亚马逊(AMZN.US)周三表示，其云计算部门已开发出专门用于冷却下一代英伟达(NVDA.US)图形处理 器(GPU)的硬件设备——这些GPU被广泛用于人工智能相关的计算任务。英伟达的GPU为生成式人工智 能的爆发提供了强大动力，但它们消耗的能源极为庞大。这意味着，使用这些处理器的公司必须配备额 外的设备来进行冷却。 Dave Brown表示，客户现在可以通过名为P6e的计算实例使用这一AWS服务。这些新系统配合英伟达设 计的高密度计算硬件使用。英伟达的GB200 NVL72将72颗英伟达Blackwell GPU安装于单个机架中，并 通过互联方式协同工作，以训练和运行大型AI模型。 亚马逊此前已推出多种自主研发的基础设施硬件。该公司开发了用于通用计算和人工智能的定制芯片， 并设计了自有的存储服务器和网络路由器。通过运行自主硬件，亚马逊对第三方供应商的依赖减少，从 而有助于提高盈利能力。在第一季度，AWS交出了自2014年以来最佳运营利润率的成绩，该业务部门 也贡献了亚马逊的大部分净利润。 亚马逊曾考虑建设能够广泛部署液冷系统的数据中心，以充分发挥这些高功耗英伟达GPU的效能。但亚 马逊云服务(AWS)计算与 ...

行 业 及 产 业 计算机 2025 年 07 月 09 日 相关研究 《从 CloudMatrix 看超节点趋势！3D 打 印产业强趋势！——计算机行业周报 20250616-20250620》 2025/06/21 《字节 FORCE 大会亮点！华为 HDC 2025 关注点！——计算机行业周报 20250609-20250613》 2025/06/14 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 林起贤 A0230519060002 linqx@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 曹峥 A0230525040002 caozheng@swsresearch.com 崔航 A0230524080005 cuihang@ ...

电子行业动态 Oracle 签 300 亿美元大单，英伟达算力需求旺盛 2025 年 07 月 09 日 ➢ 事件：7 月 1 日，据新浪财经报道，Oracle 公开表示已签署多项大型云服务 协议，其中一项关键订单预计自 2028 财年起，每年将为公司带来超过 300 亿美 元的营收，约占 2025 财年总收入的 52%，相当于公司 OCI 业务收入的近三倍。 为满足大体量算力需求，Oracle 已采购约 40 万张英伟达 GB200 高端算力卡， 成为全球第二大 NV 算力卡持有者。我们此前持续强调英伟达 GB200 出货节奏 改善，而 Oracle 订单超预期，验证了英伟达的 GPU 算力需求旺盛。 ➢ 除了传统云厂商的需求以外，英伟达 GPU 还有三大需求场景。Oracle 的算 力供给更偏重租赁，其主要需求由第三方大模型训练、主权 AI 建设和 To B 定制 化私有云三大应用场景驱动——1）第三方 LLM 训练：以 OpenAI、Anthropic 等为代表的 AI 公司正在推进超大参数量模型的开发训练，对高密度通用算力资 源的需求持续攀升；2）主权 AI：随着数据安全和技术自主的战略地位提升，欧 ...

Market Overview - The market showed strong performance with all three major indices rising, particularly the ChiNext Index which surged by 2.25%, and over 3,900 stocks in the market increased in value, indicating heightened capital activity [1] Solar Energy Sector - The solar energy sector experienced significant gains with stocks like Shihang New Energy, Yijing Photovoltaic, and Tongwei Co. hitting the daily limit, driven by supportive policies from the Ministry of Industry and Information Technology aimed at promoting high-quality development in the solar industry [3] - New policies in regions like Yunnan are supporting the integration of solar manufacturing and power generation, leading to accelerated supply-side reforms and the exit of outdated production capacity, benefiting leading companies [3] - Technological innovations such as BC batteries and perovskite breakthroughs have greatly enhanced the competitiveness of solar companies [3] Computing Hardware Sector - The computing hardware sector saw notable performance with companies like Yihau New Materials and Xinyi Sheng reaching historical highs, driven by the explosive demand for AI computing power following the launch of NVIDIA's GB200 server [3] - The development of ASIC chips is accelerating, with expected shipments surpassing GPUs next year, which is a long-term positive for the entire computing supply chain [3] - Industrial Fulian, a leading global electronics manufacturer, is deeply tied to top clients like NVIDIA, showing strong performance in stock prices [3] Gaming Sector - The gaming sector also performed well, with companies like Ice Glacier Network and Giant Network seeing significant gains due to a substantial increase in the number of game licenses, reaching a 22-year high in June [4] - Supportive policies for the gaming industry are enhancing market expectations for profitability, while AI technology is improving development efficiency and user experience [4] Building Materials Sector - The building materials sector showed positive performance with companies like International Composite Materials and Shandong Fiberglass hitting the daily limit, driven by ongoing "anti-involution" policies aimed at improving industry fundamentals [4] - The central financial meeting emphasized the need to eliminate low-price disorderly competition, which is favorable for leading building material companies [4] Consumer Electronics and PCB Sectors - The consumer electronics sector benefited from increased tariffs on Vietnam by the U.S., highlighting the advantages of Chinese manufacturing, alongside domestic policies stimulating demand [4] - The PCB sector is experiencing growth due to surging demand for high-end products in AI servers and automotive electronics, with leading companies accelerating production [4] Underperforming Sectors - The banking sector saw declines, with major banks like Shanghai Pudong Development Bank dropping over 2%, attributed to tightening liquidity at month-end and institutional reallocation of funds [5] - The power sector also faced a pullback, influenced by changing demand expectations following high temperatures [5] - The insurance sector and controlled nuclear fusion sector underperformed due to regulatory impacts and previous overvaluation, respectively [5] Conclusion - Overall, the market displayed a clear structural trend with strong performances in solar, computing, and gaming sectors, while banking and power sectors lagged behind [5]

Group 1: Semiconductor Industry Insights - Demand for NVIDIA's B200 chips continues to exceed supply capabilities, indicating growth potential in upcoming quarters [1] - Despite NVIDIA's increasing production capacity, supply for B200-based PCIe solutions remains tight, with a preference for shipping the GB200 series [1] - This strategic shift may benefit model builders, NeoCloud, supercomputing centers, and sovereign data centers that require enhanced network capabilities [1] Group 2: Hard Drive Market Dynamics - Western Digital (WDC) and Seagate Technology (STX) are expected to benefit from increasing demand due to limited production capacity and no current expansion plans in the industry [2] - The current advantage of perpendicular magnetic recording (PMR) technology may provide short-term benefits to Western Digital, while Seagate is shifting more capacity to heat-assisted magnetic recording (HAMR) technology [2] - The report highlights Asian fund managers' unexpected reaction to the recent strong performance of the U.S. stock market, expressing concerns over potential policy risks [2]

作 者丨倪雨晴 编 辑丨骆一帆 视频编辑丨柳润瑛 设 计丨黎旭廷 华为的昇腾，让英伟达黄教主都坐不住了。他公开表示，华为昇腾CloudMatrix 384超节点， 部分性能上甚至超过英伟达的产品。 华为的384超节点方案，就像全真七子用剑阵打黄药师，集群一起上，黄药师还真有点招架不 住。 海外专业机构SemiAnalysis更是直接点名：384超节点的整体计算能力是英伟达GB200机柜的 1.6倍！ 在单芯片性能受限、制裁持续的情况下，华为昇腾是真能打，还是"自嗨"？它是如何与英伟 达竞争的？国产算力究竟到了什么水平？还有什么差距？ 今天，我们就带着这些问题，一口气了解对垒英伟达的国产芯片，昇腾。 和英伟达"掰手腕" 昇腾此前非常低调，它是华为打造的一款AI芯片。它不是拿来打游戏的显卡，也不是电脑中 的CPU，而是专门针对AI任务的加速芯片NPU，是一颗纯纯的"AI处理器"。 目前昇腾最主力的产品叫"昇腾910"。但以往的昇腾芯片，更多是作为"备胎"使用的——因为 美国断供，英伟达、AMD最高端的芯片买不到，很多厂商只能硬着头皮用国产，而昇腾已经 是国产芯片中的佼佼者。 过去几年，昇腾其实主要用在AI"推理" ...

中信建投｜TMT 周观点 20250706 摘要 美股代币化浪潮在海外主要推行三种技术路线：第三方发行加交易所接 入模式、持牌券商自建链加自营发行模式以及差价合约方式，分别适应 不同的合规要求和市场参与者。 香港金融机构积极布局虚拟资产交易服务，已有 41 家完成 1 号牌升级， 超 40 家资管机构升级 9 号牌，虚拟资产交易系统 IT 改造空间预计在 30 亿到 180 亿人民币。 稳定币发行方和加密货币交易所将直接受益于虚拟资产快速发展，同时 RWA 业务服务方如朗新集团，以及跨境支付和证券 IT 相关标的如新大 陆、恒生电子等也将受益。 英伟达 GB200 量产进入高峰，GB300 增量可期，富联、广达等 ODM 厂商预计三季度推出 GB300 系统，Oracle 大型云服务协议预示 AI 基础 设施建设力度持续加强。 液冷技术在海外市场快速发展，预计 2025 年英伟达 B 系列应用液冷后 达到高渗透率，国内液冷技术预计 2026、2027 年达到高渗透率，相关 公司如英维克等有望提升收入规模及毛利率。 香港主力打造全球数字资产创新中心，在港金融机构积极布局虚拟资产交易服 务平台。目前 1,500 ...

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

0:00 21世纪经济报道记者倪雨晴 深圳报道 华为的昇腾，让英伟达黄教主都坐不住了。他公开表示，华为昇腾CloudMatrix 384超节点，部分性能上 甚至超过英伟达的产品。 华为的384超节点方案，就像全真七子用剑阵打黄药师，集群一起上，黄药师还真有点招架不住。 海外专业机构SemiAnalysis更是直接点名：384超节点的整体计算能力是英伟达GB200机柜的1.6倍！ 在单芯片性能受限、制裁持续的情况下，华为昇腾是真能打，还是"自嗨"？它是如何与英伟达竞争的？ 国产算力究竟到了什么水平？还有什么差距？ 今天，我们就带着这些问题，一口气了解对垒英伟达的国产芯片，昇腾。 和英伟达"掰手腕" 目前昇腾最主力的产品叫"昇腾910"。但以往的昇腾芯片，更多是作为"备胎"使用的——因为美国断 供，英伟达、AMD最高端的芯片买不到，很多厂商只能硬着头皮用国产，而昇腾已经是国产芯片中的 佼佼者。 过去几年，昇腾其实主要用在AI"推理"环节，也就是模型训练好之后，用它来支持大模型生成内容、聊 天等应用环节。但模型训练？说实话——很少用国产芯片，原因也简单：单卡性能弱、生态不够用、系 统稳定性差。 但这一切，在2024 ...

而Blackwell架构的AI芯片出货还在继续。今年下半年，采用该架构的GB300出货逐渐进入高峰期。当 地时间7月3日，云服务公司CoreWeave宣布，公司成为第一家为客户部署最新GB300 NVL72系统的 AI云服务提供商，并计划继续扩大部署。 在上周的英伟达股东大会上，英伟达CEO黄仁勋则谈到市场对算力的需求还在增长。他表示，推理需要 更多计算。仅在过去一年时间里，tokens（词元）生成就激增了50到100倍。为了满足这种指数级的 激增，大型人工智能工厂正在各地崛起。仅微软在上个季度就处理了超过100万亿的tokens，是一年前 的5倍。 黄仁勋还表示，公司在多个领域都有增长机会，人工智能和机器人技术是最大的两个机会，代表着数万 亿美元级别的增长机会。未来将有数十亿台机器人、数亿辆自动驾驶汽车和数十万个机器人工厂，它们 都将由英伟达的技术驱动。 有市场研究机构预计，英伟达将继续带动半导体IC产业规模增长。TrendForce集邦咨询梳理了去年全 球Fabless公司的营收，排除芯片以外的业务后发现，营收前10名的厂商中，英伟达营收增长率达 125%，其他公司的增长率最多只有21%，英伟达拉动了整个 ...