Group 1 - The company, Zhongshi Technology, confirmed that its flexible graphite products can be applied in foldable smartphones [2] - The company has developed a globally patented foldable flexible graphite heat dissipation component, indicating a strong innovation capability [2] - Flexible graphite has higher value and demands more advanced R&D and production processes compared to conventional graphite, showcasing the company's technological leadership in this field [2]

Core Viewpoint - The company has established a leading position in the thermal management materials sector, leveraging over 20 years of experience and continuous investment in niche areas [2] Group 1: Technology Layout in Consumer Electronics - The company provides comprehensive solutions in thermal management, including high thermal conductivity graphite products, thermal interface materials, heat pipes, and thermal modules [2] - The company maintains a leading position in artificial synthetic graphite materials, with applications expanding from smartphones to tablets and laptops [2] - The company is accelerating the R&D and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [2] Group 2: Data Center Business Layout - The company has qualified as a supplier of thermal interface materials for major North American clients and has achieved production delivery [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers and is actively promoting the introduction, product certification, and mass production of liquid cooling thermal modules [2]

Core Viewpoint - The liquid cooling sector is gaining traction due to the increasing demand for cooling solutions in AI and high-performance computing, with significant growth expected in the market over the next few years [6][7][9]. Group 1: Market Trends - The global AI liquid cooling market is projected to reach $8.6 billion by 2026, indicating rapid market growth [7]. - In China, the liquid cooling market for intelligent computing centers is expected to reach 18.4 billion yuan in 2024, a 66.1% increase from 2023, and could grow to approximately 130 billion yuan by 2029 [7]. Group 2: Company Performance - Silver Wheel Co. (银轮股份) has the highest institutional ratings at 29, with a stock price increase of over 114% this year. The company is expected to see net profit growth of 35.29% in 2025 and 26.16% in 2026 [9]. - Other companies like Inspur Information (浪潮信息) and Invech (英维克) are also projected to have net profit growth rates exceeding 20% in the coming years [9]. Group 3: Technological Developments - NVIDIA is pushing suppliers to develop microchannel liquid cooling plates (MLCP) to address the rising heat from AI GPU chips, with prices 3 to 5 times higher than traditional cooling solutions [6]. - Liquid cooling is becoming the mainstream solution due to its efficiency and ability to handle the increasing power density of chips, as traditional air cooling methods are no longer sufficient [6][7]. Group 4: Company Initiatives - New Zobang (新宙邦) is actively participating in setting standards for liquid cooling and has developed mature products for various data center applications [8]. - High Lan Co. (高澜股份) offers a range of liquid cooling solutions and aims to maintain a Power Usage Effectiveness (PUE) of below 1.1 [8].

证券之星消息，9月16日电子化学品板块较上一交易日上涨0.59%，中石科技领涨。当日上证指数报收于 3861.87，上涨0.04%。深证成指报收于13063.97，上涨0.45%。电子化学品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300684 | 中石科技 | 39.10 | 11.40% | 52.66万 | 20.40 乙 | | 688371 | 菲沃泰 | 27.20 | 5.02% | 3.13万 | 8299.84万 | | 301489 | 思泉新材 | 226.00 | 4.55% | 3.45万 | 7.71亿 | | 002584 | 西陇科学 | 8.51 | 2.41% | 17.51万 | 1.47亿 | | 688035 | 德邦科技 | 51.93 | 2.30% | 3.60万 | 1.84亿 | | 688150 | 莱特光电 | 24.98 | 1.67% | 5.22万 | 1.30亿 | | 600330 | 天通股份 | 1 ...

Core Viewpoint - The liquid cooling server concept is gaining traction, with several companies experiencing significant stock price increases due to rising demand for AI computing power and the need for efficient cooling solutions [1][3]. Group 1: Market Trends - The global demand for AI computing power is increasing, leading to a shift from traditional air cooling to liquid cooling as the mainstream solution for high-performance chip cooling [3]. - According to a report by CITIC Securities, 2025 is expected to see a significant increase in the penetration of liquid cooling in NVIDIA's AI chips, which will drive market growth [3]. - The China Academy of Information and Communications Technology estimates that the liquid cooling market for intelligent computing centers in China will reach CNY 18.4 billion in 2024, a year-on-year increase of 66.1%, and is projected to reach approximately CNY 130 billion by 2029 [3]. Group 2: Company Developments - Runhe Materials has reported that its cooling liquid products have been mass-produced and are generating sales, with plans to expand production capacity based on customer demand and strategic development [3][4]. - Shenling Environment has indicated that liquid cooling is a key strategic business for the company, with new liquid cooling production lines already in operation [4]. - However, many companies in the domestic liquid cooling industry are still in the early stages of development, with limited revenue from related businesses. For instance, Dayuan Pump Industry reported that its sales revenue from products directly used for data center liquid cooling was only CNY 1.6 million in Q1 2025, accounting for 0.43% of total revenue [4].

Group 1 - The liquid cooling server sector continues to rise, with companies such as Runhe Materials, Cambridge Technology, and Zhongshi Technology reaching new highs during trading [1] - Longpan Technology, Yinlun Co., Chunzhi Technology hit the daily limit up, indicating strong market interest and investor confidence [1] - Other companies like Dayuan Pump Industry, Keda, Jieban Technology, Gaolan Co., and Shuguang Digital Innovation also experienced gains, reflecting a broader positive trend in the industry [1]

Core Viewpoint - 中石科技's stock price has shown significant growth this year, with a year-to-date increase of 56.82% and a recent 4.79% rise over the last five trading days [1] Financial Performance - For the first half of 2025, 中石科技 reported revenue of 748 million yuan, representing a year-on-year growth of 16.12% [2] - The net profit attributable to shareholders for the same period was 121 million yuan, marking a substantial increase of 93.74% year-on-year [2] Stock Market Activity - As of September 10, 中石科技's stock price was 34.16 yuan per share, with a market capitalization of 10.231 billion yuan [1] - The stock experienced a net outflow of 18.29 million yuan in principal funds, with large orders accounting for 22.08% of purchases and 26.91% of sales [1] Shareholder Information - As of June 30, 中石科技 had 32,600 shareholders, a decrease of 6.33% from the previous period, while the average number of circulating shares per person increased by 6.76% to 6,230 shares [2] - The company has distributed a total of 896 million yuan in dividends since its A-share listing, with 447 million yuan distributed over the last three years [3] Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 3.5028 million shares, an increase of 814,800 shares from the previous period [3] - 广发多元新兴股票 (003745) entered the top ten circulating shareholders, holding 1.1105 million shares, while 创金合信新能源汽车股票 A (005927) exited the list [3]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Zhongshi Technology, which saw a stock price increase of 5.03% to 35.30 CNY per share, with a trading volume of 2.21 billion CNY and a market capitalization of 10.573 billion CNY [1] - Zhongshi Technology specializes in the research, design, production, sales, and technical services of thermal materials, EMI shielding materials, and power filters, with thermal materials accounting for 95.13% of its main business revenue [1] - The company was established on April 10, 1997, and went public on December 27, 2017 [1] Group 2 - Among the top circulating shareholders of Zhongshi Technology, one fund from GF Fund Management, the GF Multi-Emerging Stocks Fund (003745), entered the top ten in the second quarter, holding 1.1105 million shares, which is 0.55% of the circulating shares [2] - The GF Multi-Emerging Stocks Fund has a current scale of 1.832 billion CNY and has achieved a year-to-date return of 34.43%, ranking 923 out of 4222 in its category [2] - The fund has a one-year return of 64.08%, ranking 1163 out of 3795, and since its inception, it has returned 98.91% [2] Group 3 - The fund managers of GF Multi-Emerging Stocks Fund are Liu Gesong and Zhou Zhishuo, with Liu having a tenure of 12 years and 20 days and a total fund asset scale of 31.295 billion CNY [3] - Liu's best fund return during his tenure is 144.78%, while the worst is -49.5% [3] - Zhou has a tenure of 4 years and 357 days, managing assets totaling 12.867 billion CNY, with a best return of 47.06% and a worst return of -24.96% [3]

证券代码：300684 证券简称：中石科技 北京中石伟业科技股份有限公司 投资者关系活动记录表 面对新一轮以人工智能为代表的科技发展浪潮，公司积极拥抱 行业发展变化，加大研发创新力度，把握 AI 终端、AI 数据中心、智 能汽车、智能医疗设备等新兴领域的新产品和新技术变革趋势，着 力锻造为全球领先客户提供高附加值产品及服务的能力，开辟公司 更多增长曲线。 二、问答环节 （一）2025 年半年度业绩增长原因？ 答：消费电子行业市场需求回暖，公司新项目和新产品放量， 主要大客户终端产品散热材料需求用量增加、公司产品份额提升； AI 赋能下新兴消费电子、数字基建（数据中心、通信基站等）等行 业新产品快速迭代，新的散热方案需求增加，公司高效散热模组、 核心散热零部件、高性能导热材料等营收同比增长较快。同时，公 司加大高附加值产品供应，供货产品结构得到优化，持续推进精益 生产、工艺改善和资产优化等降本增效措施，使得盈利能力稳步提 升。 编号：2025-09-05 投资者关系活动 类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 ☑ 路演活动 □其他（电话会议） 形式 ☑ 现场 □网 ...

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].