Core Viewpoint - The Chinese blade server industry is experiencing a critical development phase driven by technological upgrades, deepening market applications, and supply chain localization, characterized by simultaneous expansion of market size and acceleration of domestic production processes [1] Industry Overview - Blade servers are a high-density server platform designed for specific application industries and high-density computing environments, allowing multiple "blade" modules to be inserted into a unified chassis, providing optimal space efficiency and energy efficiency for large data centers [4][6] - The evolution of the blade server industry in China has transitioned from early architectural exploration to market maturity, showcasing a trajectory from single functionality to multi-fusion [6] Market Size - The market size of the Chinese blade server industry is projected to reach approximately 15.07 billion yuan in 2024, reflecting a year-on-year growth of 2.8%, driven by strong demand from cloud computing and artificial intelligence [1][8] Key Enterprises - Unisplendour Corporation, through its subsidiary H3C, leads the blade server market, leveraging its unique position as the exclusive provider of HPE servers in China and its "plastic architecture" for resource pooling [10] - Inspur Information maintains a strong market share through continuous innovation in liquid cooling technology, while Huawei excels in AI computing scenarios with its self-developed Kunpeng chips [10] - Sugon focuses on high-performance computing and liquid cooling technology, establishing a competitive edge in the research and supercomputing sectors [10] Industry Development Trends 1. **Liquid Cooling Technology and AI Integration** - The industry is accelerating towards green and intelligent infrastructure, with liquid cooling technology expected to penetrate over 30% of the market by 2025, significantly improving energy efficiency [13] 2. **Market Concentration and Localization** - The competition is becoming increasingly oligopolistic, with domestic CPUs gaining traction in government and military sectors, while the supply chain is reducing reliance on imports [14] 3. **Edge Computing Expansion** - The blade server architecture is evolving towards a dual-mode of "centralized large clusters + distributed micro-clusters," adapting to the demands of edge computing driven by 5G and IoT applications [16]

Group 1 - The core point of the article is that Lens Technology (300433.SZ) plans to acquire 100% equity of PMG International Co., LTD. to gain a 95.11645% stake in Yuans Technology Co., Ltd. This acquisition is not classified as a related party transaction or a major asset restructuring [1][9] - The specific transaction amount and plan will be determined through further negotiations based on due diligence, auditing, and evaluation results [1][9] Group 2 - Lens Technology is a major player in the A-share "fruit chain" and has established itself as a key part of the AI hardware supply chain, focusing on AI smartphones, glasses, wearables, and smart vehicles [2][10] - The company has identified AI servers as a critical strategic area, expanding into liquid cooling modules and SSD assembly, which are essential for meeting the growing demand for computing power [2][10] - The acquisition will allow Lens Technology to quickly obtain mature technology and customer certifications for server cabinet business, enhancing its core competitiveness in AI computing hardware solutions [2][11] Group 3 - The liquid cooling market for AI servers is projected to reach $23.7 billion by 2030, indicating a significant shift in the supply chain landscape [3][11] - This acquisition marks a key move for Lens Technology in embracing the AI era and completing its layout in the AI hardware sector [3][11] Group 4 - In the first three quarters of 2025, Lens Technology reported a revenue increase of 16.08% to 53.663 billion yuan and a net profit increase of 19.91% to 2.843 billion yuan [4][11] - The company anticipates higher growth in Q4 2025 due to various factors, including a high base in Q3 2024 and new product launches [5][12] Group 5 - Lens Technology has been planning and laying out its strategy in the AI-driven server and infrastructure sector, focusing on cooling upgrades and establishing a global manufacturing layout for intelligent robots [7][13] - The company aims to become a global leader in AI edge hardware manufacturing, with a three-year plan to increase R&D investment and focus on core areas such as consumer electronics, smart vehicles, and robotics [7][14] Group 6 - The chairman of Lens Technology believes that the industry is at a critical point for a new explosion in AI edge hardware, predicting that 2026 will be the true "year of AI edge" [8][14] - The consumer electronics industry is undergoing a systemic transformation, moving from single product competition to ecosystem collaboration, driven by technological breakthroughs and cross-industry innovations [8][14]

Core Viewpoint - Jingxue Energy (301010.SZ) has not yet engaged in liquid cooling technology business but is considering potential cooperation or investment opportunities in the data center and liquid cooling industry based on its business strengths and market demand [1] Group 1 - The company currently does not have any operations related to liquid cooling technology [1] - Future evaluations will focus on potential collaboration or investment opportunities within the data center and liquid cooling supply chain [1] - The company emphasizes a cautious approach in assessing whether to enter the liquid cooling sector [1]

Core Viewpoint - Jingxue Energy (301010.SZ) has not yet engaged in liquid cooling technology business but is considering potential cooperation or investment opportunities in the data center and liquid cooling industry based on its business strengths and market demand [1] Group 1 - The company currently does not have any operations related to liquid cooling technology [1] - Future evaluations will focus on potential collaboration or investment opportunities in the data center and liquid cooling supply chain [1] - The company will assess whether to enter the liquid cooling sector with caution [1]

Core Viewpoint - The company has not yet engaged in liquid cooling technology but is considering potential collaboration or investment opportunities in the data center and liquid cooling industry based on its business strengths and market demand [1] Group 1 - The company stated that it has not initiated any business related to liquid cooling technology [1] - The company plans to actively assess potential collaboration or investment opportunities in the data center and liquid cooling supply chain in the future [1] - The company will carefully evaluate whether to enter the liquid cooling sector [1]

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is experiencing significant growth driven by the surge in data center cooling demands and stricter PUE (Power Usage Effectiveness) regulations. The global AIDC (Artificial Intelligence Data Center) liquid cooling market is projected to reach approximately 110-115 billion RMB by 2026 [1][9]. Key Points and Arguments - **Market Dynamics**: The cost of cooling systems is expected to double to around 10% of total costs due to rapid server iterations. For instance, the value of server modules increased from $75,000 to $95,000, a 20% rise, as the GB300 phase introduced independent cold plates for each GPU [9][10]. - **Liquid Cooling Technology**: The technology is categorized into indirect contact, direct contact, and spray cooling. The single-sided cold plate is dominant in the North American market, while the Inrow model is suitable for new data centers, and the Inrack model is for retrofitting existing centers [2][6][7]. - **Key Components**: Liquid cooling plates are critical components, with significant technical barriers in the design and manufacturing of microchannel plates. These plates enhance heat transfer but require high stability and leak-proof performance [3][8][12]. Emerging Opportunities - **Domestic Supply Chain**: The opening of supplier permissions by NVIDIA in the GB300 phase allows domestic suppliers to enter the market, increasing the demand for cost-effective solutions as NVIDIA shifts towards cloud services [10][11]. - **Company Performance**: Leading companies like Yingwei and Hongsheng are expected to achieve significant performance milestones by 2026. Yingwei's market value is projected to reach 150 billion RMB, while Hongsheng's profits are expected to exceed 300 million RMB [3][5][14]. Additional Insights - **Technological Challenges**: The manufacturing of microchannel plates faces challenges such as low yield rates and high costs due to complex processes. Companies are actively experimenting to find efficient and cost-effective solutions [12][13]. - **Competitive Landscape**: Yingwei is recognized as a leading player with substantial orders from major clients like Google, while Hongsheng is positioned well within the supply chain, indicating a competitive edge in the liquid cooling market [14]. Conclusion - The liquid cooling industry is poised for rapid growth, driven by technological advancements and market dynamics. The shift towards domestic supply chains and the performance of key players will be crucial in shaping the future landscape of this industry [4][10].

证券日报网讯 12月11日，集泰股份在互动平台回答投资者提问时表示，公司研发的液冷硅油产品目前 正与相关客户进行合作测试，由于该产品验证周期相对较长，因此尚未实现规模化生产与市场投放。公 司现有的生产产线具备良好的柔性生产能力，能够适配未来可能的生产需求。公司将持续关注行业技术 趋势与客户验证反馈，稳步推进研发成果的转化进程。 （文章来源：证券日报） ...

格隆汇12月11日丨集泰股份(002909.SZ)在互动平台表示，公司研发的液冷硅油产品目前正与相关客户 进行合作测试，由于该产品验证周期相对较长，因此尚未实现规模化生产与市场投放。公司现有的生产 产线具备良好的柔性生产能力，能够适配未来可能的生产需求。公司将持续关注行业技术趋势与客户验 证反馈，稳步推进研发成果的转化进程。 ...

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [4] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [4][5] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [4] - Current product offerings include electronic pumps and temperature control valves, with sales covering over 200 domestic and international clients [4][5] Subsidiary Information - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pumps [5] - Hangyi Technology aims to become a leader in liquid cooling pump technology, offering solutions ranging from 8W to 37kW [5] Market Position and Strategy - The company is expanding its product applications in various sectors, including 5G base stations, AI cooling, and renewable energy [8][9] - The average price of electronic pumps in the civilian sector is currently higher than in the automotive sector, indicating a lucrative market opportunity [8] Customer Engagement - The company has established partnerships with over 40 leading firms in the server liquid cooling sector, including HP and Delta [9] - The company is actively developing multiple liquid cooling technologies to enhance its market position [10] Production Capacity and Global Expansion - The company has sufficient production capacity to meet rapid growth in the liquid cooling sector and is planning to expand capacity dynamically [11] - The first overseas smart factory in Thailand was completed in June 2025, focusing on engine thermal management products and new energy thermal management products [12] Risk Management - In response to U.S. tariff policies, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [12] Future Outlook - The company aims to leverage its core strengths in the automotive sector while expanding into high-growth areas such as commercial liquid cooling and energy storage systems [12]

Summary of Conference Call on Liquid Cooling Technology Industry Overview - The conference focuses on the liquid cooling technology industry, particularly related to NVIDIA's GB300 and upcoming Rubin series products [1][3][5]. Key Points and Arguments Liquid Cooling Technology Developments - NVIDIA's GB300 features a full liquid cooling plate design that covers chips, memory, and power supply, but faces limitations with single-direction cooling plates, indicating a need for dual-direction plates or microchannel technology by 2026 [1][3]. - Dual-direction plates enhance cooling capacity through phase change and efficient media, while microchannel technology improves conduction efficiency but faces challenges in processing and uniformity [1][3][9]. - Vertiv's experiments with NVIDIA's NV72 system show a significant reduction in liquid usage, from 700 liters to approximately 360 liters, by employing localized silent cooling [1][7]. Cost and Component Changes - The number of quick connectors in GB300 has increased from 108 pairs in GB200 to 252 pairs, leading to a 20% to 30% increase in total cooling plate costs, primarily due to quick connectors and cleaning processes [2][29]. - The overall cost of the GB300 liquid cooling plate has risen from $49,000 to $59,000, driven by increased complexity and component requirements [29]. Future Trends and Challenges - The upcoming Rubin Ultra project is expected to adopt NV576 architecture with a TDP of 1,400 watts, necessitating advanced cooling solutions [8]. - The development of microchannel technology and dual-direction plates will significantly impact the competitive landscape, potentially introducing new players into the market [20]. Supplier Landscape - Current leading suppliers for GB300 include Qihong and Shuanghong, with domestic manufacturers like Industrial Fulian entering NVIDIA's supply chain due to cost control and rapid response capabilities [1][19]. - Domestic suppliers are increasingly participating in the market, with companies like Zhonghang Optoelectronics and Fengguang beginning to sample or collaborate to meet the growing demand for quick connectors [24]. Material and Pump Innovations - The liquid cooling system's evolution includes a shift from traditional materials to advanced options like R1,233 refrigerant, which is more environmentally friendly and has a higher boiling point than R134 [14][15]. - The importance of pumps in liquid cooling systems is rising, especially with microchannel applications requiring high stability and smooth operation [16][33]. Emerging Technologies - New materials such as graphene and silicon carbide are being explored for their thermal management properties, although their widespread application remains limited [31][32]. - Domestic universities are actively researching microchannel technology, which may lead to significant advancements in the field [34]. Additional Important Insights - The liquid cooling technology market is evolving rapidly, with significant opportunities for domestic suppliers to close the gap with established international players [21][22]. - The ASIC server market may adopt liquid cooling solutions, with companies like Google potentially leading the way, although the urgency compared to NVIDIA's needs is still under evaluation [25][26].