本文来自微信公众号：凤凰网科技 （ID：ifeng_tech），作者：姜凡，编辑：董雨晴，原文标题：《寒武纪捅破了天？半年报炸裂、净利润超10亿》，题 图来自：AI生成 8月26日，寒武纪（688256.SH）发布的半年报，直接在资本市场投下了一枚重磅炸弹。2025年上半年，公司实现营业收入28.81亿元，同比增长 4347.82%；归属于母公司股东的净利润10.38亿元，而去年同期还是亏损5.3亿元，如今一举扭亏为盈，基本每股收益也从-1.27元翻红至2.5元。 | | | | 单位: 元 中神:人民币 | | | --- | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | | | | 增减(%) | | | 总资产 | 8, 420, 117, 458. 26 | 6, 717, 812, 509. 70 | | 25. 34 | | 归属于上市公司股 | 6,755, 397, 722. 83 | 5, 422, 658, 659. 68 | | 24. 58 | | 东的净资产 | | | | | | | 本报告期 | 上年同期 ...

Nvidia NVDA stock is trading higher on Monday as it rolled out its Jetson AGX Thor developer kit and production modules, a next-generation robotics platform built to power millions of robots, including humanoids, with advanced AI capabilities.The Blackwell GPU–powered system offers record-breaking performance and efficiency, reinforcing Nvidia’s dominance in AI infrastructure as analysts project stronger earnings driven by its GB200 and Blackwell product ramps.The Blackwell GPU–powered platform delivers up ...

Refresh As Nvidia goes, so goes the marketNvidia stock has made some notable post-earnings moves in the past two years. Here's a quick rundown of NVDA's single-session returns the day after the chipmaker reported earnings:Q1 Fiscal 2026 (reported May 28, 2025): +3.3%Q4 Fiscal 2025 (reported February 26, 2025): -8.5%Q3 Fiscal 2025 (reported November 20, 2024): +0.5%Q2 Fiscal 2025 (reported August 28, 2024): -6.4%Q1 Fiscal 2025 (reported May 22, 2024): +9.3%Q4 Fiscal 2024 (reported February 21, 2024): +16.4%Q ...

As Nvidia (NASDAQ: NVDA) prepares to release its fiscal second-quarter 2026 earnings on August 27, Wall Street analysts remain optimistic that the company’s stock will react positively.Specifically, Stifel analyst Ruben Roy reiterated a ‘Buy’ rating on Nvidia and raised his price target to $212 from $202, citing confidence in the chipmaker’s ability to deliver another strong quarter. The new target implies a potential 19% upside from the last market close at $177.NVDA one-week stock price chart. Source: Fin ...

Core Viewpoint - Industrial Fulian's strong performance in AI server business is expected to continue, leading to sustained revenue growth and profitability [2][5]. Financial Performance - In H1 2025, the company achieved revenue of 360.76 billion yuan, a year-on-year increase of 35.6%, and a net profit of 12.11 billion yuan, up 38.6% year-on-year [2]. - For Q2 2025, revenue reached 200.35 billion yuan, reflecting a 35.9% year-on-year growth and a 24.9% quarter-on-quarter increase; net profit was 6.88 billion yuan, up 51.1% year-on-year and 31.6% quarter-on-quarter [2]. AI Business Growth - The overall server revenue grew over 50% year-on-year in Q2 2025, with CSP server revenue increasing over 150% and AI server revenue up over 60% [3]. - The GB200 product showed significant improvement in assembly yield and capacity utilization, with a clear upward trend in performance [3]. - The GB300 is expected to achieve substantial shipments in H2 2025, with single-unit profits anticipated to exceed those of GB200 [3]. - ASIC collaboration with major North American CSPs is expected to contribute higher revenue and profit increments in 2026 due to its customized nature [3]. Communication Network Business - The 800G high-speed switch has seen substantial shipments, with H1 2025 revenue reaching nearly three times that of the entire year of 2024 [4]. - The precision structural components business benefited from the popularity of specific AI mobile phones and high-end models, with a 17% year-on-year increase in shipment volume [4]. Investment Recommendations - Revenue projections for 2025-2027 are set at 922.4 billion, 1,405.6 billion, and 1,701.1 billion yuan respectively, with net profits of 33.6 billion, 49.4 billion, and 58.1 billion yuan [5]. - Corresponding EPS estimates are 1.69, 2.49, and 2.93, with PE ratios of 27.1, 18.4, and 15.7 [5].

Core Viewpoint - NVIDIA Corporation (NVDA) is expected to report strong earnings for the second quarter of fiscal 2026, with projected revenues of $45 billion, reflecting a 53.2% year-over-year increase, although slightly below the consensus estimate of $46.03 billion [1][8]. Revenue Projections - The anticipated revenue for NVIDIA's Data Center business is $40.19 billion, indicating a robust year-over-year growth of 53% driven by demand for AI and cloud chips [7][8]. - The Gaming segment is projected to generate $3.81 billion in revenue, representing a 32.4% increase from the previous year [9]. - The Professional Visualization segment is estimated to achieve revenues of $529.1 million, reflecting a 16.5% year-over-year growth [10]. - The Automotive segment is expected to report revenues of $591.6 million, indicating a significant year-over-year growth of 67.7% [11]. Earnings Estimates - The Zacks Consensus Estimate for quarterly earnings has increased to $1.00 per share, suggesting a year-over-year growth of 47.1% from 68 cents per share [2]. - The Earnings ESP for NVIDIA is +3.14%, indicating a strong likelihood of an earnings beat this quarter [5]. Market Performance - NVIDIA's stock has increased by 35.3% over the past year, outperforming the Zacks Computer and Technology industry's growth of 18.7% [12]. - The company trades at a forward P/E of 34.78X, which is higher than the sector average of 27.24X, indicating a premium valuation [14]. Industry Trends - The global generative AI market is projected to reach $967.6 billion by 2032, with a CAGR of 39.6% from 2024 to 2032, driving demand for NVIDIA's AI chips [20]. - NVIDIA's dominance in the generative AI chip market positions it favorably for substantial revenue growth as industries modernize their workflows [21]. Investment Considerations - NVIDIA's strong product portfolio and leadership in AI and data centers present a compelling investment opportunity, although its high valuation may lead to short-term volatility [22].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 08 22 年 月 日 工业富联（601138.SH） 盈利预测与投资建议：公司为 AI 服务器、高速交换机、精密结构件领军企业，充 分受益于 AI 推动下云+端的高速发展。我们预计公司 2025/2026/2027 年分别实 现营业收入 9,718/16,537/22,059 亿元，同比增长 59.5%/70.2%/33.4%，实现归 母净利润 341/524/652 亿元，同比增长 47.1%/53.5%/24.3%，当前股价对应 2025/2026/2027 年 PE 分别为 26/17/14X。公司正处于高速发展阶段，良率、效 率持续提升，份额不断扩大，充分受益于 AI 浪潮，公司明后年估值相较于可比公 司有一定的估值优势，首次覆盖给予公司"买入"评级。 风险提示：成本管控风险、客户支出放缓风险、行业波动与技术迭代风险、数据相 关风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | ...

Summary of Conference Call on Scale Up Network Growth from NVIDIA's Perspective Industry Overview - The discussion revolves around the **Scale Up network** in the context of **NVIDIA** and its implications for the broader **computing power** industry, particularly in AI and parallel computing applications [1][5][9]. Core Insights and Arguments - **Scaling Law**: The concept of a "Scaling Law" in networks is proposed, emphasizing the need for larger cross-cabinet connections rather than just existing ASIC and cabinet solutions [1][5]. - **NVIDIA's Strategy**: NVIDIA aims to address hardware memory wall issues and parallel computing demands by increasing **Nvlink bandwidth** and expanding the **Up scale** from H100 to GH200, although initial adoption was low due to high costs and insufficient inference demand [6][8]. - **Memory Wall**: The memory wall refers to the disparity between the rapid growth of model parameters and computing power compared to memory speed, necessitating more HBM interconnect support for model inference and GPU operations [1][10]. - **Performance Metrics**: The GB200 card shows significant performance differences compared to B200, with a threefold performance gap at 10 TPS, which increases to sevenfold at 20 TPS, highlighting the advantages of Scale Up networks under increased communication pressure [4][14][15]. - **Future Demand**: As Scale Up demand becomes more apparent, segments such as **fiber optics**, **AEC**, and **switches** are expected to benefit significantly, driving market growth [9][28]. Additional Important Points - **Parallel Computing**: The evolution of computing paradigms is shifting towards GPU-based parallel computing, which includes various forms such as data parallelism and tensor parallelism, each with different communication frequency and data size requirements [11][12]. - **Network Expansion Needs**: The need for a second-layer network connection between cabinets is emphasized, with recommendations for using fiber optics and AEC to facilitate this expansion [4][23][24]. - **Market Trends**: The overall network connection growth rate is anticipated to outpace chip demand growth, benefiting the optical module and switch industries significantly [28][30]. - **Misconceptions in Market Understanding**: There is a prevalent misconception that Scale Up networks are limited to cabinet-level solutions, whereas they actually require larger networks composed of multiple cabinets to meet user TPS demands effectively [29][30]. This summary encapsulates the key points discussed in the conference call, providing insights into the growth potential and strategic direction of the Scale Up network within the computing power industry.

空间测算：液冷有多大的星辰大海？20250820 摘要 国内液冷市场逐步渗透扩展，市场空间预计可达 70 至 80 亿元，升腾芯 片液冷市场 2024 年预计达五六亿元，2026 年或增至 45 亿元，表明液 冷技术应用前景广阔。 英伟达 GTC 大会发布液冷架构，GB200 单柜液冷价值量约 8 万美元， GB300 单柜约 11 万美元，CDU 环节价值量 1.8 万至 3.75 万美元，标 志着液冷技术进入规模化应用阶段。 英伟达 GB200 和 GB300 整柜出货量假设下，2025 年液冷市场空间预 计达 200 至 300 亿元人民币，2026 年若交付 10 万柜，市场空间或增 至 700 亿元人民币，英伟达产品推动市场快速增长。 2026 年液冷市场预计显著增长，Meta 计划 100%采用液冷，谷歌和亚 马逊也将推出液冷架构产品，中性预估下 ASIC 单卡液冷价值量约 1,250 美元，市场空间约 200 亿元人民币。 综合来看，2026 年英伟达和 ASIC 领域的液冷市场总规模可能达到 900 亿元人民币，接近千亿赛道，市场潜力巨大。 液冷行业增速陡峭，目前处于渗透率快速爬坡阶段，与云商 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [1][11]. Core Views - The report emphasizes the continued recommendation of the AI computing chain, domestic multi-phase controllers, and the acceleration of the OCS industry process. The electronic sector is expected to benefit from macro policy cycles, inventory cycles, and AI innovation cycles, leading to a valuation expansion trend in 2025 [1]. - The semiconductor industry remains optimistic, with TSMC raising its revenue growth forecast from approximately 25% to 30% due to strong AI demand and moderate recovery in non-AI demand [1]. - The report highlights the significant growth in the AI server business, with expectations of over 170% year-on-year revenue growth in the third quarter for AI servers [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.70%, while the electronic sector increased by 7.02%, with components up by 9.88% and optical electronics up by 2.36% in the past week [12]. - The report notes that the North American computing power surge has driven sentiment in related supply chains, particularly benefiting the switch and server industries [1]. Semiconductor Industry - The report discusses the impact of potential tariffs on chips by the U.S. government, emphasizing the trend towards semiconductor localization and recommending companies with strong reserves in mature processes [2]. - The report also mentions the optimistic outlook for domestic semiconductor manufacturers, with companies like SMIC and Huahong Semiconductor showing strong order demand [1][2]. PCB and Copper Clad Laminate Industry - The report notes a price increase in copper clad laminates due to high raw material costs, which is expected to enhance revenue and profitability for related companies [3]. - The demand for high-end PCBs is expected to surge due to the explosion of AI computing infrastructure, leading to significant growth for companies in this sector [3]. Storage Market - The storage market is showing signs of recovery, with SanDisk reporting a 12% quarter-on-quarter revenue increase and a significant rise in cloud business revenue [5]. - The report highlights the potential for domestic storage manufacturers to gain market share as Micron exits the mobile NAND market [8]. Key Investment Recommendations - The report recommends a focus on companies such as Industrial Fulian, Saiwei Electronics, and Huahong Semiconductor, among others, as part of the investment strategy in the electronic sector [1][10].