Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Group 1 - The company has been researching micro-channel liquid cooling technology for several years and has developed a certain level of technical reserves, but has not yet achieved industrial application [1] - The company currently offers various liquid cooling solutions for data centers, primarily based on cold plate and immersion methods [1]

证券日报网讯 12月16日，高澜股份（300499）在互动平台回答投资者提问时表示，公司在数据中心热 管理领域具备多年技术积累，可提供以冷板式、浸没式为主的多种液冷解决方案，覆盖散热架构设计、 设备集成至系统运维的一站式服务。目前相关产品已形成量产规模并落地多个实际项目。 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘，你好！请问贵司是否有"算力中心"的热管理技术 储备？如果有，请问贵司是否已有相关订单？ 高澜股份（300499.SZ）12月16日在投资者互动平台表示，尊敬的投资者，您好！公司在数据中心热管 理领域具备多年技术积累，可提供以冷板式、浸没式为主的多种液冷解决方案，覆盖散热架构设计、设 备集成至系统运维的一站式服务。目前相关产品已形成量产规模并落地多个实际项目，谢谢！ （文章来源：每日经济新闻） ...

Core Insights - The report focuses on the global pure nitrogen generator market, analyzing its size, growth, and competitive landscape from 2020 to 2031, with specific attention to product types and applications [2][3][4]. Market Overview - The global pure nitrogen generator market is segmented by product type, including membrane generators and pressure swing adsorption generators, with projected market sizes for 2020, 2024, and 2031 [2][3]. - The market is also analyzed by application, covering industrial and medical uses, with detailed size forecasts [2][3]. Industry Development - The report outlines the overall development status of the pure nitrogen generator industry, highlighting key characteristics and influencing factors [3][4]. - Favorable factors for industry growth include increasing demand in various sectors, while challenges may arise from technological advancements and competition [3][4]. Market Share and Rankings - The report provides insights into the market share and rankings of major companies in the pure nitrogen generator market, both globally and within China, based on sales volume and revenue from 2022 to 2025 [3][4]. - It includes a detailed analysis of the top manufacturers, their sales performance, and market positions [3][4]. Supply and Demand Analysis - A comprehensive analysis of the supply and demand dynamics for pure nitrogen generators is presented, including production capacity, output, and utilization rates from 2020 to 2031 [3][4]. - The report forecasts demand trends and regional production capacities, emphasizing the growth potential in key markets [3][4]. Competitive Landscape - The competitive landscape is assessed, detailing the concentration and competition levels within the pure nitrogen generator industry, including market shares of the top five manufacturers in 2024 [3][4]. - The report also discusses recent investments and mergers in the market, indicating ongoing consolidation trends [3][4]. Regional Analysis - The report analyzes the market size and growth rates of pure nitrogen generators across major regions, including North America, Europe, China, Japan, Southeast Asia, and India, with projections for 2026 to 2031 [4][5]. - It highlights the sales revenue and market share for each region, providing a clear picture of regional dynamics [4][5]. Product and Application Analysis - Different product types and applications of pure nitrogen generators are examined, with sales and revenue forecasts for 2020 to 2031 [6][7]. - The report includes insights into pricing trends and market shares for various applications, such as industrial and medical uses [6][7].

Investment Rating - The report indicates a positive outlook for the liquid cooling industry, highlighting the entry of domestic supply chains and the expected growth in market value [1]. Core Insights - Liquid cooling technology is deemed essential for addressing the heat dissipation challenges in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and reduced total cost of ownership (TCO) [3][10]. - The value of liquid cooling systems is projected to increase significantly with the upgrade of chips, with estimates suggesting that the market for ASIC liquid cooling systems could reach 35.3 billion yuan and for NVIDIA systems could reach 69.7 billion yuan by 2026 [4]. - The report emphasizes the transition from traditional air cooling to liquid cooling as a necessity due to the rising power density of chips, with liquid cooling becoming a mandatory solution for high-density server environments [21][31]. Summary by Sections Liquid Cooling Technology - Liquid cooling is identified as a critical solution for data center heat dissipation, leveraging the high thermal conductivity and capacity of liquids compared to air [10][14]. - The technology is characterized by its ability to significantly reduce energy consumption and improve cooling efficiency, with liquid cooling systems capable of achieving a PUE (Power Usage Effectiveness) of below 1.2 [14][31]. Liquid Cooling Industry - The report notes that the value of liquid cooling will rise alongside chip upgrades, with a projected growth of over 20% for rack liquid cooling modules as chip power density increases [4]. - Domestic supply chains are expected to accelerate their entry into the market, particularly as NVIDIA opens its supplier list to include multiple vendors, allowing for greater competition and innovation [4]. Rubin Architecture Outlook - The report discusses the limitations of single-phase cold plates for the Rubin architecture, which has a thermal design power (TDP) of 2300W, necessitating the exploration of new liquid cooling solutions such as phase change cold plates and microchannel cold plates [4][21]. - Microchannel cold plates are anticipated to become a preferred solution due to their ability to handle higher power densities and their compatibility with future architectural developments [4]. Related Companies - The report suggests monitoring companies such as Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology, as they are positioned to benefit from the increasing demand for efficient and energy-saving heat exchange solutions in data centers [5].

Core Viewpoint - The company, Highlan Co., Ltd. (300499), emphasizes its commitment to innovation and industrial development in full-scenario thermal management technology since its establishment [1] Group 1: Business Focus - The company will continue to deepen its thermal management business in the power sector, data center sector, and energy storage sector [1] - The company aims to actively expand the application boundaries of its products in more related scenarios [1] - The company is focused on consolidating and enhancing its core competitiveness in the thermal management sector [1]

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing: Shanghai Huanxun, Zhenlei Technology, and Aerospace Electronics, with potential for value enhancement[3] - Key application targets include communication terminal baseband, RF chips, and phased array antennas[3] - Aerospace Technology Group has strong expectations for mergers and acquisitions due to substantial external assets[3] Group 2: Liquid Cooling Industry - Global competition in the liquid cooling industry is driven by ecological positioning, technology, and manufacturing advantages[3] - Recommended targets include: Infinet and Highlan for full industry chain layout; Kangsheng and Siquan New Materials for technical breakthroughs; and Tongfei for precision manufacturing and cost control[3] Group 3: Engineering Machinery - The core of engineering machinery investment is to assess the position in the cycle, with sales as a critical observation metric[3] - Excavator sales in October reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units, up 2.44%[63] - Loader sales in the first ten months totaled 104,412 units, a year-on-year increase of 15.8%, with domestic sales up 21.8%[64]

Group 1 - The core point of the article is that Gaolan Co., Ltd. (300499.SZ) plans to transfer its 16.9759% stake in Dongguan Silicon Xiang, valued at 5,128,400 yuan, to Aike Co., Ltd. [1] - The transaction will be executed through a combination of issuing shares and cash payment, with each method accounting for 50% of the total transaction price [1] - A purchase agreement has been signed, which includes conditions for the transaction to take effect [1]

证券代码：300499 证券简称：高澜股份 公告编号：2025-048 广州高澜节能技术股份有限公司 关于拟出售参股公司股权暨签署附生效条件的《发行股份及支 付现金购买资产协议》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。 特别提示： 1.广州高澜节能技术股份有限公司（以下简称"高澜股份"或"公司"） 与深圳爱克莱特科技股份有限公司（以下简称"爱克股份"）签署附生效条件 的《发行股份及支付现金购买资产协议》，将所持有的东莞市硅翔绝缘材料有 限公司（以下简称"东莞硅翔"或"标的公司"）5,128,400 元出资额（占标的 公司当前注册资本的16.9759% ，以下简称"标的资产"）转让给爱克股份。 2.经初步预测，本次签署协议事项不构成关联交易，对本公司不构成《上 市公司重大资产重组管理办法》规定的重大资产重组。 经交易各方协商，本次交易标的公司全部股东权益价值暂定为220,000万元， 截至本公告日，标的公司的审计和评估工作尚未完成，标的资产评估结果及交 易作价尚未确定。标的资产最终交易价格将以符合《证券法》规定的资产评估 机构出具的评估结果为基础， ...