证券代码：301018 证券简称：申菱环境 公告编号：2026-008 广东申菱环境系统股份有限公司 关于 2026 年第一次临时股东会决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 3、本次股东会采取现场投票与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议召开时间：2026年2月25日（星期三）下午15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为2026年2月25日9:15-9:25，9:30-11:30和 13:00-15:00。 通过深交所互联网投票系统投票的具体时间为：2026年2月25日9:15至15:00 期间的任意时间。 2、现场会议召开地点：广东申菱环境系统股份有限公司办公楼一楼会议室 （佛山市顺德区陈村镇广隆工业区环镇西路9号） 3、会议召开方式：采取现场投票和网络投票相结合的方式。 4、会议召集人：公司第四届董事会。 5、会议主持人：公司董 ...

Summary of Conference Call Notes Industry and Company Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) hardware investment opportunities, with discussions on related sectors such as liquid cooling and power supply systems [1][2] - The call included insights from analysts Xu Qiang and Sun Xuanhao from Guotai Junan Securities, emphasizing the growth potential in AI-related hardware and services [1][12] Key Points and Arguments AIDC Market Dynamics - There is a growing concern regarding the sustainability of investments in IPC (Intelligent Process Control) and the potential bubble in North American computing power [1][2] - The demand for tokens in AI models is increasing, with prices per million tokens rising, indicating a robust market for AI services [2][12] - North America, the Middle East, and Southeast Asia are experiencing high order volumes, suggesting a strong demand for AIDC solutions [2][4] Liquid Cooling Investment Opportunities - The estimated demand for liquid cooling systems is projected to increase significantly, with a forecast of 500,000 to 700,000 units needed by 2026, marking a tenfold increase from previous years [4][6] - Major suppliers in Taiwan are facing capacity shortages, leading to increased procurement from Chinese suppliers [4][7] - The transition to next-generation cooling technologies, such as microchannel solutions, is expected to enhance the value and demand for liquid cooling systems [5][6] Power Supply Systems - The power supply market is anticipated to see significant growth, driven by the increasing demand for AI hardware and the need for efficient power solutions [12][17] - The global IT installation market is projected to grow, with North America expected to account for 50-60% of installations [16] - Companies like Megmeet and Sungrow are highlighted as key players in the power supply sector, with expected performance improvements in the upcoming quarters [19][21] Investment Recommendations - Analysts recommend focusing on Tier 1 suppliers like Infinera and emerging Tier 2 suppliers for liquid cooling and power supply solutions, as they are likely to benefit from increased demand and supply chain shifts [9][10] - Specific companies such as Megmeet and Sungrow are identified as having strong potential for growth due to their technological advancements and market positioning [19][21] - The call emphasized the importance of identifying companies with high earnings visibility and the ability to meet market demands effectively [19][24] Other Important Insights - The call noted the competitive landscape in the power supply market, with increasing pressure from both domestic and international players [20][21] - The potential for overseas expansion and collaboration with major tech companies is seen as a significant opportunity for domestic suppliers [22][23] - The analysts expressed optimism about the overall growth trajectory of the AIDC sector, driven by technological advancements and increasing demand for AI capabilities [12][16] This summary encapsulates the key discussions and insights from the conference call, highlighting the investment opportunities and market dynamics within the AIDC industry.

2026 年，AI 数据中心（AIDC）行业将继续保持高景气度，值得投资者重点关 注。回顾 2025 年，AIDC 板块经历了两大波行情：第一波发生在 2 月至 3 月 中旬，由海外头部 CSP 厂商和国内互联网巨头如阿里、字节、腾讯等发布的数 据中心资本支出预期超出市场预期所驱动；第二波发生在 7 月中旬至 9 月，由 于海外 CSP 厂商在中报财报中进一步上调资本开支预期，以及 H20 解禁事件 和国内互联网大厂三季报上调预期共同催化。 年底出现的小行情主要由谷歌推 出 TPU 及 NV 的业绩超预期、阿里上调资本开支预期以及 NV 举办电力设备短 缺峰会等事件驱动。从这些表现来看，股价变动的核心因素包括国内外厂商上 电力设备 2026 年年度策略：AI 大周期开启，海外扩展空 间广阔 20260223 摘要 数据中心资本支出受海外 CSP 厂商和国内互联网巨头驱动，尤其在 2 月 至 3 月中旬及 7 月中旬至 9 月，厂商上调 CAPEX 预期是股价变动的核 心因素，订单及业绩超预期和技术突破亦有影响。 液冷和 SST 板块分别在 7 月中旬至 9 月及 10 月中旬至 10 月底走出独 立行情，液冷 ...

证券代码：301018 证券简称：申菱环境 公告编号：2026-007 广东申菱环境系统股份有限公司 关于参与投资的产业投资基金备案完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、投资概述 广东申菱环境系统股份有限公司（以下简称"公司"或"申菱环境"）与时 石私募基金管理（嘉兴）有限公司（以下简称"时石私募"）、宁波汇鑫富企业 管理有限公司（以下简称"宁波汇鑫富"）、深圳科士达科技股份有限公司（以 下简称"科士达"）签订了《嘉兴沐桐股权投资合伙企业（有限合伙）合伙协议》， 各方共同投资嘉兴沐桐股权投资合伙企业（有限合伙）（以下简称"产业投资基 金"、"合伙企业"）。公司作为产业投资基金有限合伙人之一，认缴出资 5,000 万元人民币。具体内容详见公司于 2026 年 1 月 7 日于巨潮资讯网上披露的《关 于参与投资产业投资基金并签订合伙协议的公告》（公告编号：2026-001）。 二、进展情况 广东申菱环境系统股份有限公司董事会 2026 年 2 月 24 日 基于合伙企业的投资发展规划，合伙企业新增有限合伙人双登集团股份有限 公司（以下简称 ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the domestic AI computing power industry, highlighting advancements in AI video generation and the increasing demand for computing resources during peak traffic events like the Spring Festival [1][2]. Core Insights and Arguments - The AI video generation model Seedance 2.0, developed by ByteDance, has evolved into a "director-level" tool, capable of producing multi-scene, movie-quality videos with original audio in just 60 seconds. This advancement transforms AI video into a significant productivity tool [1][2]. - During the Spring Festival, ByteDance leveraged high visibility from the New Year's Gala to achieve peak concurrent usage, emphasizing the growing demand for computing power [1][2]. - The "Doubao" AI cloud partnership with CCTV for the Spring Festival resulted in a total of 1.9 billion AI interactions, with peak activity reaching 633 billion tokens per minute. This indicates a substantial increase in consumer engagement and computing requests [3]. - Major companies like Tencent and Alibaba are competing for consumer entry points, with Tencent distributing 1 billion yuan in red envelopes and Alibaba launching a 3 billion yuan free order campaign, which enhances the consumption ecosystem and drives up computing demand [3]. - The domestic AI landscape is characterized by a strong demand-side pull, with the native adaptation of the Zhiyuan GLM-5 model to domestic GPU ecosystems, optimizing compatibility with seven major domestic chip platforms [3]. Important but Overlooked Content - Key companies to watch in the server segment include Inspur Information, ZTE, and Unisplendour. In the networking switch sector, focus on Huaqin Technology, Shengke Communication, Ruijie Networks, and StarNet Ruijie. For liquid cooling and power solutions, companies like Invec, Shenling Environment, and Kexin Innovation Source are noteworthy [4]. - A risk factor mentioned is the potential for industry progress to fall short of expectations, which could impact the overall growth and development of the AI computing power sector [5].

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call focuses on the domestic AI video generation industry, specifically highlighting ByteDance's AI video generation model Seedance 2.0 and its impact on the market [1][2]. Core Insights and Arguments - **Advancement of Domestic Video Generation Models**: ByteDance's Seedance 2.0 has evolved into a "director-level" tool, capable of generating multi-shot, movie-quality videos with original audio in just 60 seconds. This represents a significant breakthrough in AI video production, transforming it into a productive asset [1][2]. - **Increased Demand for Computing Power During Spring Festival**: The competition for traffic during the Spring Festival has amplified the demand for computing power. ByteDance leveraged the high visibility of the Spring Festival Gala to achieve peak concurrent usage [2]. - **AI Interaction Metrics**: On New Year's Eve, as the exclusive AI cloud partner for the Spring Festival Gala, the AI interaction volume reached 1.9 billion, with a peak of 63.3 billion tokens per minute. This indicates a substantial increase in user engagement and computing resource consumption [2]. - **Competitive Strategies of Major Companies**: Tencent distributed 1 billion yuan in red envelopes to stimulate social engagement, while Alibaba's 3 billion yuan promotional campaign integrated its ecosystem, creating a consumable closed loop. These strategies highlight the fierce competition among major players for consumer entry points, driving up concurrent requests and token consumption [2]. - **Acceleration of the Domestic Large Model and Computing Power Cycle**: The Zhipu GLM-5 model is natively adapted to the domestic GPU ecosystem, having undergone deep optimization from the core to the inference framework, ensuring compatibility with seven major domestic chip platforms. This reflects the robust demand-side traction in the domestic AI sector and the gradual improvement of the ecosystem between domestic large models and computing power [2]. Other Important but Potentially Overlooked Content - **Key Companies to Watch**: The call emphasizes several companies in the server, networking, liquid cooling/power, and connector sectors, including Inspur Information, ZTE, Unisplendour, Huaqin Technology, and others, indicating a broad interest in the supporting infrastructure of the AI industry [3]. - **Risk Warning**: There is a cautionary note regarding the potential risks associated with the industry, particularly the possibility of slower-than-expected progress in technological advancements [4].

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the domestic AI computing power industry, highlighting advancements in AI video generation and the increasing demand for computing resources during peak traffic events like the Spring Festival [1][2]. Core Insights and Arguments - The AI video generation model Seedance 2.0, developed by ByteDance, has evolved into a "director-level" tool, capable of producing multi-scene, movie-quality videos with original audio in just 60 seconds. This advancement transforms AI video into a significant productivity tool [1][2]. - During the Spring Festival, ByteDance leveraged high visibility from the New Year's Gala to achieve peak concurrent usage, emphasizing the growing demand for computing power [1][2]. - The "Doubao" AI cloud partnership with CCTV for the Spring Festival resulted in a total of 1.9 billion AI interactions on New Year's Eve, with peak activity reaching 633 billion tokens per minute. This indicates a substantial increase in consumer engagement and computing requests [3]. - Major companies like Tencent and Alibaba are competing for consumer entry points, with Tencent distributing 1 billion yuan in red envelopes and Alibaba launching a 3 billion yuan free order campaign, which enhances the consumption ecosystem and drives up computing demand [3]. - The domestic AI landscape is characterized by a strong demand-side pull, with the native adaptation of the Zhiyuan GLM-5 model to domestic GPU ecosystems, optimizing compatibility with seven major domestic chip platforms [3]. Important but Overlooked Content - Key companies to watch in the server sector include Inspur Information, ZTE, and Unisplendour; in the networking sector, focus on Huaqin Technology, Shengke Communication, Ruijie Networks, and StarNet Ruijie; for liquid cooling and power solutions, consider Invec, Shenling Environment, and Kexin Innovation Source [4]. - A risk factor mentioned is the potential for industry progress to fall short of expectations, which could impact the overall growth and investment potential in the sector [5].

Core Viewpoint - The data center cooling equipment market is experiencing significant growth driven by advancements in AI, cloud computing, and the increasing demand for energy efficiency, with a projected compound annual growth rate (CAGR) of 13.50% from 2021 to 2025 and 12.97% from 2026 to 2032 [3][6]. Industry Overview - In 2021, the global data center cooling equipment market size was $6.257 billion, expected to reach $10.385 billion by 2025, and $24.408 billion by 2032 [3][6]. - The Chinese market for data center cooling equipment is rapidly developing, projected to reach $1.761 billion by 2025, with intense competition among local brands such as Infinera, Yimikang, and Shenliang [6]. Market Dynamics - The market is influenced by the rapid development of AI, the internet, cloud computing, and big data, leading to increased demand for cooling solutions [6]. - Major global brands in the data center cooling equipment market include Vertiv, Schneider, and Mitsubishi Electric, with the top ten manufacturers holding a 43.08% market share by 2025 [7][8]. Product Types and Trends - The cooling equipment includes precision air conditioning, liquid cooling systems, and chillers, with a trend towards modular and compact designs to save space and enhance efficiency [2][8]. - The industry is shifting from traditional air cooling to more efficient liquid cooling solutions, particularly in high-density computing environments [11]. Competitive Landscape - The competitive landscape is characterized by a mix of foreign and domestic brands, with domestic brands rapidly innovating to reclaim market share through energy-efficient technologies [10][12]. - The leading domestic brand, Shenliang, holds approximately 14.21% market share, indicating a strong presence in the local market [10]. Growth Drivers - The continuous growth of the digital economy and computing power demand is providing a stable and sustainable market for cooling equipment [12]. - The trend towards higher power density in servers necessitates advanced cooling solutions, increasing the importance of cooling systems in overall data center investments [12]. Challenges - High initial investment costs and long payback periods for advanced cooling solutions can deter adoption, particularly among smaller data centers [13]. - The complexity of liquid cooling technologies and the need for mature operational frameworks pose challenges for widespread implementation [13].

【国泰海通电新徐强团队】液冷beta来袭，重视液冷最大潜力标的：【兴瑞科技】 Vertiv业绩的超预期以及瑞银上修全球液冷行业增速均表明，26年是液冷的放量的一年，我们继续强call当下液 冷最具潜力以及预期差的标的【兴瑞科技】 维谛业绩超预期，股价创历史新高，2025单Q4净利润4.46 亿美元，同比+ 203%，维谛作为海外核心的液冷集成 商，业绩的超预期反映了海外液冷市场景气度正在迅速 【国泰海通电新徐强团队】液冷beta来袭，重视液冷最大潜力标的：【兴瑞科技】 Vertiv业绩的超预期以及瑞银上修全球液冷行业增速均表明，26年是液冷的放量的一年，我们继续强call当下液 冷最具潜力以及预期差的标的【兴瑞科技】 维谛业绩超预期，股价创历史新高，2025单Q4净利润4.46 亿美元，同比+ 203%，维谛作为海外核心的液冷集成 商，业绩的超预期反映了海外液冷市场景气度正在迅速增长，公司预计26年收入28-30亿美元同比+45-50%，其中 直接芯片冷却占比有望达60%； 瑞银预测2025-2030E数据中心液冷市场CAGR将达 51%，规模增至 310 亿美元，远超预期。 液冷市场的景气正在得到全市场的认 ...

Summary of Conference Call Notes Industry Overview - **Cloud Service Providers (CSPs)**: Major cloud service providers including Microsoft, Meta, and Amazon are significantly increasing capital expenditures (CapEx) to support AI development, with Amazon leading at a projected CapEx of $200 billion for 2026, reflecting substantial investment in AI infrastructure [2][4]. Key Points and Arguments - **Capital Expenditure Growth**: - Google’s Q4 CapEx reached $27.8 billion, totaling $91.4 billion for the year, with a 2026 guidance of $175 to $185 billion, nearly doubling year-over-year [3]. - Microsoft’s Q4 CapEx was $37.5 billion, totaling $118 billion for the year, with significant spending planned for GPU and CPU servers [3]. - Meta’s Q4 CapEx was $22.1 billion, totaling $72.2 billion for the year, with a rapidly growing demand in the liquid cooling market [3]. - Amazon’s Q4 CapEx was $39.5 billion, totaling $131.8 billion for the year, with a 2026 guidance of $200 billion, the highest among the four [4]. - **Revenue and Profit Trends**: - From 2023 to 2025, the revenue of the five major CSPs is expected to steadily increase, with Amazon projected to exceed $213.4 billion in revenue by Q4 2025, indicating a solid financial foundation for AI-related business [5]. - Net profits are expected to remain stable despite increased CapEx, with Google’s Q4 2025 net profit reaching $34.5 billion [5]. - **Strong Demand Indicators**: - Microsoft’s cloud revenue grew by 39% year-over-year, while Amazon AWS and Google Cloud revenues grew by 24% and 48%, respectively [6]. - Backlog orders for Microsoft, Amazon, and Google increased significantly, with Microsoft’s RPO at $625 billion (up 110%), Amazon’s backlog at $244 billion (up 40%), and Google’s backlog at $240 billion (up 55%) [6]. Additional Important Insights - **Taiwan Stock Supply Chain Performance**: - In January, Taiwan's supply chain data remained strong, with companies like Hon Hai expressing optimistic outlooks for Q1, and AI server cabinet shipments continuing to grow [7]. - Companies are aiming for a production capacity exceeding 2,000 units per week by the end of 2026, with a focus on vertical integration to enhance profit margins [7]. - **Liquid Cooling Market Growth**: - The liquid cooling market is experiencing robust growth, with companies like Chi Mei and Shuang Hong achieving month-over-month growth despite seasonal trends, driven by increased downstream demand and rising penetration rates [8]. - Vidi's Q4 orders showed a year-over-year growth of 252%, indicating strong future growth potential in the liquid cooling segment [8]. - **CoWoS Capacity Expansion**: - TSMC is expanding its CoWoS capacity, with expectations to increase monthly capacity to 120,000 to 130,000 units, validating the ongoing demand for AI computing power [9]. - Recommendations for companies in the computing industry include Industrial Fulian, Zhongke Shuguang, Inspur Information, and others involved in server and cooling technologies [9].