Core Insights - The report emphasizes the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand resilience. In June, NEV production and sales reached 1.268 million and 1.329 million units, respectively, marking year-on-year growth of 26.4% and 26.7% [3][69] - The report maintains a "recommended" rating for the NEV industry, highlighting potential investment opportunities in solid-state batteries, liquid cooling technologies, and robotics [4][70] Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index experienced weekly declines of -2.91%, -2.40%, -2.11%, -0.22%, and -1.39%, respectively [5][22] - Notable performers in the lithium battery sector included companies like Zhongyi Technology and Kecuan Technology, which saw increases of 17.3% and 9.4%, while companies like Ganfeng Lithium and Tianqi Lithium faced declines of 8.2% and 8.7% [5][26] Price Trends in Lithium Battery Supply Chain - Lithium carbonate prices decreased to 71,300 CNY/ton, down 2.2% from the previous week, while lithium hydroxide prices increased by 4% to 65,700 CNY/ton. Cobalt prices rose by 11.3% to 276,000 CNY/ton [5][33] - The report indicates that the overall price structure in the supply chain is at a low point, with prices likely to rise in the future due to strong demand and ongoing adjustments in the industry [3][70] Production and Sales Data - In the first half of 2025, NEV production and sales reached 6.968 million and 6.937 million units, respectively, reflecting year-on-year growth of 41.4% and 40.3% [3][48] - Major NEV manufacturers reported their July sales figures, with BYD selling 344,000 units, Li Auto delivering 30,731 units, and NIO delivering 21,017 units, indicating varied performance across brands [49][60] Industry Dynamics - The report notes that several new energy vehicle manufacturers, including Li Auto and Xiaopeng, have reported significant sales growth, with Xiaopeng achieving a 229% year-on-year increase in July [60][62] - The report also highlights the introduction of new technologies, such as the "Star" super range extender by Zhiji Auto, which aims to enhance the electric vehicle experience [62][63] Key Companies and Earnings Forecast - The report identifies key companies in the NEV supply chain, including CATL, Haopeng Technology, and Zhejiang Rongtai, with positive earnings forecasts and investment ratings [7][8][70] - CATL's revenue for the first half of 2025 was reported at 178.886 billion CNY, with a net profit of 30.485 billion CNY, reflecting a year-on-year growth of 33.33% [66][70]

投资要点 盈利预测与估值 业务领域横向延展，数据中心液冷成为增长引擎公司起家于工业特种领域专业空调，逐步向数据中心、 储能热泵拓展，历经二十余年发展，已形成数据服务、工业工艺、专业特种、高端公建四大领域布局， 业务领域、产品类别及客户覆盖全面。 公司积极研发数据中心液冷产品，在手订单充裕，新生产基地投产，供货华为及字节、阿里、腾讯等头 2018-2022 年公司营收及归母年复合增速分别为19%和13%，2023 年利润有所承压，2024 年公司收入及 归母净利润同比增速分别为20%及10%，其中数据服务收入占比由23 年的35%快速提升至51%，已成为 收入增长的主要动力来源。预计随着数据中心持续高景气以及工业特种领域需求修复，公司收入及利润 有望加速增长。 公司未来将构建"一体两翼"战略布局——以"数字能环垂直一体解决方案"为战略主轴，构建全价值链集 成解决能力；以"ICT 智算和新能源温控"和"专业特种环控"为支撑的"两翼"， 致力于2030 年全集团实 现百亿营收。 订单高增长，新产能释放有望带动盈利能力提升24 年公司数据服务板块新增订单同比增长约95%，随 着数据中心需求旺盛，后续订单有望持续增长。 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The penetration rate of liquid cooling in data centers is expected to increase significantly due to the accelerated shipment of new generation high-performance computing chips, leading to a surge in orders for liquid cooling infrastructure suppliers and entering a phase of rapid performance growth [3][12] - The liquid cooling infrastructure market is projected to grow rapidly, with the domestic market expected to expand from approximately 1.63 billion yuan in 2024 to 13.22 billion yuan by 2027 [39][41] Summary by Sections 1. Liquid Cooling as an Important Industry Trend - Traditional air cooling is inadequate for high power density data centers, making liquid cooling a crucial trend due to its high specific heat capacity, thermal conductivity, low noise, and compact size [8][15] - The current penetration rate of liquid cooling in data centers is low, estimated at around 5% in China, but is expected to rise to 30-40% in the next 3-5 years [10][27] 2. Market Growth Potential - The domestic data center total power is projected to grow from 35.5 GW in 2024 to 68.8 GW by 2027, with a compound annual growth rate (CAGR) of 37% for new data center power [36][38] - The global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan by 2027, driven by the increasing demand for high-performance GPUs [49][51] 3. Investment Recommendations - Focus on leading domestic companies with comprehensive product lines and rich customer resources, such as Yingweike, Shunling Environment, and Tongfei Co., which are well-positioned to benefit from the growth in liquid cooling technology [12][52]

Group 1 - The core viewpoint is that the penetration rate of liquid cooling in data centers is expected to increase rapidly due to the accelerated shipment of next-generation high-performance computing chips, leading to significant growth in orders for liquid cooling infrastructure suppliers [1] - The trend towards liquid cooling in data centers is driven by the limitations of traditional air cooling in high power density environments, with liquid cooling offering advantages such as high specific heat capacity, high thermal conductivity, low noise, high stability, and smaller footprint [1][2] - The liquid cooling infrastructure market is projected to grow significantly, with estimates indicating that the domestic data center total power will increase from 35.5 GW in 2024 to 68.8 GW in 2027, and the global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan in 2027 [4] Group 2 - The liquid cooling penetration rate in the data center sector is currently low, with only about 5% of server shipments being liquid-cooled servers, but it is anticipated to rise to 30-40% within the next 3-5 years [3] - High R&D investment intensity has created competitive barriers in the liquid cooling infrastructure industry, with leading companies like Invec maintaining a compound annual growth rate (CAGR) of 32.6% in R&D expenses from 2021 to 2024 [2] - The industry faces challenges in customer certification and procurement inertia, making clients cautious about introducing new suppliers [2]

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]

Core Viewpoint - The establishment of the intelligent temperature control product manufacturing base by Guangdong Shenling Environment marks a significant step in the new infrastructure and green low-carbon industry layout in Shunde, aiming to become a leading center for data center and energy storage temperature control equipment research and manufacturing [1][2]. Group 1: Project Overview - The project has a total investment of 680 million yuan and covers an area of 63 acres, with the goal of creating a globally leading research and manufacturing center for intelligent temperature control products [1]. - The new facility includes two digitalized four-story buildings and a nearly zero-energy comprehensive green building, expanding the total construction area from 35,000 square meters to over 100,000 square meters [2]. Group 2: Technological Innovation - The company has developed the "Shenling IoT Platform," integrating equipment, energy-saving self-control systems, and platform services to provide green low-carbon solutions [2]. - The project has been recognized as a national advanced technology demonstration project for green low-carbon initiatives, showcasing a model for energy-efficient utilization and precise carbon emission management [2]. Group 3: Corporate Development - Guangdong Shenling Environment, established in 2000 and listed in 2021, operates across the entire chain of air conditioning, environmental governance, and energy management, serving major clients like Huawei and Tesla [3]. - The company aims to expand into the Malaysian market by 2025, offering comprehensive lifecycle services for green low-carbon temperature control products and technologies [3]. Group 4: Government Support - The local government has implemented innovative measures to enhance service efficiency for enterprises, facilitating the project's development and ensuring a supportive environment for high-quality growth [4]. - The project is part of the "Green Beautiful Enterprise" initiative, promoting urban quality improvement through collaboration between government and enterprises [5]. Group 5: Regional Development - Chen Village is experiencing a new wave of high-quality development, with multiple enterprises choosing it as a preferred investment destination [6].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The domestic sales growth of traditional household refrigeration equipment is expected to shift from high - speed to a relatively moderate range, and attention should be paid to factors such as policy impact, raw material costs, and market competition [4][49]. - The overseas expansion potential of domestic household refrigeration equipment enterprises is promising, and emerging markets have broad development prospects [49]. - In the field of dedicated refrigeration equipment, with the development of downstream industries such as data centers, there is a higher demand for the efficiency of refrigeration equipment, and enterprises need to provide comprehensive solutions [41][49]. - Suggest paying attention to industry leaders in the household refrigeration equipment field and domestic companies with rich reserves in data - center refrigeration solutions in the dedicated refrigeration equipment field [49]. 3. Summary According to Relevant Catalogs 3.1 Traditional Household Refrigeration Equipment - **Air Conditioner**: In 2025, the domestic sales of air conditioners maintained a strong trend in the first half of the year, with accelerated shipment growth in the second quarter due to a low base last year and promotional activities. The "trade - in" policy was optimized, with an increased subsidy limit. However, considering the "low - before - high" shipment pattern in 2024, the marginal pulling effect of the "trade - in" policy on short - term shipments may slow down. Attention should be paid to raw material cost changes, and online channels may intensify price competition in segmented markets [4][5]. - **Refrigerator and Freezer**: After relatively rapid growth in 2023 - 2024, the production growth rate of refrigerators and freezers slowed down in 2025. In May 2025, refrigerator production increased by 2.0% year - on - year, with domestic sales increasing by 13.7% and exports decreasing by 6.4%. Freezer production increased by 7.5% year - on - year, with domestic sales and exports increasing by 2.5% and 3.1% respectively. North American exports declined significantly, while African exports grew rapidly. Future production schedules are expected to be adjusted according to market demand and policy changes [23]. 3.2 Comprehensive Leaders and Dedicated Refrigeration Equipment - **Samsung Electronics**: In May 2025, Samsung Electronics acquired the German heating, ventilation, and air - conditioning solutions provider FläktGroup for 1.5 billion euros to strengthen its investment in the HVACR field and enter the data - center refrigeration market [29]. - **Daikin**: In 2023, Daikin acquired the American custom air - handling equipment manufacturer Alliance Air Products to meet the growing demand for data - center cooling solutions. In the fiscal year 2024, Daikin achieved both revenue and profit growth and expects stable profit growth in the fiscal year 2025 [34]. - **Trane Technologies**: The organic revenue of Trane Technologies has been growing for multiple quarters. In the first quarter of the fiscal year 2025, the company's overall organic revenue increased by 11% year - on - year, and the adjusted earnings per share increased by 26% year - on - year. Its commercial HVAC orders in the Americas reached a record high [35]. - **Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. By 2025, new and renovated large - scale and super - large - scale data centers are required to reduce their power usage effectiveness (PUE). Efficient refrigeration solutions have become an important R & D direction for relevant enterprises. Different cooling technologies have their own characteristics, and appropriate solutions should be selected according to specific scenarios [41][43]. 3.3 Summary and Investment Suggestions - **Summary**: The traditional household refrigeration equipment industry is facing challenges such as policy changes, cost fluctuations, and market competition, while the dedicated refrigeration equipment industry has opportunities due to the development of downstream industries [49]. - **Investment Suggestions**: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group, Gree Electric Appliances, and Haier Smart Home, as well as upstream component companies. In the dedicated refrigeration equipment field, focus on domestic companies with rich reserves in data - center refrigeration solutions, such as Invicom and Shenling Environment [49].

Core Viewpoint - Shareholders of Shenling Environment (申菱环境) plan to reduce their holdings, which may impact the company's stock structure but is not expected to affect its governance or control [1][2]. Group 1: Shareholder Reduction Plans - Shareholder Zhongcheng Investment plans to reduce up to 6,966,000 shares (2.62% of total shares) from July 17, 2025, to October 16, 2025 [1]. - Shareholder Shenling Investment plans to reduce up to 1,015,500 shares (0.38% of total shares) during the same period [1]. - The total reduction from both shareholders will not exceed 7,981,500 shares (3% of total shares) [1]. Group 2: Shareholder Holdings - As of the announcement date, Zhongcheng Investment holds 23,220,000 shares (8.73% of total shares) and Shenling Investment holds 36,000,000 shares (13.53% of total shares) [2]. - Both shareholders are considered acting in concert and are significant stakeholders in the company [2]. Group 3: Company Financials and Fundraising - Shenling Environment raised a total of 4.97 billion RMB during its IPO, with a net amount of 4.43 billion RMB after expenses [2][3]. - The company initially planned to raise 6.50 billion RMB, with 5.00 billion RMB allocated for a specialized environmental system manufacturing base and 1.50 billion RMB for working capital [3]. - The total amount raised from two fundraising events is 1.297 billion RMB [5].

申菱环境（301018）公告，公司持股5%以上股东陵水新众承创业投资合伙企业(有限合伙)计划在2025年 7月17日至2025年10月16日期间，以集中竞价和大宗交易方式减持公司股份不超过696.6万股，占公司总 股本的2.62%。另一持股5%以上股东广东申菱投资有限公司计划在相同时间段内，以大宗交易方式减持 公司股份不超过101.55万股，占公司总股本的0.38%。减持原因系股东自身资金安排，减持价格将不低 于首次公开发行股票的发行价格。 ...

证券代码：301018 证券简称：申菱环境 公告编号：2025-026 广东申菱环境系统股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 公司持股5%以上股东陵水新众承创业投资合伙企业（有限合伙）、广东申菱 投资有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、广东申菱环境系统股份有限公司（以下简称"公司"）持股 5%以上股东 陵水新众承创业投资合伙企业（有限合伙）（以下简称"众承投资"）持有公司 股份 23,220,000 股（占公司总股本比例为 8.73%）。众承投资计划在本减持计 划公告之日起十五个交易日后的三个月内（即 2025 年 7 月 17 日至 2025 年 10 月 16 日）以集中竞价、大宗交易的方式减持公司股份不超过 6,966,000 股（不 超过公司总股本比例的 2.62%）。 2、公司持股 5%以上股东广东申菱投资有限公司（以下简称"申菱投资"） 持有公司股份 36,000,000 股（占公司总股本比例为 13.53%）。申菱投资计划在 本减持计 ...