B[PwC predicts that global cumulative investment in data centers will reach US$31.6 trillion by 2050] September 2, PwC predicts that in order to meet the world’s growing demand for artificial intelligence (AI), cumulative global data center spending will reach US$31.6 trillion by 2050, and the scale of investment will exceed the historical infrastructure construction wave such as railways, the Internet, and electrification. PricewaterhouseCoopers released a report on Wednesday saying that if the popularity of AI exceeds its "baseline scenario" expectations, data center spending in about the next 25 years may even reach $50 trillion. By comparison, U.S. gross domestic product (GDP) is currently about $30 trillion. As consumers, businesses and governments increasingly use AI, technology giants such as Microsoft and Amazon, as well as smaller data center operators, are rapidly building new computing facilities around the world. Most of the investment will be in the internal equipment of the data center, including AI chips, storage chips, network equipment and servers. B[Liquid-cooled server concept is active, Feilong Co., Ltd. and Snowman Group both hit the daily limit] On September 2, the liquid-cooled server concept performed actively. Feilong Co., Ltd. and Snowman Group both hit the daily limit, followed by Southern Pump Industry, Xinpeng Co., Ltd., and Invic. On the news, CCID Consulting data shows that China’s liquid cooling data center market size will reach 15.98 billion yuan in 2025, a year-on-year increase of 45.2%. According to predictions from industry organizations, the global smart computing liquid cooling market may exceed 100 billion yuan in 2026. A[September 2 morning news selection]
1. On the afternoon of September 1, Premier Li Qiang met with a visiting delegation led by John McCain, Chairman of the Board of Directors of the U.S.-China Business Council, at the Great Hall of the People in Beijing. Li Qiang said that China is willing to work with the United States to follow the strategic guidance of the two heads of state, strengthen dialogue and communication, expand mutually beneficial cooperation, properly manage differences, promote the construction of a constructive strategic and stable relationship between China and the United States, and strive for more pragmatic results.
2. The Ministry of Finance and the State Administration of Taxation issued an announcement clarifying that starting from September 1, foreign individuals shall pay individual tax at a rate of 20% on dividend income received from foreign-invested enterprises.
3. The 2025 annual report released by the National Council for Social Security Fund shows that in 2025, the investment income of the National Social Security Fund was 390.672 billion yuan, with an investment return rate of 13.22%. The average annual investment return rate since the fund's establishment is 7.62%, and the cumulative investment income is 2.291679 billion yuan.
4. The Ministry of Commerce, the Ministry of Industry and Information Technology, and the State Administration for Market Regulation recently issued the "Guidelines for Overseas Competition and Compliance Construction in the Automotive Industry," emphasizing legal compliance, fair competition, and mutual benefit, which will help guide automobile industry companies to actively fulfill their social responsibilities overseas and better integrate into the economic and social development of the host country.
5. The exchange formulates L2 market usage specifications to strictly prevent the abuse and improper dissemination of market data, and eliminate the use of data advantages to "detour and jump ahead" to further maintain market fairness.
6. Samsung Electronics plans to increase the performance of the next-generation high-bandwidth memory (HBM) HBM5 to 2 times that of HBM4E, while the performance target of the subsequent generation product zHBM is 8 times that of HBM4E. Samsung will focus on 3D structure innovation to compete for dominance in the next-generation memory market.
7. Affected by rising energy prices, rising inflation expectations, and changes in major central bank monetary policy expectations, the world's major government bond yields have generally risen. The U.S. 30-year Treasury bond yield once rose to 5.28%.
8. BYD’s passenger car sales in August were 433,000 units, compared with 372,000 units in the same period last year, a year-on-year increase of approximately 16.66%.
9. Huachang Chemical announced that the controlling shareholder will be changed to Suzhou Xuanli and the stock will resume trading.
10. Sengke Communications announced that it plans to raise an additional capital of no more than 4.805 billion yuan to invest in the construction of next-generation high-performance switching chips and other projects. Sunshine Shares announced that its holding subsidiary signed a comprehensive service contract for server leasing worth 633 million yuan.
11. Huahong Grace announced that it plans to increase capital in the third phase of Wuxi Huahong Grace to build a 12-inch specialty process wafer foundry production line with a monthly production capacity of approximately 55,000 pieces/month.
12. The three major U.S. stock indexes collectively closed down, with the Dow Jones Industrial Average falling 0.79%, the Nasdaq Composite Index falling 1.03%, and the S&P 500 Index falling 0.71%. Cryptocurrency concept stocks and the optical communications sector generally fell; the pharmaceutical sector led the gains, with Moderna rising nearly 10%.
13. The US Central Command stated on September 1, local time, that Central Command troops successfully completed a wave of strikes against Iranian military targets on September 1.
14. The U.S. House of Representatives passed a temporary federal funding bill to avoid a government "shutdown" on October 1, and sent the bill to U.S. President Trump for signature.
15. Iran’s Islamic Revolutionary Guard Corps issued a statement stating that it launched a heavy ballistic missile at the U.S. Marine Corps camp on the coast of Jordan’s Gulf of Aqaba, “destroying several important facilities and enemy attack helicopters, causing a large number of U.S. military casualties.”
16. International oil prices rose sharply. WTI crude oil futures closed at US$90.22 per barrel, an increase of 5.20%; Brent crude oil futures closed at US$94.65 per barrel, an increase of 4.6%.
17. Musk is said to have made personnel changes to the team building the company's data center at SpaceX in recent weeks, replacing several leaders with executives from SpaceX's rocket and satellite Internet businesses. B[Sunshine Shares: Its controlled subsidiary signed a comprehensive server leasing service contract worth 633 million yuan] On September 1, Sunshine Shares (000608.SZ) announced that the company’s controlled subsidiary Shenzhen Sunshine Jinhui Technology Co., Ltd. signed a service agreement with Company A. Sunshine Jinhui provides comprehensive server leasing services to Company A. The service period is 5 years from the date of service billing, and the total service fee (including tax) is 633 million yuan. The company's new business is still in the early stages of business development, with relatively insufficient industry operation experience, and there are potential risks in market expansion, technical operation and maintenance, and project management. In the first half of this year, related operating income was approximately 930,000 yuan, accounting for 0.77% of the current operating income, and the business scale is small. At present, the company's overall operating fundamentals have not undergone major changes, and the new business will not have a significant impact on the company's overall production and operation. B[Yesterday’s Market Review] On September 1st, the market opened lower and moved higher throughout the last trading day, with the Shanghai Stock Exchange Index closing above the previous year’s line. The turnover of Shanghai and Shenzhen stock markets was 2.13 trillion, which was 29.3 billion higher than the previous trading day. 1) As the first AIGC long-form drama in China, the mythological seasonal drama "Journey to the West" Season 1 "Huaguoshan Chapter" powered by AI technology provided by Seedance2.0 and Seedance2.5 will officially debut on the dual platforms of Hunan Satellite TV & Mango TV starting from 6 pm on August 31. The news directly stimulated the outbreak of the film and television media sector, led by the concept of short dramas. Chinese Online, Mango Super Media, Haikan Shares, and Rongxin Culture all reported a 20cm daily limit, which in turn drove the afternoon heat to spread to Vincent Video, IP copyright, AI corpus and other directions. Beijing Exchange Liujin Technology recorded a 30cm daily limit, and many AI application concept stocks such as Kunlun Wanwei rose by more than 10%. 2) Recently, the Ministry of Industry and Information Technology announced the list of nodes for the construction of national computing power interconnection regions. Previously, the National Data Bureau released data showing that as of the end of July, the total scale of national intelligent computing reached 2.45 million PFLOPS (FP16). Eight national computing power hubs and three computing and power collaborative development zones have built intelligent computing scale accounting for more than 85% of the country.
Domestic computing hardware stocks, represented by super nodes and liquid-cooled servers, shined in the afternoon. StarNet Ruijie and Haiou Co., Ltd. advanced to the triple board. Inspur Information, Rongyi Precision, Jinfu Technology and other stocks achieved reverse daily limit. 3) The United States and Iran exchanged fire again, causing energy and chemical futures to rise again. Domestic crude oil futures rose 7%, and many major contracts such as methanol, ethylene glycol, PVC, and propylene closed their daily limits. The chemical sector continued to be active last week. Luhua Technology, Chitianhua, and Jinniu Chemical all achieved consecutive promotions, and Lutianhua and Huajin once hit their daily limit. 4) Recently, the six major state-owned banks have all released their 2026 semi-annual reports. In the first half of this year, in terms of growth rate, the revenue growth rate of the six major banks was between 4% and 11%, and the net profit growth rate was between 4% and 6%. All achieved positive growth. This is also the first time since 2022 that the six major banks have collectively achieved double growth in revenue and net profit. The banking sector performed strongly throughout the day. Bank of China rose more than 5%, the total market value of A+H shares approached 2 trillion, and China CITIC Bank once rose 2.6%, all of which hit record highs. A[The super-node concept moved up, StarNet Ruijie had 4 boards in 7 days] On August 31, the super-node concept moved up in the afternoon, and StarNet Ruijie had 4 boards in 7 days. Previously, Aihua Group hit the daily limit, and Inspur Information, Unisoc, Ruijie Networks, Zhiwei Intelligence, and Gongjin shares followed suit. On the news, CICC's research report pointed out that computing power has been upgraded to the level of national-level infrastructure, domestic large-scale models continue to iterate, and "super nodes" are promoting the evolution of computing power competition from single-card performance to system efficiency. A[Afternoon Commentary: The GEM index fell more than 1% in half a day. Short drama, liquid-cooled server concept bucked the trend and strengthened] On August 31, the market was weak and volatile in early trading, and the GEM index fell more than 1% in half a day. The half-day turnover of the Shanghai and Shenzhen stock markets was 1.31 trillion, a decrease of 112.1 billion from the previous trading day. The hot spots on the market were relatively complex, with more than 3,000 stocks falling in the market. From the perspective of sectors, the liquid-cooled server concept continued to rise during the session, Rongyi Precision hit the daily limit of 30cm, Guanlong Energy Saving, Kangsheng Shares, Jinfu Technology, and Jindi Shares hit the daily limit. The concept of short dramas fluctuated and strengthened, with Mango Super Media, Zhongguang Natural Selection, and Huanrui Century hitting the daily limit. The coal sector was active, with Zhengzhou Coal and Electricity rising by the daily limit. The concept of on-device AI fluctuated and rose, with Rockchip and MeG Smart reaching their daily limit. The real estate sector was active during the session, with I Love My Home and Shenzhen Property A reaching their daily limit. The banking sector bucked the trend and rose, with Bank of China rising by more than 4% and China CITIC Bank rising by more than 2%. The stock price continued to hit a record high. On the downside, the concept of gold fell sharply, and Shengda Resources hit its limit. The CRO concept continues to adjust, and Baihua Pharmaceutical drops by the limit. As of the close, the Shanghai Stock Exchange Index fell 0.2%, the Shenzhen Component Index fell 1%, and the ChiNext Index fell 1.29%. A[Liquid-cooled server concept continues to rise, Rongyi Precision and other nearly ten stocks have hit their daily limit] On August 31, the liquid-cooled server concept continued to rise during the session, with Rongyi Precision rising to the 30cm limit. Previously, Guanlong Energy Saving, Kangsheng Shares, Jinfu Technology, Jindi Shares and other stocks hit the limit, and Jingyan Technology, Tongfei Shares, and Science and Technology Innovation Source all rose by more than 10%. On the news, CCTV Finance reported that as the Wanka Intelligent Computing Center accelerates its launch, the power consumption of AI chips exceeds 1,000W. Traditional air cooling cannot meet the heat dissipation needs, and liquid cooling has become a "must option" for computing power deployment. Liquid cooling production lines in Shandong, Guangdong and other places are operating at full capacity, and orders for core equipment CDU have been scheduled until the end of 2026, with some delivery cycles expected to 2027. A[Liquid-cooled server concept is active, and Tongfei shares are up more than 10%] On August 31, the liquid-cooled server concept was active, Tongfei shares were up over 10%, Haiou shares hit the daily limit, Xinpeng Shares, Qiangrui Technology, Dayuan Pump Industry, Yimikang, and Binglun Environment followed suit. On the news, it is reported that a batch of liquid-cooled servers are being assembled and tested on the high-end AI server production line in Jinan, Shandong, and are about to be delivered and put into production; in Laixi, Qingdao, Shandong, orders for a liquid-cooled core equipment component CDU assembly line have been scheduled until the end of December. A[Henan: Strive to reach 1 million new energy vehicle production throughout the year] On August 31, the General Office of the Henan Provincial People's Government recently issued the "Notice on Key Tasks and Measures to Resolutely Win the Summer and Autumn Battle of Economic Development and Promote the Continued Economic Development in the Second Half of 2026", which mentioned the consolidation and expansion of the rapid development momentum of emerging industries. Promote the expansion of capacity and efficiency in emerging industries such as new energy vehicles, electronic information, and new materials, promote the production of 12-inch large silicon wafers and diamond heat sink wafers, complete and put into production projects such as liquid-cooled servers, pickup trucks, passenger car technical modifications, and power batteries, and strive to achieve annual production of new energy vehicles to 1 million units. A[Orders scheduled until the end of the year, the 100 billion liquid cooling track is accelerating to heat up] August 30th, in the past, data centers mainly relied on fans and air conditioners to "cool". However, after the accelerated implementation of high-power computing clusters such as Wanka Intelligent Computing Center and super nodes, chip power consumption continues to rise, making traditional air cooling increasingly difficult. As a result, liquid cooling was quickly pushed to the forefront. Industry insiders said that after the power of a single machine exceeds 100 kilowatts, the pressure of cold plate liquid cooling will increase significantly; when the power of the AI server cabinet reaches more than 200 kilowatts, the immersion solution will have more advantages. With the expansion of demand, competition quickly spread to the production side. On the high-end AI server production line in Jinan, Shandong, a batch of liquid-cooled servers are being assembled and tested and are about to be delivered and put into production; in Laixi, Qingdao, Shandong, there is a liquid-cooled core equipment component CDU assembly line, and orders have been scheduled until the end of December; in Foshan, Guangdong, a liquid-cooled component manufacturer's orders, output value, and delivery volume this year have all increased nearly 100% year-on-year. CCID Consulting data shows that China’s liquid cooling data center market size will reach 15.98 billion yuan in 2025, a year-on-year increase of 45.2%. According to predictions from industry organizations, the global smart computing liquid cooling market may exceed 100 billion yuan in 2026. As long as the power of AI servers continues to rise, the density of cabinets continues to increase, and the construction of smart computing centers continues, the smart computing liquid cooling market will continue to expand. (CCTV Finance)
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