Core Viewpoint - The company, Ice Wheel Environment, produces liquefaction units that can be used for the liquefaction preparation of aerospace fuels such as hydrogen, oxygen, and methane [1] Group 1 - The company developed a new type of high-efficiency helium screw compressor for hydrogen liquefaction in 2020 [1] - This compressor was selected by the National Energy Administration as one of the first batch of major technological equipment projects in the energy sector [1]

Core Viewpoint - The company, Ice Wheel Environment, produces lithium bromide absorption chillers that utilize waste heat from gas turbine power generation for combined "power and cooling" supply, enhancing energy efficiency and providing significant energy-saving benefits [1] Group 1 - The company’s lithium bromide absorption chillers can achieve "non-electric" cooling by using high-temperature flue gas or hot water from gas turbines [1] - This technology meets the cooling demands of AIDC (Aerospace Industry Development Corporation) and improves overall energy utilization [1] - The integration of power generation and cooling systems demonstrates a strong potential for energy conservation [1]

Core Viewpoint - Ice Wheel Environment's subsidiaries, Dunham-Bush and Ice Wheel Heat Exchange Technology, provide cooling equipment for data centers and liquid cooling systems, positioning themselves as key players in the HVAC industry with a strong market presence in both domestic and international markets [1] Group 1: Company Overview - Dunham-Bush has a 131-year history and is recognized as a leading HVAC manufacturer in Europe and North America [1] - The company’s products, including the "Variable Frequency Centrifugal Chiller" and "Air-Cooled Screw Chiller with Integrated Natural Cooling Function," are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [1] - Ice Wheel Heat Exchange Technology offers various cooling solutions, including evaporative condensers and closed cooling towers, with its "Low-Carbon Energy-Saving Closed Cooling Technology" recognized as a national energy-saving and carbon reduction demonstration technology [1] Group 2: Market Presence and Projects - The company has successfully served numerous domestic projects, including major data centers for the National Supercomputing Center in Guangzhou and China Mobile, among others [1] - Internationally, Dunham-Bush collaborates with local integrators to serve projects across North America, Australia, Southeast Asia, and the Middle East, indicating a robust global market demand [1] Group 3: Product Development and Trends - The proportion of screw chillers in IDC cooling systems is decreasing, while centrifugal chillers, particularly magnetic levitation types, are gaining market share [1] - Dunham-Bush has a history of innovation, producing its first centrifugal compressor in 1965 and introducing high-efficiency and magnetic levitation compressors in subsequent years [1] - The company is expanding its overseas manufacturing base while supporting international markets from its domestic facilities [1]

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][8] Group 2: Data Center Solutions - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [4] - Notable projects include service to major data centers in China, such as the National Supercomputing Center and various banks, indicating a strong market presence [4] - The company is expanding its overseas manufacturing capabilities to support global demand, particularly in North America and Southeast Asia [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe operation of nuclear plants [6][7] - Recent projects include service to multiple nuclear power stations across China, reflecting the company's commitment to this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, emphasizing its innovation in heat recovery technologies [8] - The company has filed numerous patents and developed award-winning technologies, indicating a strong commitment to R&D in energy efficiency [8][9] Group 5: Future Growth and Market Trends - The company anticipates increased demand for its technologies due to government policies promoting carbon neutrality, positioning its heat recovery and energy management solutions as essential for high-energy-consuming industries [8] - The market for HRSG products is expected to grow, with projected revenues exceeding 700 million in 2024, driven by strong demand [8]

Core Viewpoint - The company, Ice Wheel Environment (000811.SZ), has indicated that its helium compressors can be utilized in the ultra-low temperature superconducting environment of controlled nuclear fusion systems, but are not used for thermal management [1] Group 1: Technology and Applications - The company employs absorption heat pumps for nuclear power thermal management [1] - Its subsidiary, Huayuan Taimeng, has developed water-thermal co-production and long-distance heating technologies based on award-winning absorption heat exchange technology in collaboration with Tsinghua University [1] - These technologies have been applied in the "Warm Nuclear No. 1" nuclear heating project, which has been reported by CCTV News as China's first cross-city nuclear heating project officially put into operation [1]

Group 1 - On January 7, 21 companies were investigated by institutions, with 19 of them being attended by funds, highlighting a strong interest in specific companies like Chaojie Co., Shunhao Co., and Dongfang Shenghong [1][2] - Chaojie Co. received the most attention, with 27 funds participating in its investigation, while Shunhao Co. and Dongfang Shenghong had 18 and 13 funds respectively [1][3] - The companies investigated belong to various sectors, with the electronics and machinery equipment industries having the highest representation, each with 3 companies [1] Group 2 - Among the companies investigated, 3 have a total market capitalization exceeding 500 billion yuan, with BOE Technology Group being one of them, while 8 companies have a market cap below 100 million yuan [1] - In terms of market performance, 14 out of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Pulite, Shunhao Co., and Guanglian Aviation, which rose by 38.07%, 20.57%, and 13.49% respectively [1][2] - Conversely, 4 stocks experienced declines, with the largest drops recorded by Binglun Environment, Haixia Co., and Dongfang Shenghong, which fell by 11.15%, 10.70%, and 2.09% respectively [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the liquid cooling and chiller unit market, particularly in relation to the advancements presented by NVIDIA at CES, which indicates a significant shift towards liquid cooling solutions in data centers and high-power computing environments [1][2]. Key Points and Arguments - **Liquid Cooling Adoption**: NVIDIA's new platform will fully adopt liquid cooling designs for high-power computing and networking units, continuing the trend established by the 300 series cabinets, which are predominantly liquid-cooled [1][2]. - **Market Penetration**: The penetration rate of liquid cooling in switches is expected to significantly increase by 2026-2027, with the cold plate value in single cabinets reaching approximately 8% [1][2]. - **Optical Modules**: The 1.67G optical module is anticipated to enter mass production in the second half of 2026, with its liquid-cooled single-port value being 3 to 4 times higher than traditional air-cooled solutions [1][2]. - **Secondary Component Optimization**: There is a continuous improvement in the unit power value of secondary components, with designs evolving to enhance heat exchange capabilities [1][3]. - **Warm Water Cooling Technology**: This technology allows for higher inlet water temperatures and can utilize outdoor dry coolers for natural cooling, achieving a PUE close to 1.05. However, its effectiveness is limited by external temperatures, making it most efficient in climates where temperatures do not exceed 27°C [4]. - **Impact of Increased Inlet Water Temperature**: Higher inlet water temperatures reduce the temperature difference between primary and secondary sides, necessitating increased contact area and flow rates to dissipate the same amount of heat [5]. - **Cooling Solutions for Builders**: Builders will ultimately decide on cooling solutions, balancing reliability, efficiency, and cost. Even with the recommendation for warm water cooling, traditional chiller units are likely to remain prevalent due to their reliability [6]. Company-Specific Insights - **Ice Wheel Environment's Performance**: The company is expected to see a gradual recovery in its industrial refrigeration business, with a projected net profit of 850 million RMB in 2026, reflecting a growth of no more than 20% year-on-year. The current valuation corresponds to a PE ratio of less than 20 times for 2026, indicating a favorable investment opportunity [7][9]. - **Market Position**: Ice Wheel Environment maintains a leading market share in the domestic industrial refrigeration sector, with a stable and concentrated industry landscape. Orders in the food sector are growing due to increased demand for cold chain logistics, while the chemical sector is also showing signs of recovery [9]. Additional Important Content - **Environmental Considerations**: The increased demand for water and cooling liquids due to natural cooling methods poses challenges in terms of cost and land requirements, particularly in areas with limited water supply [5]. - **Competitor Landscape**: Competitors like York and Trane are experiencing tight production capacities, which may provide Ice Wheel Environment with opportunities to capture market share and secure new clients [7][9].

证券日报网1月7日讯 ，冰轮环境在接受调研者提问时表示，公司出产有液化机组，可用于氢气、氧 气、甲烷等航天燃料的液化制备。2020年公司研发的"氢液化领域新型高效氦气螺杆压缩机"被国家能源 局遴选为国家第一批能源领域首台（套）重大技术装备项目。 （编辑 姚尧） ...

Core Viewpoint - The company, Ice Wheel Environment, produces lithium bromide absorption chillers that utilize waste heat from gas turbine power generation for combined "power and cooling" supply, enhancing energy efficiency and providing significant energy-saving benefits [1] Group 1 - The company’s lithium bromide absorption chillers can achieve "non-electric" cooling by using high-temperature flue gas or hot water from gas turbines [1] - This technology meets the cooling demands of AIDC (Aerospace Industry Development Corporation) and improves overall energy utilization [1] - The integration of power generation and cooling systems demonstrates a strong potential for energy conservation [1]

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. is focusing on advanced system solutions and lifecycle services in the energy and power sector, with a strong emphasis on data center liquid cooling systems, nuclear power products, HRSG products, and thermal management. Group 1: Main Business and Product Layout - Ice Wheel Environmental specializes in energy and power, offering advanced systems and lifecycle services, with core products including compressors and heat exchange devices that manage temperature control and energy efficiently across a range of applications [2] - The company's products serve various sectors, including commercial refrigeration, industrial cooling, comfort air conditioning, special industrial air conditioning, and energy recovery systems [2] - In the first three quarters of 2025, the low-temperature refrigeration segment saw a slight revenue decline, while the special air conditioning and thermal management segments experienced year-on-year growth [2] Group 2: Data Center Liquid Cooling Systems - The company provides liquid cooling systems for data centers through its subsidiaries, Dunham-Bush and Ice Wheel Heat Exchange Technology [3] - Dunham-Bush, with a 131-year history, offers advanced cooling solutions and has been involved in significant projects such as the National Supercomputing Center in Guangzhou and various data centers for major telecom companies [3] - The company is expanding its overseas manufacturing capacity to support global demand, particularly in North America, Australia, Southeast Asia, and the Middle East [4] Group 3: Nuclear Power Sector - Ice Wheel Environmental is focusing on nuclear island cooling and nuclear energy heating, with innovative technologies for cooling and heat recovery [5] - The company has secured contracts for cooling systems in various nuclear power plants and is involved in the development of small modular reactor projects [5] - A collaboration with Tsinghua University on nuclear heating technology has led to the successful implementation of a cross-city nuclear heating project [5] Group 4: HRSG Products and Thermal Management - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry, specializes in HRSG products, with a projected revenue exceeding 700 million yuan in 2024 [6] - The thermal management segment focuses on industrial heat pumps and is positioned as a key growth area, benefiting from urban renewal and energy efficiency policies [7] - The company’s technologies in heat recovery and high-temperature heat pumps are expected to become essential for high-energy-consuming enterprises as carbon neutrality policies advance [7] Group 5: Other Technical Applications - Ice Wheel Environmental is also involved in the liquefaction of aerospace fuels, with a patented high-efficiency helium screw compressor recognized as a significant technological advancement [8] - The company believes that traditional temperature cooling methods for chips are limited and that efficient cooling solutions remain the mainstream approach [8] - The lithium bromide absorption chiller developed by the company can utilize waste heat from gas turbines for combined power and cooling applications, enhancing energy efficiency [8]