Group 1 - The report highlights that the computer industry is expected to outperform the market, driven by advancements in AI and cloud computing technologies [5] - Alibaba Cloud's recent conference showcased its comprehensive AI capabilities, with significant investments planned for cloud and AI infrastructure, amounting to over 380 billion yuan in the next three years [12][21] - Major global cloud providers are increasing their capital expenditures significantly, with Oracle reporting a 359% year-on-year increase in remaining performance obligations (RPO) to $455 billion [2][53] Group 2 - The report discusses the rapid growth of ASIC chips, which are becoming essential for AI applications due to their cost-effectiveness and performance advantages over traditional GPUs [28][31] - Google is leading the ASIC market with its TPU chips, which have seen substantial improvements in performance and efficiency, with the latest generation expected to launch in 2026 [46][48] - The global AI chip market is projected to exceed $400 billion, with ASIC chips expected to grow at a CAGR of 33.5% from 2024 to 2030 [37][40] Group 3 - OpenAI's release of the Sora 2 model marks a significant advancement in video generation capabilities, comparable to the impact of GPT-3.5 in the text generation space [70] - The report emphasizes the importance of AI applications and computing power investments, suggesting a focus on companies like Haiguang Information, Broadcom, Oracle, and Newland [3][4]

❑ 海外大厂 Capex 上修明显，AI 持续高景气 证券研究报告 | 行业点评 | 通信 通信 报告日期：2025 年 08 月 04 日 AI 液冷海外市场空间有多大？ ——液冷行业点评 投资要点 （3）根据零氪 1+1，单台机架对应液冷价值量约 78820 美元，折算平均一张 B200/B300 对应液冷价值量约 1095 美元。 （4）根据以上假设，测算得 25-27 年英伟达 B 系列有望带来的液冷需求大约分 别 22/55/77 亿美元，约 159/395/553 亿人民币。 ❑ 据测算，英伟达 GPU+云厂商自研 ASIC 共同带动明年液冷市场翻倍增长，27 年有望突破千亿市场空间 核心假设及测算过程如下： 1、英伟达 B 系列芯片： （1）根据零氪 1+1，预估 25 全年 Al 服务器机架出货量将达到 25000-30000 套机 架，取中位数出货量为 28000 台机架，单台 GB200 NVL72 配 72 张 B200，即对 应 B200 出货量约 200 万片。假设 26 年 AI 服务器机架（包括 GB200 NVL72 和 GB300 NVL72）出货量将达到 70000 台，对 ...