927 lines
44 KiB
HTML
927 lines
44 KiB
HTML
|
||
<!DOCTYPE html>
|
||
<html lang="zh-CN">
|
||
<head>
|
||
<meta charset="utf-8" />
|
||
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
|
||
<title>液冷数据中心概念分析</title>
|
||
|
||
<!-- Fonts -->
|
||
<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800" rel="stylesheet" />
|
||
|
||
<!-- Font Awesome Icons -->
|
||
<script src="https://kit.fontawesome.com/1d2b6c4f81.js" crossorigin="anonymous"></script>
|
||
|
||
<!-- Tailwind CSS -->
|
||
<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
|
||
<link href="https://cdn.jsdelivr.net/npm/daisyui@5" rel="stylesheet" type="text/css" />
|
||
<link href="https://cdn.jsdelivr.net/npm/daisyui@5/themes.css" rel="stylesheet" type="text/css" />
|
||
|
||
<!-- Custom CSS -->
|
||
<style>
|
||
:root {
|
||
--primary-color: #0ea5e9;
|
||
--secondary-color: #6366f1;
|
||
--accent-color: #8b5cf6;
|
||
--dark-color: #1e293b;
|
||
--light-color: #f1f5f9;
|
||
}
|
||
|
||
body {
|
||
font-family: 'Inter', sans-serif;
|
||
background-color: #f8fafc;
|
||
color: var(--dark-color);
|
||
}
|
||
|
||
.gradient-bg {
|
||
background: linear-gradient(135deg, #0ea5e9 0%, #6366f1 50%, #8b5cf6 100%);
|
||
}
|
||
|
||
.card-shadow {
|
||
box-shadow: 0 10px 15px -3px rgba(0, 0, 0, 0.1), 0 4px 6px -2px rgba(0, 0, 0, 0.05);
|
||
}
|
||
|
||
.timeline-dot {
|
||
width: 16px;
|
||
height: 16px;
|
||
border-radius: 50%;
|
||
background-color: var(--primary-color);
|
||
position: absolute;
|
||
left: -8px;
|
||
top: 8px;
|
||
}
|
||
|
||
.timeline-line {
|
||
position: absolute;
|
||
left: 0;
|
||
top: 24px;
|
||
bottom: 0;
|
||
width: 2px;
|
||
background-color: #e2e8f0;
|
||
}
|
||
|
||
.timeline-item:last-child .timeline-line {
|
||
display: none;
|
||
}
|
||
|
||
.table-container {
|
||
overflow-x: auto;
|
||
}
|
||
|
||
@media (max-width: 768px) {
|
||
.table-container {
|
||
overflow-x: scroll;
|
||
}
|
||
}
|
||
|
||
.particle-bg {
|
||
position: fixed;
|
||
top: 0;
|
||
left: 0;
|
||
width: 100%;
|
||
height: 100%;
|
||
z-index: -1;
|
||
opacity: 0.05;
|
||
}
|
||
|
||
.highlight-text {
|
||
background: linear-gradient(120deg, #0ea5e9 0%, #6366f1 100%);
|
||
-webkit-background-clip: text;
|
||
-webkit-text-fill-color: transparent;
|
||
font-weight: 700;
|
||
}
|
||
|
||
.stat-card {
|
||
transition: transform 0.3s ease, box-shadow 0.3s ease;
|
||
}
|
||
|
||
.stat-card:hover {
|
||
transform: translateY(-5px);
|
||
box-shadow: 0 20px 25px -5px rgba(0, 0, 0, 0.1), 0 10px 10px -5px rgba(0, 0, 0, 0.04);
|
||
}
|
||
</style>
|
||
</head>
|
||
<body class="bg-gray-50">
|
||
<!-- Particle Background -->
|
||
<div id="particle-bg" class="particle-bg"></div>
|
||
|
||
<!-- Main Container -->
|
||
<div class="container mx-auto px-4 py-8 max-w-7xl">
|
||
<!-- Header -->
|
||
<header class="mb-12 text-center">
|
||
<h1 class="text-4xl md:text-5xl font-bold mb-4">
|
||
<span class="highlight-text">液冷数据中心</span>概念分析
|
||
</h1>
|
||
<p class="text-lg text-gray-600 max-w-3xl mx-auto">
|
||
从政策驱动到订单验证，2025年将是液冷数据中心渗透率加速拐点
|
||
</p>
|
||
</header>
|
||
|
||
<!-- Key Stats -->
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-6 mb-12">
|
||
<div class="stat-card bg-white rounded-xl p-6 card-shadow">
|
||
<div class="flex items-center mb-4">
|
||
<div class="p-3 rounded-lg bg-blue-100 text-blue-600 mr-4">
|
||
<i class="fas fa-chart-line text-xl"></i>
|
||
</div>
|
||
<div>
|
||
<p class="text-sm text-gray-500">渗透率拐点</p>
|
||
<h3 class="text-2xl font-bold">10% → 30%</h3>
|
||
</div>
|
||
</div>
|
||
<p class="text-sm text-gray-600">2025年液冷数据中心渗透率将加速提升</p>
|
||
</div>
|
||
|
||
<div class="stat-card bg-white rounded-xl p-6 card-shadow">
|
||
<div class="flex items-center mb-4">
|
||
<div class="p-3 rounded-lg bg-green-100 text-green-600 mr-4">
|
||
<i class="fas fa-bolt text-xl"></i>
|
||
</div>
|
||
<div>
|
||
<p class="text-sm text-gray-500">单机柜功耗</p>
|
||
<h3 class="text-2xl font-bold">120kW</h3>
|
||
</div>
|
||
</div>
|
||
<p class="text-sm text-gray-600">英伟达GB200 NVL72液冷整机柜功耗</p>
|
||
</div>
|
||
|
||
<div class="stat-card bg-white rounded-xl p-6 card-shadow">
|
||
<div class="flex items-center mb-4">
|
||
<div class="p-3 rounded-lg bg-purple-100 text-purple-600 mr-4">
|
||
<i class="fas fa-leaf text-xl"></i>
|
||
</div>
|
||
<div>
|
||
<p class="text-sm text-gray-500">PUE目标</p>
|
||
<h3 class="text-2xl font-bold">≤1.25</h3>
|
||
</div>
|
||
</div>
|
||
<p class="text-sm text-gray-600">2025年新建大型数据中心强制要求</p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Timeline Section -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-history text-blue-500 mr-3"></i>
|
||
概念事件时间轴
|
||
</h2>
|
||
|
||
<div class="relative pl-8">
|
||
<div class="timeline-item relative pb-8">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-line"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2023-04</h3>
|
||
<span class="bg-blue-100 text-blue-800 text-xs px-2 py-1 rounded">政策驱动</span>
|
||
</div>
|
||
<p>三大运营商联合发布《液冷技术白皮书》，提出"2023验证-2024试点-2025规模应用"三步走，<span class="font-semibold text-blue-600">2025年新建数据中心50%以上采用液冷</span>。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-item relative pb-8">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-line"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2023-07</h3>
|
||
<span class="bg-green-100 text-green-800 text-xs px-2 py-1 rounded">政策强制</span>
|
||
</div>
|
||
<p>发改委等四部门印发《数据中心绿色低碳专项行动计划》，<span class="font-semibold text-green-600">强制要求2025年新建大型数据中心PUE≤1.25</span>。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-item relative pb-8">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-line"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2023-10</h3>
|
||
<span class="bg-purple-100 text-purple-800 text-xs px-2 py-1 rounded">技术突破</span>
|
||
</div>
|
||
<p>英伟达在OCP大会首次展示GB200 NVL72液冷整机柜，<span class="font-semibold text-purple-600">单机柜功耗120kW</span>，带动产业链对液冷需求预期。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-item relative pb-8">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-line"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2024-01</h3>
|
||
<span class="bg-yellow-100 text-yellow-800 text-xs px-2 py-1 rounded">技术标准</span>
|
||
</div>
|
||
<p>曙光数创发布C8000浸没式液冷方案，<span class="font-semibold text-yellow-600">PUE=1.04</span>，并牵头制定国内首个冷板式液冷国家标准。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-item relative pb-8">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-line"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2024-06</h3>
|
||
<span class="bg-indigo-100 text-indigo-800 text-xs px-2 py-1 rounded">订单验证</span>
|
||
</div>
|
||
<p>英维克公告<span class="font-semibold text-indigo-600">累计交付液冷项目超1.1GW</span>，腾讯、阿里、三大运营商均为核心客户。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-item relative pb-8">
|
||
<div class="timeline-dot"></div>
|
||
<div class="timeline-line"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2024-12</h3>
|
||
<span class="bg-pink-100 text-pink-800 text-xs px-2 py-1 rounded">需求爆发</span>
|
||
</div>
|
||
<p>银轮股份公告获得<span class="font-semibold text-pink-600">193套液冷散热系统订单</span>，对应500MW算力，验证下游需求爆发。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-item relative">
|
||
<div class="timeline-dot"></div>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex justify-between items-start mb-2">
|
||
<h3 class="font-bold text-lg">2025-01</h3>
|
||
<span class="bg-red-100 text-red-800 text-xs px-2 py-1 rounded">机构观点</span>
|
||
</div>
|
||
<p>民生证券路演明确"<span class="font-semibold text-red-600">2025年是液冷及数据中心建设爆发元年</span>"，并提示"当前回调是布局机会"。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Executive Summary -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-lightbulb text-yellow-500 mr-3"></i>
|
||
核心观点摘要
|
||
</h2>
|
||
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
|
||
<div class="bg-blue-50 rounded-lg p-5">
|
||
<h3 class="font-bold text-lg mb-3 text-blue-800">阶段判断</h3>
|
||
<p>液冷数据中心已从"政策+技术驱动"的主题阶段，进入"订单+业绩验证"的基本面拐点。<span class="font-semibold text-blue-600">2025年将是渗透率从10%→30%的爆发元年</span>。</p>
|
||
</div>
|
||
|
||
<div class="bg-green-50 rounded-lg p-5">
|
||
<h3 class="font-bold text-lg mb-3 text-green-800">核心驱动力</h3>
|
||
<p>AI算力功耗飙升（GB200单机柜120kW）+政策PUE红线（≤1.25）形成刚性替代，液冷TCO（2.2年回本）优势显现。</p>
|
||
</div>
|
||
|
||
<div class="bg-purple-50 rounded-lg p-5">
|
||
<h3 class="font-bold text-lg mb-3 text-purple-800">预期差</h3>
|
||
<p>市场普遍关注冷板式，但路演显示<span class="font-semibold text-purple-600">浸没式在超算/智算中心渗透率超预期</span>（曙光数创2023年份额58.8%），且出海逻辑刚启动（英维克切入英伟达MGX生态）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Core Logic -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-brain text-purple-500 mr-3"></i>
|
||
核心逻辑与市场认知分析
|
||
</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">核心驱动力</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
|
||
<div class="border-l-4 border-blue-500 pl-4 py-2">
|
||
<h4 class="font-bold mb-1">技术临界点</h4>
|
||
<p class="text-sm text-gray-600">风冷散热极限约20kW/柜，而AI服务器已突破120kW/柜（GB200），<span class="font-semibold">液冷是唯一可行路径</span>。</p>
|
||
</div>
|
||
<div class="border-l-4 border-green-500 pl-4 py-2">
|
||
<h4 class="font-bold mb-1">政策强制</h4>
|
||
<p class="text-sm text-gray-600">2025年新建数据中心PUE≤1.25（东数西算节点≤1.2），<span class="font-semibold">液冷PUE可低至1.04-1.1</span>，政策倒逼替代。</p>
|
||
</div>
|
||
<div class="border-l-4 border-purple-500 pl-4 py-2">
|
||
<h4 class="font-bold mb-1">经济性拐点</h4>
|
||
<p class="text-sm text-gray-600">冷板式液冷CAPEX已低于风冷（曙光数创数据），<span class="font-semibold">2.2年即可回收增量投资</span>。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">市场热度与情绪</h3>
|
||
<div class="bg-gray-50 rounded-lg p-4">
|
||
<div class="flex flex-col md:flex-row justify-between items-center mb-4">
|
||
<div class="mb-4 md:mb-0">
|
||
<h4 class="font-bold mb-2">研报密度</h4>
|
||
<p>2024年液冷相关研报数量同比<span class="font-semibold text-blue-600">增长300%</span>，但路演显示机构仍担忧"技术路线分歧"。</p>
|
||
</div>
|
||
<div class="bg-blue-100 rounded-full w-24 h-24 flex items-center justify-center">
|
||
<span class="text-2xl font-bold text-blue-800">300%</span>
|
||
</div>
|
||
</div>
|
||
<div class="border-t pt-4">
|
||
<h4 class="font-bold mb-2">情绪分化</h4>
|
||
<p>民生/海通等机构极度乐观（"下一个光模块"），而国信北交所专家提示"<span class="font-semibold text-red-600">超算项目经济性差，地方政府投资意愿下降</span>"。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">预期差分析</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white border border-gray-200 rounded-lg">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">市场共识</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">路演/公告验证</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">预期差</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4">冷板式为主流（90%渗透率）</td>
|
||
<td class="py-3 px-4">曙光数创专家：<span class="font-semibold text-purple-600">浸没式在超算占比已超60%</span></td>
|
||
<td class="py-3 px-4">技术路线可能被低估</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4">国内需求为主</td>
|
||
<td class="py-3 px-4">英维克：<span class="font-semibold text-purple-600">2024年10月进入英伟达MGX生态</span></td>
|
||
<td class="py-3 px-4">出海逻辑刚启动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4">2025年市场规模1000亿</td>
|
||
<td class="py-3 px-4">路演数据：<span class="font-semibold text-purple-600">仅冷板核心部件（CDU+冷板）市场空间即达641亿</span></td>
|
||
<td class="py-3 px-4">细分环节弹性更大</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Catalysts -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-rocket text-red-500 mr-3"></i>
|
||
关键催化剂与未来发展路径
|
||
</h2>
|
||
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">近期催化剂（3-6个月）</h3>
|
||
<div class="space-y-4">
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1 mr-3">
|
||
<div class="w-8 h-8 rounded-full bg-blue-100 flex items-center justify-center">
|
||
<span class="text-blue-600 font-bold">1</span>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-bold mb-1">政策落地</h4>
|
||
<p class="text-sm text-gray-600">2025年Q1各地PUE核查启动，<span class="font-semibold">不达标数据中心强制改造</span>。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1 mr-3">
|
||
<div class="w-8 h-8 rounded-full bg-green-100 flex items-center justify-center">
|
||
<span class="text-green-600 font-bold">2</span>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-bold mb-1">订单验证</h4>
|
||
<p class="text-sm text-gray-600">英维克/曙光数创2024年报披露<span class="font-semibold">液冷收入增速</span>（当前预告均超100%）。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1 mr-3">
|
||
<div class="w-8 h-8 rounded-full bg-purple-100 flex items-center justify-center">
|
||
<span class="text-purple-600 font-bold">3</span>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-bold mb-1">技术标准</h4>
|
||
<p class="text-sm text-gray-600">三大运营商2025年Q2发布<span class="font-semibold">液冷解耦交付标准</span>，推动产业链标准化。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">长期发展路径</h3>
|
||
<div class="space-y-4">
|
||
<div class="bg-gradient-to-r from-blue-50 to-blue-100 rounded-lg p-4">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h4 class="font-bold">2025-2026</h4>
|
||
<span class="bg-blue-500 text-white text-xs px-2 py-1 rounded">第一阶段</span>
|
||
</div>
|
||
<p>冷板式渗透率从15%→30%，<span class="font-semibold">互联网/金融数据中心</span>为主战场。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-r from-purple-50 to-purple-100 rounded-lg p-4">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h4 class="font-bold">2027-2028</h4>
|
||
<span class="bg-purple-500 text-white text-xs px-2 py-1 rounded">第二阶段</span>
|
||
</div>
|
||
<p>浸没式在<span class="font-semibold">超算/智算中心</span>占比超50%，<span class="font-semibold">出海收入占比</span>突破20%（英维克已切入东南亚）。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-r from-green-50 to-green-100 rounded-lg p-4">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h4 class="font-bold">2029+</h4>
|
||
<span class="bg-green-500 text-white text-xs px-2 py-1 rounded">成熟阶段</span>
|
||
</div>
|
||
<p>液冷成为数据中心标配，<span class="font-semibold">单kW价值量</span>从当前5000元降至3000元，<span class="font-semibold">龙头市占率</span>向40%集中。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Industry Chain -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-project-diagram text-green-500 mr-3"></i>
|
||
产业链与核心公司深度剖析
|
||
</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">产业链图谱</h3>
|
||
<div class="bg-gray-50 rounded-lg p-6">
|
||
<div class="flex flex-col md:flex-row justify-between items-center">
|
||
<div class="text-center mb-6 md:mb-0">
|
||
<div class="bg-blue-100 rounded-lg p-4 mb-2">
|
||
<h4 class="font-bold text-blue-800">上游（零部件）</h4>
|
||
</div>
|
||
<p class="text-sm">冷却液（巨化股份）<br>冷板（飞荣达）<br>Tank（曙光数创）</p>
|
||
</div>
|
||
|
||
<div class="text-center mb-6 md:mb-0">
|
||
<i class="fas fa-arrow-right text-2xl text-gray-400 mx-4 hidden md:block"></i>
|
||
<i class="fas fa-arrow-down text-2xl text-gray-400 my-2 md:hidden"></i>
|
||
<div class="bg-green-100 rounded-lg p-4 mb-2">
|
||
<h4 class="font-bold text-green-800">中游（设备/方案）</h4>
|
||
</div>
|
||
<p class="text-sm">CDU（英维克）<br>液冷服务器（浪潮信息）<br>IDC（润泽科技）</p>
|
||
</div>
|
||
|
||
<div class="text-center">
|
||
<i class="fas fa-arrow-right text-2xl text-gray-400 mx-4 hidden md:block"></i>
|
||
<i class="fas fa-arrow-down text-2xl text-gray-400 my-2 md:hidden"></i>
|
||
<div class="bg-purple-100 rounded-lg p-4 mb-2">
|
||
<h4 class="font-bold text-purple-800">下游（应用）</h4>
|
||
</div>
|
||
<p class="text-sm">互联网（腾讯）<br>运营商（中国移动）<br>超算（国家超算中心）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">核心玩家对比</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white border border-gray-200 rounded-lg">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">公司</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">技术路线</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">2024订单/收入</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">竞争优势</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold">英维克</td>
|
||
<td class="py-3 px-4">全链条（冷板+CDU+Tank）</td>
|
||
<td class="py-3 px-4"><span class="font-semibold text-blue-600">1.1GW交付</span>（2024年11月）</td>
|
||
<td class="py-3 px-4">唯一进入英伟达MGX生态的国产厂商</td>
|
||
<td class="py-3 px-4">估值已反映高预期（PE 35x 2025E）</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold">曙光数创</td>
|
||
<td class="py-3 px-4">浸没式龙头</td>
|
||
<td class="py-3 px-4"><span class="font-semibold text-blue-600">260MW累计部署</span>（2023年）</td>
|
||
<td class="py-3 px-4">超算领域市占率58.8%，技术壁垒高</td>
|
||
<td class="py-3 px-4">关联方收入占比曾超80%（2024年降至20%）</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold">飞荣达</td>
|
||
<td class="py-3 px-4">冷板供应商</td>
|
||
<td class="py-3 px-4"><span class="font-semibold text-blue-600">华为第一大散热供应商</span></td>
|
||
<td class="py-3 px-4">绑定华为昇腾液冷服务器</td>
|
||
<td class="py-3 px-4">客户集中度高（华为占比>50%）</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold">润泽科技</td>
|
||
<td class="py-3 px-4">IDC运营商</td>
|
||
<td class="py-3 px-4"><span class="font-semibold text-blue-600">AIDC业务毛利率40%</span></td>
|
||
<td class="py-3 px-4">纯液冷智算中心稀缺标的</td>
|
||
<td class="py-3 px-4">上架率不及预期（2024年Q3仅70%）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-8">
|
||
<h3 class="text-xl font-bold mb-4 text-gray-800">验证与证伪</h3>
|
||
<div class="bg-yellow-50 border-l-4 border-yellow-500 p-4 rounded">
|
||
<h4 class="font-bold mb-2">矛盾点</h4>
|
||
<p>国信北交所专家提示"<span class="font-semibold text-red-600">超算项目经济性差</span>"，但曙光数创路演显示<span class="font-semibold text-green-600">深圳1000P超算项目已确定</span>（投资30-40亿）。差异源于<span class="font-semibold">政府投资vs商业运营</span>模式不同。</p>
|
||
</div>
|
||
|
||
<div class="bg-green-50 border-l-4 border-green-500 p-4 rounded mt-4">
|
||
<h4 class="font-bold mb-2">数据验证</h4>
|
||
<p>英维克2024年液冷收入增速<span class="font-semibold text-green-600">200%+</span>（路演），与研报预测的"2025年市场规模1020亿"匹配。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Risks -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-exclamation-triangle text-yellow-500 mr-3"></i>
|
||
潜在风险与挑战
|
||
</h2>
|
||
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white border border-gray-200 rounded-lg">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">风险类型</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">具体表现</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">应对跟踪指标</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold text-red-600">技术风险</td>
|
||
<td class="py-3 px-4">浸没式冷却液兼容性（3M氟化液成本占比30%）</td>
|
||
<td class="py-3 px-4"><span class="font-semibold">国产替代进度</span>（巨化股份电子氟化液验证）</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold text-orange-600">商业化风险</td>
|
||
<td class="py-3 px-4">冷板式单kW成本仍高于风冷20%</td>
|
||
<td class="py-3 px-4"><span class="font-semibold">规模化降本曲线</span>（2025年目标降至3000元/kW）</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold text-blue-600">政策风险</td>
|
||
<td class="py-3 px-4">地方政府削减超算投资（如张江高科项目缩水）</td>
|
||
<td class="py-3 px-4"><span class="font-semibold">国家超算中心招标节奏</span>（2025年Q1重庆20亿项目开标）</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-bold text-purple-600">竞争风险</td>
|
||
<td class="py-3 px-4">华为/阿里自研液冷方案挤压第三方空间</td>
|
||
<td class="py-3 px-4"><span class="font-semibold">第三方厂商市占率变化</span>（2024年英维克份额是否下滑）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Conclusion -->
|
||
<section class="mb-12">
|
||
<div class="bg-gradient-to-r from-blue-600 to-purple-600 rounded-xl p-8 text-white">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-flag-checkered text-yellow-300 mr-3"></i>
|
||
综合结论与投资启示
|
||
</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold mb-4">结论</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
|
||
<div class="bg-blue-500 bg-opacity-30 rounded-lg p-4">
|
||
<h4 class="font-bold mb-2">阶段判断</h4>
|
||
<p>液冷已从"主题炒作"进入"订单驱动"阶段，<span class="font-bold text-yellow-300">2025年是渗透率加速拐点</span>。</p>
|
||
</div>
|
||
<div class="bg-purple-500 bg-opacity-30 rounded-lg p-4">
|
||
<h4 class="font-bold mb-2">核心矛盾</h4>
|
||
<p>市场高估了冷板式短期空间，<span class="font-bold text-yellow-300">低估了浸没式在超算/出海场景的爆发力</span>。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold mb-4">投资方向</h3>
|
||
<div class="space-y-4">
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1 mr-4">
|
||
<div class="w-10 h-10 rounded-full bg-yellow-400 flex items-center justify-center">
|
||
<span class="text-blue-900 font-bold">1</span>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-bold mb-1">最纯弹性</h4>
|
||
<p><span class="font-bold text-yellow-300">曙光数创</span>（浸没式技术垄断+超算订单爆发）</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1 mr-4">
|
||
<div class="w-10 h-10 rounded-full bg-yellow-400 flex items-center justify-center">
|
||
<span class="text-blue-900 font-bold">2</span>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-bold mb-1">业绩确定性</h4>
|
||
<p><span class="font-bold text-yellow-300">英维克</span>（全链条+英伟达供应链）</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1 mr-4">
|
||
<div class="w-10 h-10 rounded-full bg-yellow-400 flex items-center justify-center">
|
||
<span class="text-blue-900 font-bold">3</span>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-bold mb-1">上游铲子股</h4>
|
||
<p><span class="font-bold text-yellow-300">飞荣达</span>（冷板绑定华为昇腾）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4">关键跟踪指标</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
|
||
<div class="bg-white bg-opacity-20 rounded-lg p-4">
|
||
<h4 class="font-bold mb-2">渗透率</h4>
|
||
<p>2025年Q2三大运营商液冷招标占比（目标50%）</p>
|
||
</div>
|
||
<div class="bg-white bg-opacity-20 rounded-lg p-4">
|
||
<h4 class="font-bold mb-2">成本</h4>
|
||
<p>冷板式单kW成本是否降至3000元（2025年H1验证）</p>
|
||
</div>
|
||
<div class="bg-white bg-opacity-20 rounded-lg p-4">
|
||
<h4 class="font-bold mb-2">出海</h4>
|
||
<p>英维克2025年海外收入占比能否突破15%（当前<5%）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6 p-4 bg-red-500 bg-opacity-30 rounded-lg">
|
||
<p class="font-bold">风险提示：</p>
|
||
<p>若2025年Q1国家超算中心招标规模低于预期（如重庆项目延期），可能引发板块调整。</p>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Related Stocks -->
|
||
<section class="mb-12">
|
||
<div class="bg-white rounded-xl p-6 card-shadow">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-chart-line text-indigo-500 mr-3"></i>
|
||
液冷数据中心关联股票
|
||
</h2>
|
||
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white border border-gray-200 rounded-lg">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">股票名称</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">行业</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">项目</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">产业链</th>
|
||
<th class="py-3 px-4 text-left font-semibold text-gray-700 border-b">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">强瑞技术</td>
|
||
<td class="py-3 px-4">液冷测试设备</td>
|
||
<td class="py-3 px-4">华为合作</td>
|
||
<td class="py-3 px-4">第一大客户</td>
|
||
<td class="py-3 px-4">液冷测试设备领先，华为是公司第一大客户</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">海鸥股份</td>
|
||
<td class="py-3 px-4">冷却塔</td>
|
||
<td class="py-3 px-4">市场份额</td>
|
||
<td class="py-3 px-4">国内第一</td>
|
||
<td class="py-3 px-4">冷却塔市场份额国内第一</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">华电重工</td>
|
||
<td class="py-3 px-4">钢结构冷却塔</td>
|
||
<td class="py-3 px-4">研发与施工</td>
|
||
<td class="py-3 px-4">-</td>
|
||
<td class="py-3 px-4">从事钢结构冷却塔研发、设计、施工</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">朗威股份</td>
|
||
<td class="py-3 px-4">液冷机柜</td>
|
||
<td class="py-3 px-4">销售收入占比</td>
|
||
<td class="py-3 px-4">-</td>
|
||
<td class="py-3 px-4">2022年液冷机柜产品销售收入占数据中心机柜销售的较高比例</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">浪潮信息</td>
|
||
<td class="py-3 px-4">服务器</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">A股第一、全球第二</td>
|
||
<td class="py-3 px-4">服务器市占率A股第一，全球第二，国内市占率30%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">中科曙光</td>
|
||
<td class="py-3 px-4">高性能服务器</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">A股第一</td>
|
||
<td class="py-3 px-4">高性能服务器市占率A股第一，市占率40%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">精研科技</td>
|
||
<td class="py-3 px-4">液冷散热模块</td>
|
||
<td class="py-3 px-4">供应链</td>
|
||
<td class="py-3 px-4">英伟达供应链</td>
|
||
<td class="py-3 px-4">传闻芯片液冷散热模块进入英伟达供应链</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">高澜股份</td>
|
||
<td class="py-3 px-4">服务器液冷</td>
|
||
<td class="py-3 px-4">解决方案</td>
|
||
<td class="py-3 px-4">三种解决方案</td>
|
||
<td class="py-3 px-4">服务器液冷业务拥有三种解决方案：冷板式液冷等</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">网宿科技</td>
|
||
<td class="py-3 px-4">浸没式液冷</td>
|
||
<td class="py-3 px-4">技术研发</td>
|
||
<td class="py-3 px-4">IDC+液冷解决方案</td>
|
||
<td class="py-3 px-4">自主研发浸没式液冷技术，可提供IDC+液冷解决方案</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">科创新源</td>
|
||
<td class="py-3 px-4">液冷板</td>
|
||
<td class="py-3 px-4">客户合作</td>
|
||
<td class="py-3 px-4">霍尼韦尔供应链</td>
|
||
<td class="py-3 px-4">向霍尼韦尔提供服务器液冷板，配合制冷剂</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">佳力图</td>
|
||
<td class="py-3 px-4">机房空调</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">A股第一</td>
|
||
<td class="py-3 px-4">机房空调市占率A股第一，国内市占率11.8%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">依米康</td>
|
||
<td class="py-3 px-4">机房空调</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">A股第二</td>
|
||
<td class="py-3 px-4">机房空调市占率A股第二，国内市占率9.6%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">黑牡丹</td>
|
||
<td class="py-3 px-4">机房空调</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">A股第三</td>
|
||
<td class="py-3 px-4">机房空调市占率A股第三，国内市占率9.6%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">英维克</td>
|
||
<td class="py-3 px-4">机房空调</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">A股第四</td>
|
||
<td class="py-3 px-4">机房空调市占率A股第四，国内市占率9.5%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">飞荣达</td>
|
||
<td class="py-3 px-4">导热材料</td>
|
||
<td class="py-3 px-4">营收规模</td>
|
||
<td class="py-3 px-4">第一</td>
|
||
<td class="py-3 px-4">导热材料营收规模第一；服务器导热材料应用</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">中石科技</td>
|
||
<td class="py-3 px-4">导热材料</td>
|
||
<td class="py-3 px-4">产品类型</td>
|
||
<td class="py-3 px-4">热模组</td>
|
||
<td class="py-3 px-4">导热材料营收规模第二；热模组产品包括管式液冷板</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">川环科技</td>
|
||
<td class="py-3 px-4">液冷服务器</td>
|
||
<td class="py-3 px-4">技术应用</td>
|
||
<td class="py-3 px-4">管路应用</td>
|
||
<td class="py-3 px-4">液冷服务器管路已应用于H客户，新开发Y客户</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">锐新科技</td>
|
||
<td class="py-3 px-4">散热器</td>
|
||
<td class="py-3 px-4">产品应用</td>
|
||
<td class="py-3 px-4">液冷服务器</td>
|
||
<td class="py-3 px-4">铝合金散热器应用于液冷服务器</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">英维克</td>
|
||
<td class="py-3 px-4">温控设备</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">第一</td>
|
||
<td class="py-3 px-4">机房温控设备市占率第一，10%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">佳力图</td>
|
||
<td class="py-3 px-4">温控设备</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">第二</td>
|
||
<td class="py-3 px-4">机房温控设备市占率第二，7%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">申菱环境</td>
|
||
<td class="py-3 px-4">温控设备</td>
|
||
<td class="py-3 px-4">市占率</td>
|
||
<td class="py-3 px-4">第三</td>
|
||
<td class="py-3 px-4">机房温控设备市占率第三，5%</td>
|
||
</tr>
|
||
<tr class="border-b hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">英特科技</td>
|
||
<td class="py-3 px-4">换热器</td>
|
||
<td class="py-3 px-4">产品类型</td>
|
||
<td class="py-3 px-4">数据中心应用</td>
|
||
<td class="py-3 px-4">蒸发式冷凝器、液冷冷凝器用于数据中心</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 font-medium">同星科技</td>
|
||
<td class="py-3 px-4">换热器</td>
|
||
<td class="py-3 px-4">产品应用</td>
|
||
<td class="py-3 px-4">液冷数据中心</td>
|
||
<td class="py-3 px-4">换热器产品应用于液冷数据中心</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
</div>
|
||
|
||
<!-- Scripts -->
|
||
<script src="https://cdn.jsdelivr.net/npm/tsparticles@3/tsparticles.bundle.min.js"></script>
|
||
<script>
|
||
// Initialize particles
|
||
tsParticles.load("particle-bg", {
|
||
particles: {
|
||
number: {
|
||
value: 30,
|
||
density: {
|
||
enable: true,
|
||
value_area: 800
|
||
}
|
||
},
|
||
color: {
|
||
value: "#0ea5e9"
|
||
},
|
||
shape: {
|
||
type: "circle"
|
||
},
|
||
opacity: {
|
||
value: 0.5,
|
||
random: true
|
||
},
|
||
size: {
|
||
value: 3,
|
||
random: true
|
||
},
|
||
move: {
|
||
enable: true,
|
||
speed: 2,
|
||
direction: "none",
|
||
random: true,
|
||
straight: false,
|
||
out_mode: "out"
|
||
}
|
||
},
|
||
interactivity: {
|
||
detect_on: "canvas",
|
||
events: {
|
||
onhover: {
|
||
enable: true,
|
||
mode: "grab"
|
||
}
|
||
}
|
||
},
|
||
retina_detect: true
|
||
});
|
||
|
||
// Add smooth scrolling
|
||
document.querySelectorAll('a[href^="#"]').forEach(anchor => {
|
||
anchor.addEventListener('click', function (e) {
|
||
e.preventDefault();
|
||
document.querySelector(this.getAttribute('href')).scrollIntoView({
|
||
behavior: 'smooth'
|
||
});
|
||
});
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |