Group 1 - The core viewpoint is that the increasing power density of AI chips and servers is driving the transition from air cooling to liquid cooling systems, which are expected to become the dominant solution in the AI era [2][4] - Vertiv predicts that by 2029, the power of a single AIGPU cabinet will exceed 1MW and a single AIPOD will exceed 500kW, posing challenges for cooling systems [2][4] - As rack density rises to 20kW, the advantages of liquid cooling become more pronounced, particularly in terms of energy efficiency and reduced system power consumption [2][4] Group 2 - The liquid cooling market in China is projected to grow by 67.0% year-on-year in 2024, reaching a market size of $2.37 billion, with a CAGR of 46.8% expected from 2024 to 2029 [4][5] - The global AI server liquid cooling market is estimated to reach $3.07 billion in 2025 and $8.58 billion in 2026 [4][5] - The liquid cooling industry is characterized by various technologies, with cold plate liquid cooling leading the way, while immersion and spray cooling are still in the early stages of technological exploration [3][4] Group 3 - The industry chain is rapidly evolving, with upstream components (cold plates, CDU, quick connectors) and midstream players (server manufacturers, solution providers) accelerating their layouts, while downstream cloud providers are adopting liquid cooling at scale [4][5] - Companies such as Vertiv (VRT.US), and others in the supply chain, are recommended for attention due to their technological leadership and active engagement in liquid cooling technology [5]

Group 1 - The stock price of Siquan New Materials has reached a historical high, with 12 trading days in the past month setting new records [2] - As of 09:48, the stock is up 2.31% at 185.85 yuan, with a trading volume of 1.8574 million shares and a transaction amount of 333 million yuan, resulting in a turnover rate of 3.90% [2] - The latest total market capitalization of the stock is 15.008 billion yuan, with a circulating market value of 8.847 billion yuan [2] Group 2 - The electronic industry, to which Siquan New Materials belongs, has an overall decline of 0.31%, with 202 stocks rising and 271 stocks falling [2] - Among the stocks that have increased, seven have hit the daily limit, including Jin Baize and Huaying Technology [2] - The stocks with the largest declines include Ruikeda, Xuguang Electronics, and Furi Electronics, with declines of 9.16%, 7.61%, and 7.12% respectively [2] Group 3 - As of August 19, the latest margin trading balance for Siquan New Materials is 772 million yuan, with a financing balance of 772 million yuan, reflecting a recent increase of 241 million yuan, or 45.37% [2] - In the past 10 days, one institution has rated the stock, with Guojin Securities setting a target price of 166.67 yuan on August 12 [2] Group 4 - The company's Q1 report shows a revenue of 183 million yuan, representing a year-on-year growth of 93.59%, and a net profit of 17.722 million yuan, with a year-on-year increase of 79.57% [2] - The basic earnings per share are 0.3100 yuan, and the weighted average return on equity is 1.70% [2]

Group 1: Market Growth and Trends - The liquid cooling server market in China is expected to reach $2.37 billion in 2024, with a year-on-year growth of 67% [1] - The compound annual growth rate (CAGR) for the liquid cooling server market in China from 2024 to 2029 is projected to be 46.8%, potentially exceeding $16.2 billion by 2029 [1] - The global liquid cooling market is anticipated to grow from $1.96 billion in 2024 to $2.84 billion in 2025, reflecting a growth rate of 44.9% [2] Group 2: Technological Advancements and Energy Efficiency - Liquid cooling technology is transitioning from an optional solution to a necessary one due to increasing performance demands and energy efficiency [3] - The PUE (Power Usage Effectiveness) can be reduced to below 1.2 with liquid cooling solutions, aligning with national goals for energy efficiency in data centers [3] Group 3: Capital Market Performance - Several liquid cooling-related stocks have seen significant price increases, with some stocks rising over 100% in the last 60 days [4] - Companies like Inveck and Feilong have reported substantial revenue growth, with Inveck achieving a revenue of $2.573 billion, a 50.25% increase year-on-year [4][5] Group 4: Company Strategies and Innovations - Inveck has launched a comprehensive liquid cooling solution covering all aspects from manufacturing to delivery, ensuring risk-free operation [6] - Feilong is expanding its production capacity to 1.2 million units annually and is actively entering overseas markets [7] - Feirong is increasing R&D investments in high-performance cooling technologies to meet customer demands [7]

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

北京中银（深圳）律师事务所 法律意见书 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查和验证，审查了本所律师认为出具本法律意见书所需审查的相 关文件、资料，并参加了公司本次股东会的全过程。本所保证本法律意见书所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、 误导性陈述或者重大遗漏。 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席本次 股东会人员和召集人的资格、会议表决程序及表决结果是否符合《公司法》《股 东会规则》等法律、法规、规范性文件及《公司章程》的相关规定发表意见，不 对会议审议的议案内容以及该等议案所表述的事实或数据的真实性及准确性发 表意见。 本所律师同意将本法律意见书随思泉新材本次股东会决议一起予以公告，并 依法对本法律意见书承担相应的责任。 北京中银（深圳）律师事务所 法律意见书 北京中银（深圳）律师事务所 关于广东思泉新材料股份有限公司 2025 年第二次临时股东会 法 ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-056 广东思泉新材料股份有限公司 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。 特别提示： 1. 本次股东会未出现否决提案的情形； 2. 本次股东会未涉及变更以往股东会已通过的决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1. 会议召开时间： （1）现场会议时间：2025 年 8 月 18 日（星期一）14:45 （2）网络投票时间：2025 年 8 月 18 日（星期一） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 8 月 18 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网系统 （http://wltp.cninfo.com.cn）投票的具体时间为：2025 年 8 月 18 日 09:15-15:00 的任意时间。 关于 2025 年第二次临时股东会决议的公告 2. 会议召开地点：广东省东莞市企石镇企石环镇路 362 号思泉科技园 1 栋 一楼会议室。 3. 会议召开方式：本次会议采取现场投票与网 ...

Group 1 - The stock price of Siquan New Materials experienced a rapid rebound on August 14, 2025, with an increase of over 2% within 5 minutes [1] - As of 9:35 AM, the stock was priced at 155.06 yuan, with a trading volume of 1.24 billion yuan and a turnover rate of 1.69% [1] - Siquan New Materials focuses on the research and production of new materials, primarily applied in consumer electronics and related fields such as AIPC and AI mobile phones [1] Group 2 - On that day, the net outflow of main funds for Siquan New Materials was 19.92 million yuan, accounting for 0.27% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 50.37 million yuan, representing 0.69% of the circulating market value [1]

证券日报网讯 8月12日晚间，思泉新材发布公告称，2025年7月21日，公司召开2025年第一次临时股东 会，审议通过了《关于变更注册资本、调整董事会席位及修订并办理工商登记的议案》以及选举产生了 第四届董事会非职工代表董事，并于同日召开了职工代表大会和第四届董事会第一次会议，选举产生了 第四届董事会职工代表董事以及聘任了第四届董事会高级管理人员。近日，公司完成了工商变更登记和 《公司章程》备案手续，并取得东莞市市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-055 1. 广东思泉新材料股份有限公司营业执照。 广东思泉新材料股份有限公司 关于完成工商登记并换发营业执照的公告 1. 统一社会信用代码：91441900576432316T 2. 名称：广东思泉新材料股份有限公司 3. 类型：股份有限公司（上市、自然人投资或控股） 4. 住所：广东省东莞市企石镇企石环镇路 362 号 5. 法定代表人：任泽明 6. 注册资本：人民币捌仟零柒拾伍万叁仟捌佰陆拾柒元 7. 成立时间：2011 年 06 月 02 日 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。 8. 经营范围：研发、生产、销售：石墨材料、导热材料、隔热材料、缓冲材 料、发泡材料、磁性材料、防腐材料、高分子纳米材料；研发、生产、销售：热管、 均温板、散热器件、五金制品、模具、胶粘制品；纳米涂层技术的研发、技术咨询、 技术转让、技术服务；纳米涂层加工；自动化设备的加工、销售、租赁；货物或技 术进出口（国家禁止或涉及行政审批的货物和技术进出口除外）。（依法须经批准 的项目，经相关部门批准后方可开展经 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China, indicating an expectation of returns exceeding the market benchmark by over 5% [4][12]. Core Insights - The liquid cooling industry is transitioning from an optional solution to a core necessity for AI infrastructure, with market space expected to experience exponential growth. The power consumption of AI clusters has entered the 100kW+ era, necessitating liquid cooling solutions as traditional air cooling systems become inadequate [7]. - The demand for liquid cooling is driven by the rapid growth in AI computing power, with major companies like Meta, Google, and AWS accelerating their deployment of liquid cooling solutions. This trend is expected to extend from servers to network devices [7]. - Domestic manufacturers are poised to capitalize on overseas supply chain opportunities due to their product quality, R&D efficiency, and cost advantages, especially as the industry shifts towards higher power density requirements [7]. Summary by Sections Investment Recommendations and Targets - The report highlights the potential of liquid cooling as a critical component for AI infrastructure, with expectations for sustained order and performance growth. Key companies to watch include Lingyi iTech (002600, Buy), BYD Electronics (00285, Not Rated), Zhongshi Technology (300684, Buy), and Siquan New Materials (301489, Not Rated) [2]. Industry Trends - The liquid cooling sector is transitioning to a demand-driven phase, with significant order growth observed in leading companies. For instance, Vertiv reported a 15% year-over-year increase in orders for Q2 2025, reflecting strong market demand [7]. - The report emphasizes that the liquid cooling market is moving towards a performance-driven stage, with expectations for more companies in the liquid cooling supply chain to see order and performance releases [7].