CICC(SH:601995) Mei Ri Jing Ji Xin Wen·2025-12-19 00:45Group 1 - The core viewpoint of the report from CITIC Securities is that liquid cooling technology is becoming the mainstream energy-saving solution for data centers due to its higher cooling efficiency and lower PUE, with the global liquid cooling market expected to reach $21.8 billion by 2027 [1] - The current competitive landscape of the liquid cooling industry is dominated by Taiwanese manufacturers, but domestic manufacturers are anticipated to benefit significantly from the increasing demand for AI-driven liquid cooling solutions [1] - The report recommends domestic companies that possess mass production capabilities for core liquid cooling components and comprehensive solutions [1] Group 2 - CICC predicts that the new paradigm in the pig farming industry will continue to strengthen by 2026, with the price characteristics of pigs expected to show shorter cycles, reduced amplitude, and decreased volatility [2] - The report suggests that while pig prices may experience a mild decline in 2026, leading companies in the sector are likely to maintain profitability throughout the year [2] - The investment approach in the pig farming sector is shifting from a purely cyclical perspective to a combination of cyclical and value considerations, with low-cost, large-scale leading enterprises expected to outperform the industry [2] Group 3 - CICC forecasts that coal prices will exhibit a trend of being lower in the first half of 2026 and higher in the second half, with the annual average likely to remain similar to that of 2025 [3] - Demand is expected to be a major drag on coal prices, particularly in the first half of the year due to policy transmission delays and seasonal effects, leading to potential price pressure [3] - A marginal improvement in demand is anticipated in the second half of the year, which could drive coal prices upward [3]