Market Insights - The market is experiencing a strong upward trend driven by positive factors such as stable prices and improved investment expectations, with overall liquidity remaining ample and trading activity active [3][4] - The CPI for December showed a year-on-year increase of 0.8%, better than the previous value of 0.7%, while the PPI decreased by 1.9%, a smaller decline compared to the previous 2.2% [15][19] - The recovery in PPI indicates price stabilization, which is expected to positively impact corporate profitability and enhance market risk appetite [4][15] Industry Configuration - The military industry sector has reached a historical high in trading congestion, with the defense military trading congestion at 9.4%, the highest since 2000, and the aerospace equipment sector also hitting a record high of 2.3% [21][22] - The growth phase of the market is not yet at its end, as key indicators such as the simultaneous new highs of major growth sectors have not been met, particularly in the electric equipment, computer, and communication sectors [25][26] - The current growth style is showing signs of acceleration, but it does not fully meet the characteristics of a strong market, indicating that the growth phase may still be in its early stages [29][31] Investment Opportunities - The AI industry chain is identified as the strongest mainline investment opportunity, with a focus on computing power, supporting components, and applications [34][35] - Other sectors to watch include storage and energy chains, military industry, and machinery equipment, which are expected to benefit from rising prices and demand driven by AI and geopolitical events [35][36]

人形机器人：进入规模量产阶段，核心零部件有望充分受益 可控核聚变：25年国内招标元年，商业化提速把握确定性机会 核聚变因其燃料资源丰富、能量密度大、清洁无污染、安全性高等突出的优点，被视为人类理想的终极 能源，目前可控核聚变的商业化应用已经进入工程可行性验证阶段，随着超导、AI等技术的不断突 破，以及国内外政府重视度的提升和投入的加大，可控核聚变正在加速商业化。进入2025年下半年，一 方面，可控核聚变被写入"十五五"规划建议;另一方面，BEST项目10月1日取得关键突破，主机关键部 件—杜瓦底座研制成功并顺利完成交付，并且在四季度开启大规模招标，我国可控核聚变建设步入新的 阶段。 液冷：AI算力新纪元，助力液冷需求提升 一方面，随着人工智能时代的到来，算力的需求不断增加，带动单颗芯片的功率、服务器机架功率密度 快速攀升，已经触及传统风冷的散热极限;另一方面，相关政策不断收紧数据中心的PUE要求。因此， 在产业和政策双重推动下，液冷成为未来AI服务器和数据中心的必然发展方向，市场规模有望快速提 升。目前，考虑到技术成熟度与部署改造成本，冷板式液冷为主流方案，其中液冷板作为主要的核心零 部件之一，正向散热能力更 ...

Core Viewpoint - The technology sector, particularly the AI computing power segment, is expected to remain a key investment theme in 2026, driven by strong growth and certainty in AI infrastructure development [2][5][40]. AI Computing Power - The AI computing power index has seen a significant increase of 46.67% since 2025, outperforming other AI-related indices [3]. - The growth in AI computing power is attributed to capital investments from major tech companies and government policies promoting domestic GPU alternatives [2][4]. - Despite the promising outlook for AI computing power, companies in AI applications and end products are not showing the same level of investment certainty [2][5]. Market Size and Growth Rates - The global GPU market is projected to grow from ¥10,515.37 million in 2024 to ¥36,119.74 million by 2029, with a compound annual growth rate (CAGR) of 27.99% [6]. - The Chinese intelligent computing GPU market is expected to grow from ¥1,425.37 million to ¥13,367.92 million, with a CAGR of 56.47% [6]. - Liquid cooling technology is anticipated to see a penetration rate increase from 14% in 2024 to 31% by 2026 [15]. GPU Market Dynamics - Nvidia holds a significant market share in the GPU sector, while domestic manufacturers are rising due to policies favoring local production [7][8]. - Companies like Cambricon are expected to achieve profitability by late 2024, driven by increased capital expenditures from internet companies [10]. - The projected net profit for Cambricon in 2026 and 2027 is expected to be ¥48.72 billion and ¥79.91 billion, respectively, indicating substantial growth [10]. Liquid Cooling - Liquid cooling is identified as a high-growth segment with increasing adoption due to its superior cooling efficiency compared to traditional air cooling [14]. - Major clients like Nvidia and Google are expected to drive demand for liquid cooling solutions, creating opportunities for domestic suppliers [17][20]. - Companies entering the Google supply chain are likely to see valuation increases, with examples like Invec and other domestic suppliers gaining traction [21][22]. Optical Modules and Chips - The optical module market is experiencing significant growth, with companies like NewEase and Zhongji Xuchuang seeing stock price increases of 450% and 422% since 2025 [26]. - The investment logic for optical modules is driven by technological upgrades and increased capital expenditures from cloud service providers [25]. - The optical chip market is dominated by foreign companies, but domestic firms could see valuation increases if they achieve breakthroughs in high-end optical chips [30][31]. PCB Market - The PCB market is expected to grow significantly, driven by the increasing demand for high-layer and high-density boards in AI servers [32]. - The average price of AI server PCBs is projected to be three times higher than traditional servers, indicating a strong growth potential [33]. - Companies in the PCB sector are currently facing high valuations, necessitating substantial earnings growth to justify these levels [36]. Investment Ranking - The investment ranking for AI segments is as follows: Liquid Cooling (highest certainty), Optical Chips (top tier), GPU, PCB, Optical Modules (high certainty but high valuations), and AI applications (lower certainty) [39]. - The macroeconomic environment is expected to provide liquidity support, enhancing the attractiveness of AI computing power investments in 2026 [40].

星标 ★ IPO日报 精彩文章第一时间推送 2025年，A股走出喜人的牛市行情，2026年又将会有什么样的表现？ 在记者的采访中，机构们纷纷预测，A股及全球股市有望延续牛市行情，并乐观预计 2026年可见到10%的指数涨幅，驱动逻辑是从估值修复转向盈利增长。专业人士认为，2026年的市场将更注重盈利兑现，科技与资源品被视为两大投资主 线。不过内需不足、贸易摩擦及房地产等风险因素仍需密切关注。 张力制图 01 / 牛市行情 "2026年A股、港股、美股都将延续当前的牛市行情，共振上行。核心逻辑来自全球流动性宽松周期持续、经济复苏、人工智能（AI）产业高速发展和资 源品价格上涨。"中信建投证券策略资深分析师夏凡捷在接受记者采访时表示，整体而言，支持牛市的核心逻辑预计仍将延续甚至强化。 夏凡捷认为，本 轮牛市以政策转向为起点，以流动性改善为核心，同时受到科技产业景气突破、中美博弈态势变化和全球资产配置调整等多方面因素的共同作用。他认 为，2026年全球流动性宽松格局将进一步深化，弱美元周期下人民币有望持续走强；与此同时，国内金融市场政策红利持续增厚，个人投资者入市的动力 正在增强，A股市场增量资金有望更大。 "20 ...

证券研究报告 | 策略定期报告 2026 年 1 月 4 日 开年攻势，指数新高 ——A 股 2026 年 1 月观点及配置建议 展望 1 月，A 股延续上行趋势，继续演绎春季攻势的概率较高。基本面在专项 债发行提速、政府投资回暖的推动下呈现边际好转；低基数背景下上市公司年 报业绩预报披露的同比增速有望明显回升；资金面受益于国内资金加仓概率提 升及人民币升值后外资回流，较为充裕。因此，A 股在 1 月继续走震荡向上走 势，创前期新高的概率进一步加大。1 月，围绕业绩披露的博弈情绪将会明显 升温。业绩超预期或者业绩披露后靴子落地的方向值得重点关注。总体来看， 我们依然关注投资驱动顺周期涨价方向，服务业消费和以国产算力为代表的自 主可控领域。 ❑流动性与资金供需：1 月增量资金有望整体保持平稳净流入，外资及险资有望 成为主力增量资金。宏观流动性方面，针对税期和跨年等季节性因素，央行在 月中税期前后及 12 月 18 日重启 14 天期逆回购操作，直接覆盖元旦假期资金 需求，尽管资金价格在年末有所收紧，但与往年相比，今年的波动幅度相对较 小，跨年后 1 月资金价格有望重回宽松。外部流动性方面，2026 年美联储仍 ...

[Table_StockNameRptType] 策略研究 月度报告 春风送暖 [Table_RptDate] 报告日期： 2026-1-4 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱： zhangyz@hazq.com 分析师：陈博 执业证书号：S0010525070002 电话：18811134382 邮箱：chenbo@hazq.com 相关报告 1.策略季报《万境皆含春意—2026 年 一季度 A 股市场研判及配置机会》 2025-12-28 2.策略周报《1 月市场和行业有何日历 效应？》2025-12-21 4.策略周报《换手率对当下成长行情 节奏如何指示？》2025-12-14 5.年度策略《破晓：从预期到盈利的切 换—2026 年 A 股投资策略》2025-12- ...

今天晚上突然看到了下面这个消息，各个群里都在讨论了。 关于TPU的 产能问题，我们在月初的时候就在 星球说过，CoWoS的产能对谷歌来说是个比较大的问题，但具体能分到多 少，各家拍的都不一样。 明显外资分析师拍的都比较保守，国内分析师就比较激进了，我看到某国内分析师给到了490w-600w，目前看是过于乐观 了。 大摩拍的数据如下，其中V5已经没有了，v6也只有30w，v7+v8是290w，总共是320w。 2026科技板块展望 | k Units | 2023 | 2024 | 2025e | 2026e | 2027e | 2028e | | --- | --- | --- | --- | --- | --- | --- | | v5 | 500 | 2.400 | 250 | | | | | v6 (Trillium) | | | 1.000 | 300 | | | | v7 (Ironwood, by Broadcom) | | | 500 | 2,500 | 1,200 | | | v8 (N; 3nm, by MediaTek) | | | | 400 | 2.000 | 1.800 | | N+ ...

首创证券（601136）认为，1)北美算力：AI大模型算力需求持续刚性扩张，北美算力产业链在服务器组 装、高端PCB、光模块等环节具备成熟产能与技术壁垒，是算力基础设施建设的核心支撑环节；2)国产 算力：AI大模型与国内芯片厂已逐步形成技术协同的完整生态，叠加国产芯片厂产能持续扩张，国产 算力芯片在"自主可控+供应链安全"的双重逻辑下，有望加速打入国内算力基础设施供应链。 中信证券认为，2025年以来，中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出 现局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年 以来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建设对零组件的数量和质量提出更高要求，并为产业链上下游带来更大的投资机 遇，液冷、存储、电源、光模块、PCB、量子计算等细分领域有望迎来更高的业绩弹性。 ...

在 " 果链 " 江湖中，还有一个低调玩家，苹果全系列产品的数千种零部件都出自它手，它是苹果最核心供应商之一。可比起前两者，这家公司的 知名度和话题度相去甚远。 这家公司叫领益智造，与公司一样低调的，是其创始人曾芳勤。41 岁创业，60 岁将公司带向千亿市值，个人财富近 700 亿，位列广东江门女首 富，却很少出现在公众视野。 近日，低调的领益智造引发市场热议，其宣布以 8.75 亿元收购液冷企业立敏达 35% 股权，超 34 倍的溢价引发广泛关注。而更让业界关注的是， 被收购的立敏达并非无名之辈，而是英伟达产业链的一员。 这不是一次偶然的并购。从消费电子到新能源汽车，从光伏储能到人形机器人，领益智造通过一次次收购等完成了多元赛道布局，如今更是瞄准 英伟达产业链，曾芳勤的棋局到底藏着怎样的逻辑？ 34 倍溢价并购 提起 " 果链 " 巨头，立讯精密、蓝思科技的名字总被反复提及，王来春、周群飞的创业故事也早已家喻户晓。 辞掉 " 铁饭碗 "，41 岁创业逆袭江门女首富 1965 年出生的曾芳勤，人生本来可以很 " 稳 "。大学毕业后，她进入深圳一家国企从事渔业管理，很快从普通员工做到副总经理，端着人人羡慕 的 ...

Core Viewpoint - The article highlights the strategic moves of Lingyi iTech, a key player in Apple's supply chain, focusing on its recent acquisition of a stake in a liquid cooling company, Limin Da, and its broader strategy to diversify into high-growth sectors, particularly in the AI and automotive industries [5][12]. Company Background - Lingyi iTech, founded by Zeng Fangqin in 2006, initially focused on precision parts for mobile phones, particularly for Nokia [7]. - The company gained prominence by securing orders from Apple, overcoming stringent quality and pricing demands [9][11]. - By 2024, Lingyi iTech's revenue reached 442.11 billion, with a market capitalization of 1,125 billion by the end of 2025, marking significant growth since its listing [11][12]. Recent Acquisition - Lingyi iTech announced the acquisition of a 35% stake in Limin Da for 875 million, with a valuation of Limin Da's total equity at 2.51 billion, reflecting a 34-fold premium [15][16]. - Limin Da is recognized for its collaboration with NVIDIA, providing critical cooling components for high-performance servers, which aligns with Lingyi iTech's strategic focus on AI and computing technologies [16]. Strategic Shift - The company has been actively restructuring its business by divesting non-core operations, such as its logistics and trade services, which previously accounted for 40.97% of its revenue in 2017 [13]. - Lingyi iTech has expanded into high-growth areas, including medical devices and electric vehicles, through various acquisitions [13][15]. Market Positioning - Lingyi iTech's recent moves position it as a comprehensive solutions provider in the AI and automotive sectors, with a product line that includes AI smartphones, wearable devices, and components for clean energy [15]. - The acquisition of Limin Da is seen as a strategic step to enhance its capabilities in the liquid cooling market, complementing its existing product offerings [16]. Industry Context - The article notes that other major players in the Apple supply chain, such as Luxshare Precision and Lens Technology, are also vying for positions within NVIDIA's supply chain, indicating a competitive landscape [17]. - The trend reflects a broader shift in the industry, where traditional supply chain companies are adapting to the demands of AI and high-performance computing markets [17].