1.算力发展带动散热需求提升，推动液冷成为标配 随着AI技术的不断进步，对算力的需求预计呈现出指数级增长。算力快速提升导致芯片热设计功耗持 续攀升，散热需求迫在眉睫。AI处理器较传统处理器功耗大幅提升。随着AI处理器功率的提升，推动 整体服务器机柜的功耗亦明显增大。华为Atlas900A2PoD最大功耗为50.5kW；2024年GTC大会上英伟达 发布的NVL72服务器功耗预计达到120kW。 摘要：在AI算力爆发驱动下，高端GPU单卡功耗突破1400W，传统风冷已无法满足散热需求，液冷成为 高密度制冷的必然选择。当前行业在政策强制(如PUE≤1.25)、算力刚需及TCO(综合成本)优势的三重驱 动下，加速向产业化落地推进，2025-2027年将是技术渗透与业绩兑现的关键窗口期。 高功耗背景下液冷渗透率有望提升。传统风冷无法胜任高功率机柜的散热工作。据曙光数创招股书，传 统风冷广泛应用于低功率密度的数据中心散热任务中，而在目前数据中心的高功率密度的趋势下，风冷 已难以契合当下高效散热的需求；与此同时，液冷技术凭借其高比热容和高导热性的优势，以及低噪 音、高稳定性、占地小等特点，随着数据中心功率密度的提高，液冷 ...

证券日报网讯 8月1日晚间，高澜股份发布公告称，公司及控股子公司无逾期对外担保情况，无涉及诉 讼的担保金额及因担保被判决败诉而应承担的损失金额，不存在为股东、实际控制人及其关联方提供担 保的情况。 （文章来源：证券日报） ...

近日，公司全资子公司高澜创新科技向中国工商银行股份有限公司广州花城 支行申请授信，公司为上述事项提供担保，并与中国工商银行股份有限公司广州 花城支行签署了《最高额保证合同》，具体情况如下： 单位：万元 证券代码：300499 证券简称：高澜股份 公告编号：2025-027 广州高澜节能技术股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 广州高澜节能技术股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日、2025 年 5 月 15 日召开第五届董事会第六次会议、2024 年年度股东大会， 审议通过了《关于 2025 年度为子公司向银行申请授信提供担保预计的议案》， 同意公司为全资子公司广州高澜创新科技有限公司（以下简称"高澜创新科技"） 向银行申请综合授信提供总金额不超过 10,000 万元的担保，担保额度有效期自 股东会审议批准之日起至 2025 年年度股东会召开之日止。具体内容详见公司分 别于 2025 年 4 月 25 日、2025 年 5 月 16 日在巨潮资讯网（h ...

Core Insights - H20's resumption of sales to China is expected to alleviate supply pressure on computing chips, stimulating the entire computing infrastructure and AI industry chain [2][3] - Since the rebound on April 9, overseas computing has seen a significant increase of 40.9%, while domestic computing, represented by Huawei's chain, has only increased by 21.1% [3][4] - The performance of domestic computing has improved, and H20's impact on domestic computing is limited, indicating that domestic computing still has long-term growth potential [5] Industry Overview - The computing power industry chain has been catalyzed by H20's return to the Chinese market, which is designed to comply with U.S. export restrictions and is specifically tailored for the Chinese market [3][5] - The domestic computing power industry is entering a growth cycle, supported by technological advancements, commercial applications, and increasing demand for AI models [4] - Key companies in the domestic computing power sector, such as Huawei, have demonstrated significant performance improvements, with Huawei's computing cluster outperforming NVIDIA's GB200 NVL72 [4][5] Investment Opportunities - The report suggests focusing on specific segments within the computing infrastructure industry, including servers, liquid cooling, copper connections, PCBs, optical communications, cloud computing, and domestic computing [5] - The IPO acceptance of domestic GPU manufacturers like Muxi Integration and Moore Threads fills the gap in the A-share market for full-function GPUs, further supporting the domestic computing ecosystem [4]

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

证券代码：300499 证券简称：高澜股份 公告编号：2025-026 广州高澜节能技术股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广州高澜节能技术股份有限公司（以下简称"公司"）分别于2025年4月23 日召开第五届董事会第六次会议、2025年5月15日召开2024年年度股东大会，审 议通过了《关于变更经营范围暨修订〈公司章程〉及相关议事规则的议案》，同 意公司增加一项经营范围：增加"建筑劳务分包"项目，并相应修改《公司章程》 相关条款，同时根据《中华人民共和国公司法》《上市公司章程指引（2025年修 订）》《上市公司治理准则（2025年修订）》等法律法规、规范性文件的规定， 结合公司实际情况，对《公司章程》中相关条款作出相应修订。具体内容详见公 司于2025年4月25日和2025年5月16日在巨潮资讯网（http://www.cninfo.com.cn） 上披露的《关于变更公司经营范围及修订〈公司章程〉的公告》（公告编号：2 025-016）、《2024年年度股东大会决议公告》（公告编号：2025 ...

Core Insights - Highlan Co., Ltd. has made significant advancements in cutting-edge technology by participating in the Chinese Academy of Sciences' "artificial sun" EAST and the spallation neutron source projects, providing essential thermal management products for these nuclear physics experimental devices [1][2] - The EAST device has set world records, achieving 1 billion degrees Celsius for 1066 seconds, with a target of 3000 seconds, highlighting China's breakthroughs in advanced technology [1] - Highlan Co., Ltd. holds a dominant market share of 60%-70% in the domestic liquid cooling market, serving major companies like NVIDIA and Inspur [2] Company Overview - Highlan Co., Ltd. specializes in the research, development, production, and sales of pure water cooling equipment and control systems for power electronic devices, primarily used in power generation, transmission, distribution, and consumption [2] - The company has developed a liquid metal cooling system to address the thermal conduction challenges posed by high-temperature and high-radiation environments in the EAST and spallation neutron source projects [2] Financial Performance - As of March, Highlan Co., Ltd. reported a total order backlog of approximately 1.11 billion yuan, covering various sectors including ultra-high voltage, liquid cooling, and new energy vehicle thermal management [3] - The liquid cooling business is projected to contribute over 60% of orders in 2024, with an estimated revenue share of around 35% from the data center sector [3] - The company's liquid cooling business faces pressure on profit margins due to reliance on imported core components, with margins 8-12 percentage points below the industry average [3] Strategic Initiatives - Highlan Co., Ltd. has plans for significant investments in developing comprehensive thermal management and high-end manufacturing projects, focusing on emerging fields such as nuclear fusion and energy storage [3] - The company aims to reduce dependency on international suppliers by accelerating the localization of cooling liquids and expanding the application of liquid cooling technology into energy storage and new energy vehicle markets [5]

Market Overview - The Shanghai Composite Index closed at 3376.58 points, above the five-day moving average, with an increase of 0.43% [1] - The total trading volume of A-shares reached 742.505 billion yuan [1] Stocks Performance - A total of 1307 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Keheng Co., Ltd. (300340) with a deviation rate of 14.75% and a daily increase of 20.02% [1] - Taicheng Light (300570) with a deviation rate of 10.38% and a daily increase of 14.14% [1] - Pinwo Food (300892) with a deviation rate of 9.59% and a daily increase of 13.08% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Kunlun Technology (831152) with a deviation rate of 9.36% and a daily increase of 13.26% [1] - Fengfan Co., Ltd. (601700) with a deviation rate of 7.43% and a daily increase of 9.91% [1] - Chuan Yi Technology (002866) with a deviation rate of 7.38% and a daily increase of 9.98% [1]

Core Viewpoint - The company, GaoLan Co., has been involved in significant nuclear physics projects, including the "artificial sun" EAST project by the Chinese Academy of Sciences, providing thermal management products, although this business segment currently has a minor impact on overall operations [1] Group 1 - GaoLan Co. has participated in the EAST superconducting tokamak experiment and the Chinese Academy of Sciences' spallation neutron source project, supplying thermal management products [1] - The contribution from these projects is relatively small and will not have a major operational impact on the company [1]

Group 1 - The core point of the article highlights that Gaolan Co., Ltd. has experienced a continuous decline in stock price, with a cumulative drop of -10.03% over five trading days [1] - Gaolan Co., Ltd., established in 2001 and listed on the Shenzhen Stock Exchange in February 2016, is one of the earliest companies in China focusing on thermal management technology innovation and industrial application [1] - Two funds under GF Fund Management have entered the top ten shareholders of Gaolan Co., Ltd. in the first quarter of this year, specifically the GF Multi-Factor Mixed Fund and GF Ruiyu One-Year Holding Period Mixed A Fund [1] Group 2 - The GF Multi-Factor Mixed Fund has achieved a year-to-date return of 6.02%, ranking 401 out of 2274 in its category, while the GF Ruiyu One-Year Holding Period Mixed A Fund has a year-to-date return of 12.74%, ranking 462 out of 4447 [1] - The fund managers for these funds are Tang Xiaobin and Yang Dong, both of whom have extensive experience in the investment field [4][6] - Tang Xiaobin has been managing funds since December 24, 2014, and has a cumulative tenure of over 10 years, while Yang Dong has been managing funds since July 2, 2021, with a tenure of nearly 4 years [5][6]