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“9·24行情”一周年:创业板人工智能指数暴涨174%,牛冠全球之原因何在?
来源:国证指数,统计区间2024年9月24日收盘至2025年9月24日收盘。创业板人工智能指数基日为2018 年12月28日,发布日期为2024年7月11日。创业板人工智能指数2020—2024年年度涨跌幅分别为: 20.1%、17.57%、-34.52%、47.83%、38.44%,指数成份股构成根据该指数编制规则适时调整,其回测 历史业绩不预示指数未来表现。 创业板人工智能为何领涨本轮全球行情? 凭借超高景气度与密集产业催化,AI成为本轮市场上行过程中最强主线之一,若以投资战略视角审 视,创业板人工智能领先表现源于汇聚了三大关键力量:拥抱AI爆发的时代β,聚焦算力硬件的产业 α,以及享受政策资金驱动的增量γ。 1、指数布局定位:精准卡位AI算力"心脏" 算力是AI时代的"新石油",为人工智能的爆发式增长提供核心动力。创业板人工智能指数则深度聚焦AI 产业链上游的"卖铲人"环节——算力基础设施,且重点配置光模块CPO等核心环节。据统计,创业板人 工智能指数中算力基础设施含量超74%,光模块CPO含量超51%。 数据来源:国证指数、Wind,截至2025年8月31日,含量对比指数为光模块(CPO)指数 (88 ...
牛冠全球!创业板人工智能指数暴涨背后的深层逻辑是什么?
Xin Lang Ji Jin· 2025-09-26 06:49
Core Viewpoint - The ChiNext Index has reached a three-year high, with the ChiNext AI sector leading global performance, having increased by 174% over the past year, significantly outperforming other major AI indices in the A-share market [1][5]. Group 1: Index Performance - The ChiNext Index has risen by 97% from September 24, 2024, to September 24, 2025, leading major global indices [1]. - The ChiNext AI Index has shown a cumulative increase of 174% during the same period, marking it as the strongest performer among various indices [1][5]. Group 2: Key Drivers of Growth - The strong performance of the ChiNext AI sector is attributed to three main factors: embracing the AI explosion (β), focusing on computing power hardware (α), and benefiting from policy and capital-driven growth (γ) [5]. - The ChiNext AI Index has over 74% exposure to computing power infrastructure, with more than 51% in optical module CPOs, indicating a strategic focus on the core components of the AI industry [5][6]. Group 3: Major Constituents - The top three constituents of the ChiNext AI Index are optical module leaders: NewEase (20.28% weight), Zhongji Xuchuang (18.79% weight), and Tianfu Communication (6.5% weight), collectively accounting for over 45% of the index [7]. - Zhongji Xuchuang has become the global leader in the optical module market since 2022, while NewEase ranks among the top three globally, together holding approximately 40%-50% of the high-speed optical module market [7]. Group 4: Global Demand for AI Computing Power - Morgan Stanley forecasts that global cloud capital expenditures will reach a historical high, with the top 11 cloud providers expected to increase spending to $445 billion in 2025, a 56% year-on-year growth [8]. - In China, Alibaba plans to invest significantly in AI infrastructure, with a projected tenfold increase in energy consumption for its global data centers by 2032 [8]. Group 5: Technological Advancements - The upcoming release of NVIDIA's new B300 chip is expected to drive demand for high-speed optical modules, leading to a significant increase in procurement across the supply chain [9]. - The evolution of large models like GPT-5 is creating unprecedented demands for computing infrastructure, further accelerating the deployment of 800G optical modules [9]. Group 6: Policy and Capital Support - Recent policies have enhanced the development of AI across various sectors, with state-owned enterprises opening numerous AI application scenarios, providing a broad market for technology implementation [10]. - Significant capital inflows have been observed in leading optical module companies, with Zhongji Xuchuang and NewEase seeing net purchases of 135.03 billion and 104.06 billion yuan, respectively, this year [10].
聊一聊液冷
傅里叶的猫· 2025-08-31 15:18
以下文章来源于More Than Semi ,作者猫叔 More Than Semi . More Than SEMI 半导体行业研究 背景就不多介绍了,大A液冷龙头的英维克,股价相比去年年初,翻了接近10倍。这篇文章,我们来聊 聊液冷的技术。 在液冷技术领域,英伟达和AMD无疑是液冷技术应用的领跑者。英伟达的芯片功耗和机柜容量正在快 速迭代。B200芯片功耗已达1200瓦,搭配的GB200 NVL72机柜容量为120千瓦;而最新量产的B300芯 片功耗提升至1400瓦,机柜容量也增至140千瓦。英伟达的下一代Rubin芯片预计功耗将达1800瓦,2027 年推出的Rubin Ultra更是可能高达3600瓦,届时机柜总功率将是B300的14倍,这对液冷系统的设计和部 署提出了极高的要求。 AMD的GPU功耗增长同样迅猛。从MI300系列的700-750瓦,到MI325系列的1000瓦,再到MI355系列的 1400瓦,未来MI375系列预计将达到1600瓦。 相比之下,AMD的CPU功耗增长较为温和,维持在400-600瓦之间,Intel的CPU功耗也类似,保持在 500-600瓦。 液冷系统的核心部件升级 ...
AI带来的液冷投资机会
2025-08-14 14:48
Summary of Key Points from Conference Call Industry Overview - The conference call discusses the liquid cooling technology in data centers, highlighting its increasing importance due to high thermal design power (TDP) of chips like NVIDIA's B200 and B300, which reach up to 1,400 watts, making traditional air cooling insufficient [1][2][5]. Core Insights and Arguments - **Market Growth**: The liquid cooling server market in China is projected to reach approximately 20.1 billion yuan in 2024, representing a year-on-year growth of 84.4%, and is expected to grow to 30 billion yuan in 2025 [1][4]. - **Cooling Efficiency**: Liquid cooling solutions, particularly cold plate systems, dominate the market with a 65% share, while immersion cooling holds 34%, and spray cooling only 1% [1][4]. - **Power Density Increase**: The average power density of data center cabinets has rapidly increased to 20.5 kW in 2023, with expectations to exceed 50 kW by 2029, driven by advancements in GPU technology [1][8]. - **Environmental Benefits**: Liquid cooling systems have a lower Power Usage Effectiveness (PUE) rating of 1.05 to 1.15 compared to air cooling systems, which range from 1.3 to 1.5, making them more energy-efficient and environmentally friendly [2][4]. Additional Important Content - **Applications Beyond Data Centers**: Liquid cooling technology is also applicable in electric vehicle battery management, charging stations, and potentially AI PCs, addressing high power density cooling challenges in these sectors [1][6][7]. - **Component Value Breakdown**: In the V272 cabinet, the total value of liquid cooling components is approximately $84,000, with liquid cooling plates accounting for 43% and CDU products for about 35.8% [3][22]. - **Emerging Domestic Manufacturers**: Attention is drawn to domestic manufacturers in the liquid cooling sector, particularly those involved in circuit boards, quick connectors, and CDU products, especially those that have received North American client certifications [25]. Conclusion - The transition from air cooling to liquid cooling in data centers is driven by the need for higher efficiency and power density management, with significant market growth anticipated in the coming years. The technology's application across various industries further underscores its importance in addressing modern cooling challenges.