每经AI快讯，有投资者在投资者互动平台提问：已知公司服务器电源覆盖550W-8000W全功率段且获多 项国际认证，请问针对北美CSP厂商的AI服务器供电需求，公司是否已完成产品适配？现有合作接触 中，客户对产品的核心反馈如何，是否存在认证或产能方面的推进计划？ 奥海科技（002993.SZ）1月9日在投资者互动平台表示，公司服务器电源产品功率范围覆盖550W至 8000W，技术适配主流AI及算力设备的需求，产品规格能够满足海外客户的技术标准。目前客户已涵盖 服务器制造商、ODM代工厂及互联网行业巨头，产品具备服务北美CSP厂商的基础适配能力。 （文章来源：每日经济新闻） ...

机械行业 2026 年投资策略 20251230 摘要 2025 年机械行业指数上涨 35%，主要由估值提升驱动，盈利增速约为 10%，部分传统行业估值未见显著提升，反映市场对周期性和产业趋势 的不确定性担忧。 2026 年全球市场需求将由 AI 资本开支和降息驱动，降息有望改善欧美 需求并带动新兴市场投资与消费升级，中国企业应积极拓展新兴市场份 额。 纽威股份通过拓展中东市场实现业绩高增长，打破周期属性，表明长期 成长和业绩兑现是企业获得更高估值的关键。 美国降息将刺激欧美资本开支回升和新兴市场项目投入，为中国企业出 口带来机遇，装备类出口数据已显示出韧性。 预计 2026 年美国消费品端将受益于地产周期见底而改善，叠加就业形 势好转和实薪增速提升，有望推动相关公司增长。 投资建议：欧美市场首选与消费和资本开支相关的链条，新兴市场关注 通用工业品出口，如注塑机、叉车等，受益于人口基数和消费升级。 推荐国内有保障且海外有突破潜力的公司，如伊之密、海天国际、汇川 科技、亿合达等，以及 AI 燃机、服务器电源（麦格米特）、PCB 耗材 （鼎泰高科）等领域。 Q&A 2026 年机械行业的核心投资策略是通过全球化动 ...

证 券 研 究 报 告 AI电源两大重要方向：ACDC模块及电源管理芯片！ ——AIDC电源系列研究之2 证券分析师： 杨海晏 A0230518070003 杨紫璇 A0230524070005 联系人：杨紫璇 A0230524070005 2025.12.31 投资要点 证券研究报告 www.swsresearch.com 2 ◼ 2025年全球/中国服务器电源市场有望达316/91亿元。服务器电源产品的价值量随着功率的提升而提升。 ◼ 方向1——ACDC电源模块：大陆电源厂商加速崛起。在服务器电源领域，市场份额主要由台达、光宝等 企业占据。全球服务器电源生产企业集中在中国台湾省，前十企业中国台湾占据五家，市场占比60%左 右；中国大陆电源厂商麦格米特挤进前十，占比6%。 ◼ 方向2——DCDC电源管理芯片：多相电源是多相控制器与DrMOS的组合，可为高性能计算提供供电方 案。通过多相控制器和智能功率级模块的组合使用，将多个降压电路的输出并联使用，从而输出数百安 培到数千安培的电流，适用于超大功率供电的需求。以英伟达GPU为例，预计V100到B300单卡DrMOS 价值量增长约4倍！我们预计未来3年国内AI ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The artificial intelligence (AI) industrialization wave is approaching, leading to a rapid increase in demand for Artificial Intelligence Data Centers (AIDC) [4][11] - Power distribution equipment is a crucial component of AIDC and is expected to benefit significantly from the high demand in AIDC [36] - Major companies involved in the AIDC sector are highlighted, indicating potential investment opportunities [3] Summary by Sections Section 1: AI Industrialization and AIDC Demand Growth - AI is at a critical turning point for commercial deployment, driving a rapid increase in demand for intelligent computing power [4][11] - AIDC serves as the physical carrier for intelligent computing power, benefiting from the AI industrialization wave [12] - AIDC is evolving towards high energy consumption and high density, necessitating continuous upgrades in power distribution equipment [30][35] Section 2: Power Distribution Equipment in AIDC - Power distribution equipment is a vital part of AIDC, accounting for approximately 13% of initial investment costs [42] - AIDC's power supply architecture typically employs redundancy designs to ensure high reliability [43][44] - Diesel generator sets are the most common backup power solution for AIDC [56][60] - The transition from UPS to high-voltage direct current (HVDC) systems is anticipated, with HVDC becoming the mainstream architecture in the future [68][86] - The market for server power supplies is projected to exceed 100 billion, with supercapacitors and battery backup units (BBU) being key growth areas [113]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company, a leader in high-power power supply solutions, is expected to benefit significantly from the AI wave, leading to high growth in its server power supply business. Revenue projections for 2025-2027 are 48.42 billion, 59.10 billion, and 69.33 billion yuan, with net profits of 3.80 billion, 5.06 billion, and 6.39 billion yuan respectively [7][10]. - The company has a diversified business model with three main segments: power adapters, server power supplies, and other power solutions, which collectively form a robust growth strategy [9][24]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in the switching power supply sector, evolving into a leading manufacturer of power adapters, server power supplies, and other power solutions. It was established in 1996 and has expanded its product offerings significantly since then [21][24]. 2. Server Power Supply - The company is positioned as a domestic leader in high-power server power supplies, expected to benefit from the increasing demand for AI computing power. The server power supply segment is projected to grow significantly, with revenue growth rates of 60%, 40%, and 28% from 2025 to 2027 [9][10][15]. - The company’s products cover a wide range of power requirements, including high-efficiency solutions tailored for AI servers, which are critical for meeting the evolving demands of the market [9][74]. 3. Other Business Segments - The power adapter segment remains a stable revenue source, while the company is actively expanding into new areas such as electric vehicle chargers and other specialized power products, which are expected to contribute to future growth [9][82]. - The company is leveraging the recovery in consumer electronics demand to boost its power adapter sales, with significant growth anticipated in the display market, driven by new technologies and increased gaming demand [82][85]. 4. Financial Projections and Valuation - The company is projected to achieve total revenues of 48.42 billion, 59.10 billion, and 69.33 billion yuan from 2025 to 2027, with corresponding net profits of 3.80 billion, 5.06 billion, and 6.39 billion yuan. The report suggests a target market capitalization of 311.45 billion yuan for 2026, indicating a potential upside of 21% from the current market value [10][15].

Group 1: Commercial Aerospace - The commercial aerospace sector relies heavily on low-cost, high-frequency launch capabilities, with reusable rockets being a key factor [4] - China's recoverable rocket technology has entered the engineering verification stage, with multiple rocket types expected to enter the initial commercialization phase in the next three years [4] - The market for commercial aerospace in China is projected to reach 10 trillion yuan by 2030, with companies like Chaojie Co. already achieving bulk deliveries of rocket components [5][12] Group 2: Key Companies in Aerospace - Xinjing Energy is expanding its capabilities in the commercial aerospace sector by enhancing its supply of key materials like liquid oxygen and liquid hydrogen, aiming to become a new growth engine for its business [13][14] - Guojijiang Precision Engineering is a monopolist in aerospace special bearings, with nearly 100% market share, and is expanding into high-growth sectors like wind power bearings [11][12] - Aerospace Development Co. is leveraging its core electronic information technology to create a closed industrial chain from satellite development to data applications, aiming to become a leading player in aerospace defense electronics [16] Group 3: Market Reactions - Chaojie Co. experienced a 20% increase in stock price following positive news about its order fulfillment and market potential [5] - Guojijiang Precision Engineering and Xinjing Energy both saw their stock prices hit the daily limit up, reflecting strong market confidence in their growth prospects [11][14] - The stock prices of companies like Xinjing Energy and Aerospace Development Co. surged significantly, indicating investor optimism in the commercial aerospace sector [14][16]

今日早参 2025 年 12 月 23 日 何康 策略首席研究员兼金融工程首席研究 员 座机：021-28972202 邮箱：hekang@htsc.com 今日热点 金工：2025 年外资买入哪些中国资产 ETF 截至 2025 年 12 月 20 日，2025 年以来全球投资于中国资产的 ETF 累计获 得 831 亿美元的资金净流入。其中，境内 ETF 累计获资金流入 786 亿美 元，境外 ETF 则累计净流入约 45 亿美元。从总体数值来看，外资买入中国 资产占比较小；然而，就内部分化情况来看，2025 年以来外资对境内资产 的配置存在显著倾向性：就行业分布来看，科技板块获外资流入最多，达 95 亿美元，主要来自美国和欧洲地区；就具体产品而言，外资流入排名前 10 的 ETF 中有六只为科技 ETF，排名前 3 的 iShares 中国科技 UCITS ETF、 Invesco 中国科技 ETF 和 KraneShares CSI 中国互联网 ETF 获资金净流入 均超过 20 亿美元。 风险提示：本报告不涉及证券投资基金评价，不涉及对具体基金产品的投资 建议，亦不涉及对具体个股的投资建议；投资者需 ...

今天市场上消息太多，真假难辨，从光模块到PCB，这种消息是比较麻烦的，不知从何而来。 1、PCB 关于PCB 的传言有两个 ： 1\ Rubin机柜switch tray所用pcb材料体系确认升级：原M9树脂+二代玻纤布方案，升级为性能更高的 M9树脂+Q布方案。若采用，Q布需求有望提升600万米至1500万米，考虑备货有望达到2000万米以 上 2\ GoogleTPUV8考虑升規至EM896K3（Q-glassM9） 关于这个问题，咨询了产业内的很多朋友，也包括CCL原厂的朋友，关于Rubin的Switch tray， 台光 那边还并没有确认到是否的确升级到了M9 + Q布的方案 。但midplane已经基本确认是使用M9了。 | nVidia | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Generation | Content | Time | Structure | CCL Material | CCL Supplier(s) | PCB Supplier(s) | | H100 | OAM | 2H23-1Q25 | 5+8 ...

Core Viewpoint - The company is initiating coverage on Continental Power with a "Buy" rating and a target price of 233.37 yuan, corresponding to a 57x PE for 2026, highlighting its strong position in the high-power server power supply market amid growing AI data center demand [1] Group 1: Company Overview - The company specializes in power adapters and server power supply, being one of the few domestic leaders capable of providing high-power server power supplies [1] - The company is expected to benefit from the booming demand for AI data centers, leading to a rise in both volume and price for server power supplies [2] Group 2: Market Dynamics - The global installed capacity of intelligent computing data centers is projected to grow at a CAGR of 25% from 2025 to 2027, driven by increased demand for AI computing power [2] - The global AI server power supply market is expected to reach between 15.9 billion to 21.3 billion yuan by 2025, with the company poised to capture market share due to its advanced technology and strong customer relationships [2] Group 3: Business Segments - The power adapter segment is expected to contribute 44% of the company's total revenue in 2024, with a projected revenue contribution of 1.76 billion, 1.84 billion, and 1.94 billion yuan from 2025 to 2027, reflecting a CAGR of 5% [3] - The company has established stable partnerships with major clients such as LG, HP, Honeywell, Google, and Foxconn, which enhances order resilience and new product introduction [3] Group 4: Differentiation from Market Views - The company believes it will outperform market expectations by leveraging its leading capabilities in high-power server power supply development and production, thus enjoying both value and market share growth during the technology diffusion period [4] Group 5: Profit Forecast and Valuation - The company forecasts net profits of 326 million, 450 million, and 562 million yuan for 2025 to 2027, with year-on-year growth rates of 21.47%, 38.17%, and 24.95% respectively [5] - The estimated EPS for the same period is projected to be 2.96 yuan, 4.09 yuan, and 5.12 yuan, with a target price of 233.37 yuan based on a 57x PE for 2026 [5]

李宁公司在散热和金属结构件领域具备优势，其子公司赛尔康提供电源 解决方案，与富士康等合作开发服务器电源，有望在英伟达成本下降和 技术变革背景下提升竞争力。预计 2025-2027 年利润增长超 30%。 Q&A 领益智造 20251217 摘要 领益智造前三季度利润增长 37%，达 19 亿元，主要得益于逆变器组装 业务和新能源动力电池业务扭亏为盈，以及小型收购带来的增量。美国 制造业回流政策影响减弱，行业竞争格局改善是关键因素。 领益智造通过可转债收购汽车部件、硅胶及 PVD 镀膜业务，预计年底至 明年一季度并表，这些资产保持盈利状态，将进一步贡献营收。 领益智造在折叠机屏幕支架及碳纤维结构件市场取得突破，计划进入关 键客户的折叠设备供应链，有望显著提升相关业务收入。 钢壳电池、VC 均热板和 40 瓦快充等新技术在 iPhone 17 的应用，为 领益智造带来增长机遇，特别是赛尔康作为苹果主要充电器供应商，占 据 80%以上份额。 李宁公司自 2024 年起布局机器人和服务器赛道，并在液冷领域取得进 展，预示其对未来市场趋势的积极应对和战略转型。 国内平台类公司在服务器赛道拥有巨大潜力，市场规模达数万亿美 ...