Core Viewpoint - The company plans to invest 61.2 million yuan to acquire a 51% stake in Shenzhen Guanding Metal Technology Co., which specializes in AI computing liquid cooling solutions, enhancing its capabilities in the liquid cooling technology sector [1][2] Group 1: Investment Details - The investment will involve a capital increase of 2.22222 million yuan from the company's subsidiary, Dongguan Keli Star Electronics, while the original actual controller of Shenzhen Guanding will contribute 30 million yuan [1] - Shenzhen Guanding is recognized as a leading supplier in the liquid cooling field, with a strong R&D team focused on electronic cooling products [1] Group 2: Product and Technology Overview - The main products of Shenzhen Guanding include water cooling plates, immersion cooling modules, and various cooling solutions for AI servers, GPUs, supercomputing centers, and data centers [1] - The company possesses comprehensive thermal management R&D and production processes, including various welding techniques and capabilities in mold development and CNC processing [1] Group 3: Strategic Implications - The acquisition will enable the company to integrate mature liquid cooling product technologies and patents, reducing the R&D cycle and positioning itself to meet the high-power cooling demands of AI devices [2] - This move represents a strategic leap for the company, creating new business growth points in the AI computing era by combining connector and liquid cooling technologies [2]

Core Viewpoint - The company, Yidong Electronics, plans to invest 61.2 million yuan to acquire a 51% stake in Shenzhen Guanding, enhancing its capabilities in the liquid cooling sector for AI computing [1] Group 1: Investment Details - Yidong Electronics will acquire 31% of Shenzhen Guanding's equity from Liang Lizhuang for 37.2 million yuan, 10% from Lin Qiang for 12 million yuan, and another 10% from Lin Huoqiang for 12 million yuan [1] - The subsidiary Keli Star will receive an investment of 30 million yuan from the original controlling shareholder of Shenzhen Guanding, increasing its registered capital from 20 million yuan to 22.2222 million yuan [1] Group 2: Company Profile - Shenzhen Guanding, established in 2012, specializes in AI computing liquid cooling solutions and has become a core supplier for leading clients in the liquid cooling sector [2] - The company offers a range of products including water cooling plates, immersion cooling modules, and heat pipe cooling modules, which are widely used in AI servers, GPUs, supercomputing centers, and data centers [2] Group 3: Technological Capabilities - Shenzhen Guanding possesses comprehensive thermal management R&D and production processes, including various welding techniques and capabilities in mold development and surface treatment [3] - The company has seen rapid growth in order volume from renowned clients due to the increasing demand in global computing centers and AI applications [3] Group 4: Strategic Implications - The acquisition will help Yidong Electronics expand its customer resources and enhance its product offerings in the liquid cooling sector, allowing for deeper participation in the supply chain [4] - By integrating Shenzhen Guanding's mature liquid cooling technology and patents, Yidong Electronics aims to reduce R&D cycles and quickly capture high ground in liquid cooling technology, addressing the high-power cooling needs of AI terminals [4]

Asetek作为台式电脑液冷散热技术领域的领先企业，积累了超过20年的液冷行业技术和客户关系，长期 为戴尔外星人、华硕、NZXT等全球主流PC品牌商、配件商提供高性能散热解决方案。本次对全球液冷 技术领导者Asetek的收购，通过整合Asetek核心液冷技术，公司可实现从电子制造向"电子+液冷解决方 案"的战略转型，构建新的业务增长极。 人民财讯11月25日电，春秋电子（603890）11月25日公告，公司拟通过在新加坡设立的全资控股子公司 CQXA Holdings.PTE.LTD(简称"CQXA""境外SPV""要约人")作为要约人，向在纳斯达克哥本哈根交易所 上市公司Asetek A/S公司(简称"标的公司")全体股东发起自愿性全面要约，以现金方式收购标的公司全 部股份。本次交易对标的公司的要约价格为1.72丹麦克朗/股，对应总要约对价不超过5.47亿丹麦克朗 (约合5.98亿元人民币)。由于标的公司为一家上市公司，要约收购的潜在交易对手方为标的公司的全部 合资格股东，具体交易对方以最终接纳要约的结果为准。 ...

Core Viewpoint - The company has introduced an all-immersive liquid cooling solution for data centers, addressing critical needs for energy density, safety, and heat dissipation [1] Group 1: Product Features - The all-immersive cooling design eliminates the risk of thermal runaway, ensuring "no fire, no explosion, no spread" safety measures [1] - The solution supports a power density of over 600 kVA per cabinet, aligning with future AIDC high power density construction requirements [1] - Intelligent energy management is achieved through single-phase immersion cooling technology, enhancing heat exchange efficiency and reducing operational costs [1] Group 2: Market Application - The product has entered the market application promotion phase, indicating readiness for commercial deployment [1]

Group 1: Liquid Cooling Technology - Over 50% of data center projects are expected to adopt liquid cooling technology by 2025[2] - The liquid cooling market is projected to reach approximately 218 billion yuan in China by 2025, with a growth rate of 67% from 2024[2][28] - The cold plate liquid cooling market is expected to account for about 65% of the total market, while immersion cooling and spray cooling will account for approximately 34% and 1%, respectively[20] Group 2: Industry Demand and Applications - The demand for liquid cooling in the supercomputing, internet, finance, and telecommunications sectors is anticipated to grow rapidly, with the internet sector expected to reach 24% of liquid-cooled data centers by 2025[22] - The financial sector is projected to account for 25% of liquid-cooled data centers, while telecommunications will represent 23%[22] Group 3: Market Performance and Valuation - The median price-to-earnings (P/E) ratio for the information technology sector on the North Exchange has decreased from 70.4X to 66.7X[43] - The median market capitalization for electronic device companies on the North Exchange has dropped from 25.1 billion yuan to 23.0 billion yuan[43][44] - The overall median stock price change for technology growth stocks on the North Exchange was -9.77% from November 17 to November 21, 2025[39] Group 4: Company Announcements - Haixi Communications signed a procurement contract worth 402 million yuan for a 400MW/800MWh energy storage system[2]

Core Insights - Kaite Co., Ltd. has signed a capital increase agreement with Guangzhou Haote Energy Conservation and Environmental Protection Technology Co., Ltd., investing 10 million yuan to enter the data center thermal management sector, marking a strategic move into "automotive + computing center" dual scenario thermal management [1][2] - Kaite Co., Ltd. is recognized as a national-level specialized and innovative "little giant" enterprise, holding 348 independent patents and being the first in China to achieve domestic substitution of automotive temperature sensors [1] - Guangzhou Haote is the fifth largest neutral operator of data center energy management solutions in China, focusing on full lifecycle services for data centers, with leading liquid cooling technology that enhances cooling efficiency by over 15% [1][2] Investment and Collaboration - The investment aims to achieve deep resource synergy, with Kaite Co., Ltd. providing core component R&D capabilities and precision manufacturing experience to support Guangzhou Haote's liquid cooling solutions [2] - Guangzhou Haote will leverage its market position and lifecycle service capabilities to open up core supply chain channels for Kaite Co., Ltd. in the data center thermal management sector [2] - The collaboration is positioned to address the increasing cooling efficiency demands of AI computing and big data industries, with liquid cooling technology identified as a key solution for high power density cabinet heat dissipation challenges [2]

格隆汇11月24日丨紫光股份(000938.SZ)在互动平台表示，公司全面布局液冷技术，可提供冷板式、浸 没式、喷淋式等多种技术路线，致力于打造技术先进、性能卓越的全栈液冷解决方案，并推出面向AI 计算和智能科学计算领域的液冷整机柜产品系列。作为国内极少数具备液冷整机柜设计制造全流程和大 规模交付能力的厂商，公司持续完善液冷产业布局，在现有产能基础上积极筹建更大规模生产线以应对 市场需求的增长。 ...

11月18日，南方泵业召开"以泵之心，驭冷却之道"数据中心液冷系统解决方案发布会，呈现为数据 中心场景专业定制的液冷系统整体解决方案，并带来重量级的新品NF-CDU系列冷量分配单元，成为国 内第一家主动拥抱数据中心变革的国有上市泵企。 南方泵业致力于提供数据中心一站式制冷解决方案，从一次侧到二次侧，从 5kW 边缘计算到 600kW 超算中心，为每个"沸腾"的芯片提供定制化冷静方案，构建永不间断的"冷却生命线" 。 数据中心风冷系统用泵方案 南方泵业CDU冷量分配单元、液冷泵、预制管路，为液冷数据中心二次侧介质循环提供支持，助 力液冷数据中心新建与改造，为PUE限值达成提供高效解决方案。 数据中心二次侧液冷高效用泵方案 从生产到售后的全过程均体现高标准服务能力，包括通过多项三方测试验证CDU系列在性能、安 全与能效方面的合规性；采用ISO2852卡盘接口实现快速维保，支持不停机带压插拔，仅需15分钟即可 完成维护；提供覆盖所有核心部件的超长质保及主动式保养服务，可提前排查潜在故障并支持定制化运 维；依托覆盖全国的"124服务工程"体系，可提供远程技术支持并在紧急情况下协调就近资源，确保故 障处理周期不超过8小 ...

Core Viewpoint - Tianfeng Securities has given a "buy" rating for Far East Holdings, highlighting the company's sustainable growth driven by its focus on "electricity + computing power + AI" [1] Group 1: Financial Performance - In the first half of 2025, Far East Holdings achieved a revenue of 12.976 billion, representing a year-on-year growth of 14.38%, marking a record high for the same period [1] Group 2: Business Strategy - The company is actively expanding into emerging markets related to artificial intelligence, computing power, and robotics, integrating "computing power + AI" into its development strategy [1] - Far East Holdings is enhancing its equipment side by accelerating the development of liquid cooling technology, high-speed connectors, high-speed copper cables, multimode optical fibers, AI servers, and backup power supplies for data centers [1] Group 3: Market Position and Partnerships - The company has supported over 200 large data centers, including those for China Telecom and Alibaba Cloud, establishing a comprehensive support system [2] - Far East Holdings has obtained vendor codes from leading global AI chip companies, enabling bulk supply of power lines and automotive lines [2] Group 4: Technological Development - The company is focusing on the research and development of liquid cooling technology, particularly in biomimetic manifold microchannel and material innovation, to meet the increasing performance requirements of cooling solutions [2] - Far East Holdings has developed a new generation of liquid cooling technology and is conducting sample testing, leveraging its proprietary liquid cooling heat dissipation technology [2]

Core Viewpoint - The company has advanced manufacturing capabilities for plate-fin heat exchangers and cryogenic process design, which supports technology transfer to other thermal management fields, including liquid cooling [1] Group 1 - The company has completed internal technical discussions and is advancing research and development projects in the liquid cooling sector [1] - The company is in the process of team formation to support its initiatives in liquid cooling [1] - The company aims to actively expand its market layout, leveraging its established technical, manufacturing, and sales frameworks [1]