（文章来源：证券日报） 证券日报网讯高澜股份8月7日在互动平台回答投资者提问时表示，关于公司的客户情况请关注公司公 告。 ...

Core Insights - The rapid growth in AI computing power is driving the demand for advanced cooling solutions, with liquid cooling becoming a necessary standard due to the limitations of traditional air cooling systems [1][14] - The period from 2025 to 2027 is identified as a critical window for technology penetration and performance realization in the liquid cooling market [1][14] Group 1: Cooling Demand and Technology Trends - The demand for cooling solutions is increasing due to the exponential growth in computing power driven by AI technologies, leading to significant rises in chip thermal design power [2][11] - Traditional air cooling is inadequate for high-power density data centers, with liquid cooling expected to see increased penetration as a result of its superior thermal management capabilities [5][12] - The cooling methods for data centers vary based on power density, with air cooling suitable for low-density centers and liquid cooling becoming essential for high-density environments [6] Group 2: Market Growth and Projections - The global data center capacity using liquid cooling is projected to increase significantly, with net additions expected to reach 2.82 GW by 2025 and 9.10 GW by 2028, reflecting a compound annual growth rate (CAGR) of 47.78% [11] - The liquid cooling market in China is forecasted to grow from 149.8 billion yuan to 347.4 billion yuan between 2025 and 2027, with an overall CAGR of 52.3% [12][14] - The market for newly constructed liquid cooling systems is expected to grow from 11.69 billion yuan in 2025 to 30.51 billion yuan by 2027, with a CAGR of 61.6% [12] Group 3: Industry Ecosystem - The liquid cooling industry ecosystem includes upstream component suppliers, midstream IT equipment manufacturers, and downstream users such as telecom operators and third-party IDC service providers [8] - Key components in the liquid cooling supply chain include quick disconnects, cooling distribution units, and various cooling liquids and systems [8] Group 4: Investment Opportunities - Companies such as Inspur (曙光数创), High Cloud (高澜股份), and others are positioned to benefit from the growth in the liquid cooling market, driven by the increasing demand for efficient cooling solutions in data centers [14]

资金流向方面，今日主力资金净流入1.10亿元，占比成交额11.54%。其中，超大单净流入1061.38万 元、占成交额1.12%，大单净流入9906.77万元、占成交额10.43%，中单净流出流出2865.35万元、占成 交额3.02%，小单净流出8102.80万元、占成交额8.53%。 高澜股份最新一期业绩显示，截至2025一季报，公司营业总收入2.18亿元、同比增长22.03%，归属净利 润1299.09万元，同比增长131.01%，扣非净利润945.82万元，同比增长246.43%，流动比率2.194、速动 比率1.448、资产负债率27.60%。 天眼查商业履历信息显示，广州高澜节能技术股份有限公司，成立于2001年，位于广州市，是一家以从 事研究和试验发展为主的企业。企业注册资本30524.8564万人民币，实缴资本26016.3351万人民币。公 司法定代表人为李琦。 金融界消息 截至2025年8月4日收盘，高澜股份（300499）报收于20.57元，上涨3.58%，换手率 17.18%，成交量46.62万手，成交金额9.50亿元。 通过天眼查大数据分析，广州高澜节能技术股份有限公司共对外投资了1 ...

Core Viewpoint - The company, Gaolan Co., announced that it and its controlling subsidiaries have no overdue external guarantees, no guarantee amounts involved in lawsuits, and no losses due to guarantee judgments. Additionally, it does not provide guarantees for shareholders, actual controllers, or their related parties [2]. Summary by Relevant Categories - **Guarantee Status**: The company confirmed that there are no overdue external guarantees [2]. - **Litigation Involvement**: There are no guarantee amounts related to lawsuits, indicating a clean legal standing in this regard [2]. - **Related Party Transactions**: The company does not provide guarantees for shareholders, actual controllers, or their affiliates, suggesting a focus on maintaining financial independence and reducing potential conflicts of interest [2].

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]