Group 1 - The core point of the article is the establishment of Wuxi Xingyuan Tong Electric Co., Ltd., which focuses on manufacturing and sales of electrical equipment and artificial intelligence software development [1] Group 2 - The company's business scope includes manufacturing of distribution switch control equipment, sales of intelligent power distribution and control equipment, and development of artificial intelligence application and foundational software [1] - Wuxi Xingyuan Tong Electric Co., Ltd. is jointly owned by Wuxi Hongsheng Heat Exchange System Co., Ltd. and Wuxi Hongsheng New Energy Operation Technology Co., Ltd., both subsidiaries of Hongsheng Co., Ltd. [1]

Summary of the Conference Call on Hongsheng Co., Ltd. Industry Overview - The liquid cooling industry is entering its first year in 2026, with major data centers expected to fully adopt liquid cooling technology, including the GB200 model already in use [2][3] - The domestic supply chain is accelerating its entry into the market, with frequent mergers and acquisitions, such as Lianyi acquiring Limin Da and Lens Technology acquiring Dongyangguang [2] - The investment logic in the liquid cooling sector emphasizes performance realization, prioritizing companies that can secure orders from overseas supply chains [2][4] Company Performance - Hongsheng Co., Ltd. has shown outstanding performance in its data center business, with significant investment returns expected to increase from Q4 2025, reaching a growth peak in Q2 2026 [2][6] - The company is a contract manufacturer for Quanta and is expanding its partnerships with other Taiwanese manufacturers, developing complete CDU (Cooling Distribution Unit) solutions [2][6] - Profit projections for Hongsheng in 2026 are estimated to be around 250 to 300 million yuan, with a potential market capitalization of 10 billion yuan, indicating a doubling in value [2][7] Financial Projections - The liquid cooling market is projected to grow rapidly, with an estimated market size of approximately 100 billion yuan, driven by the increase in server cabinets and the rise in unit prices [4][11] - Hongsheng's revenue from its partnership with Quanta is expected to contribute significantly, with projections of delivering 10,000 computing cabinets in 2026, translating to revenues of 1.2 to 1.6 billion yuan [4][14] - The company aims to achieve a net profit margin of 25% to 30% if revenues exceed 1 billion yuan in 2026, potentially resulting in net profits of 250 to 480 million yuan [14] Market Trends - The demand for liquid cooling technology is driven by increased power density, with major players like Google and GB300 set to adopt liquid cooling solutions starting in 2026 [10][11] - The current liquid cooling market is valued at around 100 billion yuan, with expectations for rapid growth as the number of server cabinets increases and prices rise [11] - The industry is witnessing a significant increase in value, with components like the GB300 and GB200 seeing value increases of over 20% [12][13] Strategic Positioning - Hongsheng is strategically positioned to benefit from the growing liquid cooling market, with plans to extend its offerings beyond component supply to complete CDU solutions [15][16] - The company is not solely reliant on Quanta, as it is also engaging with other Taiwanese manufacturers like Delta and Inventec, indicating a diversified customer base [15][16] - Current market conditions are favorable for investing in Hongsheng, as the company is transitioning from a smaller player to a more established entity with proven performance [16][17] Conclusion - Hongsheng Co., Ltd. is poised for significant growth in the liquid cooling sector, with strong financial projections and a strategic approach to expanding its market presence. The anticipated adoption of liquid cooling technology by major data centers in 2026 presents a substantial opportunity for the company to capitalize on this emerging trend [2][3][4][7][10][11][15][16]

Group 1: Aerospace and Defense Companies - Shenjian Co., Ltd. has seen a stock increase for five consecutive days, focusing on aerospace-related molds, metal parts, composite materials, and Beidou satellite navigation system terminal products [2] - Aerospace Engineering has experienced a stock rise for four days, being the only listed company under the Rocket Technology Research Institute of the Aerospace Science and Technology Corporation, specializing in gasification technology and key equipment [2] - Daye Co., Ltd. is investing in a joint venture that focuses on aerospace power systems and specialized pressure vessels, while also developing humanoid robot dexterous hands [2] - Zhongchao Holdings is a comprehensive cable supplier, providing high-temperature alloy precision castings for aerospace applications [2] - Boyun New Materials has developed carbon/carbon throat lining materials for the Kuaizhou series of commercial solid rockets, establishing itself as a core research base for solid rocket engine composite materials [2] Group 2: Satellite and Communication Technologies - Xinguang Yuda is engaged in information perception, satellite communication, and unmanned systems, reporting a net profit increase of 260% year-on-year in its third-quarter report [2] - Ruihua Tai has participated in multiple aerospace military projects, including the manned space station and launch vehicles, and is developing PI films to enhance the lifespan of satellites and spacecraft [3] - Guojiji Precision Engineering is a leading company in the aerospace bearing sector, having provided bearings for major projects like Chang'e and Long March rockets [3] - China Satellite is a leading domestic satellite manufacturer and a major provider for the Beidou system [3] Group 3: Emerging Technologies and Innovations - Jun Da Co., Ltd. has formed a strategic partnership with Shangyi Optoelectronics to explore the application of perovskite battery technology in space energy [3] - Tian Tong Co., Ltd. showcased its commercial satellite digital batch electrical assembly technology at a national conference, contributing to the supply chain of the aerospace information industry [6] - Yingli Automotive focuses on lightweight automotive components, including dashboard frames and EV battery housings, leveraging its Taiwanese background [5] Group 4: Investment and Expansion Plans - Jiufeng Energy is expanding its special fuel and gas supply project at the Hainan commercial space launch site, with an estimated total investment of approximately 300 million yuan [2] - Nanjing Panda's new satellite communication terminal project includes both hardware and software, supporting satellite communication between terminals [3] - The company has signed a strategic cooperation agreement with Galaxy Aerospace to enter the commercial aerospace sector [6]

Group 1 - The A-share market continues to see an upward trend in liquid cooling concept stocks, with notable increases in share prices for several companies [1] - Fangsheng Co., Ltd. experienced a rise of over 12%, while Oulutong and Hongsheng Co., Ltd. saw increases of over 11% and 10% respectively [1] - Other companies such as Minglida, Jingyan Technology, and Yingweike also reported significant gains, with increases ranging from 5% to 9% [1] Group 2 - The table lists various companies along with their stock codes, percentage increases, total market capitalization, and year-to-date performance [2] - Fangsheng Co., Ltd. has a total market value of 29.24 billion and a year-to-date increase of 68.15% [2] - Oulutong has a market capitalization of 27.6 billion and a remarkable year-to-date increase of 137.26% [2] - Hongsheng Co., Ltd. has a market value of 6.167 billion and an impressive year-to-date increase of 256.74% [2] - Other companies listed show varying market capitalizations and year-to-date performance, indicating a strong interest in the liquid cooling sector [2]

证券日报网讯12月22日，宏盛股份（603090）在互动平台回答投资者提问时表示，截至2025年12月19日 股东数是12814户。 ...

Investment Rating - The industry investment rating is "Accumulate" (maintained) [1] Core Insights - The establishment of Vertiv's East China R&D and manufacturing base in Suzhou signifies a rapid increase in global demand for cooling solutions in computing power, particularly driven by the growth in AI computing [1] - The rise in server power density has transformed liquid cooling from an optional solution to a necessity, with projections indicating that the computing server market could exceed 100 billion by 2026-2027 [2] - Vertiv's expansion aims to overcome current capacity bottlenecks, leveraging the robust supply chain in the Yangtze River Delta region, which is home to numerous suppliers of critical components [3] Summary by Sections Industry Potential - The establishment of Vertiv's manufacturing base indicates a significant uptick in demand for liquid cooling solutions, particularly in the context of AI computing [1] Market Dynamics - The liquid cooling market is expected to see substantial growth, with leading companies like Vertiv demonstrating confidence in the long-term prospects of this sector [2] - The introduction of more suppliers into the NV open RVL list and the maturation of the ASIC server supply chain present opportunities for domestic liquid cooling suppliers to gain market share [2] Company Expansion - Vertiv's expansion is a strategic move to address capacity constraints and enhance its competitive edge by integrating local suppliers into its supply chain [3] Investment Recommendations - Recommended companies include: - Vertiv as a leading thermal control provider with strong North American client progress - Hongsheng Co., specializing in plate-fin heat exchangers - Neway Valve, a leader in the valve sector - Additional companies to watch include Feilong Co., Kexin New Source, Yidong Electronics, and Feirongda [4]

Market Overview and Sector Characteristics - The Shanghai Composite Index closed up by 1.19%, while the Shenzhen Component Index fell by 2.40%, with the median change in A-shares being an increase of 0.61% [1] - A total of 49 stocks hit the daily limit up, an increase of 7 from the previous day, while 19 stocks hit the limit down, an increase of 4 [2] Industry Characteristics - The sectors with the most limit-up stocks today were communication equipment, specialized equipment, and general equipment [3] - In the communication equipment sector, 5 stocks reached the limit up, driven by accelerated 5G construction and AI computing demand [4] - The specialized equipment sector saw 4 stocks limit up, supported by policy backing and recovering orders [4] - The general equipment sector had 3 stocks limit up, boosted by policy support for equipment upgrades and enhanced manufacturing recovery expectations [4] Concept Characteristics - The most represented concepts among limit-up stocks were optical communication, liquid cooling servers, and consumer sectors [5] - In the optical communication concept, 7 stocks hit the limit up, benefiting from the explosive demand for AI computing and the acceleration of 800G optical module shipments [5] - The liquid cooling server concept also had 7 stocks limit up, as liquid cooling technology becomes the mainstream solution for heat dissipation due to AI computing demand [5] - The consumer sector had 6 stocks limit up, supported by policy stimulus and the year-end consumption peak, with strong expectations for consumer potential [5] Limit-Up Stock List - Among the limit-up stocks, 3 reached historical highs, including Yingweike, Ping An Electric, and Huanxu Electronics [6] - 10 stocks reached near one-year highs, including Shengtong Energy, Jiamei Packaging, and others [7][8] Main Capital Flow - The top 5 stocks with the highest net inflow of main capital among limit-up stocks were Yingweike, Guojiji Heavy Industry, Guangxun Technology, ShenNan Circuit, and Meinian Health [9][10] - The stocks with the highest net inflow as a percentage of market value included Wangzi New Materials, Nanjing Business Travel, and others [10] Continuous Limit-Up Situation - There were 41 first-limit stocks today, with 5 stocks achieving a second limit up and 3 stocks achieving three or more consecutive limit ups [11] - The top 5 stocks with the most consecutive limit ups included Baida Group, Shengtong Energy, and others [11]

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is experiencing significant growth driven by the surge in data center cooling demands and stricter PUE (Power Usage Effectiveness) regulations. The global AIDC (Artificial Intelligence Data Center) liquid cooling market is projected to reach approximately 110-115 billion RMB by 2026 [1][9]. Key Points and Arguments - **Market Dynamics**: The cost of cooling systems is expected to double to around 10% of total costs due to rapid server iterations. For instance, the value of server modules increased from $75,000 to $95,000, a 20% rise, as the GB300 phase introduced independent cold plates for each GPU [9][10]. - **Liquid Cooling Technology**: The technology is categorized into indirect contact, direct contact, and spray cooling. The single-sided cold plate is dominant in the North American market, while the Inrow model is suitable for new data centers, and the Inrack model is for retrofitting existing centers [2][6][7]. - **Key Components**: Liquid cooling plates are critical components, with significant technical barriers in the design and manufacturing of microchannel plates. These plates enhance heat transfer but require high stability and leak-proof performance [3][8][12]. Emerging Opportunities - **Domestic Supply Chain**: The opening of supplier permissions by NVIDIA in the GB300 phase allows domestic suppliers to enter the market, increasing the demand for cost-effective solutions as NVIDIA shifts towards cloud services [10][11]. - **Company Performance**: Leading companies like Yingwei and Hongsheng are expected to achieve significant performance milestones by 2026. Yingwei's market value is projected to reach 150 billion RMB, while Hongsheng's profits are expected to exceed 300 million RMB [3][5][14]. Additional Insights - **Technological Challenges**: The manufacturing of microchannel plates faces challenges such as low yield rates and high costs due to complex processes. Companies are actively experimenting to find efficient and cost-effective solutions [12][13]. - **Competitive Landscape**: Yingwei is recognized as a leading player with substantial orders from major clients like Google, while Hongsheng is positioned well within the supply chain, indicating a competitive edge in the liquid cooling market [14]. Conclusion - The liquid cooling industry is poised for rapid growth, driven by technological advancements and market dynamics. The shift towards domestic supply chains and the performance of key players will be crucial in shaping the future landscape of this industry [4][10].

Group 1 - The core point of the article is that Hongsheng Co., Ltd. (603090) has responded to investor inquiries, indicating that the number of shareholders is expected to reach 13,073 by December 10, 2025 [1]

Investment Rating - The report indicates a positive outlook for the liquid cooling industry, highlighting the entry of domestic supply chains and the expected growth in market value [1]. Core Insights - Liquid cooling technology is deemed essential for addressing the heat dissipation challenges in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and reduced total cost of ownership (TCO) [3][10]. - The value of liquid cooling systems is projected to increase significantly with the upgrade of chips, with estimates suggesting that the market for ASIC liquid cooling systems could reach 35.3 billion yuan and for NVIDIA systems could reach 69.7 billion yuan by 2026 [4]. - The report emphasizes the transition from traditional air cooling to liquid cooling as a necessity due to the rising power density of chips, with liquid cooling becoming a mandatory solution for high-density server environments [21][31]. Summary by Sections Liquid Cooling Technology - Liquid cooling is identified as a critical solution for data center heat dissipation, leveraging the high thermal conductivity and capacity of liquids compared to air [10][14]. - The technology is characterized by its ability to significantly reduce energy consumption and improve cooling efficiency, with liquid cooling systems capable of achieving a PUE (Power Usage Effectiveness) of below 1.2 [14][31]. Liquid Cooling Industry - The report notes that the value of liquid cooling will rise alongside chip upgrades, with a projected growth of over 20% for rack liquid cooling modules as chip power density increases [4]. - Domestic supply chains are expected to accelerate their entry into the market, particularly as NVIDIA opens its supplier list to include multiple vendors, allowing for greater competition and innovation [4]. Rubin Architecture Outlook - The report discusses the limitations of single-phase cold plates for the Rubin architecture, which has a thermal design power (TDP) of 2300W, necessitating the exploration of new liquid cooling solutions such as phase change cold plates and microchannel cold plates [4][21]. - Microchannel cold plates are anticipated to become a preferred solution due to their ability to handle higher power densities and their compatibility with future architectural developments [4]. Related Companies - The report suggests monitoring companies such as Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology, as they are positioned to benefit from the increasing demand for efficient and energy-saving heat exchange solutions in data centers [5].