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]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的UniPoD S80000超节点产品已采用整机柜液冷技 术。在下一代千卡及以上规模的超节点产品研发中，液冷技术将面临哪些新的挑战？公司在相变冷板等 新兴技术上的研发进展如何？ 紫光股份（000938.SZ）11月21日在投资者互动平台表示，在下一代超节点产品研发中，面临更高散热 需求，液冷技术需要进一步升级，包括微通道冷板、相变冷板、整机柜全液冷等技术。公司已在相变冷 板、微通道冷板等课题开展预研，建立新液冷的技术储备，在未来生态成熟后会逐步应用到产品上。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 62.4 yuan [2]. Core Insights - The company achieved a revenue of 3.977 billion yuan in the first three quarters of 2025, representing a year-over-year increase of 15.05%. The net profit attributable to shareholders reached 4.704 billion yuan, up 210.74% year-over-year [2]. - The company has shown continuous quarter-over-quarter growth in both revenue and profit, indicating a positive trend in its delivery and deployment [2][7]. - The company has a robust resource reserve, having successfully listed its REIT project, which enhances its financing capabilities [2][7]. - The company is expanding its liquid cooling deployment, with new centers exceeding the power capacity of conventional data centers [2][7]. - The company is well-positioned to benefit from the increasing demand for intelligent computing centers driven by AI development [2][7]. Financial Summary - For 2025, the company is projected to generate total revenue of 5.886 billion yuan, with a net profit of 5.217 billion yuan, reflecting a significant growth trajectory [2][8]. - The earnings per share (EPS) is expected to be 3.19 yuan in 2025, with a price-to-earnings (P/E) ratio of 15 [2][8]. - The company’s total assets are projected to reach 39.052 billion yuan by 2025, with a debt-to-equity ratio of 111.2% [8].

Core Viewpoint - The company emphasizes the importance of continuous development of new products such as liquid cooling and aims to enhance its economic efficiency and market competitiveness through technological innovation and open ecosystem collaboration [1] Financial Performance - The company advises stakeholders to refer to its periodic reports for specific financial performance details [1]

Group 1: AI and Energy Demand - The AI competition has shifted from chip supply to power supply, with significant implications for data center investments, projected to reach $3 trillion globally [1] - AI's energy consumption is rapidly increasing, with the energy demand for AI inference workloads expected to reach petawatt-hours by 2026, potentially overwhelming power grids [2][3] - The cost of electricity for data centers is substantial, with a 1 GW data center potentially incurring annual electricity costs of $700 million to $876 million [3] Group 2: Energy Strategies of Tech Giants - Tech companies are increasingly viewing energy as a survival necessity, with energy efficiency improvements translating to significant cost savings [4] - Major tech firms are adopting aggressive strategies, such as building their own power plants to ensure energy supply for their data centers [5][6] - The "Stargate" project, involving OpenAI, SoftBank, and Oracle, aims to invest $500 billion in constructing multiple giant data centers globally [6] Group 3: China's Energy Strategy - China is leveraging its clean energy advantages and policy guidance to meet AI computing power demands, with a massive $1.2 trillion power project expected to fulfill 75% of the national AI computing needs [7] Group 4: Cooling Technologies - AI data centers face a cooling crisis, with cooling energy consumption accounting for approximately 40% of total power demand [9] - Liquid cooling technology is becoming essential for AI data centers, with its ability to handle higher heat densities compared to traditional air cooling methods [11] - The global data center cooling market is projected to grow from $18.78 billion in 2025 to $42.48 billion by 2032, with a CAGR of 12.4% [11] Group 5: Lenovo's Position in Liquid Cooling - Lenovo has established itself as a key player in the liquid cooling market, with a 154% year-on-year revenue growth in its liquid cooling technology [13] - The company’s liquid cooling solutions have demonstrated significant energy efficiency, achieving a PUE value below 1.1 [13] - Lenovo's liquid cooling systems have been deployed in over 80,000 units globally, showcasing its competitive edge and market recognition [14] Group 6: Future Outlook - The global AI boom is transforming energy infrastructure into a high-growth asset class, with liquid cooling technology becoming a critical solution for energy efficiency [15] - Companies like Lenovo are positioned to benefit from the increasing demand for efficient cooling solutions in the AI sector [15]

Core Insights - The AI competition has shifted from chip supply to power supply, highlighting a critical bottleneck in the industry [1][2] - Nvidia's market valuation has surged from $4 trillion to $5 trillion, driven by exponential growth in AI infrastructure demand, with global data center investments projected to reach $3 trillion [1][2] - The energy consumption of AI has expanded significantly, with predictions that global AI inference demand will reach petawatt-hours by 2026, potentially overwhelming power grids [3][4] Energy Crisis in AI - AI's energy consumption is increasingly distributed across model inference, with daily requests leading to exponential energy use, matching or exceeding training energy demands [3][4] - By 2030, global AI data centers will require an additional 96 gigawatts of power, equivalent to Sweden's annual output or 100 nuclear power plants [3][4] Cost Implications - A data center with a power demand of 1 gigawatt could incur annual electricity costs between $700 million and $876 million, with larger centers potentially reaching 10 gigawatts [4][5] - Energy efficiency improvements of just 1% can save companies hundreds of millions in long-term costs, emphasizing the critical nature of energy supply for tech firms [5] Strategies for Energy Supply - Major tech companies are adopting aggressive strategies to ensure energy supply, including building their own power plants [6][8] - Companies like xAI are constructing integrated facilities that combine data centers with on-site power generation to mitigate grid dependency [6][8] Global Energy Strategies - The U.S. faces power shortages due to aging infrastructure, prompting companies to self-generate energy [6][9] - In contrast, China is leveraging policy and clean energy advantages to meet AI power demands, with a massive $1.2 trillion hydropower project expected to fulfill 75% of national AI power needs [9] Cooling Technology - AI data centers consume significant power for cooling, necessitating advanced cooling technologies to manage heat effectively [11][12] - Liquid cooling technology is becoming essential for AI chip deployment, with the market for cooling expected to grow significantly [15][20] Lenovo's Position in Liquid Cooling - Lenovo has established itself as a leader in liquid cooling technology, with a 154% year-over-year revenue growth in its liquid cooling segment [17][19] - The company’s solutions have been successfully implemented in various critical sectors, showcasing its competitive advantages and market recognition [19][20]

Group 1: Financial Performance and Projections - The company's revenue for the first half of 2025 reached 800 million yuan, with a projected revenue of 1.5 billion yuan for the entire year [12] - The company anticipates a significant growth in the liquid cooling market, particularly in data centers and energy storage, which is expected to help mitigate its current high P/E ratio [4] - The company reported a negative operating cash flow but expects improvement as year-end funds are collected [16] Group 2: Market Position and Competitive Advantage - The company claims to have a comprehensive capability platform in the liquid cooling sector, covering the entire lifecycle and various scenarios [4][7] - The company has established a strong presence in the energy storage thermal management market, with a revenue of 1.5 billion yuan in 2024 [20] - The company is recognized by major clients, which enhances its competitive edge in the market [7] Group 3: Operational Updates and Capacity - The construction of the Henan Central Base is progressing well, with some facilities already meeting acceptance standards and in use [4] - The company is actively expanding its production capacity to meet diverse customer demands, indicating a dynamic operational strategy [18] - The current supply chain capabilities are sufficient to meet existing orders and demands [9] Group 4: Investor Relations and Communication - The company participated in the 2025 Shenzhen Collective Reception Day for listed companies, engaging with a wide range of investors [2] - The company refrains from disclosing specific customer orders or financial details, adhering to confidentiality agreements [8][20] - The management expresses confidence in the company's future growth potential, driven by market opportunities and internal capabilities [6]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a record high for the quarter and significantly exceeding market expectations [1] - The Infrastructure Solutions Group (ISG) generated approximately 29.3 billion RMB in revenue, reflecting a 24% year-on-year increase, maintaining a growth trend over multiple quarters [1] - The ISG operating profit margin improved by 0.3 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, indicating a stabilization and recovery in business profitability [1] - The cloud infrastructure business achieved a historical high in revenue for the same period, with AI infrastructure business experiencing rapid growth and high double-digit revenue increase in AI servers, supported by strong order reserves for future deliveries [1] Industry Insights - The demand for high-performance computing is rapidly increasing, while energy consumption and heat dissipation challenges in data centers are becoming critical growth constraints [2] - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [2] - The "Sea God" liquid cooling solution features a 100% full-cover cold plate design, reducing system power consumption by 40% compared to traditional air cooling, with a PUE value dropping below 1.1 [2] - The newly launched "dual-loop" phase change immersion cooling system enhances heat dissipation capabilities, doubling the efficiency compared to traditional solutions, with a system PUE as low as 1.035 [2] - As the global AI landscape shifts towards a focus on inference over training, there will be a rapid increase in demand for local inference, industry-specific AI, and high-efficiency infrastructure [2] - Lenovo ISG has established a stronger competitive barrier in the hybrid AI infrastructure sector, leveraging its dual-track strategy covering both cloud and enterprise infrastructure, which is expected to continue driving high-quality growth momentum [2]

Core Viewpoint - The company, Bojie Co., announced its strategic focus on liquid cooling module components, specifically targeting liquid cooling heads and cold plates, due to current technological capabilities and competitive conditions not adequately meeting market demand [1] Group 1: Product Development - The company plans to enter the liquid cooling materials sector to develop specific products [1] - The core advantage of the company in this transition is its reserve of high-quality customer resources [1] Group 2: Customer Engagement - The company's downstream clients are primarily world-renowned enterprises, allowing for in-depth communication regarding current and future product needs [1] - Long-term collaboration in the testing field enables the company to accurately capture customer pain points and provide tailored solutions [1] Group 3: Market Demand - There is a growing demand for liquid cooling solutions, not only from client N but also from other clients who are increasingly requesting liquid cooling proposals [1] - The company is actively reallocating internal resources to meet these customer demands [1]

Core Insights - Ningbo Jinda (603088.SH) showcased its strong growth resilience amid market competition, achieving a record high in backlog orders with a 23% year-on-year increase in overall orders for the first three quarters of 2025 [2] - The company is focusing on global expansion and enhancing core technology collaboration, particularly in emerging sectors like liquid cooling and robotics, to create new growth opportunities [4] Group 1: Order and Performance - As of the end of Q3, the company reported a significant increase in orders, particularly in heat exchanger products, which saw a 61.9% year-on-year growth due to expanding market demand in HVAC, refrigeration, and data centers [2] - The precision press segment also rebounded, with a quarter-on-quarter increase in orders driven by the recovery in the new energy battery and storage sectors [2] - The management expressed confidence in achieving annual targets, with production schedules extending into Q1 2026 and measures in place to expedite overseas order acceptance [2] Group 2: Overseas Expansion - The company has accelerated its overseas business layout, with a rising proportion of overseas sales contributing to a gross margin increase to 41.76% in Q3 [3] - In North America, the integration of Wuxi Micro Research has enhanced market access and technical collaboration, while in Europe, the joint venture with German company Schaurer is progressing well [3] Group 3: Emerging Technologies - The company is actively developing liquid cooling technologies for data centers, with applications across various environments, and has entered the supply chain of Weidi Technology [4] - In the robotics sector, the company is conducting market research and plans to establish a new division in Q4, leveraging its manufacturing capabilities and potential acquisitions [4] - Overall, the company aims to deepen its presence in liquid cooling and robotics while expanding its market boundaries and enhancing intrinsic value for investors [4]