industry is characterized by various technologies, with cold plate liquid cooling leading the way, while immersion and spray cooling are still in the early stages of technological exploration [3][4] Group 3 - The industry chain is rapidly evolving, with upstream components (cold plates, CDU, quick connectors) and midstream players (server manufacturers, solution providers) accelerating their layouts, while downstream cloud providers are adopting liquid cooling at scale [4][5] - Companies such as Vertiv (VRT.US), and others in the supply chain, are recommended for attention due to their technological leadership and active engagement in liquid cooling technology [5]

Market Performance - The three major A-share indices collectively closed higher, with the Shanghai Composite Index rising by 0.85%, the Shenzhen Component Index increasing by 1.73%, and the ChiNext Index up by 2.84% [1] - The North Star 50 Index saw a significant increase of 6.79% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 28,091 billion yuan, an increase of 5,363 billion yuan compared to the previous day [1] Sector Performance - Over 4,000 stocks in the market experienced gains [1] - The film and media sector showed strong performance, with stocks like Huayi Brothers and CMC Inc. hitting the daily limit [1] - The liquid cooling server sector also performed well, with Shuguang Digital Technology hitting the daily limit of 30% and companies like High Cloud Technology and Qiangrui Technology rising by 20% [1] - Several stocks, including Chuanrun Co. and Jintian Co., also reached the daily limit [1] - The Huawei HiSilicon concept stocks gained traction, with Jinsai Technology hitting the daily limit of 30% and Shenzhen Huaqiang and Haoshanghao also reaching the daily limit [1] - The precious metals sector experienced a pullback, with Shandong Gold and Zhaojin Mining both declining by over 1% [1]