证券代码：872808 证券简称：曙光数创 公告编号：2025-058 二、 分章节列示制度主要内容： 曙光数据基础设施创新技术（北京）股份有限公司 总经理工作细则 第一章 总则 第一条 为完善曙光数据基础设施创新技术（北京）股份有限公司（以下简 称"公司"）的法人治理结构，规范公司内部运作程序，确保经理有效行使职权和 勤勉履行义务，充分发挥总经理的经营决策作用，根据《中华人民共和国公司法》 (以下简称"《公司法》")、《中华人民共和国证券法》《北京证券交易所股票上市规 则》以及《曙光数据基础设施创新技术（北京）股份有限公司章程》（以下简称《公" 司章程》"）的有关规定，结合公司实际情况制定本工作细则。 第二条 公司设立总经理一名，由董事会聘任或解聘，对董事会负责。 总经理受董事会委托，全面主持公司生产经营管理事务，组织实施董事会决 议、公司年度计划和投资方案等。 曙光数据基础设施创新技术（北京）股份有限公司 总经理工作细则 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 审议及表决情况 公司于 ...

一、 审议及表决情况 公司于 2025 年 8 月 27 日召开第四届董事会第十三次会议，审议通过《关于 修订<承诺管理制度>的议案》，本议案尚需提交股东会审议。 证券代码：872808 证券简称：曙光数创 公告编号：2025-067 曙光数据基础设施创新技术（北京）股份有限公司 承诺管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 第三条 承诺人作出的公开承诺应当具体、明确、无歧义、具有可操作性， 并符合法律法规、部门规章和业务规则的要求。任何单位和个人不得利用承诺损 害公司及其股东的合法权益。 公司应当及时将承诺人的承诺事项单独在符合《证券法》规定的信息披露平 台的专区披露。 第四条 公开承诺应当包括以下内容： 二、 分章节列示制度主要内容： 曙光数据基础设施创新技术（北京）股份有限公司 承诺管理制度 第一章 总则 第一条 为了加强曙光数据基础设施创新技术（北京）股份有限公司（以下 简称"公司"）实际控制人、股东、关联方、其他承诺人以及公司的承诺及履行承 诺行为的规范性，切实保护中小投资者合 ...

证券代码：872808 证券简称：曙光数创 公告编号：2025-049 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、募集资金基本情况 曙光数据基础设施创新技术（北京）股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的 专项报告 公司于 2022 年 9 月 30 日收到中国证券监督管理委员会出具的《关于同意曙 光数据基础设施创新技术（北京）股份有限公司向不特定合格投资者公开发行股 票注册的批复》（证监许可[2022]2324 号），同意公司向不特定合格投资者公开 发行股票的注册申请。 公司初始发行普通股 7,900,000 股（不含行使超额配售选择权所发的股份）， 发行方式为直接定价发行，发行价格为 28.80 元/股。本次发行超额配售选择权行 使前募集资金总额为 22,752.00 万元，减除发行费用 1,685.95 万元（不含税）后， 募集资金净额为 21,066.05 万元。立信会计师事务所（特殊普通合伙）已出具信 会师报字[2022]第 ZG12451 号《曙光数据基础 ...

Core Viewpoint - The A-share market is experiencing a strong surge in the "AI+" sector, particularly in cloud computing and embodied intelligence concepts, driven by favorable government policies and increased investment interest [1][4]. Group 1: Market Performance - The cloud computing ETF (159890) rose by 2.9%, with significant gains in constituent stocks such as Xinyisheng and Yuntian Lifa-U, which increased by over 12% [1]. - The cloud computing ETF saw a net subscription of 10 million units during trading [2]. Group 2: Policy Impact - The release of the "Opinions on Deepening the Implementation of 'Artificial Intelligence+'" is expected to accelerate the development of AI across six key areas, including technology, industry development, and global cooperation [3]. - The policy outlines three developmental goals for 2027, 2030, and 2035, emphasizing the enhancement of foundational capabilities such as model development and data supply innovation [3]. Group 3: Industry Outlook - CITIC Securities anticipates that embodied intelligent robots will receive support across various levels, leading to high-quality development in the industry [4]. - Dongfang Securities views the new policy as a catalyst for the AI industry chain, similar to the "Internet+" policy in 2015, predicting a comprehensive increase in demand and commercialization across the AI value chain [4]. - The cloud computing ETF primarily covers 50 companies involved in providing cloud computing services and related hardware, with major holdings including Keda Xunfei and Zhongji Xuchuang [4].

Core Insights - The liquid cooling market is emerging as a significant segment in the AI industry, projected to reach a scale of approximately 130 billion yuan by 2029, growing over seven times in five years [2][10][11] Market Growth - According to the China Academy of Information and Communications Technology, the liquid cooling market for intelligent computing centers in China is expected to grow from 18.4 billion yuan in 2024 to about 130 billion yuan by 2029, marking a growth of over 66.1% from 2023 [2][10] - The liquid cooling concept index has been on the rise, with a 31.35% increase observed from August 1 to August 26, 2025 [3] Technological Drivers - The rapid increase in AI computing power demands has led to a significant rise in chip power consumption, surpassing the cooling limits of traditional air cooling systems, making liquid cooling a necessary option [2][12] - The cooling requirements for high-power chips have increased dramatically, with CPU power consumption rising from around 150W to 450W-500W, and AI chips like NVIDIA's increasing from 450W to as high as 2200W [12][13] Market Trends - Cold plate liquid cooling is expected to become the mainstream solution, with a projected penetration rate of 30%-40% by 2030, primarily due to its maturity and minimal disruption to existing server ecosystems [12][16] - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [16] Industry Developments - The global liquid cooling market is seeing increased interest from foreign leaders, while Chinese companies are also expanding into overseas markets [18][19] - Companies like Inspur have begun establishing overseas subsidiaries to tap into international markets, particularly in Southeast Asia and the Middle East [20]

Core Insights - The liquid cooling market for intelligent computing centers in China is projected to grow from 18.4 billion yuan in 2024 to approximately 130 billion yuan by 2029, representing an increase of over 7 times in five years [1][8][9]. Market Growth - The rapid growth of the liquid cooling market is driven by the explosive demand for AI computing power, which has significantly increased chip power consumption, surpassing the limits of traditional air cooling [1][9]. - The liquid cooling market is expected to see a compound annual growth rate (CAGR) of 46.2% for intelligent computing and 18.8% for general computing from 2023 to 2028 [5]. Technology Adoption - Cold plate liquid cooling is anticipated to become the mainstream solution, with a projected penetration rate of at least 30% to 40% by 2030 [1][14]. - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [14]. Industry Dynamics - The demand for liquid cooling solutions is driven by the significant increase in server chip power consumption, which has tripled to quintupled in the past five years [9][10]. - Major companies in the industry, such as Shuguang and foreign leaders like Viavi Technologies, are expanding their market presence both domestically and internationally [15]. Challenges and Opportunities - The transition from air cooling to liquid cooling faces challenges, including longer construction and server development cycles, as well as concerns about the reliability of new technologies [14]. - As industry standards for liquid cooling become more established, the ecosystem is expected to mature, facilitating broader adoption and commercial use [14].

Core Viewpoint - The liquid cooling market for intelligent computing centers in China is expected to grow significantly, reaching approximately 130 billion yuan by 2029, driven by the explosive demand for AI computing power and the limitations of traditional air cooling methods [2][8][10]. Market Growth - The liquid cooling market size in China is projected to be 184 billion yuan in 2024, representing a 66.1% increase from 2023, and is expected to grow over 7 times in the next five years [8][9]. - The penetration rate of liquid cooling technology is anticipated to reach at least 30% to 40% by 2030, with cold plate liquid cooling expected to dominate the market [10][12]. AI Computing Power Demand - The rapid increase in AI computing power has led to a significant rise in chip power consumption, with some chips exceeding 2700W, surpassing the cooling limits of air cooling [10][11]. - The average power consumption of CPUs has tripled over the past five years, with AI chips like NVIDIA's increasing from 450W to as high as 2200W [10][11]. Liquid Cooling Technology - The main types of liquid cooling solutions include cold plate liquid cooling, immersion liquid cooling, and spray cooling, with cold plate liquid cooling being the most mature and widely adopted [12]. - Currently, about 10% of newly produced servers utilize liquid cooling solutions, indicating a growing trend towards this technology [12]. Industry Challenges and Developments - The transition from air cooling to liquid cooling faces challenges such as longer construction and server development cycles, which may deter companies from adopting new technologies [13]. - The establishment of standardized protocols for liquid cooling technology is expected to facilitate its widespread adoption and improve operational reliability [13]. Global Market Dynamics - Global leaders in liquid cooling are intensifying efforts to enter the Chinese market, while Chinese companies are also exploring opportunities abroad [15][16]. - Companies like Inspur are expanding their overseas presence, with projects already delivered in Southeast Asia [16].

Core Viewpoint - The company, Dayuan Pump Industry, reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit, attributed to the absence of prior asset disposal gains and increased depreciation costs [1][2]. Financial Performance - The company achieved revenue of 9.65 billion yuan, a year-on-year increase of 14.55% [1] - The net profit attributable to shareholders was 1.01 billion yuan, a decrease of 27.99% year-on-year [1] - The non-recurring net profit was 930.09 million yuan, down 10.67% year-on-year [1] - The increase in depreciation expenses was 32.88 million yuan, nearly a 10 million yuan increase compared to the previous year [1] Business Segments - The liquid cooling temperature control business grew by 105% year-on-year, with revenue of 0.7 billion yuan in the first half of 2025 [2] - The sales revenue from products used in the new energy vehicle sector reached approximately 0.33 billion yuan, a year-on-year increase of 58.6% [2] - The traditional civil series products remain the main revenue source, with the agricultural pump segment recovering to achieve revenue of about 3.4 billion yuan, a year-on-year increase of 17.6% [4] - The household shield pump segment generated revenue of 3.6 billion yuan, a year-on-year increase of 5.8% [4] Market Dynamics - The company has made breakthroughs in liquid cooling projects for mining machines, marking a new application scenario [3] - The household shield pump segment showed a mixed performance, with domestic sales slightly declining due to external market pressures, while exports recovered after a prolonged adjustment period [4] - The total accounts receivable amounted to 4.79 billion yuan, indicating potential risks related to customer payment capabilities [4]

Group 1 - The A-share market is led by sectors such as beauty care and computers, with Huawei's concepts like HarmonyOS and Kunpeng being particularly active, while sectors like rare earths and GPUs are declining [1] - Huawei will hold the 10th HUAWEI CONNECT conference from September 18 to 20, 2025, focusing on "leaping industry intelligence" and will introduce new digital infrastructure products and industry-specific solutions [1] - According to Industrial Securities, the upcoming conference is expected to benefit core partners in the supply chain, with recommendations to focus on companies involved in hardware and HarmonyOS [1] Group 2 - The cloud computing 50 ETF (516630) tracks an index with a high AI computing content, covering popular concepts such as optical modules, computing leasing, data centers, AI servers, and liquid cooling [2] - The cloud computing 50 ETF (516630) has the lowest total fee rate for tracking this index [2]

Group 1 - The A-share market saw a collective surge in stocks related to the "East Data West Computing" initiative, with notable gains from companies such as TeFa Information and Zhongke Shuguang reaching the daily limit, while Data Port increased by over 9% [1] - The Ministry of Industry and Information Technology (MIIT) has announced plans to orderly guide the construction of computing power facilities, aiming to enhance the quality of computing resource supply and accelerate breakthroughs in key technologies such as GPU chips [1] Group 2 - TeFa Information (000070) experienced a 10.05% increase, with a total market value of 9.463 billion and a year-to-date increase of 82.78% [2] - Zhongke Shuguang (603019) rose by 10.00%, with a market capitalization of 133.3 billion and a year-to-date increase of 26.53% [2] - Data Port (603881) saw a 9.17% increase, with a market value of 22.8 billion and a year-to-date increase of 68.75% [2] - Other companies such as AoFei Data, Runze Technology, and Zhejiang University Network New also reported significant gains, with increases ranging from 4.05% to 8.11% [2]