液冷投资策略

Summary of Conference Call Notes Industry Overview - The conference call focuses on the liquid cooling investment strategy and the cloud service provider industry, highlighting significant capital expenditure growth among major players like Google, Meta, and Amazon, with respective year-on-year increases of 28%, 71%, 102%, and 91% [2][5]. Key Points and Arguments - Capital Expenditure Growth: - Google raised its capital expenditure to $85 billion, Meta adjusted to $60-72 billion, and Microsoft also increased to $85 billion, while Amazon's expenditure remains unchanged [5]. - This robust growth is expected to benefit companies like 旭创 (Xuchuang) and 新易盛 (Xinyi) due to increased downstream customer shipment volumes, particularly with the 1.6T optical module set for continued release in the second half of the year and into next year [2][5]. - Company Performance: - 旭创 (Xuchuang) is anticipated to see a recovery in gross and net profits driven by the release of 1.6T products and new technologies like silicon photonics [6]. - 新易盛 (Xinyi) is expected to maintain strong performance in the second half of the year following a robust first half, despite accounting for bonuses and expenses [6]. - 天孚通信 (Tianfu) is projected to experience growth due to accelerated shipments of GB200 and GB300, with 800G and 1.6T optical engines showing promising growth [6]. - Other Companies in the Optical Module Sector: - 太辰光 (Taicheng) benefits from overall growth from Corning customers [7]. - 长信博创 (Changxin)'s subsidiary 长兴盛 (Changxing) shows leading profitability, particularly in Google-related business [7]. - 仕嘉光子 (Shijia) has seen significant growth following its acquisition of 福克西玛 (Fuxima), ensuring production capacity [7]. - 德科立 (Dekeli) is benefiting from the growth of DCI optical modules, closely tied to major clients like Google [7]. - Server OEM Sector: - The N e l 72 model indicates a significant increase in server cabinet shipments, with a 300% quarter-on-quarter increase for GB200 and GB300 cabinets [8]. - Industrial Fulian is entering a high growth phase, expanding its OEM share for NVIDIA [8]. - The liquid cooling market is projected to exceed $100 billion by 2026, with recommendations for companies like 英维克 (Yingweike), 同飞股份 (Tongfei), and 高澜股份 (Gaolan) as system integrators [8]. - Domestic Computing Chain: - The Deepseek V3 model is well-suited for domestic chips, with 寒武纪 (Cambricon) reaching new market highs, driven by upstream and downstream demand [9]. - Companies like 盛科通信 (Shengke), 海光 (Haiguang), and 中兴通讯 (ZTE) are actively involved in domestic chip development, with ZTE forming a comprehensive chip matrix [9]. - Recommendations include 紫光 (Ziguang) and 锐捷网络 (Ruijie) in the switch and IDC sectors [9]. Operator Sector Insights - Operators possess both offensive and defensive attributes, with capital expenditure optimization noted [10]. - 中国联通 (China Unicom) shows the fastest growth in AI capital expenditure, while 中国电信 (China Telecom) is deploying quantum communication, and 中国移动 (China Mobile) has a notable dividend rate advantage [10]. - Operators are characterized by both dividend and growth attributes, making them a favorable asset allocation for the second half of the year [10].