谷歌光模块和液冷需求或提升 20251231 摘要 谷歌 TPU 和机柜的变化可能带来哪些产业机会？ 谷歌 TPU 和机柜的变化预计将带来 1.67T 光模块、液冷以及 L AOC 的大幅提 升。我们推测，2026 年谷歌可能会增加 TPU 数量并改变其结构，尤其是提升 V7+8 芯片的占比。V7+8 主要配置 1.6T 光模块和液冷，这些变化将显著影响 相关产业链。 谷歌在 TPU 结构方面有哪些具体变化？ 我们推测谷歌在 2026 年可能会大幅增加 V7+8 TPU 的出货量，并且这些 TPU 主要配置 1.6T 光模块和液冷。此外，谷歌可能会在机柜架构层面引入两种方案： 沿用原来的 3D Taurus 架构或采用 Cloth 架构，并可能引入光入柜内。这些变 化预计将增加大量 scale up 的光模块需求，以及 AOC 需求。 谷歌预计在 2026 年大幅增加 V7+8 TPU 的出货量，这些 TPU 将主要 配置 1.6T 光模块和液冷技术，预示着相关产业链将迎来显著变化。 谷歌可能在机柜架构层面引入 3D Taurus 或 Cloth 架构，并可能引入光 入柜内，这将增加对 scale up 光模 ...

谷歌液冷快速增长及供应商模式破局，国 内供应商将迎来较大机会 ——AI 液冷系列报告之三 核心观点 投资建议与投资标的 从投资策略上看，随着谷歌 TPU 需求增长、TPU v7 服务器全面转向液冷，预计谷歌服务 器液冷市场将迎来快速增长。谷歌液冷供应商选择的破局，将为国内供应商提供更多配 套市场空间，液冷业务将成为国内供应商的第二增长曲线。相关标的：英维克、银轮股 份、飞龙股份、川环科技、思泉新材、祥鑫科技、中鼎股份、溯联股份、高澜股份、申 菱环境、科创新源、同飞股份、宏盛股份、奕东电子等。 风险提示 海外数据中心如谷歌等扩张速度低于预期、液冷渗透率低于预期、国内液冷供应商出海 进度低于预期、市场竞争加剧、假设条件变化影响测算结果。 汽车与零部件行业 行业研究 | 深度报告 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 12 月 29 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxueqing@orientsec.com.cn | | 袁俊轩 | 执业证书编号：S0860523070005 | | | ...

重点事件点评&重点关注：人形机器人、AI 基建 事件 1-何小鹏：人形机器人将是巨头的竞争：2025 年 12 月 17 日，小鹏汽 车 CEO 何小鹏在微博发文称，人形机器人将来会是巨头的竞争，而不同的专 用机器人则会有大量不同领域的选手，且会有非常多的成功机会。 证券研究报告 | 2025年12月22日 2025年12月23日 制造成长周报（第 39 期） 优于大市 何小鹏称人形机器人是巨头竞争，持续关注 AI 基建燃机及液 冷投资机会 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业周报 机械设备 AI 基建-燃机点评：以万泽股份、应流股份为代表的企业卡位核心，在燃气 轮机客户的认可度持续提升，未来有望显著受益于数据中心缺电带来的发展 机遇。我们认为 AI 算力仍然是需求确定性高增长的投资主线，持续看好 AI 基建相关产业链，电力将逐渐成为 AI 发展瓶颈环节，需重点把握 AI 缺电相 关投资机遇。燃气轮机作为海外数据中心主用电源与备用电源将深度受 益 AI 数据中心供电需求，GEV 超预期上修燃机订单与扩产也表明行业是 超长景气大周期。建议重点关注 AI 数据中心能源供应核心卡位 ...

人民财讯12月19日电，中信证券研报指出，2025年以来，在AI服务器功耗和芯片功率大幅提升的背景 下，液冷方案凭借更高的散热效率、更低的PUE，正逐步成为数据中心节能降耗的主流技术路径。中信 证券预测，随着液冷加速渗透叠加技术升级ASP提升，2027年全球液冷市场空间将达到218亿美元。从 行业竞争格局看，当前液冷产业链以台系厂商为主。随着芯片厂商逐步参与液冷供应链选择，国产厂商 迎来重大机遇。看好国产厂商充分受益AIDC液冷需求放量，推荐具备液冷核心组件量产能力及整体解 决方案的厂商。 ...

每经AI快讯，有投资者在投资者互动平台提问：公司生产的液冷产品主要有哪些？是否已经开始供 货？ 众捷汽车（301560.SZ）12月18日在投资者互动平台表示，公司产品为数据中心液冷芯板，现已向Boyd 北美和欧洲供应数据中心液冷的相关产品。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司生产的液冷产品主要有哪些？是否已经开始供 货？ 众捷汽车（301560.SZ）12月18日在投资者互动平台表示，公司产品为数据中心液冷芯板，现已向Boyd 北美和欧洲供应数据中心液冷的相关产品。 （文章来源：每日经济新闻） ...

AI 时代汽车产业链跨界拓展与新增长极 20251207 摘要 苏联股份在新能源汽车市场趋于饱和之际，瞄准数据中心液冷市场，该 市场预计将从 2024 年的 50 亿美元增长到 2030 年的 200 亿美元，年 复合增长率约为 20%，具有巨大增长潜力。 公司利用汽车行业积累的技术经验，成立速联智控公司，专注于智能算 力液冷解决方案，苏联股份持股 80%，管理团队持股 20%，以独立事 业部模式运营。 速联智控主要产品包括智能算力二次侧的冷板、分页气管、快插接头管 路等，如 UQD 系列快速接头，重量降低 60%，成本降低 50%，CV 值 高于行业标准 30%，可热插拔次数达 5,500 次。 公司进军金属类产品领域，分析英伟达 72 机柜价值构成，冷板价值占 比 35%，Mellanox 占比 21%，快速接头占比 8%，并与高校合作开发 微通道技术，预计 2026 年第一季度投产金属类产品，年产能达 40 万 套。 苏联股份采用 APQP 过程开发方法，确保项目关闭率与交付率达到 100%，建立了 4,000 多平方米的检测中心，获得 CINAS 实验室认证， 并构建仿真团队，通过 CAE 与 CFD ...

Core Viewpoint - The demand for liquid cooling and robotics driven by AI is experiencing an explosive growth, initiating a new growth curve for the automotive parts industry. AI is continuously upgrading computing infrastructure and smart terminals, leading to the necessity of liquid cooling systems in high-power density scenarios, while robotics is transitioning from 0-1 to 1-10. This synergy between liquid cooling, robotics, and automotive parts is reshaping the business boundaries and growth trajectories of the automotive parts industry [2][8]. Investment Highlights - The automotive parts industry, equipped with technological synergies, system integration, cost reduction capabilities, and global capabilities, is set to benefit from the AI-driven wave. Automotive manufacturers and parts companies are expanding their business boundaries to achieve "homogeneous manufacturing + scenario collaboration." The collaboration between automotive companies and parts manufacturers will transfer the brain capabilities of intelligent driving to embodied intelligence, with companies like Tesla, Xiaopeng, and Xiaomi migrating their models, data, computing power, and supply chain systems to embodied intelligence [3][8]. Investment Recommendations - Liquid cooling is entering a phase of large-scale penetration and high prosperity realization. With the stabilization of Tesla's robot V3, the sector is moving into the 1-10 phase, focusing on certainty and supply chains with global capabilities. Recommended companies in the robotics sector include Top Group, Zhongding, Xiaopeng Motors, Junsheng Electronics, Shuanghuan Transmission, Aikodi, Xingyuan Zhuomai, and Xusheng Group. For the liquid cooling sector, recommended companies include Top Group, Zhongding, Yinlun, and Feilong [4][8]. Robotics Development - The Optimus V3 is expected to be finalized soon, marking the transition of T-chain robots into the 1-10 phase. Tesla has established a dual-driven approach of hardware architecture convergence and large model/training foundation, with plans to initiate a million-unit production line by the end of the year. The focus will be on the dexterous hand and brain capabilities, with significant advancements in technology and design expected [13][40]. Market Trends - The humanoid robot sector is anticipated to mirror the growth trajectory of the new energy vehicle sector from 2010 to 2014, currently in the pre-investment stage. The penetration rate of new energy vehicles is expected to rise significantly, with the humanoid robot sector beginning to see substantial order changes and early application scenarios coming to fruition [27][31]. Supply Chain Dynamics - The domestic robotics industry is characterized by a diverse landscape of technology giants, automotive manufacturers, startups, and academic institutions. The focus is shifting from factory training to small-scale external sales, driven by educational and industrial pilot projects [41][45]. Sensor Technology - Robotics sensors are categorized into four types: force sensors, visual sensors, position sensors, and tactile sensors. The six-dimensional force sensor is the most valuable, while visual sensors are primarily composed of laser radar and RGB cameras. The demand for these sensors is expected to grow significantly as the robotics industry advances [71][73]. Cost Reduction Strategies - Domestic manufacturers are expected to accelerate cost reduction through the production of precision gears and bearings, which can be used interchangeably with robot reducer production equipment. The price of domestic harmonic reducers is significantly lower than that of overseas products, indicating a strong potential for domestic substitution [65][66].

Core Conclusions - AI-driven demand for liquid cooling and robotics is expected to create a new growth curve for the automotive parts industry, with liquid cooling systems becoming a necessity due to high power density scenarios driven by AI, and robotics transitioning from initial development to scaling production [2][4] - Automotive parts companies with capabilities in technology integration, cost reduction, and global operations will benefit from the AI wave, as automotive manufacturers and parts suppliers expand their business boundaries through collaborative manufacturing and scenario integration [2][4] - Investment recommendations include focusing on companies with global supply chain capabilities in the robotics sector such as Top Group, Zhongding, XPeng Motors, and Junsheng Electronics, as well as in the liquid cooling sector [2][4] Robotics Sector - The Tesla Optimus V3 is nearing finalization, marking the transition of the robotics sector from initial development to scaling production, with a projected launch of a million-unit production line by the end of the year [5][6] - Domestic robotics companies are rapidly advancing, with significant orders being placed for products, indicating a shift from experimental to commercial applications [6][33] - The robotics sector is expected to enter a high-growth phase in 2026, with a focus on companies that demonstrate high certainty and technological advancements [6][12] Liquid Cooling Sector - The liquid cooling market is anticipated to enter a phase of large-scale penetration and high demand realization, driven by the automotive industry's need for effective thermal management solutions [2][4] - Companies such as Top Group and Zhongding are highlighted as key players in the liquid cooling sector, expected to benefit from the growing demand [2][4] Investment Recommendations - The report suggests focusing on companies with strong global capabilities and certainty in their business models, particularly in the robotics and liquid cooling sectors [2][4] - Specific recommendations include Top Group, Zhongding, and Silver Wheel in the liquid cooling space, and Top Group, Zhongding, XPeng Motors, and Junsheng Electronics in the robotics space [2][4]

【导读】爱克股份拟以22亿元购买东莞硅翔100%股权，股票明日复牌 | 交易类型 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 严若红、深创投制造业转型升级新材料基金(有限合伙)、 | | | 广州高澜节能技术股份有限公司等23 名交易对方 | | 募集配套资金 | 不超过 35 名特定投资者 | 12月2日晚间，爱克股份（300889）发布公告称，拟以22亿元购买东莞硅翔100%股权。公司股票将于12月3日（星期三）开市起复牌。 经交易各方协商，东莞硅翔100%股权的交易价格暂定为22亿元。 爱克股份表示，通过本次交易，公司将进一步强化第二增长曲线，完善新能源板块的业务链，将业务拓展至数据中心液冷领域。 经公司申请，爱克股份股票将于12月3日（星期三）开市起复牌。 拟以22亿元购买东莞硅翔100%股权 爱克股份股票复牌 12月2日晚间，爱克股份发布公告称，拟通过发行股份及支付现金的方式向严若红等23名交易对象购买东莞硅翔100%股权，并向不超过35名特定投资者发 行股份募集配套资金。 自2021年启动新能源汽车产业战略升级以来，爱克股份通过"资本+技术"双轨驱动持续深化产 ...

Core Viewpoint - The liquid cooling industry is experiencing a new wave of development opportunities due to the significant increase in market interest in artificial intelligence data centers [1] Group 1: Company Developments - The company has leveraged its long-term technical advantages in the heat exchanger field to actively expand into the liquid cooling market for data centers [1] - The company's current focus in the data center business is on the research and production of efficient liquid cooling heat exchange equipment [1] Group 2: Industry Trends - The global data center market is expected to continue expanding as technologies such as artificial intelligence and cloud computing mature and become widely adopted [1] - The company plans to closely monitor industry development trends and combine its technical accumulation and production capacity to seize market opportunities and promote steady business growth [1]