上周最后一个交易日，美股一度大跌，诱因就是美国非农数据低于预期，且大幅下修了五六月份的数 据。 高盛与花旗最新报告均认为，美联储有较大可能会在9月降息25个基点，高盛甚至预测将在年底之前总 共降息75个基点。而在上个月，特朗普极限施压美联储降息的新闻不绝于耳。 在达哥看来，一旦美联储降息，那么将打开国内货币政策的空间，并强化A股市场在资金层面的逻辑。 近期A股走出慢牛态势，不少机构均看好未来行情。 昨天达哥看到一则报道，有私募人士表示："即将到来的A股史诗级牛市会掀翻6124高点，并且把这一 历史峰值'踩'在脚下。" 中信证券近日发布的研报称，如果以今年6月作为本轮市场从存量转为增量的起点，那么目前"水牛"行 情才持续不到2个月，并且未来可以期待会有增量政策，进一步推动基本面预期改善。 中金公司最新研报指出，央行扩表空间较大。如果政策力度加大，尤其是在解决债务和改善资产负债表 方面的政策力度加大，市场情绪仍有改善的空间。 我们回到市场。 7月18日，Digitime发布博文称，包括戴尔在内的英伟达合作伙伴已开始生产基于GB300的服务器，大规 模发货预计要到2025年9月。 今天，A股三大指数集体上涨，上证指 ...

Group 1 - The core viewpoint is that the AI industry is experiencing a "investment-growth-reinvestment" cycle, with significant Capex increases from major overseas companies [1] - Major CSP companies reported a substantial increase in AI cloud business growth, with combined Capex from Microsoft, Google, Meta, and Amazon reaching $96.1 billion in Q2 2025, a year-on-year increase of 66% [1] - The liquid cooling market is expected to grow rapidly, driven by the demand for NVIDIA GPUs and self-developed ASIC chips from major cloud providers, with projected market sizes of approximately 35.4 billion, 71.6 billion, and 108.2 billion yuan for 2025, 2026, and 2027 respectively [1][7] Group 2 - Vertiv reported Q2 2025 revenue of $2.638 billion, a year-on-year increase of 35%, exceeding market expectations by 12%, driven by strong data center demand [2] - Adjusted EPS for Vertiv was $0.95, surpassing consensus estimates by 14%, with organic orders increasing by 15% year-on-year and 11% quarter-on-quarter [2] - Vertiv's revenue growth guidance for 2025 has been raised to a midpoint of 24%, up from a previous estimate of 18% [2] Group 3 - The liquid cooling penetration rate is accelerating due to the design of integrated cabinet products, with significant demand from NVIDIA's GPUs and cloud providers' ASIC chips [3] - NVIDIA's B series chips are expected to drive liquid cooling demand significantly, with projected liquid cooling values of approximately $2.282 billion, $5.5 billion, and $7.7 billion for 2025, 2026, and 2027 respectively [4][7] - The ASIC chip market is projected to grow rapidly, with a compound annual growth rate of 65% from 2024 to 2027, and expected liquid cooling demand of approximately $2.7 billion, $4.5 billion, and $7.4 billion for 2025, 2026, and 2027 respectively [6][7]