再谈谷歌链和阿里链 20251125 摘要 Gemini 3 采用 Mind 模式动态分配算力，擅长解决复杂问题，但稳定性 较差，响应速度慢，简单问题处理能力有待提高。其屏幕理解能力使其 能充当智能代理，辅助用户完成任务。 Gemini 3 的代码处理能力相对较弱，不如 Anthropic 公司的 Claude 模型，后者在代码编写、纠错和修复方面表现更优，在需要高精度代码 处理的场景中更具优势。 谷歌链产业链中，光通信和液冷是两大投资关注点。中际旭创在谷歌光 模块市场占据主导地位，新易盛等公司也有突破。OCS 交换机市场正加 速发展，预计 2026 年业绩将逐步兑现。 OCS 交换机因其谷歌辨识度及与 AI 训练的关联性而备受关注，预计 2026 年市场规模将显著增长。中国企业已开始受益，未来增长潜力巨 大，为投资者提供广阔空间。 液冷技术在谷歌产业链中至关重要，英维克等公司通过参与机房式 CDU 及机柜侧液冷环节，提供高效散热解决方案，并有望随着光波导等新技 术的推广而扩大应用范围。 Q&A 谷歌最近发布的 Gemini 3 模型有哪些显著特点和优势？ 谷歌最新发布的 Gemini 3 模型目前被认为是全 ...

重要新闻提示 模拟芯片龙头思瑞浦：筹划购买奥拉股份股权，预计构成重大资产重组，今起停牌 上纬新材：选举彭志辉为董事长，聘任田华为首席执行官 春秋电子：全资子公司拟全面要约收购液冷公司Asetek A/S全部股份 今日提示 央行今日有3105亿元7天期逆回购到期 2025粤港澳大湾区文化产业投资大会11月26日至28日举行 财经新闻 1.国家航天局网站11月25日消息，国家航天局近日印发《国家航天局推进商业航天高质量安全发展行动 计划（2025—2027年）》提出，引导培育耐心资本。完善商业航天发展投融资体制机制，设立国家商业 航天发展基金，鼓励地方政府、金融机构、社会资本联合成立投资平台，引导资本坚持做长期投资、战 略投资、价值投资。建立项目推送机制，遴选若干符合航天发展规划和投资政策方向，且创新性强、示 范性好、具有产业化发展潜力的商业航天项目向基金推送，基金以市场化方式自主决策。 2.国家数据局副局长陈荣辉11月25日在"数据价值化 我们在行动"第三场新闻发布会上表示，近期，国家 数据局会同国务院国资委启动了国有企业数据资源开发利用试点工作，明确了12家中央企业为首批试点 牵头单位，联合民营企业、科研院所 ...

2025 年，美时集团在多个方面实现了显著的业务变化和增长。首先，公司的 主业——欧洲新能源电池盒业务表现出色，上半年收入增速非常快，随着欧洲 产能提升，预计未来盈利性将进一步提高，从而提升整体利润率。其次，公司 积极布局新兴业务，包括机器人、液冷和低空领域，这些新业务已经取得了显 著进展，为公司打开了新的成长空间，并带动 PE 的提升。此外，公司经营状 况改善，特别是现金流改善，预期分红率提升，使得 PE 有望回到之前水平。 美时集团为何能够在机器人等新兴业务上取得成功？ 敏实集团 20251124 摘要 美时集团通过过往在汽车外饰件领域的技术积累和全球化布局优势，成 功拓展至机器人、液冷等新兴业务，这些业务与现有产品在结构件和生 产工艺上具有共通性，使其能迅速抓住产业发展机会。 公司目前处于产能收获期，经营效率提升，盈利状况改善。2024 年起 资本开支明显下降，2025 年上半年仅为 9 亿元。毛利率从 2023 年的 19%提高到 2025 年上半年的 23%，受益于国内外市场良好表现和海外 成熟产能布局。 欧洲新能源市场对美时集团电池盒业务产生积极影响，2025 年欧洲新 能源车渗透率目标为 25. ...

Group 1: Industrial Robotics Industry Dynamics - The production of industrial robots in China reached 595,000 units in the first three quarters of 2025, representing a year-on-year increase of 29.8%, surpassing the total production for the entire year of 2024 [1] - Domestic brands have regained market share over foreign brands in the industrial robot market during the first half of 2025, indicating a shift in market structure [1] - Exports of industrial robots increased by 54.9% in the first three quarters, reflecting the growing international influence of Chinese manufacturers [1] - The rise of domestic robot companies is attributed to breakthroughs in core component technologies and a deep understanding of the local market, enhancing cost efficiency and supply chain stability [1] - Leading domestic manufacturers have improved their service strategies, enabling rapid response to customer needs and offering personalized technical support [1] - Major companies are combining technology acquisition and independent innovation through acquisitions, such as Estun's acquisition of UK-based TRIO and Germany's CLOOS to strengthen its position in high-end motion control and welding robot markets [1] - Domestic robot companies excel in developing specialized solutions for specific industries, gaining competitive advantages through tailored machinery [1] Group 2: Cooling Equipment Industry Dynamics - Vitec Technology reported a net sales figure of $2.676 billion for Q3 2025, marking a 29% year-on-year increase [2] - Organic orders for Vitec Technology grew approximately 60% year-on-year in Q3 2025, with a 20% increase compared to Q2 2025 [2] - The company has seen a 21% year-on-year growth in organic orders over the past 12 months, driven by demand in the AI-driven infrastructure sector [2] - The order-to-shipment ratio for Q3 2025 was about 1.4, with an unfulfilled order backlog of $9.5 billion [2] - Due to a robust backlog, Vitec Technology has raised its guidance for key financial metrics for the fiscal year 2025, increasing the adjusted diluted earnings per share from $3.80 to $4.10 and adjusted operating profit from $1.99 billion to $2.06 billion [2] Group 3: Cooling Liquid Distribution Unit (CDU) Developments - Google open-sourced its design specifications for a 2MW cooling liquid distribution unit (CDU) at the OCP conference, aimed at enhancing thermal management and operational efficiency [3] - The open-source design allows more CDU manufacturers to develop, manufacture, and improve their products based on Google's specifications [3] - Google also shared installation and maintenance procedures to facilitate rapid deployment of the equipment [3] - Companies like Vitec Technology, Stulz, and Delta have released CDU products based on Google's Deschutes 5 specifications [3]

【DT新材料】 获 悉，近日 全球数据中心液冷行业突然变得格外热闹。 三家全球龙头厂商Daikin、Eaton、Vertiv通过收并购的方式切入和扩展数据中 心液冷赛道 ，合计金额达到数百亿美元。 在过去的冷却技术演进中，很少出现像今年这样密集、且极具方向性的巨额并购。这三笔交易却指向同一个趋 势AI 驱动的液冷产业链，正在迎来前所未有的整合与加速。 2023~2024年可以称为液冷的大规模"试点期"，2025年开始它已经进入 战略性基础设施的全面建设期 。更值得关注的是这一轮的并购，并不仅仅 是"液冷硬件"的单一扩张。 看到的是全球巨头争相补齐短板，从冷板 → 管路 → CDU → 数据中心基础设施 → 冷却液生态系统的一整套能力矩阵 。 对于这些巨头厂商来说液冷当前不再是散热产品，而是一整条AI基础设施供应链。 （01） Eaton × Boyd：全球最大液冷并购 E aton用 95亿美元 收购Boyd的热管理业务时，整个行业都意识到这不是一次简单的"业务扩张"，而是 Eaton 明确押注未来十年的算力基础设施。 Eaton收购Boyd构建出"电+ 热"一体化的基础设施能力。Eaton 成为首批真正具备 ...

1、何立峰：持续推动外贸提质增效，打通全国统一大市场建设卡点堵点 重要程度：★★★★★ 中共中央政治局委员、国务院副总理何立峰11月18日至20日到湖北、湖南调研。何立峰指出，要认真学习 贯彻党的二十届四中全会精神，深入贯彻落实习近平总书记重要讲话精神，持续推动外贸提质增效，完善 高标准物流体系建设，加力支持制造业高质量发展，加快构建全国统一大市场，进一步畅通国内国际双循 环。 2、美国9月非农就业人数增加11.9万人 利率市场仍定价美联储12月不降息 重要程度：★★★★ 在"迟到48天"之后，美国劳工统计局终于在周四公布9月非农就业数据。 具体来看，美国9月非农就业人数增加11.9万人，预估增加5万人，前值增加2.2万人。此外，其他经济数据 方面，美国上周首次申领失业救济人数为22万人，预估为22.7万人。美国9月失业率为4.4%，预估4.3%， 前值为4.3%。 此前利率互换市场继续显示，美联储12月降息的可能性不大。在最新经济数据出炉后，交易员加大了对美 联储降息的押注，但仍预计美联储将跳过12月降息。 3、事关AI+、算力！广东印发重磅文件，机构纷纷看好相关产业前景 重要程度：★★★★ 广东省人民政府 ...

Group 1: Nvidia vs Google - Nvidia is expected to report its earnings soon, with market sentiment indicating that only results exceeding expectations will be considered normal, while meeting expectations would be viewed negatively [2] - Notable investors like Masayoshi Son and Peter Thiel have sold their entire holdings in Nvidia, which is relatively minor compared to Nvidia's market capitalization of 4.6 trillion [4] - Discussions around an AI bubble are increasing, with significant investments like the $1.4 trillion from Altman raising concerns about the sustainability of the AI industry's growth [5][6] - OpenAI's role is critical in the AI ecosystem, and any issues it faces could impact the entire sector's valuation, leading to the notion that "OpenAI is too big to fail" [9][10] - In contrast, there is growing confidence in Google, with data suggesting that Google is expected to dominate the AI model market by the end of 2025, holding an 86% market share compared to competitors [11][12] Group 2: Liquid Cooling Industry - The liquid cooling market is projected to be worth hundreds of billions, with key players like Invec and others making significant strides in North America [15] - Invec's 2026 data center and energy storage business is expected to generate substantial orders, with Nvidia and Google being major clients [16] - Companies like Shiquan New Materials and Kexin New Source are also expanding their operations in the liquid cooling sector, with plans to secure direct supply orders from major tech firms [18][19]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The report highlights the increasing consensus on supernodes as a foundational infrastructure for AI, driven by significant capital expenditures from major cloud service providers (CSPs) and advancements in GPU/ASIC technologies [5][8] - OpenAI has secured substantial power agreements totaling over $1 trillion, indicating a robust demand for AI computing power [5][14] - The report emphasizes the growth potential in various segments including servers, liquid cooling, power supply, and storage, with clear growth momentum identified [7][8] Summary by Sections Demand Side - CSPs are raising their capital expenditure forecasts, with Google increasing its 2025 capex to $91-93 billion, Meta to $70-72 billion, and Amazon to $125 billion, primarily for AI infrastructure [5][29] - OpenAI has signed significant power agreements with NVIDIA, AMD, and Broadcom, totaling 26GW and over $1.1 trillion in value [5][15] - Sovereign AI investments are projected to reach $1 trillion over the next five years, with major projects in the US, EU, and Saudi Arabia [5][25] Supply Side - The report notes the continuous iteration of chips, with supernodes becoming a consensus in AI infrastructure, as evidenced by new product launches from various manufacturers [34][5] - NVIDIA's upcoming GPU architectures are expected to enhance computational capabilities significantly, with the Blackwell Ultra and Rubin architectures set to launch in the coming years [36][39] - Major companies like AMD and Huawei are also advancing their AI chip offerings, with AMD's Helios solution and Huawei's Atlas series expected to drive further innovation [41][44] Growth Segments - The server market is experiencing substantial growth, with companies like Hon Hai and Wistron achieving significant increases in AI server shipments [7] - Liquid cooling technology is becoming essential in AI data centers, with companies reporting high double-digit revenue growth [7] - The storage chip industry is entering a period of severe shortage, driving up DRAM prices and increasing demand from CSPs [7] Multi-modal and Application Ecosystem - The report outlines the rapid evolution of AI models, with major updates from OpenAI and Alibaba, and a significant increase in token usage across platforms [7][8] - OpenAI's new applications and models are enhancing its ecosystem, with a notable increase in daily token usage [7][8]

Group 1 - Major overseas AI companies are increasing capital expenditures to enhance AI infrastructure, with Google, Meta, Microsoft, and Amazon raising their 2025 capital expenditure guidance [1] - AI-driven demand is significantly strengthening, as evidenced by Google Gemini's monthly token consumption increasing over 20 times in one year, Meta exploring new AI-driven interaction modes, and Microsoft Copilot reaching over 150 million monthly active users [1] - The ongoing investment in computing infrastructure both domestically and internationally is expected to maintain a high level of prosperity in the optical module market [1] Group 2 - The Communication ETF (515880) is the largest in its category, with a scale of 11.748 billion as of October 28, 2025, and optical modules accounting for 52% of its composition, while servers account for 22%, totaling over 81% when combined with fiber and copper connections [2]

Summary of Conference Call on Liquid Cooling Industry Industry Overview - The global liquid cooling market is expected to exceed previous forecasts, with significant growth anticipated by 2026 due to accelerated AI infrastructure investments by major companies like OpenAI and NVIDIA [1][3] - Chinese liquid cooling manufacturers are gaining a competitive edge in the global market, leveraging their extensive experience in energy storage and superior technology [1][4] Key Companies and Developments Inveke - Inveke has become a key partner for major internet companies and GPU manufacturers, with capabilities for end-to-end solutions [1][6] - The company has entered NVIDIA's collaboration list and is co-developing CPU products with Google, leading to expectations of performance exceeding forecasts [1][6] - The overseas revenue recognition timeline has been accelerated, with net profit margins projected to reach 20%-30% [1][6][8] Kangxin Yuan - Kangxin Yuan's acquisition of Dongguan Zhaoke enhances its performance flexibility and expands its participation in OEM projects, potentially integrating into the supply chains of major Taiwanese manufacturers [1][9][10] - The acquisition ratio has been increased to 51%-60%, indicating a strong partnership and a high probability of successful acquisition [1][9] - The company is expected to benefit from domestic clients like Huawei and ZTE, providing a positive outlook for growth in both domestic and international markets [1][10] Market Trends and Projections - The domestic supercomputing center market is projected to grow significantly, with the number expected to rise from 19 in 2025 to 40-50 in 2026, and further to 70 by 2027 [1][5] - The overall penetration rate of liquid cooling technology is anticipated to increase rapidly, driven by the transition from mixed solutions to full leaf solutions in domestic eight-card servers [1][5] Marginal Changes and Future Outlook - The industry is witnessing marginal changes, such as Inveke's accelerated overseas revenue recognition and Kangxin Yuan's enhanced performance flexibility through acquisitions, indicating strong growth potential for certain companies [2][11] - The focus will be on core companies and those with significant marginal changes to better capture investment opportunities in the evolving market landscape [7]