12月17日，指数红盘震荡。截至9:41，上证指数涨0.06%，深证成指涨0.62%，创业板指涨0.92%。 盘面上，液冷服务器概念延续强势，飞龙股份2连板，英维克涨停，奕东电子领涨，科创新源等跟涨； 锂矿概念走高，金圆股份涨停，国城矿业、大中矿业等跟涨。下跌方面，海南、乳业等板块跌幅靠前。 1、信达证券：风格切换可能会越来越强，关注低位价值板块 信达证券认为，近期配置观点：风格切换可能会越来越强，关注低位价值板块。非银金融弹性逐渐增 加，成长中关注低位的电力设备、AI应用端，周期股半年内也有望存在弹性表现。牛市震荡期之后风 格也容易发生变化。牛市中震荡之后，大小盘风格有很大的概率会变化，成长价值风格转变概率没有明 确的规律，即使成长价值风格不变，领涨板块往往也会出现些变化。 2、银河证券：临近年底市场震荡结构的特征或将延续，关注明年政策红利与景气方向 银河证券认为，短期来看，临近年底，市场震荡结构的特征或将延续，行情轮动速度较快，重点关注明 年政策红利与景气方向的布局机会。配置方面，重点关注以下"两条主线+两条辅助线"：主线一，全球 百年未遇之大变局加速演进，国内经济底层逻辑转向新质生产力，人工智能、具身智 ...

13 December 2025 | 5:13PM HKT Equity Research Global Optical transceivers: TAM introduced; rising 800G / 1.6T driven by growing AI servers infrastructure We are introducing our global optical transceiver TAM, a demand angle based on our server forecasts and the corresponding connection needed. We cover (1) the adoption trend by speed, with 1.6T ramping up adoption in 2026-27E and 3.2T starting adoption in 2027E. (2) the penetration of silicon photonics solutions, increasing along with optical module speed m ...

二、行业发展历程 内容概况：当前，中国刀片式服务器行业正处在由技术升级、市场应用深化和供应链自主化等多重力量 共同驱动的关键发展窗口期，整体呈现出"市场规模持续扩张与产业链国产化进程加速"的双轨并行特 征。2024年，中国刀片式服务器行业市场规模约为150.7亿元，同比增长2.8%。这一增长不仅得益于云 计算、人工智能等下游需求对高密度算力基础设施的强劲拉动，也反映了国产CPU、操作系统等关键技 术的成熟与渗透。在政策引导和市场需求的双轮驱动下，国内刀片服务器产业正加速从依赖国际品牌向 自主可控的生态体系演进，头部企业通过技术创新与生态整合不断提升市场竞争力，未来有望在高端市 场与国际巨头展开更深入的角逐。 相关上市企业：紫光股份（000938）、曙光股份（603019）、浪潮信息（000977）、联想集团 （00992） 相关企业：宝山钢铁股份有限公司、抚顺特殊钢股份有限公司、中芯国际集成电路制造有限公司、中微 半导体设备（上海）股份有限公司、北方华创科技集团股份有限公司、海光信息技术股份有限公司、龙 芯中科技术股份有限公司、鹏鼎控股（深圳）股份有限公司、健鼎（无锡）电子有限公司、立讯精密工 业股份有限公司 ...

2026年，将是AI服务器系统级升级的关键窗口期。 摩根士丹利在最新研报中称，AI服务器硬件正在经历一场由GPU和ASIC驱动的重大设计升级。2026年，英伟达即将推出的GB300、Vera Rubin平台和 Kyber架构，以及AMD的Helios服务器机架项目，都会带来更高的计算能力和机柜密度。 与之匹配的，将是更有效的电源解决方案、标配的液冷散热方案以及更高要求的PCB和高速互联。这场系统级升级，也将让2026 年的 AI 服务器迎来"不 可估量的贵"。 AI服务器，需求爆发 AI服务器需求还在持续上升。 大摩预测，仅英伟达平台，AI服务器机柜的需求就将从2025年的约2.8万台，在2026年跃升至至少6万台，实现超过一倍的增长。与此同时，AMD的Helios 服务器机架项目（基于MI400系列）也获得了良好进展，进一步加剧了市场对先进AI硬件的需求。 | | | | | 英伟达AI服务器路线 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | HIOO | H200 | B200 | GB200 NVL72 | G ...

Supermicro stock (NASDAQ: SMCI) has been an underdog in the server market for a long time. But, with the recent boom in the artificial intelligence space, SMCI has shifted into the heart of the AI sup... ...

人民财讯12月10日电，据烽火通信（600498）消息，近日，烽火通信旗下长江计算在行业市场拓展中取 得新进展，成功独家中标某互联网头部企业2026年Q1通算服务器采购项目。 ...

"H200 或放开"下投资思路 20251209 摘要 预计明年国产 AI 算力产业链将显著增长，受益于国产芯片大规模放量， 招标回暖，以及潜在的 H200 芯片获批。Q3、Q4 招标已开始回暖并陆 续落地，H200 芯片获批将极大强化国产 AI 和算力产业链的发展。 H200 芯片获批将直接利好计算端和 AIDC，间接利好网络端和国产芯片 端。计算端 AI 服务器和服务器电源需求将随芯片数量增加而增长， AIDC 的功耗需求约为芯片功耗的两倍，机房需求可能大幅增长。 AIDC 板块 Q2 以来股价下行，目前已处于底部位置，但随着 Q3、Q4 逐步恢复以及最近一个月显著提升的 AIGC 需求，这一板块也将迎来回 暖信号。预计明年国内 AIDC 需求至少达到 6-7GW 以上，优质机房资 源可能供不应求。 网络侧，Scale-up 技术将带动超高速交换芯片需求，重点关注 51.6T 交换芯片。锐捷网络在字节跳动和阿里巴巴占有较大市场份额。光模块 方面，华工科技和铜连接器供应商华丰科技等公司将受益于这一趋势。 国产芯片发展是大势所趋，政策支持力度大。H200 系列芯片若能进入 中国市场，将推动国产大模型全面升级， ...

Core Viewpoint - Zhongke Shuguang announced the termination of a major asset restructuring plan involving the merger with Haiguang Information Technology due to unfavorable market conditions and the complexity of the transaction [1][3]. Group 1: Company Overview - Zhongke Shuguang, listed on the Shanghai Stock Exchange in 2014, has developed a significant market presence in computing, storage, security, and data center sectors, with a focus on intelligent computing, cloud computing, and big data technology [5]. - As of May this year, Zhongke Shuguang's total market capitalization exceeded 90.5 billion, which has increased to 146.5 billion [5]. Group 2: Haiguang Information Technology - Haiguang Information Technology, established in 2014, specializes in the research and development of processing chips and systems, including processors and accelerators [3]. - The company’s total market capitalization reached 509.7 billion, up from 316.4 billion at the time of the initial announcement in May [3]. Group 3: Transaction Details - The proposed merger was described as the largest consolidation in the domestic computing power industry, aimed at seizing new opportunities in the information technology sector [3]. - The decision to terminate the merger was made after thorough discussions and evaluations with all parties involved, citing that the conditions for implementation were not mature enough [1].

ANCHOR REPORT Global Markets Research 2 December 2025 Asia AI Semi & Server AI bubble? Less likely when supply is constrained AI bubble? We think AI demand is real and fast influencing everyone's life. The "bubble" concern is from the huge (and some circular) investment numbers over the next five years (and elevated valuation accordingly). However, it takes a long way from today to 3-5 years out as the supply chain (e.g. semi, component and power supply) obviously did not prepare for such skyrocketing deman ...

Core Insights - The company reported a record profitable quarter in Q4, with revenue growth of 14% and profit growth of 26%, exceeding both EPS and free cash flow guidance [2] - There is strong demand in the AI sector, with $2 billion in new orders, although some deals have been delayed into 2026 due to external factors like the U.S. government shutdown [3][4] - The company has a backlog exceeding $4.7 billion, indicating robust future growth potential despite current delays in datacenter projects [4] Datacenter Buildout Challenges - Delays in datacenter projects are attributed to a combination of supply chain issues, real estate complexities, and the time required for power and cooling installations [5][6] - The scale of datacenter buildouts is significant, often involving tens to hundreds of megawatts, which necessitates careful planning and execution [6][7] - Working capital requirements are also extended, impacting the overall timeline for project completion [8] Customer Demand and Technology Adoption - Customers are increasingly interested in the latest technology generations before committing to large-scale projects, which can lead to delays [9] - There is a growing trend towards flexibility in building datacenters, with a focus on networking capabilities and the adoption of new technologies [10][11] - The company has successfully returned its server segment, including AI, to approximately 10% operating profit in Q4, reflecting effective management of costs and demand [12] AI and Use Cases - Enterprises are accelerating the adoption of AI, with over 400 use cases already in production at the company, spanning various sectors [14] - The deployment of AI is increasingly occurring at the edge, where data is generated, which is seen as a cost-effective approach [15] - The concept of sovereignty cloud is gaining traction in Europe, emphasizing the importance of data sovereignty and hybrid designs in cloud solutions [16]