证券日报网讯 1月12日，博威合金（601137）在互动平台回答投资者提问时表示，GB300液冷板配套的 异型散热材料，公司按照客户需求规划了近2万吨产能，其未来出货量将直接取决于下游终端GB300产 品的实际市场出货情况。 ...

Core Insights - The stock market's growth has been significantly driven by developments in artificial intelligence (AI), with Nvidia emerging as a leading player in this sector [1] - Despite Nvidia's substantial stock gains of nearly 1,000% during the AI revolution, the company's growth story is still in its early stages [1] Group 1: Nvidia's Market Position - Nvidia is becoming a crucial component of the AI infrastructure, with major tech companies continuing to invest heavily in its GPUs for next-generation data centers [4][6] - Partnerships with cloud giants like Amazon Web Services (AWS) and Microsoft Azure highlight Nvidia's integral role, as seen in OpenAI's $38 billion contract for Nvidia's GPUs [5][6] Group 2: Future Growth Potential - Nvidia is expected to experience robust revenue and profit growth as AI infrastructure builds out through 2026 and beyond [7] - The company is also exploring new revenue streams beyond its traditional GPU and data center markets, which could reshape its future [9][10]

Core Insights - NVIDIA's CEO Jensen Huang highlighted the rapid advancements in AI technology, particularly with the introduction of Alpamayo, the world's first thinking and reasoning model for autonomous vehicles, which utilizes a 10 billion-parameter vision-language-action model [1][2] - The demand for AI computing is surging, with model sizes increasing by 10 times annually and reasoning generating 5 times more tokens per year, while the cost of tokens is decreasing by 10 times [3] - NVIDIA's new Vera Rubin GPU system features significant innovations, including a design stripped of cables, hoses, and fans, utilizing hot-water liquid cooling at 45°C, which could disrupt the data center cooling market [6][7] NVIDIA Innovations - The Vera Rubin system is expected to be a game-changer in the robotics industry, with a projected cost of approximately $5 million per supercomputer rack-scale system [5] - The system's design allows AI factories to eliminate mechanical water chillers, relying instead on simpler cooling solutions, which has raised concerns for companies like Modine Manufacturing that specialize in data center chillers [7][9] Market Reactions - Modine's stock experienced a significant drop of over 20% following the announcement of the Vera Rubin system, reflecting investor concerns about the future demand for traditional cooling solutions [8][9] - Credo Technology Group also faced stock volatility, with shares falling due to fears that the new systems would replace copper cabling with optical interconnects, although a subsequent recovery was noted as investors reassessed the situation [10][11] Credo Technology Developments - Credo is diversifying its product offerings, focusing on both copper-based Active Electrical Cables and optical interconnect solutions, with recent innovations including ZeroFlap optical transceivers and a strategic acquisition of Hyperlume, Inc. [14][15][16] - The company aims to expand its Total Addressable Market (TAM) by prioritizing optical solutions while maintaining its leadership in the AEC market [16]

January 7, 2026 09:00 PM GMT Hardware Technology | Asia Pacific Datacenter Market Insights, Part 2 – ODM Direct 3Q ODM shipments declined 4% q/q but value grew 2% q/q, as both general and AI servers continued to grow. GB200 shipments will continue in 4Q, joined by GB300, and we now expect CY25/26 GB racks to reach ~27.3k/70k+. Global ODM direct server shipments were 1.83mn in 3Q25 (-4% q/q, +37% y/y): This made up 43.5% of global server shipments of 4.2mn units (flat q/q, +14% y/y), down from 45.4% in 2Q25. ...

液冷行业专家电话会：Rubin 平台冷却系统更新 20260107 摘要 英伟达 Ruby 平台通过合并 GB300 小板为大板，可能在隔热或界面材 料上取得突破，并采用高温水冷技术（45 度进水），有望取代传统液液 交换，无需冷水机，实现散热创新。 Ruby 平台虽在 CES 上宣称提前量产，但大规模量产预计在 2026 年 11 月，目前仅小批量生产，预计未来 9 个月内将持续调整优化，类似 GB300 发布后一年的市场推广周期。 英伟达散热方案发展路径为风冷->风冷+单向冷板->风冷+双向门板-> 全液冷，逐步过渡旨在积累经验，但因研发进度，Ruby 发布未采用双 向门板和先进微通道技术，选择成熟方案以满足市场对性能提升的需求。 英伟达新产品训练算力为 35，推理算力为 50，与 AMD I455 相似，但 英伟达整体性能仍具优势，得益于生态系统支持，面对 AMD、谷歌、寒 武纪和华为等竞争压力，英伟达加速发布节奏。 英伟达通过无风扇、无电缆设计，高温水冷减少冷水机依赖，并使用 M9 树脂、HVLP 铜箔、含银/镓金属界面材料等组合降低热阻，确保基 本性能稳定，为后续优化留有余地。 Q&A Ruby 平 ...

英伟达执行长黄仁勋6日表示，英伟达最新推出的Rubin平台，是目前史上最强的运算芯片，并为英伟达 带来庞大业务量。他并预告，由于英伟达新平台芯片接单热络，主力代工厂台积电（2330）将迎来显著 成长的一年。 美国消费性电子展（CES 2026）6日起开跑，黄仁勋5日提前端出英伟达最新Rubin平台AI芯片，为鸿 海、广达协力厂后市带来强劲动能之后，6日举行媒体及分析师对谈活动，提前为台积电下周四（15 日）法说会释出好消息。 黄仁勋表示，英伟达目前在Rubin平台已成功获得庞大订单，加上既有GB300仍会有显著需求，英伟达 与晶圆代工伙伴台积电团队每天都在密切开会，因此看好台积电今年有机会迎来显著成长的一年。 英伟达最新Rubin平台已成市场关注焦点，外界询问Rubin有何强大之处？黄仁勋说明，Rubin平台整合 了六款运算芯片，当中包含GPU的Rubin、CPU的Vera，以及乙太网路平台Spectrum 6、BlueField-4 DPU 等，"这是一款前所未有的最强运算芯片平台。" 他说，英伟达过去从未整合完全不同应用的芯片在同一颗产品，为此导入最先进制程及封装技术，因 此，也会与台积电持续联手推进半导 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to benefit from rapid growth in capital expenditures by North American cloud service providers, with a projected increase in global capital expenditures from major cloud service providers reaching over $600 billion by 2026, reflecting a 40% year-on-year growth [4] - The company has successfully ramped up production of its GB300 product, with improvements in yield and testing efficiency expected to positively impact gross margins in Q4 [4] - The demand for high-speed switches, particularly the 800G switches, has surged, with a year-on-year growth of over 27 times in Q3, driven by the increasing computational and bandwidth needs of AI training and inference models [6] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are estimated at 882.9 billion, 1,368.1 billion, and 1,915.0 billion respectively, with net profits of 33.4 billion, 54.9 billion, and 86.8 billion [7] - The expected growth rates for revenue are 44.95% in 2025, 54.95% in 2026, and 39.97% in 2027 [9] - The earnings per share (EPS) is projected to increase from 1.68 in 2025 to 4.37 in 2027, indicating strong profitability growth [9]

GPU并行计算能力适用于AI训推需求，大模型发展催化GPU需求 智通财经APP获悉，华创证券发布研报称，目前AI投入产出已实现闭环，有望进一步致使海外大厂加码 AI相关投资。近年美国多次修订出口规则扩大管制范围，GPU是国内人工智能发展的基础，国产算力 芯片自主可控迫在眉睫。当前，国内多家GPU厂商陆续推出AI智算芯片产品，并逐步追赶国际领先标 准。 华创证券主要观点如下： 2023-2025年，美国多次修订出口规则扩大管制范围。由于GPU是国内人工智能发展的基础，相关政策 持续加码支持国产算力行业发展。当前，寒武纪、海光信息、摩尔线程、沐曦股份等国内厂商推出多款 AI智算芯片产品，并逐步追赶国际领先标准。从各公司创始团队及核心成员来源来看，寒武纪核心创 始成员均来自中科院计算所，海光信息核心高管大部分来自中科曙光，摩尔线程创始成员来自英伟达， 沐曦股份创始成员多数来自超威半导体，决定了其技术底蕴及技术基础。从产品路线及收入规模来看， 海光信息CPU产品贡献主要营收，信创CPU产品带动整体收入实现较快起量;寒武纪深耕AI智能芯片， 收入放量强依赖于互联网客户验证及部署进程，因此收入在25年实现爆发式成长。摩尔 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computing chip industry, particularly focusing on domestic GPU manufacturers [2]. Core Insights - The report emphasizes that the development of large models follows the "Scaling Law," indicating a rigid expansion of computing power demand. This is supported by quantifiable data on AI application deployment and computing consumption, establishing a commercial link where "computing power is production material" [6]. - The GPU industry is characterized by a concentrated market structure, with major players like NVIDIA dominating the landscape. The report highlights the ongoing strategic partnerships between cloud giants and NVIDIA, reinforcing the latter's core position in AI infrastructure [6][7]. - The report analyzes the domestic GPU manufacturers' response to U.S. export restrictions, detailing their technological advancements and market strategies. Companies like Cambricon, Haiguang Information, Moore Threads, and Muxi are highlighted for their efforts to catch up with international standards [6][7]. Summary by Sections 1. GPU's Role in AI - GPUs excel in parallel computing, making them suitable for AI acceleration. The architecture of GPUs allows for simultaneous processing of vast amounts of data, significantly reducing training times for AI models [11][12]. - The GPU industry value chain is primarily concentrated in the midstream, where AI chip demand drives market growth. The report notes that the global GPU market is expected to reach 1,051.54 billion yuan by 2024, with a significant portion attributed to AI computing GPUs [24][29]. 2. Global AI Investment Trends - Major global tech companies are increasing their investments in AI, with NVIDIA maintaining a dominant position. The report cites that NVIDIA holds a 98% market share in the data center GPU segment, underscoring its competitive edge [21][35]. - The report indicates that the AI investment cycle is achieving a closed loop, with companies like Google and Microsoft ramping up their capital expenditures significantly to support AI infrastructure [46][50]. 3. Domestic GPU Development - The report discusses the urgency for domestic GPU manufacturers to achieve self-sufficiency in light of U.S. export controls. Companies are making strides in product development and market entry, with varying degrees of commercial success [6][7]. - The report highlights the financial trajectories of domestic firms, noting that Haiguang Information achieved profitability in 2021, while Cambricon is expected to reach profitability by Q4 2024 [6][7]. 4. Market Projections - The report forecasts that the global GPU market will grow to 3,611.97 billion yuan by 2029, with China's share increasing from 15.6% in 2024 to 37.8% by 2029. AI computing GPUs are projected to be the core growth driver [24][29]. - The report anticipates that the demand for data center GPUs will continue to surge, with a projected market size of 663.92 billion yuan by 2029, reflecting a compound annual growth rate of 70.1% [29][31].

证券研究报告 | 策略点评 2025 年 12 月 23 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 伦敦金现逼近 4500 美元 [Table_Summary] 投资要点： 摘要。2025 年 12 月 23 日周二，A 股市场震荡分化上行；国债期货市场全线上涨； 商品指数上涨，碳酸锂突破 12 万/吨，伦敦金现逼近 4500 美元/盎司。 一、市场行情分析 图 1：市场成交连续三日放量 资料来源：Wind，德邦研究所 请务必阅读正文之后的信息披露和法律声明 [Table_Main] 科技与新能源强势，商业航天大幅调整。今日科技与新能源板块大涨，锂电电解液、 玻璃纤维、液冷服务器、动力电池、覆铜板指数分别大涨 6.20%、3.83%、3.28%、 2.91%、2.74%，碳酸锂期货今日再度大涨，主力合约突破 12 万元/吨， ...