This week (February 26-March 1), the three major indexes continued to climb after a short period of time in the middle of the week, and closed up as a whole. The Shanghai Composite Index rose 074% to close at 302702 o'clock; The Shenzhen Component Index rose 403% to close at 943475 points; The GEM index rose 3 per week74% to close at 182403 o'clock. Northbound funds have increased their positions by more than 23.5 billion yuan this week, which has been net for 5 consecutive weeks.
After the outbreak of AI applications, funds began to pay more attention to upstream sectors such as computing power, liquid cooling, and CPO.
This week, the computer, communication sector, semiconductor, consumer electronics sector, as well as liquid-cooled servers and digital economy concepts all rose first. Next week, the National Two Sessions will be held, related to the new quality of productivity, robots and other topics are also the focus of market attention, the National Bureau of Statistics will also release February CPI, PPI data, after the index rises, next week the theme may usher in differentiation, the market or will emerge a new main line of the year.
Wonder Consumer Electronics Industry Index (8841278).wi) This week** 661%, the Consumer Electronics OEM Index (8841268WI) rose 979%, the heavyweight Wingtech Technology rose more than 12% weekly, the Industrial Fortune Federation rose more than 10% weekly, and Goertek rose more than 7% weekly.
The analysis generally believes that on the demand side, with the stabilization of consumer and industrial demand, and the empowerment of AI for hardware devices, the demand for consumer electronics has ushered in a recovery. At the same time, after a two-year downward cycle, the upstream field of consumer electronics has basically completed destocking, superimposed demand recovery, and some categories and utilization rates have taken the lead in getting out of the bottom and entering the bottoming out stage.
CDB** pointed out that looking forward to 2024, on the one hand, as the inventory returns to a reasonable level, the fundamentals of the consumer electronics industry will usher in a gradual improvement; On the other hand, traditional terminals are expected to generate more new needs under the empowerment of AI. At the same time, MR (mixed reality), as a new terminal product, is also expected to promote consumer electronics into a new round of growth cycle under the leadership of brands such as Apple.
It is recommended to focus on the benefit of the industrial chain of electronic hardware products driven by AI, which is expected to benefit from the industrial chain of electronic hardware products, and AI empowers consumer electronics, which is expected to bring new demand for replacement, and is optimistic about AI-driven, demand recovery and independent and controllable benefit industry chain.
With the recovery of consumer electronics, computing power and other demand side, the semiconductor sector has also seen a significant **, and the Wonder Semiconductor Index (886063WI) rose more than 8% for the week.
In addition, on the news side, on February 27, local time, the five-year Fujian Jinhua theft of Micron's intellectual property case announced the verdict of the San Francisco District Court in the United States, and the judge ruled that Fujian Jinhua was not guilty. In November 2018, the U.S. Department of Justice officially announced that it had indicted Fujian Jinhua for "stealing Micron Technology company secrets." In the same year, the U.S. Department of Commerce also added Fujian Jinhua to the "Entity List" that restricts the export of products, software, and technology.
Bloomberg believes that Chesney's ruling may weaken Biden's aggressive actions against China in the name of "protecting American technology". Dongfang ** also said that although Biden**'s Justice Department can continue to appeal and try to overturn the San Francisco District Court's verdict, in any case, the ruling increases the cost of action by the United States to intervene and sanction Chinese semiconductor companies based on judicial means to export to the United States, which will help stabilize the policy risk of semiconductor products exported to the United States in the near future.
Dongfang ** believes that if the policy risk stabilizes in the first year, the sales cycle of computer and electronic products in the United States will gradually bottom out, and further demand recovery after the superimposed interest rate cut will help the external demand for semiconductors and electronic products to further improve. If the Fed starts cutting interest rates in 2024Q2-Q3 as the market expects, it will further stimulate the recovery of demand.
Wonder Liquid-Cooled Server Index (8841247WI), up 883%。
The rapid development of the AI industry has brought about an increase in the demand for heat dissipation, and liquid cooling products are now being actively deployed at home and abroad.
Recently, China Telecom has planned to build an intelligent computing center cluster in Shanghai that can support the training of trillion-parameter large models. Among them, the new domestic computing power of a single pool reaches 10,000 cards, which is the first domestic ultra-large-scale computing power liquid-cooled cluster that supports a single pool of 10,000 cards.
Nvidia is about to release the liquid cold plate B100, it is reported that the heat dissipation technology equipped with B100 will be changed from the original air cooling to liquid cooling, and from B100 onwards, the heat dissipation technology of all Nvidia products in the future will be converted to liquid cooling. NVIDIA CEO Jensen Huang once mentioned that he firmly believes that immersion liquid cooling technology is the indicator of the future, which will drive the entire heat dissipation market to usher in a comprehensive revolution.
Many institutions are also optimistic about the future development prospects of liquid-cooled servers. IDC predicts that China's liquid-cooled server market will reach $8.9 billion in 2027. At the same time, data shows that cold plate liquid cooling has become the mainstream of liquid-cooled data centers, accounting for 90% of China's liquid-cooled server market. Guohai ** Research Report believes that it is expected that the growth of AI server demand in 2024 will drive the increase in heat dissipation demand, the upgrading of heat dissipation products is expected to accelerate, and the future of water cooling and heat dissipation is expected to be better.
Minsheng ** believes that due to the limited construction area and environmental protection requirements of data centers, traditional air cooling is difficult to meet the heat dissipation needs, and liquid cooling technology is needed to improve the efficiency and stability of servers. From the perspective of development trends, it is expected that the penetration rate of liquid-cooled servers will remain at the level of about 20%-30% by 2025.
Caixin** recommends paying attention to server manufacturers with strong technical strength in server products and actively deploying liquid cooling technology, as well as computer room temperature control manufacturers that have been deeply engaged in the field of temperature control for many years and have a multi-point layout.