Core Insights - The company Shuguang Digital Innovation launched its first liquid cooling CDU product, CDU-2.24万W, targeting the Southeast Asian market at the DATA CENTRE WORLD conference in Singapore [1] Product Features - The CDU-2.24万W addresses challenges such as high temperatures and high-power chip cooling in the region, characterized by energy efficiency, high-density cooling, and safety stability [1] - The product features a dual-pump design and modular structure to optimize energy efficiency and cooling capacity, supporting rapid deployment and flexible expansion [1] - The design incorporates Southeast Asian cultural symbols, reflecting a localization strategy [1] Market Strategy - The company plans to continue expanding its overseas market presence and promote green digital infrastructure [1]

曙光数创除曙光信息产业（北京）有限公司以外的其他所有持有上市流通普通 股的股东发出全面要约。2025 年 6 月 9 日，曙光数创披露了《曙光数据基础设 施创新技术（北京）股份有限公司要约收购报告书摘要》。2025 年 8 月 8 日，曙 光数创披露了《曙光数据基础设施创新技术（北京）股份有限公司关于要约收 购事项的进展公告》。2025 年 9 月 5 日，曙光数创再次披露了《曙光数据基础设 施创新技术（北京）股份有限公司关于要约收购事项的进展公告》。 曙光数据基础设施创新技术（北京）股份有限公司 关于要约收购事项的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2025 年 9 月 30 日，公司收到海光信息技术股份有限公司发来的《关于要约 收购曙光数据基础设施创新技术（北京）股份有限公司进展情况的函》，现将函 件内容公告如下： "致曙光数据基础设施创新技术（北京）股份有限公司： 2025 年 6 月 6 日，海光信息技术股份有限公司（以下简称"海光信息"）与曙 光信息产业股份有限公司（以下 ...

Core Points - As of September 29, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.624 billion yuan, a decrease of 33.87 million yuan from the previous trading day [1] - The top three stocks by margin financing balance were Shuguang Digital Innovation, Jinbo Biological, and Better Energy, with balances of 368 million yuan, 337 million yuan, and 330 million yuan respectively [1] - A total of 105 stocks on the BSE had net margin purchases, with 32 stocks having net purchases exceeding 1 million yuan, led by Lingge Technology with a net purchase of 29.81 million yuan [1][2] Industry Summary - The industries with the highest concentration of stocks with net margin purchases over 1 million yuan were basic chemicals, electric equipment, and machinery, with 8, 6, and 4 stocks respectively [2] - On average, stocks with net margin purchases over 1 million yuan rose by 0.74% on September 29, with Lingge Technology, Tianma New Materials, and Airong Software leading the gains at 14.39%, 3.84%, and 3.40% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.18%, with Jinhuan New Materials, Lingge Technology, and Jiezong Technology having turnover rates of 53.44%, 18.58%, and 8.50% respectively [2] Company Highlights - Lingge Technology had a margin financing balance of 435.68 million yuan, with an increase of 29.81 million yuan, representing 2.20% of its market capitalization [2][3] - Other notable companies with significant margin financing increases included Kaiter Co. with 685.96 million yuan and Airoong Software with 1.659644 billion yuan [2][3] - Stocks with the largest margin financing increases also included Tianma New Materials and Jiezong Technology, with increases of 4.58 million yuan and 4.35 million yuan respectively [2][3]

Market Overview - The computer equipment sector experienced a decline of 2.83% on September 26, with Xuanji Information leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - ST Yingfituo: closed at 2.82, up 4.83% with a trading volume of 197,400 shares and a turnover of 55.38 million [1] - Huijin Co.: closed at 15.90, up 2.91% with a trading volume of 883,600 shares and a turnover of 142.6 million [1] - Major decliners included: - Xuanji Information: closed at 6.47, down 7.70% with a trading volume of 1,914,900 shares and a turnover of 127.5 million [2] - Yimikang: closed at 16.41, down 6.01% with a trading volume of 338,600 shares and a turnover of 56.9 million [2] Capital Flow - The computer equipment sector saw a net outflow of 3.633 billion in main funds, while retail investors contributed a net inflow of 2.477 billion [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2][3] Individual Stock Capital Flow - Huijin Co. had a main fund net inflow of 1.45 billion, but retail investors showed a net outflow of 984.26 million [3] - Xuanji Information experienced a significant net outflow of 1.27 billion from retail investors, indicating a lack of confidence [3]

Summary of Shuguang Data Creation Conference Call Company Overview - **Company**: Shuguang Data Creation - **Industry**: Liquid Cooling Technology for Data Centers Key Points Industry Insights - The penetration rate of liquid cooling technology is increasing, with the Chinese liquid cooling data center market expected to exceed 100 billion yuan by 2027, growing at a compound annual growth rate (CAGR) of over 50% [2][8][30]. - The demand for AI computing power and carbon neutrality policies are driving market expansion [2][8]. Company Performance - In the first half of 2025, Shuguang Data Creation achieved revenue of 140 million yuan, a year-on-year increase of 43% [3]. - The company’s silent phase change liquid cooling technology has a minimum Power Usage Effectiveness (PUE) of 1.04, significantly lower than traditional air cooling systems, aligning with national requirements for data centers [2][9]. - The gross margin for silent liquid cooling data center infrastructure products reached 40% in 2023, accounting for 58% of the company's revenue [11]. Product Development - The company launched the C7,000 phase change liquid cooling solution in June 2025, enhancing cooling capacity by 15% [6]. - The silent liquid cooling product revenue grew by 212% year-on-year in the first half of 2025, indicating strong recovery momentum [12][20]. Market Expansion - Shuguang Data Creation is actively expanding into overseas markets, with projects established in Malaysia and Japan, and plans to enter Europe, the Middle East, and South Korea [2][7][25]. - The company won a bid for a 61 MW liquid cooling equipment procurement project in Malaysia in 2024 and established a wholly-owned subsidiary in Singapore [7][25]. Customer Concentration - The top five customers accounted for 88% of total revenue in the first half of 2025, with the largest customer contributing nearly 54.7% [5][15]. - Transactions with the controlling shareholder, Zhongke Shuguang, represented 56% of total revenue [5][15]. Future Projections - Revenue growth is projected at approximately 69% for 2025, with profit growth expected to exceed 70% [5][18]. - The company anticipates significant growth opportunities driven by the increasing number of large data centers and the penetration of AI applications [21][38]. Competitive Advantages - Shuguang Data Creation is the only company in China to achieve large-scale deployment of immersion phase change liquid cooling technology, holding a 61.3% market share in 2023 [20]. - The company has a high technical barrier in liquid cooling technology, requiring expertise in fluid mechanics, thermodynamics, and materials science [19]. Regulatory Environment - The Chinese government mandates that new large data centers must achieve a PUE of less than 1.25 by 2025, which supports the demand for liquid cooling solutions [9][28]. Financial Performance - The company’s net profit margin has fluctuated, with a decrease to 12.13% in 2024, but is expected to recover with projected profits of 105 million, 150 million, and 195 million yuan from 2025 to 2027 [36][37]. Technological Achievements - Shuguang Data Creation has made significant advancements in technology, holding 48 software copyrights and numerous patents, and has been recognized with several industry awards [22][38]. Strategic Mergers and Acquisitions - The recent acquisition of Shuguang Data Creation by Haiguang Information is expected to enhance its strategic position within the domestic computing power ecosystem [4][39]. This summary encapsulates the key insights and developments regarding Shuguang Data Creation and the liquid cooling technology industry, highlighting the company's growth trajectory, market strategies, and competitive advantages.

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

Group 1 - The CPO concept stocks in the A-share market experienced significant gains, with Huagong Technology hitting the daily limit, and Xinyi Sheng rising over 6% [1] - Other notable performers included Shuguang Shuchuang, Guangku Technology, Cambridge Technology, and Guangxun Technology, all increasing by over 5% [1] - The overall market sentiment is positive, indicated by the formation of a MACD golden cross signal, suggesting a strong upward trend for these stocks [2] Group 2 - Huagong Technology (code: 000988) saw a rise of 9.92%, with a total market capitalization of 98.1 billion and a year-to-date increase of 126.46% [2] - Xinyi Sheng (code: 300502) increased by 6.98%, with a market cap of 377.1 billion and a year-to-date rise of 361.40% [2] - Other companies like Shuguang Shuchuang (5.91% increase, 21 billion market cap, 55.73% YTD), Guangku Technology (5.89%, 32.9 billion, 172.17% YTD), and Cambridge Technology (5.42%, 32.1 billion, 196.26% YTD) also showed strong performance [2]

Summary of Key Points Core Viewpoint - As of September 22, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.81 billion yuan, indicating an increase from the previous trading day, with notable activity in specific stocks and sectors [1]. Financing and Margin Activity - The margin financing balance was 7.81 billion yuan, up by 48.08 million yuan, while the securities lending balance was 43.47 million yuan, down by 69,700 yuan [1]. - The stocks with the highest margin financing balances included Better Ray (3.68 billion yuan), Shuguang Digital Innovation (3.65 billion yuan), and Jinbo Biological (3.52 billion yuan) [1]. - The average margin financing balance as a percentage of market capitalization for these stocks was 1.31%, with leading stocks like Juneng Co., Audiwei, and Jiaoda Tifa showing higher ratios of 3.98%, 3.85%, and 3.83% respectively [1]. Net Buying and Selling Trends - On September 22, 150 stocks experienced net margin buying, with 43 stocks having net buying amounts exceeding 1 million yuan [2]. - Shuguang Digital Innovation led with a net buying amount of 9.08 million yuan, followed by Jinbo Biological (8.74 million yuan) and Binhang Technology (7.99 million yuan) [2]. - The stocks with the highest net selling amounts included Kun Gong Technology, Litong Technology, and Kangle Health, with net selling amounts of 9.65 million yuan, 7.40 million yuan, and 6.76 million yuan respectively [1][2]. Industry Performance - The industries with the most stocks receiving net buying over 1 million yuan were machinery equipment (9 stocks), automotive (7 stocks), and electronics (5 stocks) [2]. - The average performance of stocks with net buying over 1 million yuan showed a decline of 1.21%, with notable gainers including Zhixin Electronics (up 12.64%), Shuguang Digital Innovation (up 9.90%), and Kaiter Co. (up 7.05%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 4.55%, with the highest turnover rates seen in Shichang Co. (52.17%), Zhixin Electronics (25.83%), and Sanwei Equipment (24.01%) [2]. - The average daily turnover rate for stocks on the Beijing Stock Exchange was 3.71% [2].

Summary of Key Points Core Viewpoint The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) experienced a significant decline on September 22, with a total trading volume of 925 million shares and a turnover of 21.217 billion yuan, a decrease of 4.717 billion yuan compared to the previous trading day. Despite this, 71 stocks closed higher, indicating some resilience in specific sectors [1]. Trading Performance - The total trading volume on the BSE was 925 million shares, with a turnover of 21.217 billion yuan, down by 4.717 billion yuan from the previous day [1]. - Among the traded stocks, 71 stocks saw an increase in closing price, accounting for 25.91% of the total tradable stocks [1]. - The top gainers included Zhixin Electronics, Hongxi Technology, and Shuguang Digital Innovation, with increases of 12.64%, 11.74%, and 9.90% respectively [1]. - Conversely, 202 stocks experienced a decline, with the largest drop seen in Shichang Co., Tianhong Lithium, and Huaguang Yuanhai, which fell by 15.06%, 7.99%, and 7.83% respectively [1]. Stock Activity - A total of 54 stocks had a turnover exceeding 100 million yuan, with Shuguang Digital Innovation, Tianma New Materials, and Kaiter Co. leading with turnovers of 582 million yuan, 550 million yuan, and 505 million yuan respectively [1]. - In terms of trading activity, 21 stocks had a turnover rate exceeding 10%, with 4 stocks exceeding 20% [1]. - The stocks with the highest turnover rates included Shichang Co. at 52.17%, Zhixin Electronics at 25.83%, and Sanwei Equipment at 24.01% [1].

Core Viewpoint - The computing power concept stocks have shown significant activity, with several companies experiencing notable stock price increases, indicating a positive market sentiment towards this sector [1]. Group 1: Stock Performance - Initial Ling Information, Weixing Intelligent, and Guiguan Network reached their daily limit up, showcasing strong investor interest [1]. - Capital Online's stock rose over 10%, reflecting a robust performance in the computing power sector [1]. - Other companies such as Zhejiang University Network New, Shenling Environment, Shuguang Digital Creation, and Zhongke Shuguang also saw their stock prices increase, indicating a broader trend in the industry [1].