Core Viewpoint - The liquid cooling market is expected to experience rapid growth due to the increasing power of AI chips and the density of single cabinets, with a recommendation to focus on the entire liquid cooling industry chain, particularly highlighting Envicool (002837.SZ) as a key investment opportunity [1][2]. Group 1: Industry Trends - In the AI era, the heat density of data centers is accelerating, making liquid cooling a mainstream cooling technology for intelligent computing centers [2]. - Liquid cooling offers advantages over traditional air cooling, including faster temperature transfer, greater heat removal capacity, lower noise, energy savings, and space efficiency [2]. - The global PUE (Power Usage Effectiveness) assessments are becoming stricter, which is likely to enhance the penetration rate of liquid cooling solutions [2]. Group 2: Market Potential - The global market for liquid cooling in data centers is projected to reach $10 billion by 2026, driven by the adoption of liquid cooling solutions in North America and China [3]. - In North America, the unit value of cold plate liquid cooling is approximately $1,040 per kW, with a potential market size of $3 billion driven by CSP cloud providers adopting liquid cooling for self-developed ASIC chips [3]. - The demand for NVIDIA GPUs remains strong, with optimistic projections suggesting that the liquid cooling market size for NVIDIA could exceed $7 billion by 2026 [3]. - In China, the unit value of cold plate liquid cooling is around 5,000 yuan per kW, with expectations for accelerated penetration rates by 2025 and projected market sizes of 11.3 billion yuan and 23.8 billion yuan for 2026 and 2027, respectively [3]. Group 3: Competitive Landscape - Traditional overseas cooling companies have an early advantage in the liquid cooling market, but domestic manufacturers are expected to benefit from high cost-performance ratios, rapid response times, customized services, and industrial capabilities [3][4]. - The liquid cooling supply chain includes upstream component manufacturers, midstream system solution providers/integrators, and downstream clients such as AIDC service providers, operators, and internet companies [3]. - System integrators require comprehensive capabilities, with high design and stability demands, where established companies like Vertiv and Envicool hold advantages [3].

格隆汇9月29日丨英维克(002837.SZ)在互动平台表示，公司业务暂不涉及手机液冷。 ...

Core Viewpoint - Invech's stock price increased by 5.14% to 83.90 CNY per share, with a trading volume of 3.648 billion CNY and a market capitalization of 81.326 billion CNY as of September 29 [1] Company Overview - Shenzhen Invech Technology Co., Ltd. was established on August 15, 2005, and listed on December 29, 2016. The company is located in Longhua District, Shenzhen, Guangdong Province [1] - The main business activities include the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1] - Revenue composition: 52.50% from data center temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Fund Holdings - One fund under Yingda Fund holds a significant position in Invech, specifically Yingda Flexible Allocation A (001270), which held 29,300 shares in the second quarter, accounting for 3.73% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 33.54% and a one-year return of 52.6%, with a total return since inception of 96.61% [2] Fund Manager Performance - The fund manager Zhang Dazheng has been in position for 5 years and 269 days, managing assets totaling 22.058 billion CNY, with the best return during his tenure being 84.48% and the worst being 3.82% [3] - Liu Yubin has been managing 76.831 million CNY in assets for 1 year and 158 days, with a best return of 34.41% and a worst return of 25.44% [3] - Huo Da has managed 9.10027 million CNY for 2 years and 235 days, achieving a best return of 39.33% and a worst return of -5.66% [3]

Investment Rating - The report rates the industry as "Outperform" [2] Core Viewpoints - The rise in computing power density necessitates liquid cooling as the primary heat dissipation technology for intelligent computing centers. Liquid cooling offers advantages over air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, energy savings, and space efficiency. The global trend towards stricter PUE assessments is expected to drive the penetration of liquid cooling technology [7][11][26] - The global market for liquid cooling in data centers is projected to exceed $10 billion by 2026, driven by the increasing power of AI chips and the growing density of server cabinets. The North American market alone is expected to reach $10 billion, with significant contributions from companies like NVIDIA [8][93] - Domestic liquid cooling market in China is expected to reach approximately 11.3 billion yuan in 2026, with a further increase to 23.8 billion yuan in 2027, as operators gradually adopt liquid cooling solutions [8][86] Summary by Sections 1. Computing Power Density and Liquid Cooling Technology - The increasing power density of AI chips is pushing the limits of traditional air cooling methods, making liquid cooling essential for managing heat in intelligent computing centers. Liquid cooling systems are categorized into room-side and ICT device-side architectures, with cold plate technology currently being the most widely adopted [7][10][11] 2. Accelerating Liquid Cooling Application and Market Size - The cooling system costs account for over 20% of the total data center infrastructure costs. Liquid cooling is expected to further increase this investment share. The report estimates that by 2026, the liquid cooling market in China will surpass that of air cooling, with a projected market size of 21.8 billion yuan [80][81][86] 3. Liquid Cooling Industry Chain Analysis - The liquid cooling industry chain consists of upstream components (liquid cooling parts), midstream system integrators, and downstream customers (data center service providers, operators, and internet companies). The report emphasizes the importance of system-level understanding for specialized temperature control manufacturers to benefit from industry growth [97][101]

Summary of Key Points from CIIF Trip Takeaway Industry Overview - **Industry**: Chinese Industrial Automation - **Event**: 2025 China International Industry Fair (CIIF) - **Theme**: "New Industrialization & Smart Manufacturing Resilience" - **Exhibitors**: Over 3,000 exhibitors from 28 countries, up from 2,400 in 2024 - **Attendance**: Estimated 200,000 attendees, the highest in three years [2][3] Core Insights - **Positive Growth Outlook**: Leading Chinese industrial players are optimistic about growth by capturing market share and enhancing product lines [1][4] - **AI Integration**: The "AI+" trend is prominent, with AI being integrated into factory automation and robotics to improve efficiency and reduce costs [3][11] - **Demand from Key Sectors**: Strong demand is noted in sectors such as batteries, logistics, electronics, semiconductors, and machine tools [4][10] Company-Specific Highlights - **Inovance**: - Launched humanoid and large PLC products, with expectations for mass production and initial orders in 2026 [22][23] - Targeting a production capacity of 400,000 units by 2028 [22] - **Envicool**: - Positive outlook for server-side cooling demand, with expected revenue recognition from overseas clients starting in 2H26 [24] - **Han's Laser**: - Forecasting RMB 17.6 billion revenue for 2025, with PCB equipment orders expected to reach RMB 6 billion [26][27] - **Estun**: - Anticipates 15%-20% annual revenue growth over the next three years, with a focus on high-payload robots [29][30] - **Wuxi Xinje**: - Expects 20% year-over-year order growth, driven by demand in various sectors [32][33] Market Dynamics - **Competitive Landscape**: - Chinese brands are gaining market share, while international competitors are focusing on "value for money" products [9][10] - **Impact of Tariffs**: - Limited impact from tariffs noted, with some companies reporting improved order profitability [10] - **AI-Driven Capital Goods Demand**: - AI-related demand is emerging as a key driver for capital goods, with expectations for new capex in intelligent robots and related technologies [12][11] Emerging Trends - **Humanoid Robotics**: - Development of humanoid supply chains is accelerating, with various companies launching components for humanoid robots [14][46] - **Precision Manufacturing**: - Companies like Schaeffler are focusing on precision product manufacturing to compete with established global players [13][46] Financial Projections - **Revenue Growth**: - Companies are projecting significant revenue growth, with Han's Laser expecting a 20% increase and Estun aiming for a 15%-20% annual growth rate [26][30] - **Market Share Gains**: - Estun aims to increase its global market share from 5% to 10% by 2030 [30] Conclusion - The CIIF event highlighted a robust outlook for the Chinese industrial automation sector, driven by AI integration and strong demand across various industries. Companies are optimistic about growth, with many launching innovative products and expanding their market presence.

Summary of Liquid Cooling Industry Conference Call Industry Overview - The global liquid cooling market is expected to reach 100 billion RMB by 2026 and potentially 200 billion RMB by 2028, driven by accelerated shipments of A4 chips to 200 billion RMB, indicating significant growth potential in the coming years [2][3] - The liquid cooling technology is rapidly evolving, with trends such as microchannel design and chip-integrated microfluidic cooling becoming prominent, leading to increased demand for customized products like liquid cooling plates and CDU (Cooling Distribution Units) [2][5][6] Key Players - InnoTek is positioned as a leading domestic player in the liquid cooling sector, benefiting from large orders from Meta and its technological advantages, which are expected to help maintain its leading position [2][4][12] - Other domestic companies are actively entering the global liquid cooling market through OEM partnerships, indicating a competitive landscape [4] Market Dynamics - The liquid cooling market is in a high-growth phase, with a projected market size of approximately 10 billion RMB in 2024 and a penetration rate of less than 10%. The market is expected to grow tenfold in the next two to three years and potentially twentyfold in three to four years [3] - Major manufacturers like Meta are expected to start large-scale adoption of liquid cooling solutions by early 2026, which will drive demand for cabinet-level liquid cooling solutions [9][10] Industry Value Chain - The liquid cooling industry value chain includes critical components such as liquid cooling plates, CDU, piping, and connectors. Liquid cooling plates and CDU account for approximately 30% to 40% of the total value, while connectors represent about 10% [7] - High technical barriers exist in the connector segment, which requires ensuring leak-proof performance during multiple insertions and removals [7] Domestic Opportunities - Domestic companies have significant opportunities in the global ASIC supply chain, especially as NVIDIA is more willing to introduce new suppliers due to existing suppliers facing capacity issues [8] - If domestic companies capture 20% of the global market, they could generate revenues of 40 billion RMB and profits of 8 billion RMB; capturing 40% could lead to revenues of 80 billion RMB and profits of 16 billion RMB, with a potential market capitalization increase of 500 billion RMB [8] Future Growth Drivers - The domestic liquid cooling industry is expected to see a significant increase in market share, with various segments such as switches and optical module connectors gradually adopting liquid cooling technology [11] - Companies like InnoTek and Eaton Electronics have secured orders, with noticeable revenue growth anticipated by Q4 2025 [11] Company-Specific Insights - Dingtong Technology is expected to benefit from increased penetration of IO liquid cooling connectors and rising demand for internal connectors in cabinets, projecting high revenue and gross margin growth in 2026 and 2027 [17] - Dingtong's growth logic revolves around the transition from air cooling to liquid cooling in AI data centers, significantly increasing the value of their connectors [14] - Yidong Electronics has recently expanded into GPU liquid cooling plate business, generating stable revenue with optimistic projections for future orders [18][19] Conclusion - The liquid cooling industry is poised for rapid growth, driven by technological advancements and increasing adoption by major tech companies. Key players like InnoTek, Dingtong Technology, and Yidong Electronics are well-positioned to capitalize on these trends, with significant revenue and market share growth expected in the coming years [2][12][18]

Investment Rating - The report maintains a positive outlook on the independent energy storage sector, highlighting the economic viability and significant demand growth in the market [2][3]. Core Insights - The transition from mandatory energy storage to independent energy storage is underway, with local governments implementing capacity price compensation policies to establish a market-oriented revenue mechanism [2][3]. - The domestic energy storage demand forecast has been revised upward, with expectations of continued strong growth, particularly in regions like Xinjiang and Inner Mongolia [2][3]. - The supply of energy storage cells is expected to remain tight until the second half of 2026, benefiting leading companies in the industry [2][3]. - The report emphasizes the importance of innovative business models and integrated system solutions, which are expected to enhance profitability for companies with technological and resource advantages [2][3]. Summary by Sections PART 1: Capacity Price Policies and Independent Storage Models - The shift from mandatory energy storage to independent storage is supported by new policies that provide stable cash flow through capacity price compensation [2][3]. - The report outlines the differences in revenue structures and economic viability between mandatory and independent storage models, with independent storage showing superior profitability potential [11][36]. PART 2: Revised Domestic Energy Storage Demand Forecast - The report projects that domestic energy storage installations will reach 149 GWh in 2025 and 194 GWh in 2026, with a long-term forecast of 340 GWh by 2030 [2][3]. - The demand for energy storage is significantly driven by the development of data centers, which are expected to account for one-third of total energy storage demand by 2030 [2][3]. PART 3: Supply Constraints and High-Quality Development - The report anticipates a continued shortage of energy storage cells until the second half of 2026, with global demand expected to reach 521 GWh in 2025 and 710 GWh in 2026 [2][3]. - The focus on high-quality development in the energy storage industry is expected to benefit leading companies, as well as improve the performance of second-tier players [2][3]. PART 4: Valuation Comparison and Investment Recommendations - The report recommends investing in leading companies such as CATL, Sungrow, and others, while also highlighting the potential of emerging players in the market [2][3]. - The overall sentiment is bullish on the large-scale energy storage sector, driven by strong demand in Europe and emerging markets, as well as favorable policies in the U.S. [2][3].

证券代码：002837 证券简称：英维克 公告编号：2025-053 深圳市英维克科技股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市英维克科技股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日 召开第四届董事会第十九次会议，审议通过了《关于修改<公司章程>及办理工商 变更登记的议案》《关于公司董事会换届选举非独立董事的议案》《关于公司董事 会换届选举独立董事的议案》，前述议案并经 2025 年 9 月 11 日召开 2025 年第二 次临时股东大会审议通过。此外，公司召开了 2025 年第一次职工代表大会，选 举产生了第五届董事会职工代表董事；具体内容详见公司在巨潮资讯网 （www.cninfo.com.cn） 披露的相关公告。 截至本公告披露日，公司已完成工商变更登记、章程备案等工作，并取得了 深圳市市场监督管理局出具的《登记通知书》。相关信息如下： | 序号 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | --- | | 1 | 注册资本 | 74,446. ...

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with 7 out of the 28 sectors rising, led by Media and Communication sectors with increases of 2.23% and 1.99% respectively. The Textile and Apparel, and Comprehensive sectors saw the largest declines of 1.45% and 1.30% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 28.778 billion yuan, with 5 sectors experiencing net inflows. The Electric Equipment sector led with a net inflow of 3.916 billion yuan and a daily increase of 1.60%, followed by the Computer sector with a net inflow of 2.545 billion yuan and a daily increase of 1.55% [1] Mechanical Equipment Sector Performance - The Mechanical Equipment sector declined by 0.32%, with a net capital outflow of 2.832 billion yuan. Out of 530 stocks in this sector, 141 rose, 5 hit the daily limit, and 385 fell. There were 198 stocks with net capital inflows, with Huagong Technology leading at 1.245 billion yuan, followed by Yingweike and Hezhuan Intelligent with inflows of 528 million yuan and 276 million yuan respectively [2] Top Gainers in Mechanical Equipment Sector - The top gainers in the Mechanical Equipment sector included: - Huagong Technology: +10.00%, turnover rate 10.27%, net inflow 1.245 billion yuan - Yingweike: +7.94%, turnover rate 12.13%, net inflow 528 million yuan - Hezhuan Intelligent: +9.98%, turnover rate 6.30%, net inflow 276 million yuan [2] Top Losers in Mechanical Equipment Sector - The top losers in the Mechanical Equipment sector included: - Huichuan Technology: -0.49%, turnover rate 2.87%, net outflow 378 million yuan - Dongfang Precision: -2.70%, turnover rate 10.83%, net outflow 250 million yuan - Zhongkong Technology: -0.34%, turnover rate 3.27%, net outflow 238 million yuan [4]

Investment Rating - The mechanical industry is rated as "Outperform" relative to the market, maintaining a strong performance compared to the CSI 300 index [2]. Core Insights - The mechanical sector has shown a positive trend, with a 5.23% increase in the CITIC mechanical sector in September, outperforming the CSI 300 index by 3.08 percentage points [4][11]. - Key sub-sectors such as lithium battery equipment, semiconductor equipment, and forklifts have experienced significant growth, with increases of 49.22%, 24.73%, and 17.72% respectively [4][11]. - The report emphasizes the importance of focusing on domestic demand-driven sectors with stable fundamentals, high dividends, and solid earnings, particularly in engineering machinery and high-speed rail equipment [5]. Summary by Sections 1. Mechanical Sector Performance - As of September 25, 2025, the CITIC mechanical sector rose by 5.23%, ranking 4th among 30 CITIC primary industries [11]. - All three sub-sectors recorded positive growth, with notable increases in lithium battery and semiconductor equipment [4][11]. 2. Engineering Machinery - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales growing by 14.8% [21][32]. - Loader sales also increased by 13.3% year-on-year, with total sales of 9,440 units in August [33]. - The report suggests that the engineering machinery sector is in a recovery phase, driven by equipment upgrades and favorable policies [39]. 3. Robotics - Industrial robot production in August was 63,747 units, reflecting a 14.4% year-on-year growth, while metal cutting machine tool production increased by 16.4% [40]. - The report highlights the upward cycle in the robotics industry, with significant growth expected in humanoid robots and automation technologies [46][51]. - Key players in the robotics sector, such as Estun and core component suppliers, are recommended for investment [51].