Market Overview - A-shares experienced a significant rise on August 21, with the Shanghai Composite Index nearing 3800 points, but later turned negative with over 3400 stocks declining and a trading volume of 2.12 trillion yuan [1][3] - The trading volume in the Shanghai and Shenzhen markets has surpassed 2 trillion yuan for seven consecutive trading days, marking the second occurrence in the last decade [5] Sector Performance - Digital currency stocks surged, with several stocks hitting the daily limit, while oil and gas stocks also showed strength [3] - The liquid cooling concept stocks faced a sharp decline, with multiple stocks hitting the limit down, indicating a market correction [6][7] Liquid Cooling Sector - The liquid cooling server concept gained popularity, with the liquid cooling index rising over 35% since July, but signs of irrational speculation emerged as some companies unrelated to liquid cooling saw significant stock price increases [11] - Major players like CoreWeave and Huawei have adopted liquid cooling technology, setting a trend in the industry [10] - The market correction in the liquid cooling sector was linked to a broader downturn in related stocks, with significant drops observed in companies like Feilong and Tenglong [7][11] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector also began to correct, with stocks like Jintian and Beikong approaching limit down [12] Banking Sector - The banking sector showed resilience, with the banking index rising by 0.59% and a year-to-date increase of over 16% [14] - Key banks such as Agricultural Bank and Postal Savings Bank reported gains, reflecting positive sentiment in the sector [14] Foreign Investment Trends - A-shares have attracted increased foreign investment, with 663 companies disclosing mid-year reports and 139 companies seeing QFII investments [17] - Korean investors have significantly increased their holdings in Chinese stocks, with a nearly 30% rise in their total investment [18][21] - Global hedge funds are rapidly buying Chinese stocks, driven by expectations of interest rate cuts and improved geopolitical conditions [22]

Key Points - The main focus of the article is on the significant outflow of capital from specific stocks as of August 21, with the top 20 stocks experiencing the largest withdrawals [1][2] Group 1: Capital Outflow - The stock with the highest capital outflow is Wolong Electric Drive, with a withdrawal of 1.34 billion [1] - Shenghong Technology follows closely with an outflow of 1.29 billion [1] - Other notable stocks with significant outflows include Inspur Information (1.25 billion), Northern Rare Earth (1.23 billion), and Industrial Fulian (0.88 billion) [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The establishment of the Intel Universal Quick Disconnect (UQD) Alliance, with the company as one of the first certified partners, is expected to enhance the liquid cooling ecosystem and reduce total cost of ownership (TCO) for customers [5] - The company is projected to benefit from the ongoing growth in data center construction driven by the demand for high-power computing chips and cabinets, with net profits expected to reach 651 million, 1.097 billion, and 1.519 billion yuan for 2025, 2026, and 2027 respectively [5] - The company has significantly increased its research and development (R&D) investment, with R&D expenses reaching 196 million yuan in the first half of 2025, a year-on-year increase of 36.74% [7] Financial Summary - The company's total revenue is projected to grow from 3.529 billion yuan in 2023 to 12.823 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 35.1% [8] - The net profit attributable to the parent company is expected to increase from 344 million yuan in 2023 to 1.519 billion yuan in 2027, with a year-on-year growth rate of 38.6% in 2027 [8] - The company's gross margin is forecasted to stabilize around 30% in the coming years, with a net margin projected to reach 11.8% by 2027 [11]

液冷板块的退潮来得迅猛而惨烈。8月21日，液冷服务器概念集体跳水，飞龙股份（002536.SZ）腾龙股份（603158.SH）均开盘 闪崩触及跌停，英维克（002837.SZ）、科创信源（831494.BJ）、冰轮环境（000811.SZ）跌超5%。 板块回调与美股市场形成联动。昨夜英伟达盘中一度下挫4%，英特尔收跌近7%。 回溯技术驱动因素，7月初美国云服务商CoreWeave宣布全球率先部署英伟达GB300NVL72系统，成为首家提供该服务的超大规 模AI云服务商，标志着首款GB300NVL72服务器正式出货。该机型单柜功率达120kW，传统风冷已无法满足散热需求，必须采 用全液冷机架级设计。同期，华为昇腾发布的384超节点服务器集群亦采用液冷+微结构导热方案，头部厂商技术路线为产业确 立明确风向标。 液冷服务器概念逐渐受到市场追捧，同花顺iFinD显示，液冷服务器指数自7月份以来累计涨幅超35%，英维克、飞龙股份等多只 相关概念个股股价实现翻倍。 但热度背后潜藏非理性炒作。7月以来涨逾213%的淳中科技（603516.SH）多次公告，公司业务不涉及液冷服务器的生产制造， 仅参与液冷测试平台等测试环节，相 ...

截至8月21日午间收盘，主力资金流出前20的股票分别为：胜宏科技（-11.08亿元）、卧龙电驱（-10.14 亿元）、工业富联（-8.80亿元）、浪潮信息（-8.58亿元）、北方稀土（-7.94亿元）、恒宝股份（-5.98 亿元）、长电科技（-5.69亿元）、金田股份（-5.64亿元）、中际旭创（-5.50亿元）、云南锗业（-5.40 亿元）、英维克（-4.88亿元）、海能达（-4.87亿元）、东芯股份（-4.80亿元）、东方精工（-4.77亿 元）、东方财富（-4.43亿元）、江淮汽车（-4.04亿元）、四川长虹（-4.01亿元）、沪电股份（-3.92亿 元）、利欧股份（-3.88亿元）、阳光电源（-3.84亿元）。 本文源自：金融界 作者：金股通 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 81.88 CNY per share [4][7]. Core Views - The company achieved significant revenue growth in H1 2025, with total revenue reaching 2.573 billion CNY, a year-on-year increase of 50.25%. The net profit attributable to shareholders was 216 million CNY, up 17.54% year-on-year [1]. - The growth in revenue is primarily driven by increased demand for cooling solutions in data centers, with liquid cooling revenue exceeding 200 million CNY in H1 2025 [2][3]. - The company has established a comprehensive product layout for liquid cooling solutions and is positioned to benefit from the growing demand for computing power, particularly through partnerships with major clients like Nvidia, ByteDance, Tencent, and Alibaba [3]. Financial Summary - The company forecasts revenues of 6.104 billion CNY, 7.910 billion CNY, and 9.921 billion CNY for 2025, 2026, and 2027, respectively. Net profits are expected to be 611 million CNY, 781 million CNY, and 1.019 billion CNY for the same years [4][11]. - The overall gross margin for H1 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year, attributed to regional sales mix and increased competition in the Chinese market [2]. - The company’s net profit margin for H1 2025 was 8.78%, down 1.92 percentage points year-on-year [2].

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

Summary of Invek's Conference Call Company Overview - Invek's revenue primarily comes from two main product lines: temperature control energy-saving products (approximately 50%) and energy storage business (approximately 40%), with 90% of the latter being energy storage-related income [2][3] - The electronic cooling business (including liquid cooling plates and air cooling components) is expected to become a new growth point for the company [2] Financial Performance - The latest interim report shows that data center revenue grew by over 50%, while energy storage business revenue reached 800 million yuan, a year-on-year increase of approximately 35% [2][4] - Despite a significant apparent decline in gross margin due to accounting standard adjustments, the actual impact on profit was negligible. After excluding these adjustments, the overall gross margin decreased by 2.3 percentage points [5] - Liquid cooling revenue reached 200 million yuan, with a year-on-year growth of over 200%, primarily driven by the expansion of electronic cooling [5] Strategic Advantages - Invek's strategic advantages include a management team focused on profitability, a stable workforce, and a combination of Huawei's innovative spirit and Emerson's quality operational advantages. The company avoids price wars and emphasizes quality and operations [6] - The management team has a strong R&D background, which enhances the company's capabilities in technological innovation and strategic planning [9] Future Development Focus - The future focus for Invek will be on the development of the electronic cooling business, which includes liquid cooling plates and cooling modules for base stations and mining machines. This segment is expected to become a significant third growth curve [7][8] - Inventory and contract liabilities increased at the end of Q2 compared to Q1, providing revenue assurance for Q3 [7] Innovation and R&D - Invek employs a platform-based R&D model that enhances overall efficiency and optimizes product design. This model integrates various development steps to achieve high collaboration and efficiency [10] - The company has demonstrated strong innovation capabilities, particularly in the data center sector, where it has maintained positive growth despite industry pressures [11][12] Liquid Cooling Technology - Invek offers a comprehensive solution in the liquid cooling field, covering both the data center side and server-side cooling, allowing the company to capture 100% of the value chain [13] - The company has established strong partnerships in both domestic and international markets, positioning itself as a leading player in the liquid cooling sector [14] Conclusion - Invek is recognized as a high-quality growth company in the liquid cooling market, with a strong foundation in both domestic and international markets, and a comprehensive capability to provide complete solutions [14]

Performance Summary - In the first half of 2025, the company achieved revenue of 2.573 billion yuan, a year-on-year increase of 50.25% [1] - The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year [1] - In Q2 2025, revenue reached 1.641 billion yuan, reflecting a year-on-year growth of 69.67%, with net profit of 168 million yuan, up 37.98% year-on-year [1] Operational Analysis - The company's performance in 1H25 was driven by the dual engines of room temperature control and cabinet temperature control, with revenue from room temperature control energy-saving equipment reaching 1.351 billion yuan, a year-on-year increase of 57.91%, and cabinet temperature control energy-saving equipment revenue at 926 million yuan, up 32.02% year-on-year [2] - The rapid expansion of the liquid cooling market was fueled by downstream computing power investments and high demand for data centers, with liquid cooling-related revenue exceeding 200 million yuan in 1H25 [2] - The company reported a significant increase in orders, with a merchandise account balance of 681 million yuan, up 67.78% from the beginning of the period, and advance sales receipts of 404 million yuan, up 76.25% [2] Business Structure and Competitive Factors - The overall gross margin for 1H25 was 26.15%, a decrease of 2.33 percentage points year-on-year, with room temperature control gross margin at 25.83% and cabinet temperature control gross margin at 28.09% [3] - Revenue from subway air conditioning and bus air conditioning was 24 million yuan and 19 million yuan, respectively, down 50.09% and 29.81% year-on-year, with bus air conditioning gross margin declining due to policy and macroeconomic impacts [3] - Despite short-term pressure on gross margins, the company is optimistic about a rebound as liquid cooling products gain traction in AI data centers [3] Profit Forecast and Valuation - The company forecasts revenues of 6.334 billion yuan, 8.887 billion yuan, and 11.748 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 914 million yuan, 1.352 billion yuan, and 1.960 billion yuan [4] - The current stock price corresponds to a PE valuation of 74.42, 50.31, and 34.71 times for the years 2025, 2026, and 2027 [4]

Group 1 - The core viewpoint of the report is that Yingweike (002837.SZ) is rated as a buy due to strong performance driven by dual growth in data center temperature control and cabinet temperature control in the first half of 2025 [2] - The business structure and competitive factors are expected to put short-term pressure on the gross margin [2] - The liquid cooling segment is anticipated to become another important area for AI export, alongside optical modules, with platform companies likely to benefit significantly [2]