Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

每经AI快讯，川环科技1月8日晚间发布公告称，公司第七届第十二次董事会会议于2026年1月8日在公 司会议室以现场会议和通讯方式相结合方式召开。会议审议了《关于注销参股公司暨关联交易的议 案》。 （记者 曾健辉） 每经头条（nbdtoutiao）——培训5天就考证！滑雪教练速成班乱象调查：零基础也可报名，学时还 能"注水" ...

格隆汇1月8日丨川环科技(300547.SZ)公布，根据四川川环科技股份有限公司的发展规划及参股公司的 实际运作情况，与关联方协商一致，决定清算注销参股公司四川川环德尚新能源科技有限公司（简称： 川环德尚）。公司于2026年1月8日召开了第七届董事会第十二次会议，审议通过了《关于注销参股公司 暨关联交易的议案》。 ...

格隆汇1月8日丨川环科技(300547.SZ)公布，根据四川川环科技股份有限公司的发展规划及参股公司的 实际运作情况，与关联方协商一致，决定清算注销参股公司四川川环德尚新能源科技有限公司（简称： 川环德尚）。公司于2026年1月8日召开了第七届董事会第十二次会议，审议通过了《关于注销参股公司 暨关联交易的议案》。 ...

四川川环科技股份有限公司 关于注销参股公司暨关联交易的公告 证券代码：300547 证券简称：川环科技 公告编号：2026-002 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。 根据四川川环科技股份有限公司（以下简称"川环科技"或"公司"）的发 展规划及参股公司的实际运作情况，与关联方协商一致，决定清算注销参股公司 四川川环德尚新能源科技有限公司（以下简称：川环德尚）。公司于 2026 年 1 月 8 日召开了第七届董事会第十二次会议，审议通过了《关于注销参股公司暨关 联交易的议案》。本次注销参股公司暨关联交易事项已经公司独立董事专门会议 审议通过，在公司董事会审批权限之内，无需提交公司股东大会审议。具体情况 公告如下： 一、关联交易概述 川环德尚于 2022 年 7 月，由川环科技、文琦超、文建树、唐宏共同出资成 立。（详见公司于 2022 年 7 月 22 日披露的《关于公司与关联方共同投资设立 合资公司暨关联交易的公告》）。公司控股股东、实际控制人、董事长文琦超持 有川环德尚 35%股份，公司控股股东、实际控制人文建树持有川环德尚 35%股 份，自然人 ...

证券代码：300547 证券简称：川环科技 公告编号：2026-001 1、第七届董事会第十二次会议决议 2、第七届董事会独立董事专门会议决议 四川川环科技股份有限公司董事会 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。 四川川环科技股份有限公司（以下称"公司"、"本公司"）第七届董事会第十 二次会议于 2026 年 1 月 8 日上午 10 点在公司会议室以现场会议和通讯方式相结 合方式召开，会议通知于 2 日前以电话方式和电子邮件方式送达。本次董事会应 参加董事 8 人，实际参加董事 8 人。会议由公司董事长文琦超先生主持，公司全 体高级管理人员列席了本次会议。会议的召开符合《公司法》、《公司章程》和《董 事会议事规则》的有关规定。经与会董事投票表决，审议通过了如下议案： 一、审议通过了《关于注销参股公司暨关联交易的议案》 董事会认为：本次注销参股公司暨关联交易事项不存在损害公司及全体股东 特别是中小股东利益的情形。不会影响公司独立性，也不会对公司持续经营生产 能力产生影响，不构成重大资产重组，符合公司的长远发展规划和全体股东的利 益。《关于注销参股公司 ...

Core Insights - The report highlights that the Chinese automotive industry is entering the mid-to-late stage of the electric and intelligent transformation, characterized by the coexistence of traditional fuel vehicles, electric intelligent vehicles, and future industries represented by autonomous driving. This necessitates a layered and structured investment approach based on the different stages of these industry curves [2][3]. Trend Summaries Trend 1: Scrap Gap Provides Long-term Space, Trade-in Policies Expected to Normalize - The Chinese automotive market has stabilized at an annual sales level of 31 million units, with a substantial vehicle ownership base of 350 million units, laying the groundwork for future updates. The annual scrappage volume is still significantly lower than new car sales, leading to an expanding replacement gap. The "trade-in" policy is expected to evolve from a temporary stimulus to a normalized tool, enhancing the precision of policies to support domestic demand and industrial production [2][13][27]. Trend 2: New Forces Drive China's Automotive Exports to a New Structural Upgrade Stage - China's automotive exports have entered a high-growth phase, achieving several-fold growth over four years. The export structure has undergone profound changes, with a significant increase in the penetration of new energy vehicles. New force car manufacturers are enhancing China's brand premium and technological image in the global market through high-value product exports [2][30][34]. Trend 3: "Mass Market Pure Electric + High-end Range Extender" Trend Continues to Deepen - With the penetration rate of new energy vehicles surpassing 50%, market demand is showing structural differentiation. In the mass market under 200,000 yuan, the 800V high-voltage platform significantly improves charging efficiency, driving pure electric growth to outpace plug-in hybrids and range extenders. In the high-end market above 300,000 yuan, the "large battery long-range range extender" remains the mainstream solution for full-size SUVs/MPVs [2][3]. Trend 4: The "Late Mass Market" Phase Will Continue to Strengthen the Matthew Effect - The industry is transitioning from the "early mass market" to the "late mass market" phase, where consumers prioritize brand endorsement, after-sales support, and residual value certainty. This pragmatic user base favors mature brands and ecosystem capabilities, leading to a concentration of market resources towards leading technology firms [2][3]. Trend 5: Focus on State-owned Enterprises for Opportunities Around "Certainty + Cost-effectiveness" - Regulatory bodies are intensifying the separate assessment and market value management of state-owned enterprises' new energy businesses, driving resources towards electric intelligence. Major automotive groups are restructuring to shorten development cycles, accelerating the integration of intelligent configurations into mainstream price segments [2][3]. Trend 6: Growth of New Energy Heavy and Light Trucks Enters Acceleration Phase - The electrification of commercial vehicles has crossed a critical point, entering a self-driven growth phase. The total cost of ownership (TCO) for heavy trucks has dropped to a recovery period of 1.5-2 years, accelerating the replacement of fuel vehicles. The light truck sector is also maturing, with urban delivery electrification fully established [3][6]. Trend 7: High-perception Intelligent Cockpit Configurations Will Reshape Purchase Decisions - Intelligent cockpits have become a default configuration in new energy vehicles, with the importance of intelligent features in purchase decisions rising to the forefront. Consumers are focusing on visual and perceptible components, making HUDs, large LCD screens, and intelligent seating core differentiation battlegrounds [3][6]. Trend 8: Intelligent Driving Accelerates Along "End-to-End" and "Equal Rights" Paths - The intelligent driving architecture is transitioning to an "end-to-end" model, enhancing efficiency across the perception and decision-making chain. The continued acceleration of L3 policies provides opportunities for leading manufacturers to compete and iterate rapidly in high-level intelligent driving [3][6]. Trend 9: Three Major Autonomous Driving Commercialization Scenarios Approaching Explosive Growth - Robotaxi, mining autonomous driving, and unmanned logistics vehicles are moving from pilot projects to mass production. The cost advantages of unmanned logistics vehicles are becoming increasingly evident, with sales curves showing signs of exponential growth [3][6]. Trend 10: Embodied Intelligence Enters Pre-production Phase, Releasing a Second Growth Curve for the Automotive Manufacturing Industry - Humanoid robots are transitioning from hardware-driven to intelligent dual-core driven, with the automotive supply chain naturally adapting to this field. The synergy between embodied intelligence and the automotive industry is expected to create dual dividends in performance and valuation [3][6].

Core Viewpoint - The company is focusing on the development of rubber polymer materials, fluid pipeline systems, and related solutions, while actively advancing research in liquid cooling technology and its applications in robotics [1] Group 1: Company Focus Areas - The company specializes in rubber polymer materials applications, fluid pipeline systems, and molded products [1] - The company has a strong technical foundation in the research and production of rubber hoses and assemblies, as well as molded products [1] - The company is expanding its product application boundaries continuously [1] Group 2: Industry Trends and Innovations - Liquid cooling technology is becoming a significant trend in the industry, and the company is actively promoting related research and development [1] - The company is closely monitoring developments in the robotics sector and is integrating existing rubber sealing products with robotics applications [1] - The company is focusing on the application of liquid cooling technology in the robotics field to provide efficient and reliable fluid pipeline and temperature control solutions [1] Group 3: Information Disclosure - The company will comply with relevant laws and regulations regarding information disclosure for any significant cooperation matters in the future [1]

Core Viewpoint - Chuanhuan Technology's stock has experienced fluctuations, with a year-to-date increase of 46.16%, but a recent decline of 2.06% on December 26, 2023, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Chuanhuan Technology reported a revenue of 1.049 billion yuan, reflecting a year-on-year growth of 12.08%. However, the net profit attributable to shareholders decreased by 7.13% to 137 million yuan [2]. - The company has distributed a total of 610 million yuan in dividends since its A-share listing, with 210 million yuan distributed over the past three years [3]. Stock Market Activity - As of December 26, 2023, Chuanhuan Technology's stock price was 39.85 yuan per share, with a market capitalization of 8.644 billion yuan. The trading volume was 451 million yuan, with a turnover rate of 6.25% [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 15, 2023, where it saw a net purchase of 362 million yuan [1]. Shareholder Information - As of November 20, 2023, the number of shareholders for Chuanhuan Technology was 43,200, an increase of 7.88% from the previous period. The average circulating shares per person decreased by 7.30% to 4,124 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest, holding 1.3811 million shares as a new shareholder [3]. Business Overview - Chuanhuan Technology, established on June 21, 2002, and listed on September 30, 2016, specializes in the research, design, manufacturing, and sales of rubber and plastic hoses for automobiles and motorcycles. The main revenue sources include cooling system hoses (55.71%), fuel system hoses (28.98%), accessory and brake hoses (8.51%), motorcycle hoses (5.73%), and others (1.07%) [1].

Core Viewpoint - The company is actively expanding its product applications in the fields of rubber polymer materials and fluid pipeline systems, with a focus on integrating liquid cooling technology into the robotics sector [1] Group 1: Company Developments - The company has a strong technical foundation in the research and production of rubber hoses and molded products, which supports its ongoing product application expansion [1] - The company is currently advancing research and development related to liquid cooling technology, recognizing it as a significant trend in the industry [1] Group 2: Industry Focus - The company is closely monitoring developments in the robotics field and is working on integrating existing rubber sealing products with robotics applications [1] - The company aims to provide efficient and reliable fluid pipeline and temperature control solutions for the robotics industry through its focus on liquid cooling technology [1]