Group 1 - The company has officially commenced production at its new special air conditioning and ventilation equipment manufacturing base in Gaozhou as of the end of June [2] - The production capacity is currently in a ramp-up phase, indicating that efficiency and capacity utilization rates are expected to gradually improve [2]

Core Viewpoint - The stock of Guangdong Shunling Environment System Co., Ltd. has experienced a decline of 5% as of September 8, with a trading price of 66.50 CNY per share and a total market capitalization of 17.692 billion CNY [1] Company Overview - Guangdong Shunling Environment System Co., Ltd. was established on July 3, 2000, and went public on July 7, 2021 [1] - The company specializes in air environment regulation equipment, focusing on specialized air conditioning systems, and offers comprehensive solutions for various applications including data service environments, industrial process environments, specialized applications, and public building indoor environments [1] - The revenue composition of the company is as follows: 82.94% from equipment, 16.68% from solutions and services, and 0.38% from other sources [1] Shareholder Information - E Fund's Supply-side Reform Mixed Fund (002910) has entered the top ten circulating shareholders of Shunling Environment, holding 2.6008 million shares, which accounts for 1.31% of the circulating shares [2] - The estimated floating loss for E Fund's Supply-side Reform Mixed Fund today is approximately 9.1028 million CNY [2] Fund Performance - E Fund's Supply-side Reform Mixed Fund was established on January 25, 2017, with a current scale of 4.056 billion CNY [2] - Year-to-date return for the fund is 14.18%, ranking 4879 out of 8248 in its category; the one-year return is 29.96%, ranking 4675 out of 8051; and since inception, the return is 184.29% [2]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Industry Overview - The industrial temperature control equipment is crucial for precise temperature regulation in various production processes, enhancing the stability, reliability, and lifespan of industrial devices [1][3] - The market size of China's industrial temperature control equipment industry is projected to reach approximately 80 billion yuan in 2024, with a year-on-year growth of 12.83% [1][8] - The demand for high-precision temperature control equipment is surging due to the upgrading of intelligent manufacturing and the release of new industry needs, particularly in sectors like renewable energy, semiconductors, and data centers [1][8] Market Scale - The global industrial temperature control equipment market is expected to reach USD 19.658 billion in 2024, reflecting a year-on-year growth of 7.72% [6][8] - The data center market in China is projected to reach 277.3 billion yuan in 2024, with a year-on-year increase of 15.21%, driving the demand for temperature control equipment [5][8] Industry Chain - The upstream of the industrial temperature control equipment industry includes raw materials such as metals, plastics, and refrigerants, as well as mechanical components like compressors and heat exchangers [3] - The downstream applications encompass data centers, semiconductor manufacturing, energy storage systems, medical devices, and new energy vehicles [3] Key Companies - Invek Technology Co., Ltd. focuses on precision temperature control energy-saving equipment, serving major internet companies and participating in the supply chain of NVIDIA [10] - Tongfei Refrigeration Co., Ltd. specializes in industrial refrigeration equipment and has seen significant revenue growth, with a 109.02% increase in revenue year-on-year for Q1 2025 [10] Development Trends - Liquid cooling technology is emerging as a core growth point, with companies like Invek achieving significant energy savings through advanced cooling solutions [11] - The demand for high-precision temperature control equipment is expected to grow in new application areas such as electric vehicles and energy storage, driven by the rapid development of intelligent manufacturing [12] - The industry's transition towards low-carbon solutions is being accelerated by carbon neutrality goals, with companies adopting green technologies and participating in standard-setting initiatives [14]

9月3日，申菱环境收涨3.22%，收盘价为74.27元，发生17笔大宗交易，合计成交量79.01万股，成交金 额4661.59万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第1笔成交价格为59.00元，成交8.00万股，成交金额472.00万元，溢价率为-20.56%，买方营业部为招商 证券股份有限公司西安北大街证券营业部，卖方营业部为中信建投证券股份有限公司佛山顺德大良证券 营业部。 第2笔成交价格为59.00元，成交4.00万股，成交金额236.00万元，溢价率为-20.56%，买方营业部为机构 专用，卖方营业部为中信建投证券股份有限公司佛山顺德大良证券营业部。 第3笔成交价格为59.00元，成交3.39万股，成交金额200.01万元，溢价率为-20.56%，买方营业部为东方 财富证券股份有限公司拉萨东环路第一证券营业部，卖方营业部为中信建投证券股份有限公司佛山顺德 大良证券营业部。 第4笔成交价格为59.00元，成交3.50万股，成交金额206.50万元，溢价率为-20.56%，买方营业部为中泰 证券股份有限公司北京中关村大街证券营业部，卖方营业部为中信建投证券股份有 ...

Summary of Key Points Core Viewpoint - On September 3, 2025, Shenling Environment executed a block trade of 790,100 shares at a price of 59 yuan, representing a discount of 20.56% compared to the market closing price of 74.27 yuan, with a total transaction value of 46.6159 million yuan, accounting for 3.95% of the total trading volume for that day [1]. Group 1: Transaction Details - The block trade involved multiple transactions with various brokerage firms, including: - 8,000 shares at 59 yuan, totaling 472,000 yuan, executed by China Merchants Securities [3]. - 4,000 shares at 59 yuan, totaling 236,000 yuan, executed by an institutional investor [3]. - 3.39 million shares at 59 yuan, totaling 200,010 yuan, executed by Dongfang Caifu Securities [3]. - 5,000 shares at 59 yuan, totaling 295,000 yuan, executed by CITIC Securities [3]. - 7,000 shares at 59 yuan, totaling 413,000 yuan, executed by an institutional investor [4]. Group 2: Market Impact - The significant discount of 20.56% from the market closing price indicates potential market volatility or investor sentiment towards Shenling Environment [1]. - The total transaction volume of 790,100 shares suggests a notable interest in the stock, despite the lower transaction price [1].

Group 1 - The core viewpoint of the article is that Shenling Environment (301018) considers liquid cooling as a significant strategic business with promising development opportunities due to increasing market demand driven by AI advancements [1] - The company has recently launched a new liquid cooling production line, which is expected to contribute to the rapid growth of its related business in the future [1] - The demand for liquid cooling solutions is anticipated to grow quickly as the AI sector expands, indicating a favorable market environment for the company [1]

经计算，众承投资、申菱投资于2025年7月17日至2025年8月29日期间，合计减持申菱环境5,071,012股， 合计减持金额约为2.95亿元。 申菱投资、众承投资、陵水新众贤创业投资合伙企业（有限合伙）（以下简称"众贤投资"）、崔梓华、 崔玮贤和申菱环境控股股东、实际控制人崔颖琦互为一致行动人。 2025年6月25日，申菱环境披露了《关于持股5%以上股东股份减持计划的预披露公告》，持股5%以上 股东众承投资计划以集中竞价、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%）；持股5%以上股东申菱投资计划以大宗交易的方式减持公司股份不超过1,015,500股（不超 过公司总股本比例的0.38%）。 中国经济网北京9月2日讯 申菱环境(301018.SZ)昨日晚间发布公告称，公司于近日收到持股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"）出具的《关于减持股份触及1%整 数倍的告知函》。众承投资于2025年8月13日、2025年8月29日通过集中竞价、大宗交易方式合计减持了 申菱环境股份2,875,312股。 申菱环境于2025年8月13日至2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][6] Core Views - The company has shown rapid growth in the first half of 2025, with revenue reaching 1.682 billion RMB, a year-on-year increase of 28.95%, and a net profit of 150 million RMB, up 35.95% [4][9] - The company is actively expanding its liquid cooling technology for data centers, which is expected to benefit from the increasing demand for computing power [4][9] - The company is positioned as a leading manufacturer of specialized air conditioning systems in China, with a strong focus on high-efficiency innovative products [4][9] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.682 billion RMB, a 28.95% increase year-on-year, and a net profit of 150 million RMB, reflecting a 35.95% growth [10] - The second quarter of 2025 saw revenue of 1.054 billion RMB, a 30.03% increase compared to the same period in 2024, with a net profit of 96 million RMB, up 59.92% [11] - The overall gross margin for the first half of 2025 was 24.41%, a slight decrease of 2.04 percentage points year-on-year, while the net margin improved by 0.86 percentage points to 9.11% [9][10] Business Segment Performance - The data services segment experienced a revenue growth of 43.77%, driven by high-efficiency innovative products [9] - The industrial segment saw a remarkable revenue increase of 99.15%, primarily due to a 219% growth in the power and energy business [9] - The special segment's revenue declined by 19.60%, attributed to the timing of large project revenue recognition [9] Future Outlook - The company is expected to benefit from the growing demand for liquid cooling solutions in data centers, with a significant increase in new orders in the data services segment [9] - The revenue projections for 2025-2027 are estimated at 4.042 billion RMB, 5.004 billion RMB, and 5.808 billion RMB respectively, with net profits expected to reach 262 million RMB, 353 million RMB, and 425 million RMB [6][8]

证券代码：301018 证券简称：申菱环境 公告编号：2025-038 广东申菱环境系统股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍的公告 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）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。 广东申菱环境系统股份有限公司（以下简称"公司"）于近日收到持股 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"） 出具的《关于减持股份触及 1%整数倍的告知函》。众承投资于 2025 年 8 月 13 日、2025 年 8 月 29 日通过集中竞价、大宗交易方式合计减持了公司股份 2,875,312 股。 公司于 2025 年 8 月 13 日披露了《关于持股 5%以上股东减持股份触及 1%整 数倍的公告》（公告编号：2025-027），众承投资及广东申菱投资有限公司（以 下简称"申菱投资"）、陵水新众贤创业投资合伙企业（有限合伙）（以下简称 "众贤投资"）、崔梓华女士、崔玮贤先生和公司控股股东、实际控制人崔颖琦 先生互为 ...