Core Viewpoint - The liquid cooling server concept stocks experienced a rebound after an initial dip, with several companies reaching significant gains, indicating a positive market sentiment towards this technology [1] Company Performance - Inveke reached a limit-up and set a new historical high [1] - Siquan New Materials saw an increase of over 10% [1] - Dayuan Pump Industry, Shenling Environment, ZTE Corporation, and Oulu Tong all rose by more than 5% [1] - Yimikang, Chunz中科技, and Keshida also experienced gains [1]

Group 1 - The liquid cooling concept is experiencing a rebound, with significant stock price increases observed in related companies [1] - In particular, Yingweike has reached the daily limit increase, while Dayuan Pump Industry has risen over 8% [1] - Other companies such as Shenling Environment, ZTE Corporation, and Oulu Tong have also seen stock price increases exceeding 5% [1]

Market Overview - The market experienced a significant drop, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 1.76%, 1.43%, and 0.69% respectively, with over 4,700 stocks declining and only around 600 stocks rising [4] - Despite the indices showing a modest decline, the actual market impact was severe, indicating a split market where many stocks were falling while a few were driving index gains [5][6] Sector Performance - The computing power concept stocks saw a strong morning surge, with companies like Runjian Co., Meige Intelligent, and Dawang Technology hitting the daily limit, but faced significant sell-offs later [3] - The rare earth sector continued to perform well, with companies like Beikong Technology and Northern Rare Earth reaching their daily limit [3] - The CPO sector also experienced a notable rise, with Cambridge Technology achieving three consecutive limit-ups [3] Notable Stocks - Cambrian's stock price rose over 10% to exceed 1,460 yuan, surpassing Kweichow Moutai, which fell to 1,448 yuan, leading to discussions about Cambrian becoming the "new stock king" [11] - Alibaba-related computing power stocks initially surged but ultimately closed down by 1.81%, despite positive speculation about Alibaba's upcoming earnings report [14] - Zhouming Technology announced a partnership with Saudi Arabia's Al-Nassr Club, which initially boosted its stock price but ultimately closed down by 2% [16] Policy Impact - The Ministry of Commerce announced plans to introduce policies to promote service exports, which led to a temporary surge in Cross-Border Communication's stock price, although the connection to cross-border e-commerce remains tenuous [18]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [6][18]. Core Viewpoints - The domestic computing power sector is experiencing a significant opportunity for growth driven by multiple factors, including the integration of domestic chips and liquid cooling technology, which is reshaping the computing infrastructure [14][15]. - The report highlights the increasing demand for high-power AIDC cabinets, with power ratings reaching 20-100kW, indicating a shift from optional to essential cooling solutions [14]. - Policy support is crucial, with state-owned data centers required to procure over 50% of their chips from domestic sources, further stimulating the domestic computing power ecosystem [15]. - The report emphasizes the potential for domestic manufacturers to expand overseas, particularly in the diesel generator market, as global demand for AI computing infrastructure rises [16]. Summary by Sections Investment Viewpoints - The report identifies the diesel generator sector as having the most straightforward growth logic, recommending companies such as Weichai Heavy Machinery and KOTAI Power [6][17]. - It also suggests monitoring the gradually increasing penetration of HVDC segments, recommending companies like Kehua Data and Hewei Electric [6][17]. - Lastly, it highlights opportunities in server power supplies and liquid cooling segments, recommending companies like Invec and Shunling Environment [6][17]. Industry Dynamics - The report notes that the electric power equipment sector has seen a 1.94% increase in market performance recently, ranking 16th among various sectors [20]. - It discusses the successful launch of the Ningxia-Hunan ±800 kV UHVDC project, which is expected to enhance the transmission capacity of renewable energy [22]. - The report also mentions the ongoing global demand for AI computing infrastructure, which is expected to provide long-term growth momentum for domestic IDC and computing rental companies [16]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several key companies, including: - KOTAI Power (300153.SZ): EPS forecast of 0.85 in 2025E, with a "Buy" rating [19]. - Weichai Heavy Machinery (000880.SZ): EPS forecast of 0.98 in 2025E, currently unrated [19]. - Kehua Data (002335.SZ): EPS forecast of 1.30 in 2025E, currently unrated [19]. - Invec (002837.SZ): EPS forecast of 0.66 in 2025E, currently unrated [19]. - Shunling Environment (301018.SZ): EPS forecast of 1.05 in 2025E, with a "Buy" rating [19]. - Hewei Electric (603063.SH): EPS forecast of 1.40 in 2025E, with a "Buy" rating [19].

证券之星消息，8月22日通用设备板块较上一交易日上涨1.0%，三川智慧领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。通用设备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) | | | --- | --- | --- | --- | --- | --- | --- | | 300066 | 三川智慧 | 8.44 | 20.06% | 203.17万 | | 16.48亿 | | 301377 | 鼎泰高科 | 68.06 | 19.99% | 13.00万 | | 8.39亿 | | 605688 | 同惠电子 | 31.98 | 15.87% | 16.46万 | | 5.24亿 | | 301125 | 腾亚精工 | 22.27 | 13.68% | 15.41万 | | 3.27亿 | | 688577 | 新海德曼 | 94.71 | 13.62% | 6.20万 | | 5.71亿 | | 002871 | 伟隆股份 | 18.43 | 10.03% | 31.15万 | | 5.49亿 ...

Group 1 - The A-share market experienced a collective pullback in liquid cooling concept stocks, with notable declines in several companies [1] - Feilong Co. and Jintian Co. hit the daily limit down, while Cambridge Technology, Hongfuhang, Tongfei Co., Kexin Innovation Source, and Debang Technology fell over 7% [1] - Other companies such as Fangsheng Co., Binglun Environment, Chuanrun Co., and Dingtong Technology dropped more than 6%, while Gaolan Co., Chuanhuan Technology, Shenling Environment, Liou Co., Yimikang, and Zhongshi Technology saw declines exceeding 5% [1]

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

证券日报网讯申菱环境8月20日在互动平台回答投资者提问时表示，公司未来将在合规的前提下进一步 改善与投资人的沟通。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯申菱环境8月20日在互动平台回答投资者提问时表示，公司液冷产品种类众多，能满足客 户端到端解决的全面需求。具体细节请参见定期报告。 ...

证券日报网讯申菱环境（301018）8月20日在互动平台回答投资者提问时表示，公司产品有服务于航空 航天领域。 ...