Core Viewpoint - The A-share market has shown a continuation of the risk appetite recovery observed before the Spring Festival, characterized by "increased volume and structural differentiation" in the first trading week after the holiday [1][3]. Market Performance - The overall market trend is influenced by rising overseas uncertainties, with geopolitical and tariff narratives resurfacing, leading to a pullback in the Hong Kong stock market while energy and resource sectors perform relatively well [1][3]. - A-shares exhibit a stronger internal momentum, maintaining high trading volumes with total turnover exceeding 2 trillion yuan [1][3]. Market Structure - The market style has shifted from a focus on "pure software/AI applications" to "hard technology + cyclical stocks" [1][3]. - The cyclical sector has shown a phase of strength, driven by geopolitical risk premiums pushing up energy prices and uncertainties around tariffs leading to "re-inflation trades" [1][3]. - The hard technology sector is characterized by a "discerning" approach, with funds favoring companies with verifiable orders and performance in the computing hardware chain (e.g., optical communication, PCB, liquid cooling), while being sensitive to AI software themes lacking performance validation [1][3]. Investment Strategy - The first week after the holiday has reinforced market risk appetite, but variables such as overseas geopolitical issues, tariffs, and interest rate expectations may amplify volatility [4]. - The current investment focus is clear, transitioning from narrative-driven to performance-driven, with attention on the following areas: - Emphasis on "performance verification" and "domestic substitution," particularly in AI computing hardware chains, semiconductor equipment, and materials, while avoiding high-volatility stocks without performance support [4]. - Focus on cyclical and resource sectors, leveraging the "hedging attributes" of geopolitical premiums and re-inflation, with potential value in energy, precious metals, and non-ferrous metals, while also considering traditional industries benefiting from "anti-involution" [4]. - Defensive and thematic directions, suggesting high-dividend sectors may offer some "anti-volatility" value amid increased fluctuations, with recommendations to base themes on policy documents and industry progress, avoiding purely conceptual extrapolations [4].

| 菲利华 | | | | --- | --- | --- | | 4/3 | 300395.SZ | +5.21% | | 沪电股份 | | --- | 龙虎榜机构热股 龙虎榜显示，今日2家机构净买入3.84亿。 今天机构龙虎榜上榜43只个股，净买入29只，净卖出13只。当日机构买入最多的个股前三位是：润泽科技（6.05亿）、沪电股份（3.84亿）、菲利华（3.32 亿）。 公司国内规模最大、技术实力最强的PCB制造商之一，是英伟达 AI 服务器 PCB 主力供应商。 | 上榜热股 | 实时涨跌幅 ◆ 买/卖家数 ◆ | | --- | --- | | 润泽科技 | | | 300442.SZ | +17.71% 2/2 | | 3日 | | | 沪电股份 | | | 002463.SZ | +10.00% 2/2 | | 3日 | | 龙虎榜知名游资 公司参股子公司熹联光芯的硅光芯片可以用于CPO 杰普特 一、液冷 高澜股份 个股龙虎榜 公司为字节跳动公司提供的12U浸没液冷模组，是业内首款一体式浸没液冷产品 消息面上，2月25日，英伟达AI基础设施负责人Dion Harris在加州总部向媒体展示了下一代 ...

1、行情 题材方面，液冷服务器开盘走强，佳力图、川润股份、广安爱众、江顺科技、高澜股份（20CM）集体涨停，德邦科技、申菱环境、海鸥股 份、思泉新材等集体大涨； PCB板块连续第二天大涨，广合科技、大族激光、奥士康、同宇新材、深南电路、沪电股份、明阳电路（20CM）涨停，威尔高、强达电路、 芯碁微装、东山精密、四会富仕、胜宏科技等集体大涨； 午后算力芯片反弹，寒武纪在"和中科院发布HNLPU架构"的吹票刺激下一度大涨近10%，云天励飞、摩尔线程、海光信息、景嘉微等小幅跟 涨； 燃气轮机概念全天单边走强，常宝股份、福鞍股份、应流股份、东方电气先后涨停，钢研高纳、图南股份、航发科技等大涨； 此外，CPO、代糖概念、环保概念等均有大涨表现，地产、影视、稀土、海南等跌幅居前。 截至收盘，沪指、创业板指分别收跌0.01%、0.29%，深成指微涨0.19%，市场整体涨跌互半。 AI硬件集体发力，指数全天小幅波动。 今天胜宏科技不做调整继续单边大涨，盘中一度再涨超10%，最终收涨7.75%。 成交额更是大幅爆量近250亿，继续坐稳今日"成交王"的交椅。 2、PCB 今日AI硬件集体大涨，其中PCB涨势最强，相当吸金。 广合 ...

Market Overview - The market experienced a rebound after a dip, with mixed performance across the three major indices. Notable gains were seen in computing hardware stocks, particularly in CPO, PCB, and liquid cooling servers, with companies like Fenghuo Communication, Chuanrun Co., and ShenNan Circuit hitting the daily limit up. Conversely, the film industry continued to decline, with Bona Film Group facing a three-day limit down. Overall, approximately 2,900 stocks in the Shanghai and Shenzhen markets declined, with a total trading volume of 2.56 trillion yuan [1]. Key Sectors Optical Communication - The optical communication sector saw significant gains, with stocks like Farsens and Tongding Interconnection hitting the daily limit up. The surge was catalyzed by a 5.83% increase in Corning, a major player in the fiber optics market, which reached a historical high. Additionally, CPO leader Lumentum rose by 5.1%, also setting a new record [4][6]. Liquid Cooling - The liquid cooling sector strengthened, with companies such as Jialitu and Chuanrun Co. achieving daily limit up. This was influenced by NVIDIA's showcase of its next-generation Vera Rubin computing system, which is the first to utilize 100% liquid cooling technology [8][10]. Analysts predict that the liquid cooling server market in China will experience a compound annual growth rate of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [10]. PCB (Printed Circuit Board) - The PCB sector also saw a notable increase, with stocks like ShenNan Circuit and Guanghe Technology hitting the daily limit up. Market expectations are high for the upcoming GTC conference, where the Feynman chip utilizing LPU low-latency architecture is anticipated to be showcased, potentially boosting PCB demand [10][12]. Analysts from Zheshang Securities believe that the upgrade of NVIDIA's GPU architecture will increase both the quantity and value of PCB used in their servers [12]. Company Highlights - Farsens, a leader in optical communication, has seen a four-day consecutive limit up, indicating strong market confidence [4][6]. - Jialitu and Chuanrun Co. are recognized for their advancements in liquid cooling technology, with Jialitu's stock rising by 9.98% [9]. - ShenNan Circuit, a key player in the PCB market, has also experienced a 10% increase in stock price, reflecting positive market sentiment [11].

精华版 概览标签：冷板、CDU、高性能计算、数据中心、AI训练集群 2025/11 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 www.leadleo.com 400-072-5588 ©2025 LeadLeo 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 文字/背景 Text/Background 填充色 Fill Colors 摘要 www.leadleo.com 2025年液冷全产业链解析： AI时代散热革命，各环节下的价值拆解 2025 China Liquid Cooling Industry 2025年中国液体冷却産業 中国液冷产业链上游为核心零部件，中游包括液冷IT设备与技术，下游包括应用赋能与基础设施建设；上中下 ...

打破Chatbot聊天对话框，AI（人工智能）正走向物理世界。 2026年春节期间，阿里、腾讯、字节等AI大厂纷纷加入红包大战，全民AI应用热情被点燃。国外，以 Open Claw、Cowork为代表的应用，引发了新一轮桌面Agent（智能体）热潮。 AI群星闪耀，胜负未分，Token（词元）却已狂飙。 摩根大通研报分析认为，这些大型互联网平台投入真金白银进行推广，是为加速用户从传统搜索转向聊 天机器人，并培养智能体商业习惯。这一进程实际上推升了推理量，从而加快Token的消耗速度。 一边是Token巨量消耗，另一边内存等硬件价格狂飙，加剧了算力租赁需求。算想科技CEO（首席执行 官）曾宇近日在接受《每日经济新闻》记者采访时透露，公司算力租赁从2025年初的2000卡GPU（图形 处理器）规模，到如今已迈入万卡GPU规模。 AI算力需求持续增长，但政策对数据中心能耗约束趋严，PUE（电源使用效率，是衡量数据中心能源效 率的核心指标）成为衡量绿色算力的一个关键指标。相比传统风冷PUE普遍在1.5以上，液冷方案PUE 可降低至1.1～1.2，强劲驱动力正推动液冷市场实现数量级的规模扩张。 新安股份（600596） ...

格隆汇2月24日丨高澜股份(300499.SZ)在投资者互动平台表示，公司专注于液冷整体解决方案设计与系 统集成，目前未生产冷却液产品。 ...

西南证券发布研报称，商业航天正式迈入建设期，通信行业开启"星座级Capex"新周期，是2026年最具 确定性的核心主线。商业航天已从前期技术验证与主题探索阶段，进入以规模化星座部署为核心的建设 期。在国家战略高度持续提升、"十五五"规划明确指引的背景下，低轨卫星作为6G"空天地一体化"网络 的关键基础设施，其发展具备明显的政策刚性。同时，低轨轨道与频谱资源高度稀缺且不可再生，全球 可用容量有限，中国在发射与规划层面持续推进，行业具备"必须做、且要抢时间"的战略特征。由此， 商业航天投资逻辑由主题驱动，明确切换至以网络建设为核心的Capex周期。 当前阶段，火箭回收与发射体系完善推动发星成本下降、效率提升，使星座部署由"可行"迈向"可持 续";发射频率提升后，卫星通信质量与覆盖能力同步改善，带动应用场景向更多行业渗透;应用规模扩大 后，收入增长将反哺产业链，推动商业航天由主题投资向可验证的产业周期演进。阶段上看，前期市场 已更多关注"火箭回收"的降本逻辑，后续有望逐步向运载能力提升、发射基地配套及终端侧轮动。 高速光连接是AI算力基础设施升级的重要组成部分，确定性持续增强 随着算力集群规模扩大与通信带宽需求提升 ...

Core Viewpoint - North American CSP companies are accelerating capital expenditures, focusing on high-power servers, power systems, cooling, and networking equipment, indicating a significant increase in AI training and inference demand [1] Group 1: AI Industry Dynamics - The domestic AI application sector is rapidly expanding, with large-scale implementations expected to significantly increase the frequency of inference computing power usage, creating a reverse pull on upstream computing power and infrastructure [1] - The AI industry is transitioning from a "single-point computing power boom" to a collaborative expansion phase involving "computing power, infrastructure, and application ecosystem" [1] Group 2: Market Opportunities - The server, power equipment, data centers, and liquid cooling sectors, along with the domestic computing power supply chain, are positioned to benefit continuously from these trends [1] - Recent domestic AIDC tenders are beginning to emerge, with clear growth potential in the HVDC/SST industry trend, indicating a high market space and further value enhancement opportunities [1] Group 3: New Energy Sector - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a daily price fluctuation limit of 20%, selecting listed companies involved in clean energy, new energy vehicles, and energy storage technologies to reflect the overall performance of innovative and growth-oriented companies in the new energy sector [1]

【国泰海通电新徐强团队】液冷beta来袭，重视液冷最大潜力标的：【兴瑞科技】 Vertiv业绩的超预期以及瑞银上修全球液冷行业增速均表明，26年是液冷的放量的一年，我们继续强call当下液 冷最具潜力以及预期差的标的【兴瑞科技】 维谛业绩超预期，股价创历史新高，2025单Q4净利润4.46 亿美元，同比+ 203%，维谛作为海外核心的液冷集成 商，业绩的超预期反映了海外液冷市场景气度正在迅速 【国泰海通电新徐强团队】液冷beta来袭，重视液冷最大潜力标的：【兴瑞科技】 Vertiv业绩的超预期以及瑞银上修全球液冷行业增速均表明，26年是液冷的放量的一年，我们继续强call当下液 冷最具潜力以及预期差的标的【兴瑞科技】 维谛业绩超预期，股价创历史新高，2025单Q4净利润4.46 亿美元，同比+ 203%，维谛作为海外核心的液冷集成 商，业绩的超预期反映了海外液冷市场景气度正在迅速增长，公司预计26年收入28-30亿美元同比+45-50%，其中 直接芯片冷却占比有望达60%； 瑞银预测2025-2030E数据中心液冷市场CAGR将达 51%，规模增至 310 亿美元，远超预期。 液冷市场的景气正在得到全市场的认 ...