通信行业点评 数据中心温控已进入"模块化" 2025 年 09 月 30 日 ➢ 行业巨头推出 MW 级 CDU 以应对 AIDC 数据中心液冷需求。根据要点 AI2025 年 9 月 29 日消息，Johnson Controls 宣布推出一款全新冷却液分 配单元(CDU)——Silent-Aire CDU 平台，进一步扩展其数据中心热管理产 品组合。该产品专为液冷数据中心设计，具备高可扩展性与灵活部署特性， 可满足下一代 AI 训练及推理硬件对高效散热的需求，为数据中心规模化发展 提供热管理支撑。 ➢ Silent-Aire CDU 平台的核心优势在于"冷却容量覆盖广"与"设计灵 活"，能精准匹配不同规模数据中心的散热场景。Silent-Aire CDU 冷却容量 可从 500 千瓦(kW)灵活扩展至 10 兆瓦(MW)以上，单个 CDU 单元根据冷却 介质设计不同，可实现两种核心性能：1）采用 25%丙二醇作为冷却介质时， 单个单元冷却容量达 1.05MW，逼近温度(approach temperature)为 9.4 华 氏度(约 5.2 摄氏度)；2）采用水作为冷却介质时，单个单元冷却容量提升至 1 ...

证券之星消息，9月29日专用设备板块较上一交易日上涨1.11%，灵鸽科技领涨。当日上证指数报收于 3862.53，上涨0.9%。深证成指报收于13479.43，上涨2.05%。专用设备板块个股涨跌见下表： 从资金流向上来看，当日专用设备板块主力资金净流出6816.7万元，游资资金净流出2.34亿元，散户资 金净流入3.02亿元。专用设备板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 833284 | 灵鸽科技 | 29.25 | 14.39% | 12.59万 | | 3.57亿 | | 603289 | 泰瑞机器 | 11.08 | 6.23% | 18.04万 | | 1.98亿 | | 603095 | 越剑智能 | 16.07 | 5.65% | 11.01万 | | 1.75亿 | | 301013 | 利和兴 | 30. ...

Company Overview - Guangzhou Highlan Technology Co., Ltd. was established on June 29, 2001, and listed on February 2, 2016. The company specializes in the research, design, production, and sales of pure water cooling equipment and control systems for high-power power electronic devices [2] - The main business revenue composition includes: 53.54% from high-power electronic thermal management products, 32.78% from high-power density device thermal management products, 10.52% from engineering operation and maintenance services, and 3.15% from other sources [2] - As of June 30, 2025, the number of shareholders was 37,000, an increase of 10.25% from the previous period, with an average of 7,343 circulating shares per person, a decrease of 9.30% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 418 million yuan, a year-on-year increase of 47.81%, and a net profit attributable to shareholders of 22.93 million yuan, a year-on-year increase of 1438.57% [2] - Cumulative cash dividends since the A-share listing amount to 92.28 million yuan, with 36.63 million yuan distributed in the past three years [3] Stock Performance - On September 29, the stock price of Highlan increased by 2.08%, reaching 31.42 yuan per share, with a trading volume of 356 million yuan and a turnover rate of 4.24%, resulting in a total market capitalization of 9.591 billion yuan [1] - Year-to-date, the stock price has risen by 55.85%, with a decline of 5.25% over the last five trading days and an increase of 81.20% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 19, where it recorded a net purchase of 98.11 million yuan [1] Shareholder Structure - As of June 30, 2025, the largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 11.80 million shares, unchanged from the previous period [3] - New entrants among the top ten circulating shareholders include Noan Hexin Mixed A and GF New Vitality Flexible Allocation Mixed A, while GF Ruiyu One-Year Holding Period Mixed A and China Ocean Quality Growth Mixed have exited the list [3]

高澜股份 20250926 国内电力需求持续增长，国家电网和南方电网固定资产投资增加。国家 电网 2024 年投资超 6,000 亿元，同比增长 15%，2025 年计划超 6,500 亿元。南方电网 2024 年投资 1,700 亿元，同比增长超 20%，2025 年继续增加，主要用于特高压交直流工程项目建设。 高澜股份在手订单充足，截至 2025 年 6 月 30 日达 11.39 亿元，同比 翻倍。考虑到生产交付周期，高在手订单可确保公司 2026 年高景气增 长。公司主营业务呈现企稳反转态势，未来增长点体现在高速数据中心 市场份额及盈利弹性。 高澜股份在液冷领域的发展情况如何？ 高澜股份主要以液冷为主，在过去几轮风冷、液冷炒作中表现平平，原因包括 自身治理问题和股权剥离。然而，今年（2025 年）高澜股份的主业出现了明 显反转，订单同比增长翻倍以上，预计明年（2026 年）也将保持良好趋势。 此外，从 GB200 到 GB300 标准的提升，将显著提高液冷渗透率，并带来量价 提升。短期内，高澜股份作为国内算力核心标的，有望在基本面修复基础上实 现补涨。如果其在液冷方面取得突破，将带来更大弹性机会。 高 ...

格隆汇9月25日｜A股市场可控核聚变概念股表现强势，其中，合锻智能涨停，常辅股份涨超9%，金田 股份涨超7%，高澜股份涨超6%，旭光电子、联创光电、宏微科技涨超5%，百利电气、西部超导、天力 复合、爱科赛博、安泰科技涨超4%。消息面上，核聚变"国家队"将在上海新建高温超导聚变装置，命 名"环流四号"。 ...

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Insights - The semiconductor equipment sector leads the electronic industry with a weekly index increase of 2.96%, outperforming the CSI 300 index, which decreased by 0.44% [2] - NVIDIA is pushing suppliers to accelerate the development of MLCP liquid cooling technology due to the high power consumption of its new AI platforms, which is expected to exceed 2000W [5][6] - High-performance chips and AI servers are driving continuous iterations in liquid cooling technology, with NVIDIA's AI chips showing significant power increases from 400W to 1400W [6][10] - MLCP (Microchannel Liquid Cooling Plate) is identified as a key upgrade direction for liquid cooling technology, supporting higher TDP and lower thermal resistance compared to traditional cooling methods [19][21] Summary by Sections 1. Industry Performance - The SW electronic industry index increased by 2.96%, ranking 3rd among 31 sectors, while the top five sectors included coal (+3.51%) and electric equipment (+3.07%) [2][36] - The top three sub-sectors in the electronic industry were semiconductor equipment (+9.98%), optical components (+9.08%), and integrated circuit manufacturing (+5.63%) [40] 2. Liquid Cooling Technology - NVIDIA's new AI platforms require advanced liquid cooling solutions, leading to a demand for MLCP technology, which is 3 to 5 times more expensive than existing solutions [5][6] - Liquid cooling is more efficient than traditional air cooling, especially when cabinet density exceeds 20kW, significantly improving performance and lifespan of electronic devices [15][16] - MLCP technology allows for direct contact between cooling liquid and heat sources, drastically reducing thermal resistance and supporting higher power densities [19][21] 3. Potential Beneficiaries - Companies such as Invec, Highlan, and Siquan New Materials are highlighted as potential beneficiaries of the liquid cooling technology trend, each with unique capabilities in the market [22][24][26] - Invec has developed a comprehensive liquid cooling solution and has delivered 1.2GW of liquid cooling products with zero leakage [22][23] - Highlan offers a one-stop service for data center cooling solutions, maintaining a PUE value of less than 1.1 [24] - Siquan New Materials focuses on a complete thermal management product system, catering to various industries and providing customized solutions [26]

Group 1 - The liquid cooling server concept stocks showed active performance on September 23, with Hongsheng Co., Ltd. hitting the daily limit up [1] - Other companies such as Invec, Highlan Co., Ltd., Siquan New Materials, Shield Environment, and Kehua Data also experienced gains [1]

Company Overview - Guangzhou Highlan Technology Co., Ltd. is located in the Science City of Guangzhou, Guangdong Province, and was established on June 29, 2001. The company went public on February 2, 2016. Its main business involves the research, design, production, and sales of pure water cooling equipment and control systems for high-power electronic devices [1]. Business Segmentation - The revenue composition of the company is as follows: 53.54% from high-power electronic thermal management products, 32.78% from high-density device thermal management products, 10.52% from engineering operation and maintenance services, and 3.15% from other sources [1]. Stock Performance - On September 22, the stock price of Highlan increased by 5.1%, reaching 33.61 CNY per share, with a trading volume of 641 million CNY and a turnover rate of 7.20%. The total market capitalization is 10.259 billion CNY [1]. Fund Holdings - According to data, one fund under Bosera Asset Management holds a significant position in Highlan. The Bosera Specialized and New Theme Mixed A Fund (014232) held 175,800 shares in the second quarter, accounting for 0.69% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit today is approximately 286,600 CNY [2]. Fund Performance - The Bosera Specialized and New Theme Mixed A Fund was established on December 6, 2021, with a current scale of 236 million CNY. Year-to-date, it has achieved a return of 48.04%, ranking 1051 out of 8244 in its category. Over the past year, the return is 101.03%, ranking 528 out of 8066, and since inception, the return is 28.48% [2]. Fund Management - The fund managers of Bosera Specialized and New Theme Mixed A are Guo Xiaolin and Liu Yuqiang. Guo has a tenure of 9 years and 67 days, with a total fund asset size of 1.739 billion CNY, achieving a best return of 150.46% and a worst return of -38.97% during his tenure. Liu has a tenure of 2 years and 235 days, managing assets of 2.072 billion CNY, with a best return of 44.7% and a worst return of 6.09% [3].

Group 1 - The demand for liquid cooling technology in data centers is rapidly increasing, transitioning from an optional to a necessary solution due to the explosive growth of AI computing power requirements [1] - Liquid cooling technology offers significant advantages such as efficient heat dissipation, energy savings, and noise reduction, making it suitable for high-density computing scenarios [1] - Trend Force predicts that the global adoption rate of liquid cooling in data centers will rise from 14% in 2024 to 26% in 2025, with the liquid cooling market in China expected to exceed 100 billion yuan by 2027 [1] Group 2 - The liquid cooling data center industry chain includes upstream components, midstream servers and infrastructure, and downstream data centers [2] - Several listed companies are actively investing in and promoting liquid cooling technology, with some offering comprehensive liquid cooling solutions across the entire value chain [2] - Companies like Kehua Data Co., Ltd. and Guangzhou High Cloud Energy Saving Technology Co., Ltd. are developing and providing various liquid cooling solutions, emphasizing their commitment to capturing market opportunities and driving growth in liquid cooling business [2]

Group 1: Company Overview and Market Position - Gaolan Co. provides various liquid cooling solutions for data centers, including cold plate and immersion cooling technologies, with a focus on comprehensive solutions from design to operation [2][10] - As of June 30, 2025, the company has an order backlog of approximately 1.139 billion yuan [2][11] - The company has established operational subsidiaries in Singapore and the United States to expand its overseas market presence, targeting Southeast Asia and North America [3][8] Group 2: Financial Performance - In the first half of 2025, the company achieved a net profit of 22.93 million yuan, representing a year-on-year increase of 1438.57% [4] - Revenue from high-power density thermal management solutions in the data center and energy storage sectors reached 136,958,047.52 yuan, accounting for 32.78% of total revenue [3] Group 3: Technological Capabilities - The company has over 20 years of experience in the liquid cooling sector, with products that meet domestic and some international advanced standards [4][8] - Gaolan Co. emphasizes its independent innovation capabilities and has a complete R&D, design, manufacturing, marketing, and after-sales service system [6][8] Group 4: Market Strategy and Future Plans - The company plans to leverage its first-mover advantage in liquid cooling technology to enhance product performance and quality while increasing overseas market investments [8] - Future expansions will focus on direct current transmission, offshore wind power, data centers, and new energy storage sectors [3][8] Group 5: Customer Engagement and Orders - The company is actively pursuing orders in the North American market, particularly in the computing power sector, through its newly established subsidiary [8] - Specific customer relationships and order details are to be disclosed in future company announcements [5][6][10]