制造专场-2025 研究框架线上培训 摘要 字节跳动预计投入 2000 亿资本开支提升 AIDC 算力，国内头部 CSP 云 厂商和运营商预计新建机房功率约 8GW，全球范围内保守估计 25GW，为相关设备带来快速增长。 ASIC 芯片旨在替代 NV 技术路线，减少对台湾供应链依赖，为国产供应 商提供巨大机会，可能 70%-80%采用中国供应链，相当于创造一个 NV 的大市场。 传统 UPS 供电方案在算力波动背景下存在电损高和变频响应效率低的问 题，HVDC 供电更适合现代云计算需求，单瓦价值量显著提高。 液冷系统渗透率较低，但随着单柜功率密度增加，液冷系统将快速放量， 预计明年美国新增机房中 80%-85%将采用液冷架构。 液冷市场空间主要由英伟达等公司的芯片需求驱动，预计 2026 年英伟 达 GB300 芯片出货量对应的液冷市场空间巨大。 人形机器人产业生态体系基本建立，正从技术爆发到商业验证过渡，落 地场景包括特种、工业、教育商业和家庭，商业化落地需具备聪明的大 脑和灵活的身体。 人形机器人关节模组占据成本 70%以上，技术壁垒高，更注重灵活性和 单位体积成本重量，传感器方面，触觉传感技术路线中电容 ...

2025 年我们看到了人形机器人的强劲发展机会，主要催化因素来自于特斯拉 等头部厂商的产业进展，例如 Gen 3 发布及其对零部件需求的推动。预计到 2026 年底，人形机器人月度产销可达 1 万台左右，全年总产量可能在小几万 到 5 万台之间。考虑到头部份额约为 20%-30%，行业总量应在 10 多万台水 平。单台价格合理区间为 2 万至 25,000 美元，其中 BOM 占售价比例约六七 成，即每套 BOM 约 10 万美元。因此，人形机器人零部件全球市场容量预计可 达 100 至 200 亿美元。这一增量市场相当于千元级别汽车零部件市场规模， 其中核心零部件公司如德昌电机控股、拓普集团和肇民科技值得重视。 汽车行业四季度展望 20251008 摘要 欧洲新能源车市场增长确定性强，受益于欧盟碳排放政策，中国车企如 上汽、比亚迪等表现突出，预计将持续受益并成为全球增长最强劲的市 场之一。 人形机器人领域 2025 年迎来发展机遇，特斯拉等头部厂商的产业进展 是主要催化剂，预计 2026 年底月度产销可达 1 万台，零部件市场容量 预计达 100-200 亿美元。 汽车零部件企业在算力投资方面涌现机会，如潍 ...

随着《新型储能规模化建设专项行动方案》重磅出台，1.8亿千瓦的装机目标如同一声发令枪，2500亿 元的直接投资蓄势待发。 2025年，中国储能行业站上了前所未有的风口。 数字背后是惊人的增长速度：截至2025年6月，新型储能累计装机突破100GW，这个数字是"十三五"末 的32倍。仅上半年新增装机就达23.03GW，同比增长68%。 但比数字更深刻的，是游戏规则的彻底改变。 2025年2月，一纸"136号文"宣告了"强制配储"时代的终结，储能行业从此断奶自立。取而代之的是独立 储能的崛起——它已占据过半装机容量，从新能源的"附属品"蜕变为电力市场的"实力玩家"。 储能，这个曾经的"配角"，正在新型电力系统的舞台上C位出道。它的故事，才刚刚开始。 01 政策破局："136号文"改写储能增长规则 储能估值重塑的关键，在于2025年2月发布的136号文（关于深化新能源上网电价市场化改革促进新能源 高质量发展的通知）。该文件与前期政策形成"短期抢装托底、长期市场驱动"的组合拳，彻底改变行业 增长逻辑。 136号文最核心的突破，是明确"不得将储能作为新能源项目并网前置条件"，直接终结行政强制配储模 式： 一方面分阶段施 ...

Core Viewpoint - The liquid cooling market is expected to experience rapid growth due to the increasing power of AI chips and the density of single cabinets, with a recommendation to focus on the entire liquid cooling industry chain, particularly highlighting Envicool (002837.SZ) as a key investment opportunity [1][2]. Group 1: Industry Trends - In the AI era, the heat density of data centers is accelerating, making liquid cooling a mainstream cooling technology for intelligent computing centers [2]. - Liquid cooling offers advantages over traditional air cooling, including faster temperature transfer, greater heat removal capacity, lower noise, energy savings, and space efficiency [2]. - The global PUE (Power Usage Effectiveness) assessments are becoming stricter, which is likely to enhance the penetration rate of liquid cooling solutions [2]. Group 2: Market Potential - The global market for liquid cooling in data centers is projected to reach $10 billion by 2026, driven by the adoption of liquid cooling solutions in North America and China [3]. - In North America, the unit value of cold plate liquid cooling is approximately $1,040 per kW, with a potential market size of $3 billion driven by CSP cloud providers adopting liquid cooling for self-developed ASIC chips [3]. - The demand for NVIDIA GPUs remains strong, with optimistic projections suggesting that the liquid cooling market size for NVIDIA could exceed $7 billion by 2026 [3]. - In China, the unit value of cold plate liquid cooling is around 5,000 yuan per kW, with expectations for accelerated penetration rates by 2025 and projected market sizes of 11.3 billion yuan and 23.8 billion yuan for 2026 and 2027, respectively [3]. Group 3: Competitive Landscape - Traditional overseas cooling companies have an early advantage in the liquid cooling market, but domestic manufacturers are expected to benefit from high cost-performance ratios, rapid response times, customized services, and industrial capabilities [3][4]. - The liquid cooling supply chain includes upstream component manufacturers, midstream system solution providers/integrators, and downstream clients such as AIDC service providers, operators, and internet companies [3]. - System integrators require comprehensive capabilities, with high design and stability demands, where established companies like Vertiv and Envicool hold advantages [3].

Investment Rating - The report rates the industry as "Outperform" [2] Core Viewpoints - The rise in computing power density necessitates liquid cooling as the primary heat dissipation technology for intelligent computing centers. Liquid cooling offers advantages over air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, energy savings, and space efficiency. The global trend towards stricter PUE assessments is expected to drive the penetration of liquid cooling technology [7][11][26] - The global market for liquid cooling in data centers is projected to exceed $10 billion by 2026, driven by the increasing power of AI chips and the growing density of server cabinets. The North American market alone is expected to reach $10 billion, with significant contributions from companies like NVIDIA [8][93] - Domestic liquid cooling market in China is expected to reach approximately 11.3 billion yuan in 2026, with a further increase to 23.8 billion yuan in 2027, as operators gradually adopt liquid cooling solutions [8][86] Summary by Sections 1. Computing Power Density and Liquid Cooling Technology - The increasing power density of AI chips is pushing the limits of traditional air cooling methods, making liquid cooling essential for managing heat in intelligent computing centers. Liquid cooling systems are categorized into room-side and ICT device-side architectures, with cold plate technology currently being the most widely adopted [7][10][11] 2. Accelerating Liquid Cooling Application and Market Size - The cooling system costs account for over 20% of the total data center infrastructure costs. Liquid cooling is expected to further increase this investment share. The report estimates that by 2026, the liquid cooling market in China will surpass that of air cooling, with a projected market size of 21.8 billion yuan [80][81][86] 3. Liquid Cooling Industry Chain Analysis - The liquid cooling industry chain consists of upstream components (liquid cooling parts), midstream system integrators, and downstream customers (data center service providers, operators, and internet companies). The report emphasizes the importance of system-level understanding for specialized temperature control manufacturers to benefit from industry growth [97][101]

高澜股份 20250926 国内电力需求持续增长，国家电网和南方电网固定资产投资增加。国家 电网 2024 年投资超 6,000 亿元，同比增长 15%，2025 年计划超 6,500 亿元。南方电网 2024 年投资 1,700 亿元，同比增长超 20%，2025 年继续增加，主要用于特高压交直流工程项目建设。 高澜股份在手订单充足，截至 2025 年 6 月 30 日达 11.39 亿元，同比 翻倍。考虑到生产交付周期，高在手订单可确保公司 2026 年高景气增 长。公司主营业务呈现企稳反转态势，未来增长点体现在高速数据中心 市场份额及盈利弹性。 高澜股份在液冷领域的发展情况如何？ 高澜股份主要以液冷为主，在过去几轮风冷、液冷炒作中表现平平，原因包括 自身治理问题和股权剥离。然而，今年（2025 年）高澜股份的主业出现了明 显反转，订单同比增长翻倍以上，预计明年（2026 年）也将保持良好趋势。 此外，从 GB200 到 GB300 标准的提升，将显著提高液冷渗透率，并带来量价 提升。短期内，高澜股份作为国内算力核心标的，有望在基本面修复基础上实 现补涨。如果其在液冷方面取得突破，将带来更大弹性机会。 高 ...

Investment Rating - The report maintains a positive investment outlook across various sectors, particularly in hydrogen energy, wind power, and lithium batteries, indicating strong growth potential and investment opportunities [1][2][3][4][5][6][9][23]. Core Insights - The energy revolution is shifting focus towards decarbonization in non-electric sectors, with green hydrogen and methanol as key pathways, presenting multiple investment opportunities in production and equipment [1][5][6][7]. - The wind power sector is experiencing significant developments, with major projects in Italy and Thailand, indicating robust overseas expansion for leading companies [9][10][11][12]. - The lithium battery market is witnessing strong demand driven by the energy storage sector and the upcoming peak consumption season for electric vehicles, leading to price increases [23][24]. Summary by Sections Hydrogen and Fuel Cells - The market is recognizing the potential of green hydrogen and methanol, with significant growth expected in various applications such as transportation and chemicals [1][5][6][7]. - The demand for green methanol in shipping is projected to rise, with regulatory frameworks supporting its adoption [7]. Wind Power - Major investments in floating wind projects in Italy are set to commence, with expectations for significant contributions to the European offshore wind market [9][10]. - Companies like Mingyang and Goldwind are expanding their overseas operations, enhancing their competitive edge [11][12]. Lithium Batteries - The lithium battery sector is entering a strong demand phase, with significant procurement activity from end-users in both energy storage and electric vehicles [23][24]. - The market for lithium hexafluorophosphate (6F) is experiencing price increases due to tight supply conditions [23][24]. Electric Grid and Industrial Control - The export of major electrical equipment is on the rise, with significant growth in transformers and high-voltage switches, indicating a long-term positive outlook for overseas demand [26][27]. - Companies in the industrial control sector are launching new products aimed at enhancing efficiency and performance in robotics [28][29]. New Energy Vehicles - The domestic market for new energy vehicles is showing strong sales growth, with significant increases in both retail and wholesale volumes [30].

具体而言,橡胶传动系统为机器人关节提供柔性动力传输，在机器人产品中实现高缓冲、低噪音的精准 运动控制,大幅提升复杂地形适应能力;密封系统则通过在减速器等核心部件的精密防护。 近年来，随着人工智能、传感器技术、材料科学和电机控制的飞速发展，人形机器人正从实验室走向实 际应用，成为全球科技领域最受关注的前沿方向之一。2025年中国人形机器人行业正经历从技术验证到 商业化落地的关键转折，工业制造领域已率先部署人形机器人承担高危或重复性工作，服务场景渗透加 速，政策与资本的双重加持推动产业快速成熟。中商产业研究院发布的《2025-2030年中国人形机器人 行业分析及发展前景研究预测报告》显示，2024年全球人形机器人产业规模达到约34亿美元，较上年增 长57.41%。中商产业研究院分析师预测，2025年全球人形机器人产业规模将达到53亿美元，2028年达 到206亿美元。 丰茂股份表示，公司高度重视机器人领域的发展，已成立机器人事业部。目前公司传动系统产品已应用 于工业机器人领域并实现批量供货，密封系统产品已供货中大力德（002896）、丰立智能（301368）、 绿的谐波等国内头部减速器制造企业，形成订单收入。公司 ...

施耐德电气副总裁张磊指出："AI技术要发挥实效，必须紧密结合产业实际。我们依托深厚的行业经验，将AI融入生产运营全流程，助力企业实现高效与可 持续。" 此次参展也标志着施耐德电气与阿里云协同合作的新进展。双方将结合施耐德电气的能源管理技术与阿里云的AI能力，共同推进数字化解决方案落地。例 如，基于阿里通义千问大模型开发的EcoStruxure Building GPT，可实现楼宇智能运维与能效优化。为激活产业链创新，施耐德电气还通过"创赢计划"推 出"AI+赋能计划"与"业务加速计划"，携手生态伙伴推进技术融合与场景共创。 随着"人工智能+"行动持续深入，张磊表示，施耐德电气将持续加码本土研发，构建开放AI生态，携手中国伙伴共促新质生产力发展，绘制产业智能化新未 来。 施耐德电气亮相云栖大会（张云山/摄） 潮新闻客户端 记者 张云山 在今年的云栖大会上，施耐德电气以"AI领航，算电交响——赋能数据中心行业创造绿色高效影响力"为主题首次亮相，展示其AI赋能的软硬件一体化解决方 案，致力于通过技术创新与生态协作，助力中国产业加速数字化与绿色化转型。 作为机器学习与AI算法领域深耕20余年的企业，施耐德电气持续加大 ...

AIDC 国内链-H 公司专家交流 20250920 目前，H 公司的 384 节点系统是一种过渡产品。与 920B 相比，920C 性能有 所提升，但仍显不足，尤其是在某些精度运算方面。因此，通过超节点方式组 合起来，以达到一定效果。然而，这种架构并未完全优化，因此 H 公司在 9 月 份推出了 950、960 等新产品，并计划对现有架构进行较大调整。 电源方面， 高压直流（HVDC）将成为未来的发展方向。目前传统机房多采用 AC 转 DC 模 华为主要液冷供应商包括英维克、申菱环境和高澜，英维克在 CPU 冷板 市场占有重要地位，申菱环境主要生产室外大型制冷设备，高澜逐步涉 足内部设备领域。 预计 2025 年 920C 出货量约 30 万片，920B 约 60 万片，950 将于 2026 年一季度推出，但良率较低。2025 年 384 节点部署预计 300- 400 套，2026 年预计 400-500 套，具体取决于 950 上量速度。 式，但这种模式极大限制了供电功率。为了提高供电功率并降低能耗，H 公司 计划采用 800 伏或更高的高压直流模式，这不仅可以节约线缆，还能提高功率 密度。从 202 ...