广东申菱环境系统股份有限公司 简式权益变动报告书 上市公司名称：广东申菱环境系统股份有限公司 股票上市地点：深圳证券交易所 股票简称：申菱环境 股票代码：301018.SZ 信息披露义务人：苏翠霞 住所：广东省佛山市顺德区****** 通讯地址：广东省佛山市顺德区****** 签署日期：二〇二五年十二月十五日 信息披露义务人声明 | 本报告书 | 指 | 广东申菱环境系统股份有限公司简式权益变动报告书 | | --- | --- | --- | | 申菱环境、上市公 | 指 | 广东申菱环境系统股份有限公司 | | 司、公司 | | | | 信息披露义务人 | 指 | 苏翠霞 | | 本次权益变动 | 指 | 信息披露义务人通过集中竞价的方式减持上市公司408,300股 | | | | 股份（占上市公司总股本的0.1535%）的行为 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 证券交易所、深交所 | 指 | 深圳证券交易所 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《收购管理办法》 | 指 | 《上市公司收购 ...

Group 1: Economic Policies and Market Outlook - The Chinese government has implemented a series of policies since the Central Political Bureau meeting on September 26, 2024, and will introduce incremental policies in response to changing circumstances in 2025 [1] - The market has experienced adjustments recently, but there is a positive outlook for growth styles, particularly in technology and cyclical sectors, as historical data shows that style continuity is more likely than style switching after significant pullbacks [2] - The current liquidity environment is favorable for small and mid-cap stocks, which historically outperform during periods of loose liquidity and large stimulus policies [2] Group 2: Commercial Aerospace Industry - The commercial aerospace sector is characterized by market-driven activities where enterprises invest, operate, and assume risks, covering the entire industry chain from technology development to application [3] - There is a global surge in satellite constellation construction due to the scarcity of satellite frequency and orbital resources, with countries competing for these critical assets [3] - New regulations from the International Telecommunication Union (ITU) require countries to deploy satellites within seven years of application, emphasizing the urgency for companies to act [3] Group 3: Investment Opportunities in Aerospace - Investment opportunities in the commercial aerospace sector include advancements in modular design and automated testing for satellite manufacturing, as well as the evolution of rocket launches towards reusable and cost-effective solutions [4] - Key companies to watch include those involved in rocket manufacturing (e.g.,航天动力, 斯瑞新材, 超捷股份) and satellite production (e.g., 上海瀚讯, 上海沪工, 高华科技) [4] Group 4: Optical Circuit Switch (OCS) Technology - OCS technology is emerging as a solution for AI computing clusters due to its high bandwidth and low latency, making it ideal for modern communication needs [5] - The OCS market is segmented into upstream core devices, midstream equipment integration, and downstream applications, with high technical barriers and significant value concentration in core components [6] Group 5: Liquid Cooling Technology - Liquid cooling technology is becoming essential for data centers to manage increasing heat from high-density chips, with the cold plate method currently dominating and immersion cooling expected to grow in the future [7] - The market for liquid cooling systems is projected to reach significant scales by 2026, with specific estimates of 35.3 billion yuan for ASIC systems and 69.7 billion yuan for NVIDIA systems [7] - Companies such as 英维克, 申菱环境, 高澜股份, and 宏盛股份 are positioned to benefit from the rising demand for efficient cooling solutions in data centers [7]

Core Viewpoint - Foshan has made significant progress in regional collaboration and development over the past three years, focusing on the goal of becoming a "reformed and innovative experimental area for coordinated urban-rural development in Guangdong Province" [1] Group 1: Internal Regional Collaboration - Foshan has adopted a "whole city as one" approach to break down administrative barriers, establishing cooperation mechanisms between districts to promote balanced development [2] - From 2022 to 2024, Nanhai and Shunde allocated over 1.2 billion yuan in support funds to help Gaoming and Sanshui, with a total investment exceeding 8.2 billion yuan in rural revitalization projects [2] - A total of 27 industrial collaboration projects have been initiated, with an investment of approximately 16.2 billion yuan, successfully attracting quality projects to Gaoming and Sanshui [3] Group 2: Transportation Infrastructure Development - Significant progress has been made in cross-district transportation projects, including the operation of the Guangfo South Ring Intercity and the construction of the first phase of Metro Line 4 [3] - The completion of major road networks, such as the YunYong Highway and Longxiang Bridge, has improved connectivity between districts [3] Group 3: Public Service Development - A mechanism for educational collaboration has been established, creating 56 partnerships between schools in different districts, and enhancing healthcare services through collaborations between hospitals [4] - The cultural and tourism sectors have seen joint initiatives, with the establishment of the "Foshan West" cultural tourism belt and the formation of tourism associations to promote regional cultural exchange [4] Group 4: External Assistance Collaboration - Foshan has implemented a new provincial collaboration mechanism, enhancing partnerships with Maoming and Yunfu, with significant funding and project support [5][6] - The establishment of a management structure for assistance has led to the allocation of over 2.4 billion yuan in support funds, with 36 regular and 14 flexible personnel dispatched to assist in collaboration efforts [6] Group 5: Industrial Transfer and Economic Development - The collaboration with Maoming has resulted in the introduction of 145 industrial projects with a total planned investment of over 50.3 billion yuan, with 96 projects already landed [7][12] - The establishment of a 10 billion yuan industrial guidance fund has facilitated the attraction of projects, while the collaboration with Yunfu has seen the introduction of 97 projects with a total investment of 44.4 billion yuan [7] Group 6: Infrastructure and Industrial Park Development - The Foshan North New Industry Park has been recognized as a key area for industrial development, achieving an industrial output value of approximately 502.5 billion yuan in the first nine months of 2025 [11] - The park has attracted 21 projects with a total investment of about 6 billion yuan, contributing to the overall industrial ecosystem [12][13]

Core Viewpoint - The company Shunling Environment has shown significant growth in revenue and net profit, with a high PE ratio compared to industry averages, indicating strong market interest and potential for future growth [1][2]. Company Overview - Shunling Environment specializes in providing environmental control solutions for various applications, including data service industries and public buildings [1]. - The company offers a range of products, including liquid cooling, air cooling, phase change, and mainframe series [1]. - Recognized as a "National Technology Innovation Demonstration Enterprise" by the Ministry of Industry and Information Technology and the Ministry of Finance [1]. Financial Performance - For the third quarter of 2025, the company reported a revenue of 2.508 billion yuan, a year-on-year increase of 26.84% [2]. - The net profit for the same period was 150 million yuan, reflecting a year-on-year growth of 5.05% [2]. - The gross profit margin stood at 23.16% [2]. Market Position - As of December 12, the company's stock closed at 56.47 yuan, with a PE ratio of 122.36, significantly higher than the industry average of 77.76 [1][2]. - The total market capitalization of Shunling Environment is 15.024 billion yuan [1]. - The company ranks 227th in terms of PE ratio within its industry [1]. Institutional Holdings - By the end of the third quarter of 2025, 12 institutions held shares in Shunling Environment, including 9 funds, with a total holding of 79.6911 million shares valued at 5.683 billion yuan [1].

2016-2025年1-10月广东省工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：佛塑科技（000973），新纶新材（002341），沃特股份（002886），银禧科技（300221）， 同益股份（300538），美联新材（300586），南华仪器（300417），昊志机电（300503），金太阳 （300606），海川智能（300720），申菱环境（301018），绿岛风（301043），广日股份（600894）， 中国电研（688128），燕麦科技（688312），深科达（688328） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-10月，广东省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万 ...

现将具体情况公告如下： 1、基本情况 信息披露义务人 广东申菱投资有限公司 住所 佛山市顺德区陈村镇赤花社区居民委员会广隆工业区环镇东路 10 号 之一 权益变动时间 2025 年 12 月 1 日、2025 年 12 月 5 日 股票简称 申菱环境 股票代码 301018 一、股东权益变动比例触及 1%整数倍的情况 | 变动方向 上升□ | 下降√ | | 一致行动人 | 有√ 无□ | | | --- | --- | --- | --- | --- | --- | | 是否为第一大股东或实际控制人 | | | 是□ | 否√ | | | 2、本次权益变动情况 | | | | | | | 股东名称 | 股份种类 | | 减持股数（万股） | 减持比例（％） | | | 申菱投资 | A 股 | | 320 | 1.2028 | | | 合计 | — | | 320 | 1.2028 | | | | 通过证券交易所的集中交易 | | □ | | | | 本次权益变动方式 | 通过证券交易所的大宗交易 | | √ | | | | 其他 | | | □（请注明） | | | | 3、本次变动前后，投资者及其一致行 ...

Core Viewpoint - The article emphasizes the rapid growth of global computing power demand driven by advancements in artificial intelligence, cloud computing, and high-performance computing, leading to unprecedented cooling challenges for data centers. Liquid cooling technology is evolving from an optional solution to a necessary one due to its energy efficiency, low power consumption, and noise reduction advantages, especially in light of tightening national PUE (Power Usage Effectiveness) requirements. The article outlines the evolution of liquid cooling technology, market landscape, and future trends, predicting that the global liquid cooling market will exceed 100 billion yuan by 2026, marking the beginning of a liquid cooling revolution driven by technology, policy, and industry collaboration [2]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing the cooling pressures of data centers. It utilizes liquid to dissipate heat from components, leveraging the high thermal conductivity and heat capacity of liquids compared to air, resulting in lower energy consumption, higher cooling efficiency, and reduced noise [6][13]. - The core advantages of liquid cooling include low energy consumption, high cooling capacity (4-9 times that of air cooling), low noise levels, and lower total cost of ownership (TCO), with PUE values potentially dropping below 1.2 [13][26]. - The rapid increase in chip power density necessitates the adoption of liquid cooling solutions, as traditional air cooling struggles to meet the demands of next-generation architectures like NVIDIA's Rubin, which anticipates power densities reaching up to 600 kW [14][18]. Group 2: Market Trends and Future Outlook - The liquid cooling market is expected to surpass 100 billion yuan by 2026, driven by technological advancements, policy support, and collaboration across the supply chain [2]. - The evolution of liquid cooling technology is characterized by the emergence of microchannel cold plates and phase change cooling plates, which enhance efficiency and customization [2][14]. - The article highlights the increasing importance of liquid cooling in meeting national PUE requirements, with policies pushing for lower PUE values, thereby promoting the adoption of energy-efficient technologies [22][25]. Group 3: Industry Applications and Solutions - Liquid cooling solutions are categorized into direct contact and indirect contact types, with single-phase immersion cooling being the primary development direction due to its high efficiency and energy savings [30][47]. - Single-phase cold plate cooling is expected to remain the mainstream solution for a considerable time due to its compatibility with existing infrastructure and lower retrofit costs [37]. - Immersion cooling offers high energy efficiency (PUE < 1.13) and supports high-density deployments, although it presents challenges in product design and maintenance [48][49].

Group 1 - Liquid cooling technology is essential for addressing the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO) [1][2] - The value of liquid cooling systems is expected to grow significantly alongside chip upgrades, with a projected increase of over 20% for rack liquid cooling modules in GB300-GB200 servers [1][2] - The market for ASIC liquid cooling systems is estimated to reach 35.3 billion yuan by 2026, while the market for NVIDIA liquid cooling systems is projected to reach 69.7 billion yuan [1][2] Group 2 - The domestic supply chain is accelerating its entry into the liquid cooling market, with NVIDIA opening its supplier list to allow more flexibility in supply chain composition [2] - The Rubin architecture requires new liquid cooling solutions due to its high thermal design power (TDP) of 2300W, necessitating alternatives to single-phase cooling plates [2] - Two viable solutions for the Rubin architecture include phase change cooling plates and microchannel plates, with the latter likely becoming the preferred option as power requirements increase [2] Group 3 - The demand for AI server computing power is rapidly increasing, driving the penetration rate of liquid cooling solutions, and leading to an explosive demand for efficient and energy-saving heat exchange solutions in data centers [3] - Companies to watch in this sector include Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology [3]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that on November 25, Alibaba Group reported a strong revenue growth of 34% year-on-year for its cloud services, driven by robust AI demand, with AI-related product revenue achieving triple-digit year-on-year growth for nine consecutive quarters. Over the past four quarters, Alibaba's capital expenditure in AI and cloud infrastructure reached approximately 120 billion yuan [3] - Major domestic companies, including Baidu, Tencent, and Alibaba, have significantly increased their capital expenditures in AI, totaling around 81.7 billion yuan in the first half of 2025. Alibaba's capital expenditure alone reached 120 billion yuan over the last four quarters, with potential for further increases based on demand [3] - The report emphasizes the importance of power supply and cooling solutions as key components of the AIDC (AI Data Center) upgrade, with a clear technological replacement path. The transition from traditional uninterruptible power supplies (UPS) to high-voltage direct current (HVDC) and solid-state transformers (SST) is highlighted, along with the adoption of liquid cooling solutions [3] Summary by Sections Capital Expenditure Trends - Domestic tech giants are accelerating their capital expenditures in AI, with expectations for further strengthening in 2026. The report notes that Tencent's sales and marketing expenses related to AI increased by 22% year-on-year to 11.5 billion yuan in the third quarter, primarily to support AI-native applications and game development [3] Investment Recommendations - The report suggests focusing on companies involved in power supply, such as Oulutong, Kehua Data, Zhongheng Electric, Hewei Electric, and Sunshine Power. For liquid cooling solutions, companies like Invec and Shenling Environment are recommended. Additionally, standby generator manufacturers such as KOTAI Power and Weichai Heavy Machinery are highlighted [4]

Core Viewpoint - The current mainstream solution for liquid cooling is the cold plate system, while immersion cooling is expected to become a future development direction. The maturity of domestic liquid cooling systems is increasing, and domestic supply chains are likely to enter the NVIDIA ecosystem directly as demand for AI server computing power surges, driving the penetration rate of liquid cooling solutions [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO). It can also reduce the Power Usage Effectiveness (PUE) of data centers, meeting national requirements [1]. - As chip iterations increase power density, the heat dissipation requirements for corresponding chips are growing, making traditional air cooling insufficient and necessitating the introduction of liquid cooling solutions. Currently, cold plate systems dominate the market, while immersion cooling is anticipated to be a future trend [1]. - The liquid cooling system consists of an outdoor side (primary side) and a data center side (secondary side), with the primary side accounting for approximately 30% of the value, including chillers and circulation pipelines, while the secondary side accounts for about 70%, with core components such as CDU, manifold, quick connectors, and water pumps [1]. Group 2: Liquid Cooling Industry - The value of liquid cooling is expected to increase alongside chip upgrades. For example, the value of rack liquid cooling modules is projected to grow by over 20% with the transition to GB300-GB200 servers. By 2026, the market for ASIC liquid cooling systems is estimated to reach 35.3 billion yuan, while the market for NVIDIA liquid cooling systems is expected to reach 69.7 billion yuan [2]. - Domestic supply chains are accelerating their entry into the liquid cooling market. NVIDIA has opened its supplier list, allowing manufacturers to choose their supply chain components independently. This shift from a single certified CDU supplier to multiple suppliers enables domestic chains to indirectly enter the market. As domestic liquid cooling systems mature and end-user CSPs focus more on cost-performance ratios, domestic suppliers are likely to enter NVIDIA's ecosystem directly [2]. Group 3: Rubin Architecture Outlook - Single-phase cold plates are unsuitable for the Rubin architecture due to its thermal design power (TDP) of 2300W and a total cabinet power of approximately 200KW, exceeding the design limit of single-phase cold plates at 150KW per cabinet. Therefore, new liquid cooling solutions must be introduced [3]. - One feasible solution is the phase change cold plate, which utilizes the phase change of a liquid working fluid to absorb heat efficiently, suitable for scenarios exceeding 300KW per cabinet. Another option is the microchannel cold plate (MLCP), which features densely packed micro-scale cooling liquid channels, potentially becoming the preferred choice for the Rubin architecture as future iterations may require even higher power capacities [3].