通信周观点： 1）国产算力链本周迎来多重利好。模型端看，DeepSeek 官宣发布 DeepSeek-V3.1，该模型使用了 UE8M0 FP8 Scale 的 参数精度，并大幅调整了分词器及 chat template。UE8M0 FP8 浮点格式用于适配下一代国产芯片，有望推动国产 AI 芯片大规模放量。此外竞争格局看，英伟达要求鸿海集团、三星电子、Amkor 等供应商停止 H20 芯片生产。伴随国产 大模型能力迭代升级、国产芯片量产爬升，我们长期坚定看好 AI 芯片的国产替代。2）海外光通信方案加速迭代。英 伟达官网再提 CPO 交换机商用时间。Quantum-X InfiniBand 交换机预计将于 2026 年初投入商用，Spectrum-X 以太网 交换机预计将于 2026 年下半年投入商用，建议关注太辰光等 CPO 产业链内公司。同时英伟达推出跨区域扩展（scale- across）以太网新网络技术 NVIDIA Spectrum-XGS，可将多个分布式数据中心组合成一个十亿瓦级 AI 超级工厂，能突 破大规模 AI 基础设施性能和效率的极限，同时降低能耗和运营成本。此外，谷歌积极引入 OCS ...

前言 财联社倾力打造王牌栏目《风口研报》，替您"八一八"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 AI服务器强劲需求拉动HBM指数级增长，到2030年全球HBM市场有望达980亿美元，24-30年复合增速 达33%，明年ASIC同比增50%成新需求增量，分析师看好提前布局产业链的公司。 ...

Core Viewpoint - The technology sector, particularly domestic chip stocks, experienced a significant surge, with the Sci-Tech 50 Index rising over 5%, marking a new three-year high [1][3]. Group 1: Market Performance - The Sci-Tech 50 Index closed with a gain of 5.25%, while the semiconductor equipment index saw an intraday increase of 3.1% [1]. - The AIPC index recorded an intraday rise of 3.95%, with active performance from constituent stocks [1]. - The Shanghai Composite Index rose by 0.67%, reaching a new stage high for three consecutive days, while the Shenzhen Component Index increased by 1.32% and the ChiNext Index by 2.57% [1]. - Nearly 2000 stocks advanced in the A-share market, with significant support from brokerage stocks, which are considered the "bull market flag bearers" [1][12]. Group 2: Chip Industry Highlights - The domestic chip industry saw a comprehensive surge, with stocks like Cambricon Technologies rising by 12%, pushing its market value close to 500 billion yuan [3][6]. - Other notable performers included Haiguang Information, which surged by 17.19%, and Zhongke Shuguang, which hit the daily limit [9]. - The GPU, server, copper-clad laminate, and circuit board sectors led the market gains, reflecting strong investor interest [9][10]. Group 3: Trading Activity - The trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan, although it decreased by approximately 569 billion yuan compared to the previous day [1].

【导 读】 科创50指数大涨 逾5 % ，国产芯片股集体"霸屏"，寒武纪续创新高！ 中国基金报记者 张舟 伙伴们， 今天 是周五了，A股的火爆程度出人意料啊，科技股更是上演狂欢日！ 上午有投资者对基金君直言：我的科创50ETF终于"解套了"。 科创50指数大涨近6% 创逾3年新高 早盘，科技股突然暴涨，带动大盘全线进攻。科创50指数暴涨5.25%，半导体设备指数盘中涨幅达3.1%。 AIPC指数盘中涨幅达3.95%， 成份股 表现活跃。截至收盘，中科曙光10cm涨停，海光信息大涨17.19%，昆仑万维上涨16.28%，寒武 纪-U上涨12.4%，中芯国际上涨8.28%，深信服上涨7.62%。服务器指数盘中一度大涨6.75%，截至收盘，方正科技10cm涨停，中兴通 讯、拓维信息大涨。 今天早盘 A股市场呈现高开 高走 格局， 上涨的个股数量近2000只。值得注意的是，"牛市旗手"券商股，今天表现也非常强劲，较好地支 撑了大盘的上行，汽车股和有色金属股也持续上涨。 截至收盘，上证指数收涨0.67%，连续3日创阶段新高，距离3800点只差"临门一脚"； 深证成指 大 涨 1.32 %，创业板指 大涨2.57 % 市 ...

摘要 液冷技术受益于 AI 发展和运营商推动，市场空间广阔，预计 2026 年总 体市场空间约 1,500 亿元，各核心零部件如 CDU、冷板、manifold 等 均有数百亿市场。 中国汽车行业在新能源汽车热管理领域的布局与服务器液冷技术存在协 同效应，尤其在电子水泵、动力电池和软管等关键组件方面具备优势。 电子水泵市场需求增长迅速，服务器液冷领域对电子水泵要求更高，预 计 2026 年服务器液冷电子水泵市场空间将达到 50 亿元，占新能源汽 车电子水泵市场空间的 50%。 液冷核心零部件供应以外资企业为主导，但内资企业在华为链中逐渐参 与冷板、CDU 和快接头等供应，存在增量空间。 汽车零部件公司积极布局液冷技术，液冷逐步替代风冷成为动力电池热 管理主流方案，银轮股份等公司已开始出货液冷板产品，翔宇科技等公 司实现量产并配套服务器厂商。 Q&A 通信对话汽车：汽车板块有哪些液冷受益环节？ 20250821 液冷市场的现状及未来发展趋势如何？ 液冷市场在 2025 年预计达到 200 多亿元，到 2026 年将接近千亿元。液冷市 场的增长斜率比光模块在 2023 至 2024 年的斜率更大。目前，液冷相关公 ...

Group 1 - The liquid cooling sector is experiencing a rapid and severe decline, with significant drops in stock prices for companies like Feilong and Tenglun, which hit their daily limit down [1] - The decline in the liquid cooling sector is linked to the performance of the US stock market, particularly with Nvidia and Intel experiencing notable stock price drops [1] - The introduction of Nvidia's GB300NVL72 system by CoreWeave marks a significant technological advancement, necessitating the use of liquid cooling due to high power requirements [1] Group 2 - Despite the recent downturn, institutions remain optimistic about the liquid cooling sector, citing the increasing demand for computing power driven by AI applications [2] - According to CICC, the global AI liquid cooling market is projected to reach $8.6 billion by 2026, indicating a rapid growth potential for the sector [2] - Companies like Chunzong Technology have faced scrutiny for their stock performance despite not being directly involved in liquid cooling server production, highlighting potential irrational market behavior [1][2]

Core Viewpoint - The liquid cooling sector is experiencing a significant increase in demand driven by multiple factors, including advancements in AI technology, supportive policies, and positive performance in the global AI computing supply chain [2][3]. Group 1: Market Performance - On August 21, A-shares saw a slight increase, while AI computing hardware sectors, including liquid cooling servers, faced significant declines, with companies like Feilong Co. and Tenglong Co. hitting the daily limit down [1]. - The Cloud Computing 50 ETF experienced fluctuations, with stocks like Shiji Information and China Software performing well, while others like Dawning Information and Tuwei Information saw declines [1]. Group 2: Industry Outlook - Institutions remain optimistic about the long-term prospects of the liquid cooling sector, citing a confluence of industrial demand, policy support, and changes in expectations as key drivers of market activity [2]. - The demand for liquid cooling is expected to rise significantly due to the introduction of products like NVIDIA's GB300 and Huawei's Ascend 384, which will enhance the overall demand in the computing supply chain [2]. - Policies from various levels of government are setting clear energy consumption requirements for data centers, with a goal to reduce the average Power Usage Effectiveness (PUE) to 1.5 by the end of 2025 [2]. Group 3: Technological Trends - The year 2025 is anticipated to be a pivotal year for the penetration of AI liquid cooling technologies, as traditional cooling methods are becoming inadequate for the increasing power demands of AI computing [3]. - Major cloud service providers, including Google, Microsoft, and Alibaba, are adopting liquid cooling solutions, indicating a shift from optional to essential technology [3]. - The global liquid cooling penetration rate in data centers is projected to reach approximately 30% by 2026, reflecting the growing necessity for efficient cooling solutions [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月21日早盘，A股市场延续上攻态势，沪指迭创十年新高，接近3800点。截至午间收盘，上证指数报 3779.52点，涨0.35%；深证成指报11980.08点，涨0.45%；创业板指报2613.08点，涨0.21%。全市场半日 成交15912亿元，较上个交易日同期放量562亿元。 盘面上，可燃冰板块直线拉升，新锦动力涨近9%，神开股份涨超7%，我国科研团队在"可燃冰"大规模 利用领域实现重要突破；数字货币概念股活跃，御银股份3连板、中油资本3天2板，新晨科技 （300542）开盘秒速涨停；消费电子板块持续活跃，蓝思科技盘中涨超10%，兆易创新涨停。 | < V | 新晨科技 300542 深股通 ▼ | | ા | | --- | --- | --- | --- | | 26.30 37 | 24.45 最高 | 26.30 最低 | 24.45 | | 19.98% 4.38 换手 10.45% 总手 25.8万 金额 6.73亿 | | | | | 总值 78.52亿 流值 64.80亿 市盈利 -313.42 | | | 更多 | ...

（文章来源：每日经济新闻） 每经AI快讯，8月21日，液冷服务器等AI硬件股开盘走低，金田股份跌停，飞龙股份、英维克、科创新 源、大元泵业、高澜股份、思泉新材、同飞股份等多股跌超5%。 ...

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index reaching new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan. The Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1]. Fund Flow Insights - Huatai Securities noted that the trading activity remains high, with foreign and insurance capital likely to be the main sources of incremental capital moving forward. The trading volume in the A-share market exceeded 2 trillion yuan last week, with active trading by retail investors reaching a year-to-date high. The number of private fund registrations was also high, with 666 new products registered in early August, a 6% increase from July. Insurance capital's market entry ratio is expected to rise by the second quarter of 2025, with equity assets in life insurance exceeding the previous high in Q3 2024, although still below policy limits. Additionally, foreign capital trading activity has rebounded, but net inflows from foreign institutional investors have not yet formed a trend [2]. Technology Sector Developments - China International Capital Corporation (CICC) highlighted the rise of liquid cooling technology in server cooling solutions, driven by increasing computational power demands and chip power consumption. The global AI liquid cooling market is projected to reach $8.6 billion by 2026. Among the various liquid cooling methods, cold plate liquid cooling is currently the most mature due to its minimal impact on equipment and infrastructure while providing significant cooling efficiency. The market for liquid-cooled servers in China is expected to grow by 67% year-on-year in 2024, according to IDC [3]. Strategic Focus on Manufacturing - Guojin Securities emphasized the importance of developing new quality productivity tailored to local conditions, leveraging the advantages of a new type of national system. This includes enhancing basic research intensity and addressing key technology bottlenecks in integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials. The goal is to modernize the industrial system, upgrade traditional industries, and foster emerging industries while maintaining a reasonable share of manufacturing. The focus will be on technological innovation to drive high value-added and high-tech manufacturing, attracting quality resources to the sector, and enhancing brand development and protection to increase the manufacturing sector's value [4].