液冷行业深度报告：数据中心带动液冷需求增长，关注上 游核心冷媒材料 20260304 摘要 芯片功率密度飙升驱动散热技术代际演进，AI 计算中心装机量预计从 2024 年 7GW 增至 2028 年 80GW，水冷/液冷已成确定性必选项。 冷板式液冷为当前主流，单相方案以去离子水为主，双相/全液冷方案转 向 R32、R134a 等含氟制冷剂以应对更高解热需求。 浸没式液冷呈现硅油与氟化液双路径竞争：硅油成本仅为氟化液 1/8- 1/10，改性后性能达其 70%，具备极高性价比优势。 氟化液被视为终极方案，全氟胺/全氟烷烃因高稳定性与低介电常数占优， 国内厂商正通过化学合成法突破海外电解法专利壁垒。 全氟聚醚作为可降解替代材料，其成本受限于 K 型/Y 型合成收率（50% 左右）及高分子量副产物的航空领域消化能力。 产业催化剂：英伟达新架构对冷却方案迭代极快，需重点跟踪氟化液率 先导入冷板式体系等颠覆性技术路径变化。 制冷系统在数据中心能效管理中扮演什么角色，PUE 与设备可靠性之间如何权 衡？ Q&A 数据中心液冷需求增长的核心背景是什么，芯片功率与散热路径经历了哪些阶 段性变化？ 数据中心液冷需求的核心驱动 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 表决结果：同意4059万份，占出席持有人会议的持有人所持份额总数的100%；反对0份；弃权0份。 三、《关于授权公司2026年员工持股计划管理委员会办理与本次员工持股计划相关事宜的议案》 为了推进公司2026年员工持股计划的顺利实施，同意授权2026年员工持股计划管理委员会办理本次员工 持股计划的相关事宜，包括但不限于下列事项： 浙江皇马科技股份有限公司（以下简称"公司"）于2026年2月26日以现场和通讯相结合的方式召开了公 司2026年员工持股计划第一次持有人会议。会议由公司董事长王伟松先生召集主持，本次会议的召集、 召开及表决程序符合《浙江皇马科技股份有限公司2026年员工持股计划（草案）》（以下简称"《员工 持股计划》"）及《浙江皇马科技股份有限公司2026年员工持股计划管理办法》（以下简称"《管理办 法》"）的规定。 本次会议共计48名员工持股计划份额持有人出席会议，代表员工持股计划份额4,059万份（未包含预留 份额7 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2026年员工持股计划第一次持有人会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 浙江皇马科技股份有限公司（以下简称"公司"）于2026年2月26日以现场和通讯相结合的方式召开了公 司2026年员工持股计划第一次持有人会议。会议由公司董事长王伟松先生召集主持，本次会议的召集、 召开及表决程序符合《浙江皇马科技股份有限公司2026年员工持股计划（草案）》（以下简称"《员工 持股计划》"）及《浙江皇马科技股份有限公司2026年员工持股计划管理办法》（以下简称"《管理办 法》"）的规定。 本次会议共计48名员工持股计划份额持有人出席会议，代表员工持股计划份额4,059万份（未包含预留 份额738万份），占公司2026年员工持股计划已授予总份额的100%。会议审议并通过了以下议案： 一、《关于公司2026年员工持股计划管理办法的议案》 为了维护持有人合法权益，遵循公平、公正、公开的原则，公司根据《浙江皇马科技股份有限公司2026 年员工持股计划（草案）》（以下简称"《员 ...

证券代码：603181 证券简称：皇马科技 公告编号：2026-008 浙江皇马科技股份有限公司 2026 年员工持股计划第一次持有人会议决议的公告 三、《关于授权公司 2026 年员工持股计划管理委员会办理与本次员工持股计 划相关事宜的议案》 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江皇马科技股份有限公司（以下简称"公司"）于 2026 年 2 月 26 日以现 场和通讯相结合的方式召开了公司 2026 年员工持股计划第一次持有人会议。会 议由公司董事长王伟松先生召集主持，本次会议的召集、召开及表决程序符合《浙 江皇马科技股份有限公司 2026 年员工持股计划（草案）》（以下简称"《员工持股 计划》"）及《浙江皇马科技股份有限公司 2026 年员工持股计划管理办法》（以下 简称"《管理办法》"）的规定。 本次会议共计 48 名员工持股计划份额持有人出席会议，代表员工持股计划 份额 4,059 万份（未包含预留份额 738 万份），占公司 2026 年员工持股计划已授 予总份额的 100%。会议审议并通过了以下议案： ...

Group 1 - The company has approved the 2026 Employee Stock Ownership Plan (ESOP) during board meetings held on January 7 and January 23, 2026, and relevant details were disclosed on January 8 and January 24, 2026 [1] - The ESOP will involve a maximum of 48 participants, including 1 director, with a total subscription limit of 47.97 million shares, where the director's subscription will not exceed 1.051 million shares, accounting for 16.17% of the total plan [2] - The stock for the ESOP will be sourced from the company's repurchased A-shares [2] Group 2 - As of the latest update, 48 employees have participated in the ESOP, with a total subscription amount of 47.97 million yuan, including 7.38 million yuan funded by a director for reserved shares [3] - The company has completed the non-trading transfer of 6.5 million shares to the ESOP account at a price of 7.38 yuan per share, representing 1.10% of the company's total share capital [4] Group 3 - The ESOP will have a maximum duration of 120 months, with a lock-up period of 14 months starting from the last transfer of shares to the ESOP account, which can extend to 26 months if performance targets are not met [5] - The company will continue to monitor the implementation of the ESOP and fulfill its information disclosure obligations as required by law [6]

浙江皇马科技股份有限公司 关于 2026 年员工持股计划完成非交易过户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本期员工持股计划基本情况 浙江皇马科技股份有限公司（以下简称"公司"或"皇马科技"）分别于 2026 年 1 月 7 日、2026 年 1 月 23 日召开第八届董事会第六次会议及 2026 年第一次 临时股东会，审议通过了《关于公司 2026 年员工持股计划（草案）及其摘要的 议案》《关于公司 2026 年员工持股计划管理办法的议案》及《关于提请股东会授 权董事会全权办理公司员工持股计划相关事项的议案》。具体内容详见公司于 2026 年 1 月 8 日、2026 年 1 月 24 日在上海证券交易所披露的相关公告。 本次员工持股计划的参加对象为公司（含子公司）董事及核心骨干员工。本 次员工持股计划设立时的总人数不超过 48 人（不含预留份额），其中董事为 1 人。参加本员工持股计划的员工合计认购份额上限为 4,797 万份，其中，董事合 计认购不超过 105.1 万股、占本计划总份额的 16.17 ...

Group 1 - The core viewpoint of the news is that Huangma Technology's stock has seen a significant increase, with a 5.74% rise on February 12, reaching a price of 17.32 yuan per share, and a total market capitalization of 10.196 billion yuan [1] - Huangma Technology has experienced a continuous stock price increase for four consecutive days, with a cumulative increase of 2.37% during this period [1] - The company, established on May 30, 2003, specializes in the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this main business [1] Group 2 - Dachen Fund has a significant holding in Huangma Technology, with its Dachen Optimal Mixed Fund (LOF) A (160916) holding 3.13 million shares, unchanged from the previous period, representing 5.56% of the fund's net value [2] - The Dachen Optimal Mixed Fund (LOF) A has generated a floating profit of approximately 2.9422 million yuan today, with a floating profit of 1.1894 million yuan during the four-day stock price increase [2] - The fund manager, Dai Jun, has been in position for 10 years and 271 days, with the fund's total asset scale at 943 million yuan and a best return of 102.35% during his tenure [2]

Core Viewpoint - The company, Huamao Technology, is progressing with its Kaimeike project, with expectations for trial production phases in 2026 and 2027 [1] Group 1: Project Progress - As of December 31, 2024, the main structure of the administrative and public areas of the Kaimeike project (Phase 1) has been completed, while internal and external decoration work is ongoing [1] - The factory and workshop construction is currently in progress, with Phase 1 expected to have some workshops ready for debugging in the first half of 2026 [1] - The company aims for trial production of some workshops in Phase 1 to commence by mid-2026, with additional workshops planned for trial production in the second half of 2026 [1] Group 2: Future Plans - For Phase 2 of the Kaimeike project, which has a capacity of 15.3 million tons, some workshops are expected to be debugged in the second half of 2026, with trial production targeted before the end of 2026 [1] - Additional workshops in Phase 2 are anticipated to achieve trial production in 2027 [1] Group 3: Company Principles - The company emphasizes a pragmatic and efficient approach to advancing all projects, with decisions focused on commercial logic and maximizing shareholder interests [1]

Core Viewpoint - The company, Huamao Technology, is focused on becoming a leading global producer of polyether amine, with a strong emphasis on its proprietary production processes and capacity expansion [1] Group 1: Company Overview - Huamao Technology's first phase of production capacity is 168,500 tons, which includes 60,000 tons of high-end epoxy resin curing agents, specifically polyether amine series products [1] - The company is recognized as a leading domestic producer of polyether amine and aims to reach the status of a top global producer [1] Group 2: Production Capabilities - The company's main products and production capacity allow for flexible manufacturing, while the polyether amine production line is dedicated to specialized production [1] - Huamao Technology has developed its own continuous production process for polyether amine, featuring multiple production lines and dozens of different product grades [1] Group 3: Future Outlook - The management expresses confidence in maintaining a steady growth trajectory through 2026 [1]

Core Viewpoint - The company, Huangma Technology, is currently operating at a high overall capacity utilization rate, with specific figures to be disclosed in annual reports [2] Group 1: Production Capacity and Projects - The new capacity from the Kaimeike project includes both derivative developments around existing product lines and horizontal and vertical extensions of the specialty surfactant industry chain [2] - The construction of the "Third Factory" for the Huangma Kaimeike project involves a one-time completion of public works, with production being phased and staged according to market conditions and investment plans, rather than a full-scale launch [2] - As of now, the first phase of the Huangma Kaimeike project is progressing as planned, and trial production has not yet commenced [2]