在此背景下，国内外电网侧投资加速前移。根据国家能源局数据，2025年前11个月，全国电网工程累计 投资完成额达5604亿元，同比增长5.9%。海外市场方面同样表现亮眼，根据海关总署数据，2025年前 11个月，我国变压器出口额达80.80亿美元，同比增长35.19%，保持较快增长态势。 需求端的强劲增长已持续传导至产业链上市公司，核心设备企业订单与业绩双双高增。 AIDC供配电系统方面，国内干式变压器龙头海南金盘智能科技股份有限公司近日公告称，公司及其控 股子公司与海外客户签订用于数据中心项目合同，提供电力产品，合同金额为9899万美元。 此外，长高电新科技股份公司相关负责人对《证券日报》记者表示，公司组合电器、隔离开关、开关柜 及变压器产品都可以应用于为算力中心提供电源的变电站或配电站，比如公司10KV高能效非晶合金变 压器分别于2021年应用于"中国移动甘肃天水云数据中心"，2023年应用于"国网湖南配网智能应用数据 中心"。 本报记者 何文英 目前，全球人工智能（AI）算力竞赛正从芯片层加速向能源层传导。随着AI服务器出货量持续攀升， 电力供应瓶颈日益凸显，电力设备产业链迎来前所未有的结构性机遇。1月8 ...

最近科技圈有个挺有意思的消息，可能很多人都没太注意：一家叫"超聚变数字技术股份有限公司"的企 业，正式启动上市辅导，准备IPO了，这家公司，说起来可是大有来头的。 根据媒体的数据，超聚变在2024年营收就超过了400亿元，2025年光是上半年就干了300亿，全年突破 500亿应该没太大悬念。 这个体量，放在哪儿都算是个大块头了。但很多人可能对"超聚变"这个名字有点陌生，可要是提到它 的"前身"，大家估计就恍然大悟了——它最早就是华为旗下的X86服务器业务。 几年前，因为大家都知道的原因，华为在获取X86芯片和一些关键软件授权上遇到了困难。为了保住服 务器业务本身，也为了让它能继续活下去、发展下去，华为就做了一个决定：把它剥离出来。 先是成立了独立的"超聚变"公司来运营，后来干脆彻底放手，把这整块业务都出售了。接手的是河南国 资旗下的河南超聚能科技有限公司。 现在的超聚变，股东有三十多家，但第一大股东还是超聚能，持股大约34.5%。有机构预测，目前超聚 变的估值大概在800亿到1000亿元左右。但大家都知道，一旦成功IPO，那个数字可能就完全不一样 了。 超聚变被市场看好，特别是被称为"中部算力第一股"，有几个 ...

消费电子 | | | 执业证书编号：S0740521120002 分析师：洪嘉琳 执业证书编号：S0740524090003 Email：hongjl@zts.com.cn | 总股本(百万股) | 7,285.75 | | --- | --- | | 流通股本(百万股) | 7,269.27 | | 市价(元) | 56.71 | | 市值(百万元) | 413,174.61 | | 流通市值(百万元) | 412,240.16 | Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 1、《立讯精密：25Q3 归母超预期， 端+云 AI 打开成长空间》2025-10-31 2、《消费电子稳健增长，AI 算力& 汽车打开增量空间》2025-08-26 3、《24 年业绩符合预告，25H1 预 计保持 20%+增长》2025-04-28 立讯精密 AI 通讯业务深度 ——全面布局铜光热电，深度受益 AI 浪潮 立讯精密（002475.SZ） 证券研究报告/公司深度报告 2026 年 01 月 05 日 | 评级： ...

Group 1 - The market outlook for January indicates a consensus on asset allocation trends, focusing on industrial catalysts while maintaining a trading mindset. The medium-term trend remains upward, supported by domestic and international monetary easing, with significant potential for household wealth entering the market. However, short-term market movements are driven by narratives, policy games, and industrial catalysts, with weak profit-related drivers [1][8]. - The investment strategy emphasizes a dual focus on technology and cyclical sectors, recommending investments in assets aligned with market consensus. Key areas of interest in technology include AI computing power, energy storage, and storage chips, while cyclical sectors should focus on intersections of anti-involution and price validation, such as non-ferrous metals, chemicals, and steel [2][8]. Group 2 - The recommended stocks for January include: 1. Dongyangguang (600673.SH): Leveraging its fluorochemical capabilities, the company is advancing into liquid cooling and acquiring a leading AIDC player, with a blueprint for AI infrastructure emerging. The acquisition of Qinhuai Data is progressing, with a total transaction value of 28 billion RMB expected to be completed soon [3][9]. 2. Jinpan Technology (688676.SH): An overseas AIDC core supplier, the company has seen its overseas revenue share exceed 30% in the first three quarters of 2025, with significant growth in data center revenues [13][14]. 3. Yaopi Glass (600819.SH): The company is entering a harvest period for automotive glass, with TCO glass showing substantial growth potential. The transition to high-value products is evident, with a projected net profit growth of 26.2% over the next three years [16][17].

Investment Rating - The industry investment rating is "Accumulate" (maintained) [1] Core Insights - The establishment of Vertiv's East China R&D and manufacturing base in Suzhou signifies a rapid increase in global demand for cooling solutions in computing power, particularly driven by the growth in AI computing [1] - The rise in server power density has transformed liquid cooling from an optional solution to a necessity, with projections indicating that the computing server market could exceed 100 billion by 2026-2027 [2] - Vertiv's expansion aims to overcome current capacity bottlenecks, leveraging the robust supply chain in the Yangtze River Delta region, which is home to numerous suppliers of critical components [3] Summary by Sections Industry Potential - The establishment of Vertiv's manufacturing base indicates a significant uptick in demand for liquid cooling solutions, particularly in the context of AI computing [1] Market Dynamics - The liquid cooling market is expected to see substantial growth, with leading companies like Vertiv demonstrating confidence in the long-term prospects of this sector [2] - The introduction of more suppliers into the NV open RVL list and the maturation of the ASIC server supply chain present opportunities for domestic liquid cooling suppliers to gain market share [2] Company Expansion - Vertiv's expansion is a strategic move to address capacity constraints and enhance its competitive edge by integrating local suppliers into its supply chain [3] Investment Recommendations - Recommended companies include: - Vertiv as a leading thermal control provider with strong North American client progress - Hongsheng Co., specializing in plate-fin heat exchangers - Neway Valve, a leader in the valve sector - Additional companies to watch include Feilong Co., Kexin New Source, Yidong Electronics, and Feirongda [4]

开源晨会 1219 ——晨会纪要 晨 会 纪 数据来源：聚源 2025 年 12 月 19 日 -40% -20% 0% 20% 40% 60% 2024-12 2025-04 2025-08 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | 行业公司 | | --- | --- | --- | | 银行 | 1.972 | 【通信】有望复苏的光纤光缆和超预期的液冷——行业点评报告-20251218 | | 煤炭 | 1.895 | 月央行信贷收支表要点 【银行】存款搬家股市放缓，中小行储蓄回流大行——11 | | 石油石化 | 1.253 | 解读-20251218 | | 国防军工 | 0.903 | 【非银金融：中金公司(03908.HK)】看好协同效应，综合实力向国际一流投行迈 | | 轻工制造 | 0.856 | 进——中金公司换股吸收东兴证券、信达证券预案点评-20251218 | 数据来源：聚源 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 电力设备 | -2.218 | | 通信 | -1.577 | | 电子 | -1.5 ...

Core Viewpoint - The company is leveraging its partnership with Asetek to transition from electronic manufacturing to a combined "electronics + liquid cooling solutions" strategy, capitalizing on Asetek's extensive experience and customer relationships in the liquid cooling sector [2]. Group 1 - The company has engaged in demand surveys within its existing customer base regarding the feasibility of liquid cooling products [2]. - Asetek is recognized as a leading enterprise in desktop liquid cooling technology, with over 20 years of industry experience [2]. - The company has established strong collaborations with major global PC brands and accessory manufacturers, including Dell Alienware, ASUS, and NZXT, providing high-performance cooling solutions [2].

Summary of Google Materials Conference Call Company and Industry Overview - The conference call focuses on Google and its developments in the GPU manufacturing sector, particularly in relation to its data centers and self-developed chips [1][2][3]. Key Points and Arguments Google’s Data Center Efficiency - Google achieved a reduction of approximately 25% in Power Usage Effectiveness (PUE) from 2020 to 2024 by optimizing power and thermal management through special IP [1][2]. - The company plans to transition to High Voltage Direct Current (HVDC) as a secondary power source in its data centers starting in 2026 [8]. Chip Development and Supply Chain - Google has partnered with MediaTek to design its self-developed chips, with the GPT-8 billion chip expected to launch in November 2026 [1][2]. - Major suppliers for Google’s chips include Broadcom and MediaTek, with potential for future suppliers to be introduced [1][2]. - From January 2024, Flex will join Google’s manufacturing chain, with a market share distribution of 80% for Google and 20% for Flex [3]. Changes in Supplier Dynamics - In the PCB supply chain, Google switched back to Huadian from its previous largest supplier, with current shares being 70% for Huadian, 20% for Fangzheng, and 10% for TTM [4]. - The light module supply chain remains dominated by Xuchuang, while New Yisheng holds less than 10% [4]. Cost Reduction Strategies - Google plans to switch to a combination of Active Optical Cables (AOC) and LPO in its switching components starting in 2026 to reduce costs, which will alter the existing supplier structure [4]. - The company is moving from traditional AEC cables to AOC cables, with major suppliers being Changxing Bochuang domestically and Finisar internationally [4]. Liquid Cooling Solutions - Liquid cooling solutions are becoming increasingly important in GPU manufacturing, especially due to leakage issues in NVIDIA's ecosystem [5][6]. - Google is implementing stricter standards for new suppliers to ensure reliability in liquid cooling systems [6]. Performance and Cost Comparison with NVIDIA - Google’s current performance is approximately 90% to 93% of NVIDIA's, allowing for a Total Cost of Ownership (TCO) reduction of about 44% [10]. - Investment costs for Google are estimated to be 40% to 45% lower than NVIDIA's, attributed to different product design philosophies [10]. Future Plans and Market Positioning - Google plans to commercialize its TPU hardware by 2026, with a gradual transition to a leasing model for its ecosystem [11]. - The company emphasizes a distributed, cloud-based, and virtualized design for its data centers, contrasting with NVIDIA's focus on centralized computing [11]. Supply Chain Management - Google employs a direct procurement model, minimizing costs by eliminating intermediaries, which allows for competitive pricing [16]. - The company’s strategy focuses on long-term revenue through cloud services rather than short-term profits from new product launches [16]. Challenges and Competitor Landscape - NVIDIA faces challenges in adapting to distributed deployments across multiple data centers, which may limit its market share in the cloud computing sector [22]. - Google’s self-developed chips are not significantly hindered by competitors using its hardware, as performance optimization requires software alignment with Google’s systems [25][26]. Additional Important Insights - Google is exploring partnerships with Intel to address chip supply issues using EMIB technology [21]. - The company anticipates producing 6.5 million chips in 2026, with a 30% increase planned for 2027, although actual production may fall short due to technological constraints [23].

Core Insights - Kaite Co., Ltd. has signed a capital increase agreement with Guangzhou Haote Energy Conservation and Environmental Protection Technology Co., Ltd., investing 10 million yuan to enter the data center thermal management sector, marking a strategic move into "automotive + computing center" dual scenario thermal management [1][2] - Kaite Co., Ltd. is recognized as a national-level specialized and innovative "little giant" enterprise, holding 348 independent patents and being the first in China to achieve domestic substitution of automotive temperature sensors [1] - Guangzhou Haote is the fifth largest neutral operator of data center energy management solutions in China, focusing on full lifecycle services for data centers, with leading liquid cooling technology that enhances cooling efficiency by over 15% [1][2] Investment and Collaboration - The investment aims to achieve deep resource synergy, with Kaite Co., Ltd. providing core component R&D capabilities and precision manufacturing experience to support Guangzhou Haote's liquid cooling solutions [2] - Guangzhou Haote will leverage its market position and lifecycle service capabilities to open up core supply chain channels for Kaite Co., Ltd. in the data center thermal management sector [2] - The collaboration is positioned to address the increasing cooling efficiency demands of AI computing and big data industries, with liquid cooling technology identified as a key solution for high power density cabinet heat dissipation challenges [2]

Core Insights - The article discusses the liquid cooling market, which is projected to be worth hundreds of billions, and highlights a recent order received by a liquid cooling company from a major overseas tech firm [1] Liquid Cooling Supply Chain - Liquid cooling solutions are not fully customized but are flexibly adapted based on customer needs, with cold plate technology being a standardized core component [3][4] - Different customer requirements lead to system-level adjustments, such as variations in CDU configurations and manifold designs, necessitating tailored solutions for each project [3][4] Collaboration with Major Companies - The article analyzes partnerships between leading liquid cooling companies and major CSPs, emphasizing the importance of collaboration to ensure stable supply chains [5][6] - The partnership with Meta focuses on providing a complete liquid cooling solution, including cold plates and integrated systems, with a significant emphasis on collaboration with manufacturers like 天弘 [5][6] - Google, having more experience in liquid cooling technology, has specific requirements for CDU and is working with 天弘 and 富士康 to develop solutions [6] - Major companies are diversifying their supplier base to mitigate risks associated with relying solely on Taiwanese manufacturers, ensuring timely delivery of critical components [6][7] Technical Trends - The mainstream technology in the liquid cooling industry remains single-direction cold plate design, favored by companies like Meta and Google for its superior temperature control and reliability [9] - Alternative technologies, such as large-area cold plates and phase change cooling, are not yet widely adopted due to their inherent challenges [9] - Specific product configurations vary, with examples including Meta's ASIC chip project, which features a cabinet containing 64 ASIC cards, highlighting the increasing demand for efficient cooling solutions [9]