未来一周将有 中宠股份 、 英维克 等66家AB股公司披露业绩。 ...

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 投资摘要 国信证券 AI时代数据中心热密度加速提升，液冷正在成为智算中心主流散热技术。AI时代算力芯片功率持续提升，设备功率密度触及传统风冷降温 方式极限，液冷与风冷技术相比，具有温度传递快、带走热量多、噪音低和节能、节省空间的优势；同时，全球各地区PUE考核均有趋严趋 势,液冷渗透率有望持续提升。液冷通用架构可分为机房侧(包括一次侧设备和二次侧设备）以及1CT设备侧(如冷板模组等)，,二次侧设 备包括Manifold、CDU、管路、动环系统等,一次侧设备主要包括室外冷水机组。当前阶段，液冷应用主要采用冷板式技术;例如英伟达最 新商用B系列GPU及以后技术均采用冷板液冷技术散热，100%全液冷架构，覆盖CPU，GPU，内存等核心部件。浸没式方案是长期发展方向。 数据中心液冷市场空间广阔，经预测2026年全球数据中心投入建设液冷的市场规模（二次侧）有望达百亿美元: 液冷散热产业中传统海外散热企业有一定早期先发优势,但国产厂商产品拥有高性价比、高响应速度、定制化服务、产业化能力等优势, 有望受益AI发展。产业链上 ...

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]

来源：问董秘 投资者提问： 据悉英伟达更新了Blackwell平台合格供应商名单，英维克的CDU、冷板及快换接头三项产品均在列。 请问是真的吗？麻烦回答一下，我也不会看外网和英文啊，这个应该不属于保密条例吧。 董秘回答(英维克SZ002837)： 您好，由于公司与具体客户的合作信息受到商业保密协议的约束，相关信息不便披露，敬请谅解。若您 有获取该名单的正规渠道，建议您前往相关平台进行核实确认，谢谢。 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **AIDC (Artificial Intelligence Data Center)** and **ESS (Energy Storage Systems)** supply chain in China, highlighting the impact of AI server demand and cloud capital expenditure on the industry. Core Insights and Arguments 1. **AI Server Demand Surge**: - Significant increase in global server market driven by AI training and inferencing servers, with shipments projected to rise by **21%** and **39%** for 2025E and 2026E respectively compared to previous estimates [4][4][4] - Envicool's strategic positioning with NVIDIA/Intel for liquid cooling components enhances its market capture potential [4][4][4] 2. **Cloud Capital Expenditure Growth**: - Alibaba plans to invest **Rmb380 billion** over three years, contributing to a robust domestic data center and cloud capex upcycle [4][4][4] - China's data center live capacity expected to reach **30GW** by 2025E, with internet, cloud, and AI accounting for approximately **70%** of demand [4][4][4] 3. **Domestic ESS Demand Recovery**: - Post-May 31, 2025, the domestic ESS demand has improved, with total tendered ESS capacity increasing by **38%** and **86%** year-over-year in August 2025 and the first eight months of 2025 respectively [5][5][5] - Battery exports also showed strong growth, with a **45%** year-over-year increase in August 2025 and **67%** in the first eight months of 2025, primarily driven by Europe and non-US regions [5][5][5] 4. **Target Price Revisions**: - Target prices for four AIDC/ESS supply chain stocks have been revised upward by **12-87%** based on the positive outlook for AI server shipments and cloud capex [6][6][6] 5. **Company-Specific Updates**: - **Kstar**: Revenue forecasts raised by **1% to 27%** for 2025E-30E, driven by cloud capex expansion and AI power demands, with a new target price of **Rmb46.2** [7][7][7] - **Envicool**: Net income forecasts increased by **9%** on average, with a new target price of **Rmb81.0**, reflecting strong demand for liquid cooling solutions [13][13][13] - **Kehua**: Target price raised by **12%** to **Rmb47.5**, reflecting strong domestic data center capacity expansion [17][17][17] - **Sungrow**: Target price set at **Rmb148.9**, with an **8%** upside potential, despite concerns over US market exposure [18][18][18] Additional Important Insights - The report emphasizes the critical need for advanced cooling solutions to manage the thermal loads of high-density AI servers [4][4][4] - The potential risks include uncertainties in ESS demand from the US market beyond 2026E due to regulatory changes [5][5][5] - The overall sentiment is bullish on the AIDC and ESS sectors, with expectations of sustained growth driven by technological advancements and increased capital expenditure in cloud infrastructure [4][4][4][5][5][5]

Market Overview - The Shanghai Composite Index rose by 0.52% on September 30, with 19 out of 28 sectors experiencing gains, led by the non-ferrous metals and defense industries, which increased by 3.22% and 2.59% respectively [1] - Conversely, the communication and non-bank financial sectors saw declines of 1.83% and 1.14% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 32.30 billion yuan across the two markets, with only four sectors experiencing net inflows [1] - The defense industry led the net inflow with 2.07 billion yuan, followed by the non-ferrous metals sector with a net inflow of 1.98 billion yuan [1] Mechanical Equipment Sector Performance - The mechanical equipment sector experienced a slight decline of 0.02%, with a net outflow of 3.43 billion yuan [2] - Out of 531 stocks in this sector, 189 rose while 330 fell, with three stocks hitting the daily limit up and one hitting the limit down [2] - The top three stocks with significant net inflows were Hezhuan Intelligent (4.27 billion yuan), Xinlai Materials (1.50 billion yuan), and Zhongkong Technology (1.30 billion yuan) [2] Mechanical Equipment Sector Outflow - The top stocks with the highest net outflows included Huagong Technology (-1.47 billion yuan), Yingweike (-589.68 million yuan), and Xinqi Microelectronics (-168.35 million yuan) [3] - The sector's overall performance reflected a mixed sentiment among investors, with notable volatility in individual stock movements [3]

Investment Rating - The report maintains a "Recommended" rating for Yingweike and Gaolan Co., and a "Cautious Recommendation" for Kexin New Source [4]. Core Insights - The introduction of the Silent-Aire CDU platform by Johnson Controls marks a significant advancement in liquid cooling technology, addressing the thermal management needs of AI data centers [3]. - The Silent-Aire CDU offers a cooling capacity that can flexibly scale from 500 kW to over 10 MW, with specific configurations achieving up to 1.4 MW cooling capacity when using water as a cooling medium [2]. - The report emphasizes that liquid cooling technology is crucial for resolving the power challenges faced by AI development, positioning it as a key technology route for the industry [3]. Summary by Sections Industry Overview - The report highlights the growing demand for efficient thermal management solutions in data centers, particularly driven by the increasing AI computational requirements [3]. Product Analysis - The Silent-Aire CDU platform is designed for high scalability and flexible deployment, making it suitable for both new AI data centers and retrofitting existing facilities [2]. Company Forecasts and Valuations - Yingweike is projected to have an EPS of 0.61 in 2024, with a PE ratio of 131, while Gaolan Co. is expected to improve from a negative EPS to 0.09 in 2025, with a PE ratio of 342 [4]. - Kexin New Source is forecasted to have an EPS of 0.14 in 2024, with a PE ratio of 316, indicating cautious optimism for its growth [4].

Core Insights - The specialized equipment sector increased by 1.11% on September 29, with Lingge Technology leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Sector Performance - Lingge Technology (code: 833284) saw a significant rise of 14.39%, closing at 29.25 with a trading volume of 125,900 shares and a transaction value of 357 million yuan [1] - Tai Rui Machinery (code: 603289) increased by 6.23%, closing at 11.08 with a trading volume of 180,400 shares and a transaction value of 198 million yuan [1] - Yuejian Intelligent (code: 603095) rose by 5.65%, closing at 16.07 with a trading volume of 110,100 shares and a transaction value of 175 million yuan [1] - Li Hexing (code: 301013) increased by 5.56%, closing at 30.75 with a trading volume of 635,400 shares and a transaction value of 1.94 billion yuan [1] - Other notable performers include Zhongjian Technology (code: 002779) up 5.36%, Ruankong Co. (code: 002073) up 5.34%, and Yongchuang Intelligent (code: 603901) up 5.19% [1] Fund Flow Analysis - The specialized equipment sector experienced a net outflow of 68.17 million yuan from institutional funds, while retail investors contributed a net inflow of 302 million yuan [2] - The overall trend indicates a divergence in fund flow, with institutional investors withdrawing while retail investors increased their participation [2]

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].