8月18日，A股液冷概念股再度爆发，股价涨幅超过10%（包含10%）的公司有22家。其中，曙光数创"30cm"涨停，方盛股份、高澜股份、强瑞技术、润禾 材料等"20cm"涨停。 | 序号 | 代码 | 名称 | | 最新 | 涨幅% 1 | | --- | --- | --- | --- | --- | --- | | 1 | 872808 | 曙光数创 | 1 | 99.09 | 29.99 | | 2 | 832662 | 方感股份 | | 47.90 | 22.07 | | 3 | 300499 | 高澜股份 | 1 | 30.94 | 20.02 | | 4 | 301128 | 强瑞技术 | 1 | 89.29 | 20.00 | | 5 | 300727 | 润末材料 | 事 | 43.64 | 19.99 | | 6 | 301086 | 愛聞與 | 1 | 67.00 | 18.19 | | 7 | 688032 | 德邦科技 | 1 | 57.28 | 16.78 | | 8 | 300843 | 胜蓝股份 | | 52.00 | 15.76 | | 9 | 300602 | 飞荣达 | * ...

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

Core Viewpoint - The liquid cooling concept in the A-share market has seen a significant rise, driven by the increasing demand for cooling solutions in data centers and computing equipment due to the growing computational density [1][3]. Market Performance - On August 18, related stocks surged, with notable increases such as Shuguang Shuchuang (30% limit up), Fangsheng Co. (up 22.07%), and several others achieving 20% limit up [1]. - The liquid cooling technology is gaining traction as a core solution for addressing high-density heat dissipation issues, leading to explosive market demand [1]. Industry Growth - The liquid cooling server market in China is projected to reach $2.37 billion in 2024, representing a 67% year-on-year growth, with a compound annual growth rate (CAGR) of 46.8% expected from 2024 to 2029, potentially exceeding $16.2 billion by 2029 [3]. - The penetration rate of liquid cooling data centers among the three major operators is expected to rise from 14% in 2025 to 26%, with order schedules extending to 2026 [3]. Applications - Liquid cooling technology is increasingly essential in the AI sector, significantly reducing energy consumption and improving power usage effectiveness (PUE) to levels between 1.1 and 1.2, compared to over 1.5 for air cooling [3]. - The market for thermal management in new energy vehicles is projected to reach 77.1 billion yuan in 2024, with the value of liquid cooling systems per vehicle being three times that of traditional fuel vehicles [3]. Competitive Advantage - Chinese liquid cooling companies have established a global competitive edge, achieving breakthroughs in key areas such as immersion cooling and cold plate cooling, with top-tier technology indicators [5][6]. - Chinese firms hold 35% of the top 20 global liquid cooling patents, with a 55% share in the immersion cooling sector [6]. - The use of nylon to replace metals in liquid cooling components has reduced costs by 30% to 50% and decreased leakage risks by 90% [6]. Industry Chain - The Chinese liquid cooling industry encompasses a complete supply chain, from coolant production to core components and system integration [6]. - Major companies involved include Juhua Co. for coolant, Feilong Co. for electronic pumps, and Industrial Fulian for system integration [6]. Company Highlights - The A-share liquid cooling sector comprises 120 constituent stocks with a total market capitalization of 3.66 trillion yuan [7]. - Companies like Invec provide precision temperature control solutions across various sectors, while Shuguang Shuchuang focuses on data center liquid cooling solutions, particularly in immersion phase change cooling technology [7][8]. - Silver Wheel Co. is advancing its liquid cooling business as a third growth curve, with proprietary technologies enhancing cooling efficiency [7]. - Highlan Co. specializes in liquid cooling solutions for new energy and data center applications, collaborating with major battery manufacturers [8].

每经讯，2025年8月18日，北交所上市公司曙光数创（872808，收盘价：99.09元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日收盘价涨幅达到29.99%，成交数量1705.22万股，成交金额15.55亿元。买一席位为东方证券股份有限公司上海浦东新区张 杨路证券营业部，买入2.25亿元；卖一席位为国泰海通证券股份有限公司贵州贵阳中华中路营业部，卖出1766.01万元。 （记者 张喜威） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 | | 2025-08-18曙光数创（872808） 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ਜੇਵ ਹ | 东方证券股份有限公司上海浦东新区张杨路证券营业部 | 224604127.1 | 335185 | | 买2 | 国金证券股份有限公司深圳分公司 | 26547367.71 | 3910873.1 | | 买3 | 国泰海通证券股份有限公司上海江苏路营业部 | 23398230.28 | 19602 | ...

曙光数创8月18日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 东方证券股份有限公司上海浦东新区张杨路证券营业 | 22460.41 | 33.52 | | | 部 | | | | 买二 | 国金证券股份有限公司深圳分公司 | 2654.74 | 391.09 | | 买三 | 国泰海通证券股份有限公司上海江苏路营业部 | 2339.82 | 1.96 | | 买四 | 中信建投证券股份有限公司安徽分公司 | 2035.79 | 24.18 | | 买五 | 国信证券股份有限公司深圳红岭中路证券营业部 | 1787.71 | 83.32 | | 卖一 | 国泰海通证券股份有限公司贵州贵阳中华中路营业部 | 0.99 | 1766.01 | | 卖二 | 国泰海通证券股份有限公司江苏南京太平南路营业部 | 66.13 | 1746.20 | | 卖三 | 中泰证券股份有限公司章丘双山北路证券营业部 | 3.19 | 1605.35 | | 卖四 | 机构专用 | 1374.10 | 1573.22 ...

证券之星消息，8月18日计算机设备板块较上一交易日上涨2.26%，曙光数创领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。计算机设备板块个股涨跌见下表： 从资金流向上来看，当日计算机设备板块主力资金净流出4.24亿元，游资资金净流出5.36亿元，散户资金 净流入9.61亿元。计算机设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002236 大华股份 | | 3.93亿 | 10.12% | -3.46 Z | -8.90% | -4751.41万 | -1.22% | | 000977 浪潮信息 | | 3.14 Z | 4.48% | -8589.04万 | -1.23% | -2.28亿 | -3.26% | | 001339 智微智能 | | 2.30 Z | 17.16% | -1.55 Z | -11.60% | -7 ...

Market Performance - The three major A-share indices collectively rose on the 18th, with the Shanghai Composite Index increasing by 0.85%, the Shenzhen Component Index by 1.73%, the ChiNext Index by 2.84%, and the North Star 50 Index by 6.79% [2] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 28,091 billion yuan, an increase of 5,363 billion yuan compared to the previous day [2] - Over 4,000 stocks in the market experienced gains [2] Sector Performance - The film and media sector, liquid cooling server sector, and Huawei HiSilicon concept stocks saw significant gains, while the precious metals sector experienced a correction [2] - The film and media sector was particularly strong, with stocks like Huanrui Century and Ciweng Media hitting the daily limit [2] - The liquid cooling server sector performed well across the board, with Shuguang Digital Technology hitting the daily limit and companies like Gaolan Technology and Qiangrui Technology also reaching significant gains [2] - Huawei HiSilicon concept stocks surged, with Jinsai Technology hitting the daily limit and Shenzhen Huqiang and Haoshanghao also reaching the daily limit [2] - The precious metals sector saw declines, with Shandong Gold and Zhaojin Gold both dropping over 1% [2]

Core Viewpoint - The A-share market has reached significant milestones, with major indices hitting multi-year highs and the total market capitalization surpassing 100 trillion yuan for the first time in history [3][10]. Market Performance - The Shanghai Composite Index broke through the previous high of 3731.69 points set in February 2021, marking a nearly ten-year high [4]. - The Shenzhen Component Index surpassed 11864.11 points, achieving a new high in the last two years [6]. - The ChiNext Index crossed the 2600-point mark, reaching its highest level since February 2023 [8]. - The total market capitalization of A-shares exceeded 100 trillion yuan, a historic milestone [10]. - As of the market close, the Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 1.73%, and the ChiNext Index gained 2.84% [11]. Sector Performance - Key sectors that saw significant gains included liquid cooling servers, film and television, consumer electronics, rare earth permanent magnets, and AI [13]. - The liquid cooling server sector was particularly strong, with over 20 stocks hitting the daily limit or rising more than 10%, including Shuguang Digital Creation with a 30% limit up [13]. Institutional Insights - According to Citic Securities, the current A-share market is characterized by a structural slow bull trend, with a focus on technology growth (AI computing power, robotics, innovative pharmaceuticals) and financial sectors (brokerage, insurance) [17]. - CICC noted that the recent upward trend in the A-share market reflects positive changes in market liquidity, with improved capital structure and increased market participation [17]. - Zhongxin Securities identified four characteristics of the current slow bull market, emphasizing structural prosperity as the main driving force and cautioning against potential overheating in investor sentiment [17].

Group 1: Company Overview - The core business of Xingtou Measurement and Control is in the highly specialized field of aerospace measurement and control, which is crucial for the communication between ground and space after the launch of spacecraft [6][30]. - In 2024, Xingtou Measurement and Control achieved a revenue of 288 million yuan, representing a year-on-year growth of 25.90%, and a net profit attributable to the parent company of 84.97 million yuan, with a year-on-year increase of 35.68% [2][35]. - The company has maintained a stable and high gross margin, with gross margins of 56.92%, 52.16%, and 52.80% from 2022 to 2024 [35]. Group 2: Industry Insights - The global market for aerospace measurement and control systems is projected to reach 996.49 million USD in 2024, with a compound annual growth rate (CAGR) of 23% expected from 2025 to 2031 [30][32]. - In 2024, China is expected to account for approximately 21.47% of the global market, with a market size of 213.90 million USD, and this is projected to grow to 1.26 billion USD by 2031, potentially reaching a 30.56% share of the global market [30][32]. - The aerospace measurement and control industry is characterized by a competitive landscape, with key global players including Kongsberg Satellite Services, Swedish Space Corporation, GMV, and others, with the first-tier companies holding about 30.86% of the market share [31][32].

8月18日午后，A股三大指数集体上涨，行业板块多数走高，炒股软件、液冷服务器、光模块CPO等概 念板块持续活跃。近期热度较高的云计算50ETF（516630）一度涨超4%，持仓股中，曙光数创、润和 软件、中际旭创、用友网络、科华数据等领涨，其中，曙光数创午后一度触及30CM涨停。 （文章来源：每日经济新闻） 北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映射逻 辑。公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高， 覆盖了光模块&光器件、算力租赁、数据中心、AI服务器、液冷服务器等热门算力概念。云计算50ETF （516630）为跟踪该指数合计费率最低的ETF。 国海证券在报告《液冷：AI算力新一极》中指出，Blackwell性能激增，液冷方案成为必须；ASIC液冷 需求明确，客制化程度高助推毛利率提升。随着GB200/GB300持续放量与迭代以及ASIC服务器陆续导 入，散热产业有望打开成长空间、迎量价齐升。此外，基于我国在制造业和材料学等相关领域的深厚基 础，该机构看好本土市场未来将诞生国际一流的液冷公司，建议关注： ...