Core Viewpoint - The CPO concept stocks in the A-share market have shown strong performance, with several companies experiencing significant price increases [1] Group 1: Stock Performance - Robotech and Lantech both surged over 14% [1] - Huada Technology, Woge Optoelectronics, Tongfu Microelectronics, and Kechuan Technology reached the 10% daily limit up [1] - Benkawa Intelligent increased by over 8% [1] - Changdian Technology, Huamao Technology, and Hengtong Optoelectronics rose over 6% [1] - Tiantong Co., Shuguang Digital Creation, Cambridge Technology, Juguang Technology, and Taicheng Technology all gained over 5% [1]

证券日报网讯1月6日，曙光数创发布公告称，公司将于2026年1月22日召开2026年第一次临时股东会。 ...

证券日报网讯 1月6日，曙光数创发布公告称，公司董事会于2026年1月5日审议通过，提名任京暘、翁 启南、孔龙凤、何继盛为非独立董事候选人，郭帅、牟浴、赵国辉为独立董事候选人，任期三年，尚需 股东会审议；王伟成、高志勇因届满到期不再担任董事及独立董事。 （文章来源：证券日报） ...

证券日报网讯 1月6日，曙光数创发布公告称，公司第四届董事会第十六次会议审议通过《 的议案》《 的议案》《 的议案》。 （文章来源：证券日报） ...

证券日报网讯 12月30日，曙光数创发布公告称，公司2025年12月29日召开2025年第二次临时股东会， 审议通过《关于变更部分募投项目实施方式》的议案等。 （文章来源：证券日报） ...

Core Viewpoint - The A-share liquid cooling concept stocks experienced significant activity on December 23, with multiple stocks reaching their daily limit up, indicating strong investor interest in this sector [1]. Group 1: Stock Performance - Tongfei Co., Ltd. (300990) saw a 20% increase, reaching a market capitalization of 15.9 billion [2]. - Yidong Electronics (301123) rose by 17.57%, with a total market value of 16.7 billion [2]. - Shenling Environment (301018) increased by 11.76%, with a market cap of 17.3 billion [2]. - Rongyi Precision (920223) gained 10.97%, valued at 4.295 billion [2]. - Chuanrun Co., Ltd. (002272) rose by 10.02%, with a market capitalization of 7.719 billion [2]. - Kuaike Intelligent (603203) increased by 10.01%, with a market cap of 9.063 billion [2]. - Yingweike (002837) saw a 10% rise, reaching a market value of 101.4 billion [2]. - Longpan Technology (603906) increased by 8.26%, with a market cap of 14.3 billion [2]. - Qiangrui Technology (301128) rose by 8.1%, valued at 9.827 billion [2]. - Shuguang Digital Innovation (920808) increased by 7.21%, with a market cap of 15.2 billion [2]. - Six other companies, including Siquan New Materials (301489) and Chuanhuan Technology (300547), also showed notable increases ranging from 6.16% to 6.83% [2]. Group 2: Year-to-Date Performance - Yidong Electronics (301123) has seen a year-to-date increase of 248.27% [2]. - Siquan New Materials (301489) has experienced a remarkable year-to-date growth of 318.22% [2]. - Rongyi Precision (920223) has a year-to-date increase of 184.48% [2]. - Yingweike (002837) has shown a year-to-date growth of 236.20% [2]. - Other companies like Chuanrun Co., Ltd. (002272) and Longpan Technology (603906) have also reported significant year-to-date increases of 61.62% and 101.16%, respectively [2].

Summary of Liquid Cooling Market Update Industry Overview - The global liquid cooling market is experiencing rapid growth, with an expected annual growth rate of 20%-25% over the next 3-5 years. The market size for the first three quarters of 2024-2025 is projected to reach approximately $6-7 billion, with North America holding the largest share at 50%-55% [1][2][20]. Key Insights and Arguments - **Market Dynamics**: North American data centers are adopting alternative energy solutions such as renewable energy, battery energy storage systems (BESS), and distributed power generation to address power supply bottlenecks, although these solutions are costly [1][5]. In contrast, domestic manufacturers in China are circumventing chip restrictions by procuring previous-generation GPU chips and utilizing Southeast Asian data centers [1][5]. - **Cooling System Design**: High-power GPU systems in data centers typically employ N+N or 3+3+1 redundancy in power supply systems and N+1 redundancy in thermal management systems. Key components like circulation pumps in cold plate liquid cooling systems also utilize N+1 redundancy [1][6][7]. - **AI Cluster Operations**: In domestic AI cluster operations, both air cooling and liquid cooling coexist, with H100 liquid-cooled cabinets generally using a 30% air cooling and 70% liquid cooling configuration. Single-chip power consumption does not exceed 1,000 watts, primarily relying on unidirectional liquid cooling plates [1][8]. - **Cooling Technology Selection**: The choice between cold plate and silent liquid cooling technologies is based on the thermal flow density of GPU chips. Air cooling is recommended for under 1 kW, unidirectional liquid cooling plates for 1-2 kW, and bidirectional liquid cooling plates for over 2 kW. Future Ultra series may require a shift to bidirectional phase change solutions [1][8]. - **Market Share**: In North America, the company Viant Technology ranks among the top three in the liquid cooling market, holding a market share of 20%-25%. Their product line includes both air and liquid cooling systems, providing comprehensive solutions for data centers [2][20]. Additional Important Points - **Challenges in Silent Liquid Cooling**: Silent liquid cooling systems face high costs, maintenance difficulties, and large footprint issues, making widespread adoption challenging in the short term. However, significant growth in GPU chip capacity over the next 3-5 years may drive some high-density applications to transition to silent liquid cooling [3][10]. - **Corrosion Prevention**: To combat electrochemical corrosion in liquid cooling systems, deionized water or a solution containing 25%-30% propylene glycol is commonly used, with corrosion inhibitors added to enhance resistance [13][14]. - **Future Trends**: The development of liquid cooling media is shifting from unidirectional to bidirectional systems, with the introduction of microchannel technology. New refrigerants like electronic fluorinated liquids may replace traditional water-based coolants in the future [12][15][16]. - **Market Competition**: The refrigerant market is witnessing significant demand growth, particularly in liquid cooling media. North American clients primarily use refrigerants produced by European and American manufacturers, while domestic companies like Juhua and Dongyangguang are also producing refrigerants for local data centers [18][19]. - **Integration vs. Decoupled Delivery**: Integrated delivery systems provide a simplified deployment process, while decoupled delivery offers greater flexibility for future expansions. Each method has its advantages depending on specific user needs [21][23]. This summary encapsulates the key points from the liquid cooling market update, highlighting the industry's growth, technological advancements, and competitive landscape.

Core Insights - The CDCE International Data Center and Cloud Computing Exhibition was held in Shanghai from November 18 to 20, showcasing advancements in the industry [1] - A report titled "Analysis of the Current Development Status of Liquid Cooling Technology in Computing Power Infrastructure" was released during the event, highlighting key trends in the sector [1] Company Summary - Sugon Information Industry Co., Ltd. (曙光数创) is projected to hold a dominant position in the Chinese computing power center infrastructure liquid cooling temperature control equipment market, with a shipment share of 55.7% in 2024 [1] - Sugon has maintained the highest market share in this segment for four consecutive years, indicating strong competitive advantages and market leadership [1]

Core Viewpoint - The merger between Zhongke Shuguang and Haiguang Information is a significant event in China's technology industry expected to occur by 2025 [1] Group 1: Merger Details - Zhongke Shuguang will be absorbed by Haiguang Information through a share swap, resulting in the indirect control of Shuguang Data Innovation (Beijing) Co., Ltd. being transferred from Zhongke Shuguang to Haiguang Information [1] - As of November 11, 2025, Shuguang Data Innovation is the only company in Beijing with a market capitalization exceeding 10 billion yuan listed on the Beijing Stock Exchange [1] Group 2: Impact on Shuguang Data Innovation - Shuguang Data Innovation has stated that the merger constitutes an indirect acquisition, requiring Haiguang Information to fulfill a comprehensive tender offer obligation [1] - The tender offer is legally mandated and does not aim to terminate the listing status of Shuguang Data Innovation, ensuring that the company's independent operational status remains unaffected post-merger [1]

Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with notable drops in several companies [1] - Shijia Photon fell over 6%, while Dekeli and Jingwang Electronics dropped over 5% [1] - Other companies such as Xinyi Sheng, Kecuan Technology, Zhongji Xuchuang, and others also saw declines exceeding 4% [1] Group 2 - Specific stock performance includes: - Shijia Photon (688313) down 6.18% with a market cap of 31.8 billion and a year-to-date increase of 324% [2] - Dekeli (688205) down 5.49% with a market cap of 14 billion and a year-to-date increase of 27.22% [2] - Jingwang Electronics (603228) down 5.18% with a market cap of 68.6 billion and a year-to-date increase of 156.57% [2] - Xinyi Sheng (300502) down 4.94% with a market cap of 330.5 billion and a year-to-date increase of 304.38% [2] - Kecuan Technology (603052) down 4.92% with a market cap of 6.755 billion and a year-to-date increase of 41.61% [2] - Zhongji Xuchuang (300308) down 4.48% with a market cap of 520.1 billion and a year-to-date increase of 280.91% [2]