每经AI快讯，有投资者在投资者互动平台提问：公司的液冷服务器是否有通过英伟达认证，能否适配 英伟达GB300？ 英威腾（002334.SZ）9月4日在投资者互动平台表示，公司目前与英伟达无业务合作。 （文章来源：每日经济新闻） ...

证券研究报告 人工智能研究框架： 大模型白热化，应用加速分化 行业投资评级：强于大市｜维持 大模型：加速多模态研发，闭源模型逐步逆袭开源。 风险提示：地缘政治冲与贸易风险、技术迭代不及预期、国内AI Agent商业化进展不及预期、算力供应不及预期、行业竞争加剧风险等。 请参阅附注免责声明 2 多模态技术路线尚未收敛，国内外大模型厂商持续刷新SOAT。图片领域，GPT-4o图像生成功能引发热潮后，谷歌Gemini 2.5 Flash Image登顶多主流图像榜， Meta也从Midjourney授权AI图像模型；视频领域，阿里字节等刷新能力高度，谷歌将视频模型推进至实时交互通用世界模型阶段。 Deepseek开源浪潮推动模型平权与应用加速，浪潮后闭源模型逐渐维持性能领先，且借开源策略打造生态入口。一方面，预训练模型Scalling Law增速放缓使 闭源与开源模型性能差距收窄，但OpenAI、谷歌等闭源厂商凭资源、人才与技术积累仍领先；另一方面，闭源厂商推行"开源+闭源"协同，保留主模型闭源优 势的同时，开源上一代或轻量模型，激活开发者并反哺自身闭源模型以维持领先。 算力：海内外资本开支提振，芯片厂加速推出新版 ...

Core Viewpoint - The company has advanced capabilities in producing high-layer count PCBs, specifically mentioning the GB300 model which features a 40-layer backplane architecture and a Compute Tray with 22-layer HDI technology [1] Group 1 - The GB300 model utilizes a three-piece PCB design, evolving the layer count from 24 to 40 layers, with 38 layers employing PTFE hybrid technology [1] - The company confirms its ability to mass-produce 40-layer high multilayer boards and has capabilities for 5th generation and above HDI sample production [1] - The company is committed to keeping pace with cutting-edge technology development to meet high-end market demands [1]

8月21日午后，A股三大指数涨跌不一，创业板指一度转跌。盘面上，液冷服务器、覆铜板、电路板、 光模块CPO等AI算力硬件概念板块重挫，稳定币、数字货币、跨境支付等概念板块午后活跃。近期热度 较高的云计算50ETF（516630）盘中大幅震荡，持仓股中，石基信息（002153）、中国软件、太极股份 （002368）、易华录（300212）等领涨，曙光数创、云天励飞、光环新网（300383）、拓维信息 （002261）、网宿科技（300017）等跌幅居前。 华泰证券表示，液冷产业链正在全面进入需求放量阶段：1）英伟达GB300（已于7月推出）采用全液冷 设计，每个GPU芯片采用一进一出的液冷板，对于液冷板、快速接头等核心部件提出更高要求；2）谷 歌、Meta、微软等北美云厂商或在下一代自研ASIC芯片集群中逐步过渡到液冷技术；3）国内液冷产业 链中的核心厂商正积极对接海外AI巨头，验证进展领先、技术布局深厚的龙头厂商相关业绩有望完成 突破。 北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映射逻 辑。公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该 ...

Group 1 - The A-share computing power industry chain experienced a resurgence, with the ChiNext AI Index rising by 3.28% on August 19, driven by strong performances from component stocks such as Chengmai Technology (up 14.77%) and Tianfu Communication (up 13.69%) [1] - The Huaxia ChiNext AI ETF (159381) saw a 3.05% increase, with a recent price of 1.38 yuan, and a cumulative increase of 13.24% over the past week [1] - Guojin Securities reported that overseas AI industry chain performance and capital expenditure exceeded expectations, with strong demand for AI computing hardware [1] Group 2 - The Huaxia ChiNext AI ETF experienced a net inflow of 21.116 million yuan, indicating accelerated capital inflow into high-growth sectors [2] - High-end optical modules hold a 70% global market share in China, benefiting significantly from the current AI computing construction wave [2] - The top three component stocks in the ChiNext AI Index, which includes optical modules, are Zhongji Xuchuang (15.89%), Xinyi Sheng (14.86%), and Tianfu Communication (4.77%) [2]

Investment Rating - The industry investment rating is "Outperform the Market - A" [7] Core Viewpoints - Liquid cooling technology is becoming a trend in data centers due to the increasing power consumption from AI chip performance upgrades, driven by three factors: industrial demand, policy support, and marginal changes in expectations [2][13] - The deployment of NVIDIA's GB300 and Huawei's Ascend 384 servers significantly boosts the demand for liquid cooling, as these advanced AI chips require efficient cooling solutions [3][14] - Various levels of policies have set clear requirements for liquid cooling and energy consumption in data centers, aiming for a national average PUE of 1.5 by the end of 2025 [4][15] - The overseas AI computing industry is showing strong performance, with Vertiv reporting a 35% year-on-year revenue increase in Q2 2025, indicating robust market demand [5][16] Summary by Sections Industry Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Industry Performance - The computer industry index increased by 6.31% this week, outperforming the Shanghai Composite Index by 4.61 percentage points [17][18] Key Industry News - The report highlights the significant advancements in liquid cooling technology and its adoption by leading AI chip manufacturers, which is expected to drive demand across the computing industry [3][14] - The report also notes the positive financial results from global leaders in liquid cooling, reflecting a favorable market outlook [5][16]

从中报来看，可能会看到明显改善的领域就是海外通信设备链条，包括电子行业中的PCB等算力方向， 这些领域的业绩都会有比较明显的大幅增长。 从7月份来看，部分公司已经发布了半年报预告。比如说，光模块里面800G刚刚放量的公司，上半年业 绩应该出现比较明显的大幅上行。另外，今年因为英伟达的GB200的放量，价值量出现大幅增长之后， PCB的一些厂商今年上半年的业绩也会有比较明显的上行。如果对三季度或下半年进行展望，可能还会 看到GB300的出货，以及新的Rubin平台的开始组装。所以从英伟达产业链来看，不管是英伟达自身， 还是产业链，都在不断向前推进。 市场也处在行情发散的状态。从光模块再到上游的光器件，包括PCB上游的覆铜板、铜箔等方向，以及 PCB厂商扩产之后的设备方向，近期都有轮番表现。所以这也反映了市场对于未来算力产业链，尤其是 海外映射方向的积极和乐观的看法。 另外，科技产业链中，今年上半年表现较好的还有创新药产业链。今年上半年创新药行情比较突出，也 有一些重磅的出海BD事件，会给相关公司带来营收增长。海外尤其是北美的生物科技投融资数据从去 年开始就已经出现了比较明显的恢复。今年上半年，从上市公司的半年报 ...

Market Performance - The A-share market experienced a strong rebound on Monday after a volatile Friday, with trading volume significantly increasing and the index reaching 3656 points, close to the historical high of 3674 points set during last year's National Day holiday [1] - The securities sector showed active performance, with Tonghuashun's stock price soaring over 7%, indicating that some funds may be positioning for a breakout above the historical high [1] Sector Analysis - The real estate and liquor sectors, which have been underperforming for a long time, are showing signs of strength, potentially driven by the relaxation of purchase restrictions in Beijing for the real estate sector [1] - The liquor sector's rise is notable as it reflects a gradual recovery in market confidence, attracting funds even from previously pessimistic areas [1] - If the liquor, real estate, and securities sectors can work in tandem, a breakthrough of previous highs is possible, although it would require a trading volume of over 2 trillion to support such a move [1] Bond Market - The bond market experienced a significant drop, with the 30-year government bond futures falling by 0.55%, suggesting that the previously concentrated funds in the bond market are loosening, indicating a reduction in the most pessimistic market sentiment [1] Upcoming Events - The A-share market will closely monitor two major events: tariff negotiations and expectations for a Federal Reserve interest rate cut, with recent comments from Trump providing positive signals regarding tariffs [3] - Following disappointing U.S. non-farm data, expectations for interest rate cuts have begun to take shape, leading to a decline in the U.S. dollar index to around 98 [3] Commodity Market - The international financial market has been unsettled due to news of U.S. tariffs on imported gold bars, although the White House later denied this plan, resulting in a significant impact on gold prices, which fell by 1% [3] - The lithium mining sector gained attention over the weekend due to news of production halts in the Ningde Times' mining area, leading to a rebound in lithium price expectations and a surge in A-share lithium mining stocks [3] Stock Performance - The A-share market saw a notable increase in trading volume, reaching 1.84 trillion, with over 4100 stocks rising [5] - The power equipment, communication, computer, electronics, and food and beverage sectors led the gains, while banking, oil and petrochemicals, coal, public utilities, and transportation sectors lagged [5]

本周，上证指数收出五连阳，再创本轮行情的新高，各大宽基指数周K线均收涨。不过，在大盘走 强背后，市场却出现了一大隐忧：小盘股、微盘股及大盘指数走强，中大盘股及中盘类指数走势略弱， 呈现出明显的"两头重、中间轻"特征。 那么，这种状态能否持续？下周大盘会突破去年的高点吗？后市机会在哪里？今天，达哥和牛博士 就大家关心的问题展开讨论。 牛博士：达哥，你好，又到了我们周末聊行情的时间。上周末，美股市场传来利空，美国非农数据 不及预期，导致美股大跌，但你认为A股市场将不惧利空的影响，走出独立行情。本周大盘五连阳的行 情印证了你的判断。对于未来的行情，你是如何看待的？上证指数距离去年10月的高点仅一步之遥，下 周会突破上去吗？ 道达：本轮行情，即便市场遇到利空，其调整的时间和幅度都是有限的，而且市场交投活跃，走出 了慢牛的味道。 如今，距离去年10月的高点及2021年的顶部区域越来越近，加上本轮行情基本上没有像样的调整， 让我对市场主升浪来临的时间颇有疑虑。 首先，从历史来看，在主升浪来临前，市场一般会有一波像样的调整，但本轮行情还没有出现这种 情况。 对于各大指数之间"两头重、中间轻"的问题，在8月7日的文章中，我就 ...

Market Performance - A-shares showed mixed performance on August 7, with the Shanghai Composite Index rising by 0.16% to a new yearly high of 3639.67 points, while the Shenzhen Component Index fell by 0.18% to 11157.94 points, and the ChiNext Index decreased by 0.68% to 2342.86 points [1][2] Sector Highlights - The semiconductor, rare earth permanent magnet, and medical device sectors saw significant gains, with multiple stocks hitting the daily limit up, including Zhenghai Magnetic Materials and Sainuo Medical [1][2] - Conversely, the innovative drug sector faced adjustments, with Qianhong Pharmaceutical hitting the daily limit down [1] Institutional Insights - Market trends indicate an upward trajectory, with a focus on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, and low-altitude economy [3] - The demand for liquid cooling solutions is expected to rise due to advancements in AI server designs, presenting opportunities for domestic liquid cooling companies [3] - The domestic soda ash industry, which accounts for 51% of global production, is highlighted for its cost advantages and potential for growth amid low price differentials [3] Policy Developments - The Ministry of Industry and Information Technology and other departments issued guidelines to foster the brain-computer interface industry, aiming to support leading enterprises and promote innovation among SMEs [4] Company Developments - Hema announced plans to open 100 new stores within the fiscal year, aiming to exceed 500 total stores, while clarifying that only 2% of its stores underwent business adjustments [6]