Summary of AIDC Power and Liquid Cooling Sector Conference Call Industry Overview - The AIDC industry is expected to see significant opportunities in 800V HVDC and liquid cooling technologies by 2026, driven by factors such as Google's TPU V7 chip power consumption exceeding expectations, the spread of power shortages in North America, and high capital expenditure expectations from leading domestic manufacturers [1][2][6]. Key Insights and Arguments - The liquid cooling market is projected to reach 20-30 billion yuan by 2025 and is expected to explode to over 100 billion yuan in 2026, primarily driven by demand from NV GB300 cabinets, Google ASIC cabinets, and other cloud providers [1][5][7]. - The 800V HVDC technology is anticipated to become mainstream in 2026, offering higher efficiency and lower costs compared to traditional UPS systems. Delta and Vitec have already received orders from Google and Meta [1][19]. - Domestic manufacturers are expected to transition from OEM to system solution providers in the long term, with companies like Invec and Siquan New Materials showing leading advantages [1][9][10]. Market Dynamics - The North American power market is facing challenges due to power shortages, which is driving data centers to adopt off-grid and co-location models. Gas turbines and energy storage systems are emerging as solutions, with companies like Jerry and Doosan Energy receiving orders from North American data centers [4][28]. - The tightening of NV Code is expected to increase the scarcity of manufacturers already connected with NV, enhancing their competitiveness [11]. Investment Opportunities - High-potential investment directions in the AIDC sector include: 1. In-cabinet server power supplies, driven by inflation logic and capacity shortages among leading manufacturers [3]. 2. Changes in power supply architecture from traditional UPS to HVDC, driven by systemic power shortages in North America [5]. 3. Increased overseas spending on computing power and upgrades in chip liquid cooling solutions [5]. Challenges and Opportunities for Chinese Manufacturers - The Chinese liquid cooling industry faces short-term challenges due to dominance by Taiwanese companies, but mergers and acquisitions may enhance competitiveness. In the long term, the industry is expected to evolve towards providing comprehensive system solutions [9][10]. - Invec and Siquan New Materials are positioned to capitalize on these trends, with Invec's market value potential estimated to exceed 100 billion yuan and Siquan New Materials aiming to become a "small Invec" [12]. Future Trends in Liquid Cooling Technology - Liquid cooling technology is expected to continuously evolve, with innovations such as microchannel technology and gold plating to enhance heat dissipation efficiency. New entrants like Red Sea Teda and Quanta are expected to provide more opportunities for domestic supply chains [8]. Magnetic Components Industry - The demand for magnetic components in AI power supply equipment is increasing, with companies like Jincaihua and Keli benefiting from the recovery in new energy vehicles and energy storage [25]. Conclusion - The AIDC power and liquid cooling sectors are poised for significant growth driven by technological advancements and market demands. Key players in the industry are expected to leverage their positions to capture emerging opportunities while navigating challenges posed by competition and market dynamics [1][2][4][5][19].

证券日报网讯12月25日，思泉新材（301489）在互动平台回答投资者提问时表示，截至2025年11月28日 公司股东户数为20249户。 ...

Core Insights - The electronic chemicals sector experienced a slight increase of 0.25% on December 25, with Lite-On Optoelectronics leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Lite-On Optoelectronics (688150) closed at 29.49, up 6.12%, with a trading volume of 288,500 shares and a transaction value of 830 million [1] - Other notable performers included: - Zhongshi Technology (300684) at 52.94, up 4.79%, with a transaction value of 1.54 billion [1] - Siquan New Materials (301489) at 222.58, up 3.53%, with a transaction value of 1.77 billion [1] - Debang Technology (688035) at 51.48, up 2.43%, with a transaction value of 163 million [1] Fund Flow Analysis - The electronic chemicals sector saw a net outflow of 4.82 million from institutional investors, while retail investors experienced a net outflow of 7.44 million [2] - Notable fund flows included: - Siquan New Materials (301489) had a net inflow of 18.5 million from institutional investors [3] - Lite-On Optoelectronics (688150) saw a net inflow of 87.56 million from institutional investors [3] - Strong New Materials (300429) had a net inflow of 31.78 million from institutional investors [3]

Group 1 - The A-share market continues to see an upward trend in liquid cooling concept stocks, with notable increases in share prices for several companies [1] - Fangsheng Co., Ltd. experienced a rise of over 12%, while Oulutong and Hongsheng Co., Ltd. saw increases of over 11% and 10% respectively [1] - Other companies such as Minglida, Jingyan Technology, and Yingweike also reported significant gains, with increases ranging from 5% to 9% [1] Group 2 - The table lists various companies along with their stock codes, percentage increases, total market capitalization, and year-to-date performance [2] - Fangsheng Co., Ltd. has a total market value of 29.24 billion and a year-to-date increase of 68.15% [2] - Oulutong has a market capitalization of 27.6 billion and a remarkable year-to-date increase of 137.26% [2] - Hongsheng Co., Ltd. has a market value of 6.167 billion and an impressive year-to-date increase of 256.74% [2] - Other companies listed show varying market capitalizations and year-to-date performance, indicating a strong interest in the liquid cooling sector [2]

每经AI快讯，12月24日，液冷服务器指数上涨2%，思泉新材触及涨停，同飞股份涨7.24%，精研科技涨 7.03%，英特科技涨5.31%，英维克涨5.12%。 ...

Core Viewpoint - The A-share liquid cooling concept stocks experienced significant activity on December 23, with multiple stocks reaching their daily limit up, indicating strong investor interest in this sector [1]. Group 1: Stock Performance - Tongfei Co., Ltd. (300990) saw a 20% increase, reaching a market capitalization of 15.9 billion [2]. - Yidong Electronics (301123) rose by 17.57%, with a total market value of 16.7 billion [2]. - Shenling Environment (301018) increased by 11.76%, with a market cap of 17.3 billion [2]. - Rongyi Precision (920223) gained 10.97%, valued at 4.295 billion [2]. - Chuanrun Co., Ltd. (002272) rose by 10.02%, with a market capitalization of 7.719 billion [2]. - Kuaike Intelligent (603203) increased by 10.01%, with a market cap of 9.063 billion [2]. - Yingweike (002837) saw a 10% rise, reaching a market value of 101.4 billion [2]. - Longpan Technology (603906) increased by 8.26%, with a market cap of 14.3 billion [2]. - Qiangrui Technology (301128) rose by 8.1%, valued at 9.827 billion [2]. - Shuguang Digital Innovation (920808) increased by 7.21%, with a market cap of 15.2 billion [2]. - Six other companies, including Siquan New Materials (301489) and Chuanhuan Technology (300547), also showed notable increases ranging from 6.16% to 6.83% [2]. Group 2: Year-to-Date Performance - Yidong Electronics (301123) has seen a year-to-date increase of 248.27% [2]. - Siquan New Materials (301489) has experienced a remarkable year-to-date growth of 318.22% [2]. - Rongyi Precision (920223) has a year-to-date increase of 184.48% [2]. - Yingweike (002837) has shown a year-to-date growth of 236.20% [2]. - Other companies like Chuanrun Co., Ltd. (002272) and Longpan Technology (603906) have also reported significant year-to-date increases of 61.62% and 101.16%, respectively [2].

Group 1 - The Shanghai Composite Index closed at 3919.67 points, above the five-day moving average, with a slight increase of 0.06% [1] - The total trading volume of A-shares reached 156.62 billion yuan [1] - A total of 143 A-shares have surpassed the five-day moving average, with notable stocks including Suzhou Tianmai, Guofeng New Materials, and Fuxin Technology, showing significant deviation rates of 12.16%, 8.29%, and 8.28% respectively [1] Group 2 - The top stocks with the highest deviation rates from the five-day moving average include: - Suzhou Tianmai (16.63% increase, 12.16% deviation) - Guofeng New Materials (10.00% increase, 8.29% deviation) - Fuxin Technology (11.27% increase, 8.28% deviation) [1] - Other notable stocks with significant increases and their respective deviation rates include: - Xunxing Co., Ltd. (9.97% increase, 7.56% deviation) - Huasheng Lithium (11.73% increase, 7.47% deviation) - Penghui Energy (8.51% increase, 5.93% deviation) [1]

每经AI快讯，12月23日，午后液冷服务器概念持续走高，英维克（002837）涨停。此前，同飞股份 （300990）、中光防雷（300414）、川润股份（002272）涨停，奕东电子（301123）触及20cm涨停， 科创新源（300731）、荣亿精密、思泉新材（301489）、高澜股份（300499）等跟涨。 ...

Core Viewpoint - The AI PC concept sector has shown a notable increase of 3.11%, ranking sixth among concept sectors, with significant contributions from stocks like Zhongshi Technology, Sixuan New Materials, and Feirongda, which rose by 11.51%, 8.90%, and 8.36% respectively [1][2] Market Performance - The AI PC concept sector experienced a net inflow of 2.651 billion yuan, with 25 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows. Shenghong Technology led with a net inflow of 1.162 billion yuan, followed by Lingyi Technology, Changying Precision, and Jiangbolong with net inflows of 536 million yuan, 218 million yuan, and 188 million yuan respectively [2][3] Stock Performance - Top performers in the AI PC concept include: - Shenghong Technology: 5.95% increase, 5.34% turnover rate, net inflow of 1.161 billion yuan [3] - Lingyi Technology: 4.80% increase, 3.19% turnover rate, net inflow of 536 million yuan [3] - Changying Precision: 1.54% increase, 6.10% turnover rate, net inflow of 218 million yuan [3] - Jiangbolong: 4.52% increase, 4.66% turnover rate, net inflow of 188 million yuan [3] Fund Flow Ratios - Leading stocks by net inflow ratio include: - Lingyi Technology: 15.08% - Kesen Technology: 10.70% - Bomin Electronics: 9.42% [3][4]

Market Overview - The Shanghai Composite Index closed at 3871.44 points, above the five-day moving average, with an increase of 1.22% [1] - The total trading volume of A-shares reached 1822.448 billion yuan [1] Stocks Performance - A total of 988 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - LianTe Technology (301205) with a deviation rate of 13.53% and a daily increase of 20.00% [1] - JuGuang Technology (688167) with a deviation rate of 12.21% and a daily increase of 17.34% [1] - YiDong Electronics (301123) with a deviation rate of 11.85% and a daily increase of 20.01% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - KaiPu Cloud (688228) with a deviation rate of 10.57% and a daily increase of 20.00% [1] - JiaoCheng Ultrasonic (688392) with a deviation rate of 9.80% and a daily increase of 13.54% [1] - KaiWang Technology (301182) with a deviation rate of 9.51% and a daily increase of 15.65% [1]