液冷产业相关介绍我们在前期文章反复提及，在此不过多赘述。本文章更多叙述2026年液 冷行业供需两侧逻辑/数据及国内厂商的出海机会展望。 千亿的液冷赛道 英伟达Rubin的液冷新方案？ GB200 GB300液冷价值量拆解 需求侧 1、随着单AI算力卡及机柜功耗越来越高，风冷无法满足相应算力卡及机柜的散热要求，必须要上液 冷方案才能解决相应散热问题。（单柜功耗＞35-40KW即无法上风冷） 2、北美缺电严重，液冷能显著降低PUE，大幅节约单位算力密度总能耗，缓解缺电导致的数据中心 项目推迟。（液冷方案PUE＜1.2），不要小看这一点点的降低，数据中心的电费是非常夸张的，这 也是为什么国内很多数据中心都建在内蒙古、新疆等地的原因。 3、北美不少数据中心项目离经济中心或居民区域相对较近，液冷相对风冷散热方案能显著降低数据 中心机房噪音，促使数据中心项目落地进程加快，减少资金垫付财务成本 目前英伟达GB200及以上更高级机柜系列方案全面运用液冷散热方案；谷歌的TPU V7 及以上更高级 机柜系列方案全面运用液冷散热方案（此前TPU V3有尝试运用液冷方案，但当下量不大）；Meta的 MTIA V2及以上更高级机柜系列 ...

春秋电子 20251207 摘要 春秋电子三季度扣非净利润创新高，得益于产品结构升级和高毛利镁合 金消费电子方案占比提升，预示公司盈利能力显著增强。 收购丹麦液冷散热方案供应商阿斯泰克旨在结合双方优势，发力服务器 液冷市场，阿斯泰克在台式机和高性能液冷市场有 20 年经验和近百万 台出货量。 阿斯泰克战略调整后，将重点发力服务器验证市场，其 DTC 技术路线与 NV 高度吻合，拥有大量专利和设计经验，为未来发展奠定基础。 越南工厂目前亏损，预计 2025 年收入约 2 亿元，目标 2026 年大幅减 亏甚至扭亏，新增模具订单预示未来收入增长潜力。 服务器市场与电池市场下游客户重合度高，收购阿斯泰克后，春秋电子 将从解决方案和核心硬件两方面入手，提高产品价值含量，并逐步准备 海外基地。 阿斯泰克定位为解决方案提供商，对标酷 IT，计划从源头方案设计加硬 件双管齐下，初期以阿斯泰克为主导研发，并逐步扩充国内团队，提高 服务能力和响应速度。 预计 2025 年对戴尔收入约 10 亿元，未来两年内有望保持 30%-50% 的增长，镁合金方案市占率有望提升，受益于镁价格下降和高端机型需 求。 Q&A 春秋电子近期的业绩 ...

Core Insights - Morgan Stanley predicts that 2026 will be a pivotal year for explosive growth in AI hardware, primarily driven by strong demand for AI server hardware [6][7] - The report highlights a significant redesign upgrade in AI servers driven by GPUs and ASICs, with new platforms from NVIDIA and AMD expected to enhance computing power and cabinet density [6][7] AI Server Rack Demand Surge - AI server cabinet demand is projected to surge from approximately 28,000 units in 2025 to at least 60,000 units in 2026, representing over 100% growth [7][13] - The transition from single GPU designs to integrated rack systems is expected to benefit ODM manufacturers like Quanta, Foxconn, Wistron, and Wiwynn [13] Power and Cooling Solutions - The report emphasizes that the challenges of power consumption and cooling due to hardware upgrades present significant opportunities for power and cooling suppliers [18][19] - A shift to 800V high-voltage direct current (HVDC) power solutions is anticipated, with the value of power solutions for Rubin Ultra cabinets projected to exceed ten times that of current GB200 cabinets by 2027 [20][22] Liquid Cooling Necessity - Liquid cooling has transitioned from an optional solution to a necessity, with the total value of cooling components for a GB300 cabinet estimated at approximately $49,860, expected to increase by 17% for the next-generation Vera Rubin platform [23][26] Value Chain Upgrades - The report indicates that the upgrade of AI platforms will have profound impacts on printed circuit boards (PCBs) and interconnect components, with increasing requirements for layer counts and material grades [30][31] - The evolution of NVIDIA's GPUs shows a trend towards more complex and higher-value PCB manufacturing processes, creating structural growth opportunities for PCB and upstream material suppliers [32][33]

Core Viewpoint - Morgan Stanley predicts that 2026 will be a pivotal year for explosive growth in AI hardware, primarily driven by strong demand for AI server hardware [4][5]. AI Hardware Growth Drivers - The growth of AI hardware is shifting from the H100/H200 era to a new cycle driven by NVIDIA's GB200/300 and the upcoming Vera Rubin platform [5][6]. - The demand for AI server racks is expected to surge from approximately 28,000 units in 2025 to at least 60,000 units in 2026, representing over 100% growth [8]. Power and Cooling Solutions - The report highlights that the challenges of power consumption and cooling due to hardware upgrades present significant opportunities for power and cooling suppliers [10]. - The transition to 800V high-voltage direct current (HVDC) power solutions is anticipated, which will greatly enhance the value of power solutions [12][14]. - By 2027, the value of power solutions for Rubin Ultra cabinets is expected to exceed ten times that of current GB200 server cabinets [14]. Liquid Cooling Components - Liquid cooling has become a standard requirement, with the total value of cooling components for a GB300 server rack estimated at approximately $49,860, expected to increase by 17% for the Vera Rubin platform [10][15]. PCB and Interconnect Upgrades - The report emphasizes the significant impact of AI platform upgrades on printed circuit boards (PCBs) and interconnect components, with increasing requirements for layer counts and material grades [16][20]. - The number of layers in ABF substrates is projected to increase from 12 layers for H100 to 18 layers for Vera Rubin [17]. - The demand for high-layer HDI boards and high-grade CCL materials is expected to create structural growth opportunities for PCB and upstream material suppliers [20][22].

Business Performance - The company's consumer electronics equipment and systems business accounted for approximately 60% last year, which has slightly decreased this year. The AI server business now represents about 20%, showing an increase, while the automotive electronics business has improved from 5%-10% to a higher percentage this year [2][4]. - Overall order volume in the first half of this year has significantly increased compared to the same period last year, particularly in AI computing orders, which are expected to grow substantially in the future [2][4]. Order and Revenue Insights - The high growth in product orders is attributed to increased testing demands from major clients and new feature testing requirements due to product iterations. The typical time lag between order and revenue realization is 3-6 months [2][4]. - The company collaborates with major clients such as Microsoft, Google, Amazon, META, Cisco, Tesla, and Qualcomm, with orders being placed either directly by end clients or through their OEMs like Foxconn and Luxshare Precision [3][4]. Product and Pricing Information - The company offers customized products with a price range varying from hundreds of thousands to millions, depending on the specific testing functions and client requirements [4][5]. - The company has developed self-researched liquid cooling solutions for AI server testing equipment, aiming to transition from equipment supply to component supply based on client needs [6][7]. Market Position and Competition - The company did not disclose specific market share or competitor information, indicating a focus on certain niche testing projects within the broader market [5][6]. Client Collaboration and Revenue - The company serves as a supplier for N clients, focusing on testing for self-developed server products, with testing times ranging from 4 to 24 hours due to strict quality requirements [4][5]. - Collaboration with T clients involves testing solutions for humanoid robots and automotive applications, with cooperation amounts reaching several tens of millions [8][9].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 24,910.63 points, up 0.03% or 8.1 points, with a total turnover of HKD 215.235 billion [1] - The Hang Seng China Enterprises Index fell by 0.21% to 8,932.68 points, while the Hang Seng Tech Index rose by 0.2% to 5,532.17 points [1] Blue Chip Performance - BYD Electronics (00285) led the blue-chip stocks, rising 6.72% to HKD 37.8, contributing 3.01 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 3.14% and China Shenhua (01088) up 2.99%, while Li Auto (02015) fell 5.35% [2] Sector Highlights - Large tech stocks had mixed results, with Tencent up 1.7% and Alibaba up 0.6%, while Xiaomi fell 0.55% [3] - The "anti-involution" theme was active, with paper, coal, and steel stocks generally rising, such as Nine Dragons Paper up over 10% [3][4] - New consumption concepts showed strength, with Pop Mart rising nearly 8% [3] Recent Developments - Pop Mart hosted the 2025 PTS Beijing International Trend Toy Expo, with Morgan Stanley analysts maintaining an "overweight" rating on the company, citing undervalued platform potential [4] - Upmeihua Holdings (02145) projected a revenue increase of 16.8%-17.3% for the first half of 2025, with net profit expected to rise by 30.9%-35.8% [4] - The domestic coal price increased by HKD 240 per ton to HKD 1,680 per ton, marking a 37% rise since early July [5] Robotics Sector - The robotics sector saw gains, with companies like Geek+ (02590) and MicroPort (02252) rising by 5.68% and 4.07% respectively [5][6] - The upcoming 2025 World Robot Conference is expected to showcase over 100 new products, nearly double from last year [6] Notable Stock Movements - Times Angel (06699) surged 18.29% after announcing a positive earnings forecast for the first half of 2025, expecting a net profit increase of approximately 538.1%-604.8% [7] - Crystal Technology (02228) rose 12.42% following a significant contract with DoveTree worth approximately HKD 470 billion [8] - China Shipbuilding Defense (00317) increased by 7.75% due to optimistic profit forecasts based on seasonal factors in the shipbuilding industry [9] - Zhenjiu Lidu (06979) saw a strong performance despite a projected revenue decline of 38.3%-41.9% for the first half of 2025 [10] - Cathay Pacific (00293) fell 9.66% after reporting mid-year earnings that fell short of expectations, particularly in passenger revenue [11]

Group 1 - TrendForce estimates that Blackwell will account for over 80% of NVIDIA's high-end GPU shipments in 2025 [1] - The overall server market is stabilizing, with ODMs focusing on AI server development [1] - The new Blackwell platform products, including GB200 Rack and HGX B200, have started volume production since Q2 [1] Group 2 - The updated B300 and GB300 series are currently in the sample verification stage [1] - As GB200/GB300 Rack shipments expand in 2025, the adoption rate of liquid cooling solutions for high-end AI chips continues to rise [1]