Core Insights - A-share listed companies have reported significant profit growth in various sectors, with a total of 5,424 companies disclosing their semi-annual reports, showcasing strong performance in industries such as comprehensive services, agriculture, steel, and technology [1] Sector Summaries Ground Equipment Sector - The ground equipment segment has seen a remarkable increase of 107.85% this year, with 9 out of 15 companies reporting a year-on-year profit growth. Notably, Nairui Radar achieved a staggering profit increase of 866.97% [2] PCB Sector - The PCB sector has risen by 93.12% this year, with 73 out of 112 companies reporting profit growth. Honghe Technology led the sector with a profit increase of 10,587.74%. The demand for PCBs is driven by a growing need for computing power, with global server sales projected to reach $95.2 billion in Q1 2025, a 134.1% year-on-year increase [3] CPO Sector - The CPO sector has increased by 79.05%, with significant profit growth from leading companies. Shijia Photon reported a profit increase of 1,712%, while Xinyi Sheng saw a 355.68% increase. Analysts expect CPO technology to gain traction between 2026 and 2027 [4][5] AI Chip Sector - The AI chip sector has grown by 62.62%, with 22 out of 35 companies reporting profit growth. Yuboxun achieved a profit increase of 1,455.37%. The demand for AI computing power is expected to further expand, with new technologies enhancing chip performance [6] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector has increased by 62.12%, with 41 out of 58 companies reporting profit growth. Huahong Technology led with a profit increase of 3,480.57%. The sector is benefiting from rising prices and sustained demand [7] Humanoid Robot Sector - The humanoid robot sector has seen a 54.30% increase, with 107 out of 163 companies reporting profit growth. Tianyu Digital achieved a profit increase of 453.67%. The industry is experiencing rapid development, with major companies investing in intelligent robotics [8] Liquid Cooling Sector - The liquid cooling sector has risen by 49.94%, with 77 out of 106 companies reporting profit growth. Gaolan Co. reported a profit increase of 1,438.57%. The market is undergoing a revaluation as liquid cooling technology expands into various applications [9] Innovative Drug Sector - The innovative drug sector has increased by 44.05%, with 71 out of 145 companies reporting profit growth. Hanyu Pharmaceutical achieved a profit increase of 1,504.3%. The sector is expected to transition from capital-driven to profit-driven growth by 2025 [10]

记者丨倪雨晴 实习生苏梓丹 业绩和股价齐飞 编辑丨包芳鸣 AI浪潮下的算力竞赛，正在改写全球科技产业的节奏。大模型推理与训练需求急速膨胀，让AI算力一 跃成为基础设施中的"硬通货"。 在英伟达市值冲上4万亿美元之后，这场算力周期的红利，正沿着产业链层层释放。过去一年，从存 储、封装到通信连接，资本市场已经经历过数轮追逐。进入2025年，A股的英伟达产业链热度继续攀 升，AI服务器、光模块、液冷、高端PCB与高速连接等环节全面点燃，龙头公司半年报普遍超预期。 工业富联市值突破万亿，新易盛股价三年累计飙升逾28倍，胜宏科技股价今年以来涨幅超过500%，多 家公司纷纷交出亮眼成绩单。在英伟达转向AI基建企业的过程中，资本与产业共振效应进一步放大， 算力赛道已成为资本市场炙手可热的主线之一。 | 356.20 +1.25 +0.35% | | | | | | 新易盛 立即 300502 交易 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 15:30:06 闭市 | | | | | | 通 融 / △ + | | 麦比 | 46.67% 委差 | 31 ...

Core Viewpoint - The liquid cooling sector is poised to become a core investment direction in the AI computing revolution, with increasing penetration rates and a shift from speculative trading to fundamental support [4][6][10]. Group 1: Market Dynamics - In August, the AI market expansion spread from optical modules and PCBs to server power supplies and liquid cooling [1]. - Companies like Invec, Oulu Tong, and Megmeet have seen their stock prices reach historical highs, indicating a growing interest in the liquid cooling sector [2]. - The liquid cooling concept has been developing for nearly two years, but the actual market implementation has been slow [5][6]. Group 2: Technological Advancements - The demand for liquid cooling technology is becoming urgent with the release of NVIDIA's Blackwell series chips, which require advanced cooling solutions [8][10]. - The transition from air cooling to liquid cooling is driven by the increasing power requirements of GPUs, with the B200 and B300 chips necessitating liquid cooling solutions [7][8]. - The penetration rate of liquid cooling in AI data centers is expected to rise significantly, from 14% in 2024 to 33% in 2025, as major cloud service providers upgrade their infrastructure [12]. Group 3: Investment Opportunities - The liquid cooling market is projected to reach 100 billion RMB by 2026, driven by the increasing demand for AI servers and the expansion of liquid cooling solutions [15]. - Companies in the liquid cooling supply chain, such as Invec, have seen substantial stock price increases, with Invec's stock rising nearly 98% in August alone [17]. - The liquid cooling sector is expected to replicate the success of the optical module and PCB markets, with potential for significant growth and investment opportunities [20][27]. Group 4: Competitive Landscape - The liquid cooling industry can be divided into two categories: system integrators like Invec and manufacturers focusing on individual components [28]. - The entry of domestic manufacturers into the global liquid cooling supply chain is anticipated, similar to the previous trends seen in the PCB market [22][24]. - The high entry barriers in the liquid cooling sector are primarily due to the need for advanced system integration capabilities, which many manufacturers currently lack [32][35].

Core Viewpoint - The article discusses the rapid growth and potential of liquid cooling technology in the AI computing sector, highlighting its transition from a niche market to a standard requirement for next-generation computing products [4][11][36]. Group 1: Market Dynamics - In August, the AI market expanded from optical modules and PCBs to include server power supplies and liquid cooling systems [2]. - Companies like Invec, Oulu Tong, and Megmeet have seen their stock prices reach historical highs, indicating a shift in market sentiment towards liquid cooling as a viable investment opportunity [3][16]. - The liquid cooling sector, previously viewed as a laggard in AI trends, is now expected to become a leading investment focus due to its essential role in AI computing [4][16]. Group 2: Technological Advancements - Liquid cooling technology has evolved significantly over the past two years, with increasing expectations following the AI boom in 2023 [6][7]. - The introduction of high-power chips, such as NVIDIA's B200 and B300, necessitates liquid cooling solutions due to their high thermal output [7][8]. - The expected penetration rate of liquid cooling in AI data centers is projected to rise from 14% in 2024 to 33% in 2025, driven by the adoption of new server architectures [11][12]. Group 3: Investment Opportunities - The liquid cooling market is anticipated to reach a valuation of 100 billion RMB by 2026, driven by the increasing demand for AI servers and the corresponding rise in liquid cooling adoption [14][29]. - Companies within the liquid cooling supply chain, such as Invec and others, have experienced significant stock price increases, reflecting investor confidence in the sector's growth potential [16][19]. - The article suggests that the liquid cooling industry could replicate the success seen in the optical module and PCB markets, with potential new leaders emerging in the coming years [25][38]. Group 4: Competitive Landscape - The liquid cooling industry is characterized by two main types of companies: those with system design integration capabilities (e.g., Invec, Highlan) and those focused on manufacturing individual components [30][31]. - The article emphasizes the importance of system integration design capabilities as a high barrier to entry, which could limit competition from companies lacking experience in data center and server applications [34][35]. - As the market matures, the competitive landscape is expected to evolve, with a few key players dominating the supply chain, similar to trends observed in the PCB industry [29][36].

Core Viewpoint - The AI computing power competition is reshaping the global technology industry, with AI computing power becoming a "hard currency" in infrastructure as demand for large model inference and training surges [1] Group 1: AI Server Market - AI servers are the core revenue segment, with Industrial Fulian achieving record high revenue and profit in the first half of the year, with Q2 revenue surpassing 200 billion yuan and AI server revenue increasing over 60% year-on-year [2] - Inspur Information reported a revenue of 801.92 billion yuan in the first half of 2025, a year-on-year increase of 90.05%, with net profit rising by 34.87% [2] Group 2: Optical Module Market - Optical modules are crucial in AI investments, with leading companies like New Yisheng and Zhongji Xuchuang showing strong growth; Zhongji Xuchuang's revenue reached 147.89 billion yuan, up 36.95% year-on-year, and net profit increased by 69.40% [2] - Tianfu Communication also reported significant growth, with revenue of 24.56 billion yuan, a year-on-year increase of 57.84%, and net profit rising by 37.46% [2] Group 3: Liquid Cooling and PCB Market - Liquid cooling penetration is expected to rise significantly, with a projected 33% penetration rate in AI data centers by 2025; companies like Yingwei Ke achieved a revenue of 25.73 billion yuan, up 50.25% year-on-year [3] - PCB manufacturers are also experiencing growth, with Shenghong Technology's revenue increasing by 86% to 90.31 billion yuan and net profit soaring by 366.89% [4] Group 4: Supply Chain Developments - BYD Electronics entered the NVIDIA GB300 liquid cooling supply chain, leading to a 7.3% stock price increase; the company reported a revenue of 806.1 billion yuan, up 2.58% year-on-year [4] - Luxshare Precision's communication data center business grew nearly 50%, with overall revenue reaching 1245.03 billion yuan, a year-on-year increase of 20.18% [5] Group 5: Capital Expenditure Trends - Major cloud service providers are significantly increasing capital expenditures, with a 69% year-on-year increase to 87.4 billion USD in Q2 2025; combined capital expenditures for Microsoft, Amazon, Meta, and Google are expected to grow by 50% to 333.8 billion USD [7] - Domestic internet companies in China are also ramping up investments in AI-related businesses, with a combined capital expenditure of 55.01 billion yuan, a year-on-year growth of 99.38% [7] Group 6: Future Market Outlook - NVIDIA anticipates a capital expenditure of approximately 600 billion USD this year, projecting global AI infrastructure spending to reach 3 to 4 trillion USD by the end of the decade; China's market is expected to be around 50 billion USD with a CAGR of about 50% [8] - Investment opportunities are suggested in various components related to server hardware, including system assembly, GPU, CPU, storage, high-speed connectors, and PCB/IC substrates [8]

Core Viewpoint - The AI computing power competition is reshaping the global technology industry, with AI computing power becoming a "hard currency" in infrastructure as demand for large model inference and training surges [1] Group 1: AI Server Market - AI servers are the core revenue segment, with Industrial Fulian achieving record revenue and profit in the first half of the year, with Q2 revenue surpassing 200 billion yuan and a year-on-year growth of over 60% in AI server revenue [2] - Inspur Information reported a revenue of 801.92 billion yuan in the first half of 2025, a year-on-year increase of 90.05%, with a net profit of 7.99 billion yuan, up 34.87% [2] Group 2: Optical Module Market - Optical modules are crucial in AI investments, with leading companies like Zhongji Xuchuang showing strong growth, reporting a revenue of 147.89 billion yuan in the first half of 2025, a year-on-year increase of 36.95%, and a net profit of 39.95 billion yuan, up 69.40% [2] - Tianfu Communication also demonstrated significant growth, with a revenue of 24.56 billion yuan, a year-on-year increase of 57.84%, and a net profit of 8.99 billion yuan, up 37.46% [2] Group 3: Liquid Cooling and PCB Market - The demand for liquid cooling is expected to rise significantly, with a projected penetration rate of 33% in AI data centers by 2025, and companies like Yingwei Ke achieving a revenue of 25.73 billion yuan, up 50.25%, and a net profit of 2.16 billion yuan, up 17.54% [4] - PCB manufacturers are also experiencing growth, with Shenghong Technology reporting a revenue of 90.31 billion yuan, a year-on-year increase of 86%, and a net profit of 21.43 billion yuan, up 366.89% [4] Group 4: Overall Market Trends - The A-share computing power industry chain is being revalued by the market, with leading companies showing strong performance, indicating a robust demand driven by the expansion of global AI infrastructure [5] - Major cloud service providers like Microsoft, Amazon, Meta, and Google are increasing capital expenditures significantly, with a combined capital expenditure of 87.4 billion USD in Q2 2025, up 69% year-on-year [7] Group 5: Future Projections - NVIDIA expects global AI infrastructure spending to reach 3 to 4 trillion USD by the end of the decade, with China being the second-largest computing market projected at around 50 billion USD, growing at a CAGR of approximately 50% [8]

Core Insights - The overseas computing power industry chain has strengthened significantly since July, driven by the intensive release of large models and the concentrated disclosure of earnings reports from US tech companies [1] - The liquid cooling sector, closely tied to the AI wave, has emerged as a new focus for investors due to clear technological trends and accelerated industry advancements [1] - Liquid cooling technology is expected to become a core battlefield for AI industry development by 2025, marking a critical breakthrough year [1] Industry Performance - Key assets in the computing power sector, such as servers, PCBs, and optical modules, have seen significant price increases since July, with Industrial Fulian's server segment rising by 131%, PCB's Pengding Holdings by 66%, and optical module's Xinyisheng by 100% [1] - Vertiv, a leading player in the liquid cooling market, reported Q2 2025 revenue of $2.638 billion, exceeding previous guidance by $288 million, and raised its fiscal year 2025 revenue guidance from $9.325-9.575 billion to $9.925-10.075 billion [2] Technological Advancements - The introduction of liquid cooling technology in core products like switches and GPUs is accelerating, with NVIDIA launching the GB300 NVL72 platform featuring a fully liquid-cooled design [3] - CoreWeave has deployed the first AI server systems based on the GB300 NVL72, indicating the commercial phase of this product line [3] Market Drivers - The increasing power consumption of GPUs, with some models exceeding 700W, necessitates liquid cooling solutions as traditional air cooling becomes inadequate [4] - Stricter Power Usage Effectiveness (PUE) policies globally are pushing for the adoption of liquid cooling technology, with targets set for new data centers to achieve PUE below 1.3 in China and below 1.4 in the US [4] Supply Chain Dynamics - The liquid cooling data center industry chain includes upstream components, midstream servers, and downstream users, with companies capable of providing complete system solutions gaining competitive advantages [5] - Key upstream components include cold plates, UQD, manifolds, CDU, connectors, electromagnetic valves, and tanks, while midstream players include server manufacturers like Inspur and Lenovo [5] Future Outlook - The current bottleneck in AI development is the "power contradiction," where high power consumption leads to significant cooling challenges, which liquid cooling technology can effectively address [6] - The liquid cooling industry is expected to enter a high-growth "golden era" driven by the positive impact of AI development on its applications [6]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by advancements in various sectors including consumer electronics, new energy vehicles, and AI [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 774 million RMB, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 84.01 million RMB, up 58.13% [1]. - For Q2 2025, the company recorded revenue of 438 million RMB, representing a 39.80% year-on-year growth, and a net profit of 53.87 million RMB, which is a 71.81% increase compared to the same period last year [1]. - The gross margin for the company improved to 25.33%, an increase of 0.69 percentage points year-on-year, while the expense ratios for sales, management, R&D, and finance decreased [1]. Group 2: Business Segments - The consumer electronics connector and components segment generated revenue of 485 million RMB, a 26.32% increase year-on-year, with a gross margin of 25.52% [1]. - The new energy vehicle connector and components segment saw revenue of 177 million RMB, a 40.58% increase year-on-year, although its gross margin slightly decreased to 16.96% [1]. - The data communication high-speed connector business experienced substantial growth, with revenue reaching 51.52 million RMB, a remarkable increase of 104.59% year-on-year [1]. Group 3: Strategic Initiatives - The company plans to issue convertible bonds to raise 450 million RMB for the development of high-voltage connectors for new energy vehicles and industrial control connectors, reinforcing its core business [2]. - The company has begun to explore the liquid cooling market, with initial orders for UQD and liquid cooling plates, indicating a strategic shift towards this growing sector [3]. - The global data center liquid cooling market is projected to grow from 2.6 billion USD in 2023 to 7.8 billion USD by 2028, with a CAGR of 24.4%, presenting a significant opportunity for the company [3]. Group 4: Profit Forecast - The company is expected to maintain steady growth in its connector business while expanding into the liquid cooling sector, with projected net profits of 162 million RMB, 199 million RMB, and 240 million RMB for 2025-2027 [4]. - The earnings per share (EPS) are forecasted to be 0.99 RMB, 1.22 RMB, and 1.47 RMB for the same period, with corresponding price-to-earnings (PE) ratios of 66, 53, and 44 times [4].

Summary of Conference Call Notes Industry Overview - The conference call focuses on the **liquid cooling investment strategy** and the **cloud service provider** industry, highlighting significant capital expenditure growth among major players like Google, Meta, and Amazon, with respective year-on-year increases of **28%**, **71%**, **102%**, and **91%** [2][5]. Key Points and Arguments - **Capital Expenditure Growth**: - Google raised its capital expenditure to **$85 billion**, Meta adjusted to **$60-72 billion**, and Microsoft also increased to **$85 billion**, while Amazon's expenditure remains unchanged [5]. - This robust growth is expected to benefit companies like **旭创 (Xuchuang)** and **新易盛 (Xinyi)** due to increased downstream customer shipment volumes, particularly with the **1.6T optical module** set for continued release in the second half of the year and into next year [2][5]. - **Company Performance**: - **旭创 (Xuchuang)** is anticipated to see a recovery in gross and net profits driven by the release of **1.6T products** and new technologies like silicon photonics [6]. - **新易盛 (Xinyi)** is expected to maintain strong performance in the second half of the year following a robust first half, despite accounting for bonuses and expenses [6]. - **天孚通信 (Tianfu)** is projected to experience growth due to accelerated shipments of **GB200** and **GB300**, with **800G** and **1.6T optical engines** showing promising growth [6]. - **Other Companies in the Optical Module Sector**: - **太辰光 (Taicheng)** benefits from overall growth from Corning customers [7]. - **长信博创 (Changxin)**'s subsidiary **长兴盛 (Changxing)** shows leading profitability, particularly in Google-related business [7]. - **仕嘉光子 (Shijia)** has seen significant growth following its acquisition of **福克西玛 (Fuxima)**, ensuring production capacity [7]. - **德科立 (Dekeli)** is benefiting from the growth of **DCI optical modules**, closely tied to major clients like Google [7]. - **Server OEM Sector**: - The **N e l 72** model indicates a significant increase in server cabinet shipments, with a **300%** quarter-on-quarter increase for **GB200** and **GB300** cabinets [8]. - **Industrial Fulian** is entering a high growth phase, expanding its OEM share for **NVIDIA** [8]. - The liquid cooling market is projected to exceed **$100 billion** by **2026**, with recommendations for companies like **英维克 (Yingweike)**, **同飞股份 (Tongfei)**, and **高澜股份 (Gaolan)** as system integrators [8]. - **Domestic Computing Chain**: - The **Deepseek V3** model is well-suited for domestic chips, with **寒武纪 (Cambricon)** reaching new market highs, driven by upstream and downstream demand [9]. - Companies like **盛科通信 (Shengke)**, **海光 (Haiguang)**, and **中兴通讯 (ZTE)** are actively involved in domestic chip development, with ZTE forming a comprehensive chip matrix [9]. - Recommendations include **紫光 (Ziguang)** and **锐捷网络 (Ruijie)** in the switch and IDC sectors [9]. Operator Sector Insights - Operators possess both offensive and defensive attributes, with capital expenditure optimization noted [10]. - **中国联通 (China Unicom)** shows the fastest growth in AI capital expenditure, while **中国电信 (China Telecom)** is deploying quantum communication, and **中国移动 (China Mobile)** has a notable dividend rate advantage [10]. - Operators are characterized by both dividend and growth attributes, making them a favorable asset allocation for the second half of the year [10].

Core Viewpoint - The liquid cooling market for intelligent computing centers in China is expected to grow significantly, reaching approximately 130 billion yuan by 2029, driven by the explosive demand for AI computing power and the limitations of traditional air cooling methods [2][8][10]. Market Growth - The liquid cooling market size in China is projected to be 184 billion yuan in 2024, representing a 66.1% increase from 2023, and is expected to grow over 7 times in the next five years [8][9]. - The penetration rate of liquid cooling technology is anticipated to reach at least 30% to 40% by 2030, with cold plate liquid cooling expected to dominate the market [10][12]. AI Computing Power Demand - The rapid increase in AI computing power has led to a significant rise in chip power consumption, with some chips exceeding 2700W, surpassing the cooling limits of air cooling [10][11]. - The average power consumption of CPUs has tripled over the past five years, with AI chips like NVIDIA's increasing from 450W to as high as 2200W [10][11]. Liquid Cooling Technology - The main types of liquid cooling solutions include cold plate liquid cooling, immersion liquid cooling, and spray cooling, with cold plate liquid cooling being the most mature and widely adopted [12]. - Currently, about 10% of newly produced servers utilize liquid cooling solutions, indicating a growing trend towards this technology [12]. Industry Challenges and Developments - The transition from air cooling to liquid cooling faces challenges such as longer construction and server development cycles, which may deter companies from adopting new technologies [13]. - The establishment of standardized protocols for liquid cooling technology is expected to facilitate its widespread adoption and improve operational reliability [13]. Global Market Dynamics - Global leaders in liquid cooling are intensifying efforts to enter the Chinese market, while Chinese companies are also exploring opportunities abroad [15][16]. - Companies like Inspur are expanding their overseas presence, with projects already delivered in Southeast Asia [16].