人民财讯8月28日电，中金公司（601995）研报认为，AI服务器电源是下一个千亿元市场，根据测算市 场规模有望于2025年—2027年快速提升，模组、芯片市场规模CAGR预计为110%、67%，核心受益环节 集中在PSU、PDU、BBU及DC-DC(PDB+VRM)等器件。随着GaN/SiC渗透、800V HVDC+SST架构落地 及智能电源管理普及，龙头厂商市占率与业绩有望提升，二线厂商或承接溢出订单。 ...

中金公司研报表示，AI服务器电源是下一个千亿元市场，根据测算市场规模有望于2025E-2027E快速提 升，模组/芯片市场规模CAGR预计为110%/67%，核心受益环节集中在PSU、PDU、BBU及DC-DC （PDB+VRM）等器件。随着GaN/SiC渗透、800V HVDC+SST架构落地及智能电源管理普及，龙头厂 商市占率与业绩有望提升，二线厂商或承接溢出订单。 （文章来源：第一财经） ...

在8月27日举行的第四届828B2B企业节开幕式上，华为云宣布其Tokens服务全面接入CloudMatrix384超 节点，将发挥"大杂烩"优势，以系统创新弥补单点不足，实现性能持续提升。华为云介绍称，通过 xDeepServe架构创新，单芯片最高可实现2400TPS、50msTPOT的超高吞吐、低时延的性能，超过业界 水平。 证券时报表示，华为CloudMatrix384超节点通过系统级创新，显著提升Tokens处理效率，全面接入后加 速AI商业化落地。 华为云表示，过去18个月，中国AI算力需求呈现指数级增长。数据显示，2024年初中国日均Token的消 耗量为1000亿，截至今年6月底，日均Token消耗量已突破30万亿，1年半的时间增长了300多倍，反映了 我国人工智能应用规模快速增长，也对算力基础设施的需求提出了更大的挑战。CloudMatrix384超节点 是华为推出的革命性AI架构，通过系统级创新解决传统算力瓶颈，具备高吞吐、低时延、高弹性等特 点。 公司方面，据证券时报表示， 盛科通信：公司是国内稀缺的以太网交换芯片设计企业，公司面向大规模数据中心和云服务需求，交换 容量为12.8Tbps及 ...

Summary of Conference Call on Liquid Cooling Technology Industry Overview - 2025 is projected to be the global year of liquid cooling, with an expected shipment of 30,000 units, significantly higher than the 1,000-2,000 units in 2024 [1][3] - Demand is anticipated to increase by over 30% in the second half of 2025 compared to the first half, driven by IT infrastructure expansion and capacity ramp-up [2][4] Key Insights and Arguments - NVIDIA plans to deliver 5 million GPUs in 2026, corresponding to approximately 60,000 to 70,000 liquid cooling cabinets, indicating a potential doubling of demand [4][5] - The liquid cooling market is fragmented, with leading suppliers like Weidi holding a 30%-35% market share, and North American suppliers collectively accounting for nearly 60% of the market [1][7][8] - Chinese manufacturers face challenges in the international market due to trade issues and technological gaps, primarily participating in Southeast Asian markets while focusing on domestic liquid cooling applications [1][9] Pricing and Cost Structure - The cost of overseas liquid cooling systems is approximately $70,000 for an N172 cabinet and $50,000 for an N272 cabinet, while domestic systems are cheaper, averaging around 2,000 RMB per kW [10][11] - Domestic cooling systems are generally less expensive due to lower component costs and simpler designs, with total costs around 2,000 RMB per kW [12] Profitability and Market Entry - Overseas manufacturers typically require a gross margin of at least 35%, while some domestic companies are willing to operate with margins as low as 20% [13][14] - There are currently no clear indications that domestic companies can directly enter the overseas market, although some have received certifications from major clients like NVIDIA [15] Technological Developments - The liquid cooling technology is evolving, with potential shifts towards hybrid cooling solutions that combine GPU direct cooling with cabinet-level silent cooling [3][16] - The Rubin architecture may introduce new challenges for liquid cooling systems, necessitating further validation of new technologies [17][18] Future Trends - The development of server power supplies is moving towards higher capacities, with a new generation of 12 kW power supplies expected in early 2026 [19][20] - The transition to high-voltage direct current (DC) power supplies is anticipated, which could enhance energy density and efficiency [20] Challenges in Implementation - The low-voltage 848V systems face limitations due to high current requirements, necessitating the development of high-voltage to low-voltage onboard power supplies [23] - High-frequency conversion technologies present significant challenges in terms of design complexity and cost [24][25] Conclusion - The liquid cooling market is poised for significant growth, driven by technological advancements and increasing demand from the IT sector. However, challenges remain in terms of international market entry for Chinese manufacturers and the need for ongoing innovation in cooling technologies.

奥海科技 20250818 摘要 AI 服务器功耗显著提升，H200 芯片至 B 系列芯片单芯片功耗从 700 瓦 增至 1,200 瓦，服务器功耗从 5.5 千瓦跃升至 30 千瓦，推动液冷和高 压直流电源解决方案需求。 欧陆通 AI 服务器电源业务快速增长，2023 年收入 1 亿元，预计 2025 年超 14 亿元，国内市场占有率约 15%-20%，主要客户包括浪潮、新 华三等，并已获互联网大厂认证。 奥海科技服务器电源业务扩张迅速，预计 2025 年收入达 6 亿元，其中 AI 领域 1 亿元，客户包括新华三、超聚变、阿里巴巴等，并积极拓展海 外市场，在印度、印尼和越南设有工厂。 台系厂商如台达曾主导全球服务器电源市场，但自 2023 年起，国内厂 商如欧陆通崛起，通过技术创新和客户拓展，逐步抢占市场份额，并积 极向海外扩张。 服务器电源行业未来将受益于 AI、大数据和云计算发展，高性能服务器 需求持续增长，液冷和高压直流等新型散热与供能技术将加速普及。 Q&A 服务器电源行业近期为何受到如此大的关注？ 服务器电源行业近期迎来了显著变化，主要是由于整个行业的创新和技术升级。 首先，服务器电源的需求随着 ...

Core Insights - The server power supply industry is experiencing rapid growth driven by the "East Data West Computing" strategy and increasing demand for AI computing power, with the market expected to reach 308.55 billion yuan by the end of 2024, a year-on-year increase of 51.97% [1][16] - The server power supply market is projected to expand to 10.726 billion yuan in 2024, with AI server power supplies becoming a core growth driver, expected to exceed 5.5 billion yuan by 2025, accounting for over 40% of the overall market [1][18] - The industry is evolving towards high power density, intelligent management, and ecological collaboration, while also expanding production capacity in Southeast Asia to address global challenges [1][24] Industry Overview - Server power supplies are specialized devices that convert AC or DC power into stable DC power required by server hardware, ensuring continuous, efficient, and safe power supply [2] - The industry has established a comprehensive policy framework to promote high-quality development, including energy efficiency standards and green low-carbon initiatives [7][9] Market Dynamics - The server power supply market is characterized by a diverse product range, including AC/DC and DC/DC power supplies, with various redundancy designs and efficiency standards [3] - The demand for server power supplies is driven by the rapid expansion of data centers and the increasing energy consumption and carbon emissions associated with them [10][14] Competitive Landscape - The competitive landscape of the server power supply industry features a mix of foreign and domestic players, with international giants like Delta and Lite-On dominating the high-end market, while local companies like Oulutong and Megmeet are rapidly growing [20][22] - The market is witnessing a shift towards AI server power supplies, which are expected to account for over 40% of the market by 2025, while general-purpose power supplies face intense price competition [26] Future Trends - The industry is moving towards high power density and intelligent management, with new materials like GaN and SiC enhancing efficiency and reducing size [24][25] - The market is becoming increasingly segmented, with AI server power supplies leading growth, while general-purpose power supplies are experiencing price wars due to homogenization [26] - The ecosystem is evolving towards vertical integration and global collaboration, with domestic manufacturers expanding production in Southeast Asia to mitigate trade barriers [27]

Summary of AITC Industry Conference Call Industry Overview - The AITC industry is currently in a phase of digesting existing capacity, leading to revenue growth but a decline in net profit and net profit margin [1] - The IDC industry experienced a cloud computing boom in 2020, resulting in overcapacity and a price war, but has shown signs of recovery since 2022 [3] Key Company Insights - **Runze Technology**: In 2024, four buildings totaling approximately 120 MW underwent upgrades from conventional 5-7 kW to high-power configurations [1] - **Office Data**: In 2020, revenue grew by 62% with EBITDA reaching approximately 830 million, a 39% increase. By the end of 2024, 190 MW was operational, with an expectation to reach 340 MW by year-end [2] - **Guanghuan Xinnet**: Experienced a revenue decline of 7.3% in 2014, primarily due to the impact of Amazon's cloud computing business [2] - **AIDC Sample Companies**: From 2018 to 2022, fixed asset total KGR was around 23%, increasing to 25% from 2022 to 2024, indicating a recovery from the industry's low point [3] Financial Performance - The AIT upstream industry saw a revenue increase of 12.6% in 2024, with operating profit rising by 30% [6] - AIDC's upstream ROE increased year-on-year, indicating improved capacity utilization [9] - In Q1 2025, inventory growth reached 47%, reflecting strong downstream demand [9] Market Dynamics - The industry is expected to see a construction boom that will continue until 2026, with significant new projects underway [4] - The pricing environment is anticipated to improve as high-quality resources in Beijing and surrounding areas are consumed [5] - The competitive landscape is expected to intensify due to the cancellation of domestic strong配政策, but market share may consolidate around leading players like Inwin and others [7] Future Projections - By the end of 2026, an estimated capacity of 550-560 MW is expected to be operational [2][10] - The valuation for companies in the IDC sector is projected to be attractive, with potential EBITDA multiples of 25-26 times for companies like Aofei Data [10] - The anticipated net profit for 2027 is projected at approximately 4.28 billion [12] Additional Insights - The cooling and power supply segment is expected to benefit from increased demand, with companies like Inwin and others poised for growth [13] - The trend towards higher power cabinets is evident, with companies upgrading their infrastructure to accommodate this shift [13] Conclusion - The AITC industry is navigating a complex landscape of capacity management and market recovery, with promising growth opportunities and evolving competitive dynamics. Investors are encouraged to monitor developments closely as the industry progresses towards 2026 and beyond [14]

Group 1 - The core driver for the formation of a bull market is the recovery of the fundamentals, with liquidity easing and industrial trends often creating a resonance effect [3] - When the fundamentals improve comprehensively, it typically leads to a full bull market; during structural improvements, a bull market may also emerge if combined with liquidity easing and industrial trends [3] - The future outlook suggests a gradual and moderate recovery process for fundamentals, with macro and micro liquidity resonance and industrial upgrades expected to drive market growth [3] Group 2 - In 2024, coal enterprises experienced a decline in operating income, a decrease in operating cash flow, and significant net outflows in investment cash flow [4] - Financing cash flow continues to show a net outflow, with high leverage levels and growing debt, although overall debt repayment capability remains strong [4] - It is anticipated that coal enterprise profitability will still be supported in 2025, with operating cash flow remaining relatively ample and investment cash flow showing relative rigidity [5] Group 3 - The rapid development of AI is significantly increasing its electricity demand, despite short-term concerns regarding market changes and computing power investments [5] - The emergence of DeepSeek has further boosted AI investment confidence outside the United States, presenting development opportunities for server power supplies [5] - The market size for NVIDIA's AI server AC-DC power supply is expected to reach between 35.1 billion to 45.5 billion yuan by 2025, with chip iterations benefiting BBU and supercapacitors [5]

Market Overview - The Shanghai Composite Index rose by 0.4%, the CSI 300 increased by 0.5%, the STAR 50 went up by 0.2%, the CSI 1000 climbed by 0.8%, the ChiNext Index gained 0.8%, and the Hang Seng Index surged by 1.49% [2][3] - The best-performing sectors included Beauty Care (+2.5%), Comprehensive (+2.1%), Media (+2.0%), Home Appliances (+1.7%), and Pharmaceutical Biology (+1.6%). The worst-performing sectors were Defense Industry (-0.5%), Coal (-0.3%), Steel (-0.1%), Real Estate (-0.1%), and Building Materials (+0.1%) [2][3] - The total trading volume of the Shanghai and Shenzhen markets was 1,169.7 billion yuan, with a net inflow of 6.33 billion Hong Kong dollars from southbound funds [2][3] Key Recommendations Company: Jin Zai Food (003000) - Jin Zai Food is a leading brand in the snack food sector, with a clear growth path for its major products. The company is expected to exceed market revenue expectations in 2025, with a net profit margin slightly above market forecasts [3] - The company is expanding into new high-potential channels, particularly membership-based supermarkets, which are anticipated to drive significant revenue growth. The introduction of new products like short-shelf-life tofu and enriched konjac products is expected to contribute to sustained growth [3] - Revenue projections for 2025-2027 are 2,890.06 million yuan, 3,434.12 million yuan, and 4,104.14 million yuan, with growth rates of 19.82%, 18.83%, and 19.51% respectively. Net profits are projected at 343.32 million yuan, 418.22 million yuan, and 515.16 million yuan, with growth rates of 17.85%, 21.82%, and 23.18% respectively [3] Company: Oulutong (300870) - Oulutong is a leading supplier of high-power server power supplies, expected to benefit from the surge in demand driven by AI and domestic market expansion [4] - The company is positioned to capture increased market share as major internet companies ramp up AI-related capital expenditures, leading to a higher penetration rate of high-power server power supplies [4] - Revenue forecasts for 2025-2027 are 4,616.23 million yuan, 5,514.58 million yuan, and 6,501.19 million yuan, with growth rates of 21.56%, 19.46%, and 17.89% respectively. Net profits are projected at 354.04 million yuan, 465.43 million yuan, and 570.25 million yuan, with growth rates of 32.11%, 31.46%, and 22.52% respectively [5]