Core Viewpoint - The company, Sulian Co., Ltd. (301397.SZ), announced on its investor interaction platform that its liquid cooling pipeline products meet UL V0 flame retardant requirements, and relevant certifications are currently underway [1] Group 1 - The liquid cooling pipeline products are designed to meet specific safety standards [1] - The company is in the process of obtaining relevant certifications for its products [1]

Core Viewpoint - The company is a pioneer in the liquid cooling sector, leveraging years of technical expertise and experience in data center construction and operation to offer comprehensive lifecycle services for liquid cooling data centers [2] Group 1: Liquid Cooling Technology - The company has developed a range of proprietary liquid cooling products, including air-liquid drawer-type CDU, liquid-liquid drawer-type CDU, and liquid-liquid cabinet-type CDU [2] - Integrated products include Wise Cooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [2] Group 2: Strategic Partnerships - The company has partnered with Muxi Co., Ltd. to launch a high-density liquid cooling computing POD, focusing on super-node technology to explore related solutions [2] - This collaboration aims to provide stable, efficient, and flexible real-time support for high-performance computing needs [2]

Core Insights - The report from Guosen Securities highlights the increasing power of data centers and the role of liquid cooling solutions in addressing high energy consumption and heat dissipation challenges [1][2] Group 1: Industry Overview - The liquid cooling sector is in its early development stage, with various solutions having distinct advantages and disadvantages, and no established optimal solution yet [1] - According to SemiAnalysis, the global installed capacity of AI data centers is expected to reach 59 GW by 2028, potentially generating a demand for approximately 89,000 tons of cooling liquid [1] - Traditional server installations are projected to contribute an additional demand of 19,000 tons of cooling liquid [1] Group 2: Energy Consumption and Efficiency - By 2024, the total electricity consumption of computing centers in China is expected to reach 166 billion kWh, accounting for 1.68% of the total electricity consumption in society [2] - The average Power Usage Effectiveness (PUE) for ultra-large data centers in China is currently 1.46, while for large data centers, it is 1.55 [2] - New standards set by the Ministry of Finance, Ministry of Ecology and Environment, and Ministry of Industry and Information Technology require that the energy ratio of data centers not exceed 1.4 starting June 2023, and 1.3 by 2025 [2] Group 3: Liquid Cooling Technologies - The main liquid cooling technologies include cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology [3] - Liquid cooling offers multiple advantages such as high heat exchange efficiency, energy savings, and reduced noise [3] - Cold plate cooling is categorized into indirect and direct cooling, with indirect cooling typically being cold plate and direct cooling including immersion and spray cooling [3] Group 4: Cooling Liquid Types and Applications - Different types of cooling liquids are suited for various applications, with water-based cooling liquids used in single-phase cold plate cooling and refrigerants used in dual-phase systems [3] - Oil-based and fluorinated cooling liquids can be used in both single-phase and multi-phase immersion cooling [3] - Water-based cooling liquids are cost-effective but may promote algae and bacteria growth, while oil-based liquids have good insulation but higher viscosity [3] - Fluorinated cooling liquids, including perfluoropolyether and perfluoroamines, offer good flow properties and low toxicity but are relatively expensive [3]

爱建证券近日发布电子行业周报：高算力芯片和AI服务器推动液冷技术持续迭代。大算力需求正推动 芯片功耗持续攀升，以NVIDIA为代表的主流厂商产品持续升级。NVIDIA要求供应商加速MLCP液冷技 术研发。2025年9月中国台湾《经济日报》报道，因英伟达AI新平台Rubin及下一代Feynman平台功耗预 计超2000W，现有散热方案不足，英伟达要求供应商研发单价为现有3至5倍的MLCP液冷技术。 以下为研究报告摘要： 投资要点： 半导体设备领涨电子行业。本周SW电子行业指数(+2.96%)，涨跌幅排名3/31位，沪深300指数 (-0.44%)。SW一级行业指数涨跌幅前五分别为：煤炭(+3.51%)，电力设备(+3.07%)，电子(+2.96%)，汽 车(+2.95%)，机械设备(+2.23%)，涨跌幅后五分别为:银行(-4.21%)，有色金属(-4.02%)，非银金融 (-3.66%)，钢铁(-2.95%)，农林牧渔(-2.70%)。本周SW电子三级行业指数涨跌幅前三分别是：半导体设 备（+9.98%），光学元件（+9.08%），集成电路制造（+5.63%）；涨跌幅后三分别是：数字芯片设计 （-0.18%） ...

爱建证券近日发布电子行业周报：高算力芯片和AI服务器推动液冷技术持续迭代。大算 力需求正推动芯片功耗持续攀升，以NVIDIA为代表的主流厂商产品持续升级。NVIDIA要 求供应商加速MLCP液冷技术研发。2025年9月中国台湾《经济日报》报道，因英伟达AI新 平台Rubin及下一代Feynman平台功耗预计超2000W，现有散热方案不足，英伟达要求供应 商研发单价为现有3至5倍的MLCP液冷技术。 以下为研究报告摘要： 投资要点： 半导体设备领涨电子行业。本周SW电子行业指数(+2.96%)，涨跌幅排名3/31位，沪深 300指数(-0.44%)。SW一级行业指数涨跌幅前五分别为：煤炭(+3.51%)，电力设备 (+3.07%)，电子(+2.96%)，汽车(+2.95%)，机械设备(+2.23%)，涨跌幅后五分别为:银行 (-4.21%)，有色金属(-4.02%)，非银金融(-3.66%)，钢铁(-2.95%)，农林牧渔(-2.70%)。本周 SW电子三级行业指数涨跌幅前三分别是：半导体设备（+9.98%），光学元件（+9.08%）， 集成电路制造（+5.63%）；涨跌幅后三分别是：数字芯片设计（-0.18% ...

Core Viewpoint - The article discusses the potential of microchannel liquid cooling technology in response to increasing power demands from next-generation chips like Nvidia's Rubin, which may exceed 2000W, necessitating a shift from traditional cooling methods to more efficient solutions like microchannel water cooling plates [2][6][27]. Group 1: Microchannel Liquid Cooling Technology - Microchannel cooling plates are expected to enhance cooling efficiency significantly compared to traditional cooling solutions, offering advantages such as lower thermal resistance, larger heat exchange area, and higher flow rates [14][16]. - The manufacturing of microchannel cooling plates presents higher barriers due to the need for advanced production techniques like etching and 3D printing, which increases costs and requires improved system cleanliness and pump capabilities [16][27]. - The transition to microchannel cooling technology may reshape the liquid cooling supply chain, providing opportunities for domestic manufacturers to enter the market [17][24]. Group 2: Market Dynamics and Opportunities - The current market for microchannel liquid cooling involves three main types of companies: startups specializing in microchannel technology, traditional cooling solution manufacturers, and companies focused on cover plates [18][23]. - Startups like Mikros Technologies and JetCool are collaborating with major electronic manufacturing services to enhance their technology's market adoption, showcasing the potential for high thermal management performance [18][23]. - The shift to microchannel technology may create opportunities for domestic suppliers, particularly those with existing capabilities in related manufacturing processes, to meet the evolving demands of the cooling solutions market [24][25].

Core Viewpoint - The explosive growth in AI computing power demand is driving the advancement of liquid cooling technology towards higher-end solutions [1] Group 1: Microfluidic Cooling Technology - Microsoft has developed microfluidic cooling technology that delivers cooling liquid directly to the chip's interior through tiny channels, significantly improving cooling efficiency [3] - The cooling efficiency of this technology is three times higher than existing cooling plates, reducing the maximum temperature rise of chips by 65%, which supports denser data center deployments and extends hardware lifespan [3] - AI plays a crucial role in this technology, as Microsoft collaborated with Swiss startup Corintis to design biomimetic structures for precise cooling liquid coverage and to identify thermal signals for adaptive cooling [3][4] Group 2: Technical Challenges and Future Prospects - The design of internal channels in chips poses technical challenges, requiring a balance between sufficient depth to prevent blockage and avoiding excessive etching that could cause breakage [4] - Microsoft has iterated on this technology over a year, and it may enable new chip architectures, such as 3D chips, which generate significant heat [4] - Future research will focus on integrating microfluidic cooling technology into Microsoft's chip products, with advantages in cost and reliability [4] Group 3: Competitive Landscape and Market Implications - Other tech giants, such as NVIDIA, are also pushing for advancements in liquid cooling technologies, with NVIDIA requesting suppliers to develop new micro-channel liquid cooling plate technology [4] - The traditional cold plate liquid cooling method remains prevalent, characterized by high maturity and widespread application, which may dominate the market in the short term due to its operational simplicity and total cost of ownership advantages [5] - The transition to new liquid cooling solutions may alter the supply chain landscape, presenting opportunities for domestic liquid cooling supply chain companies, including traditional VC firms, liquid cooling module manufacturers, heat sink manufacturers, and 3D printing firms [5]

Summary of Conference Call Notes Industry Overview - The conference call discusses advancements in liquid cooling solutions, particularly in response to the increasing thermal demands of next-generation chips, such as NVIDIA's Ruby series [1][2][3]. Key Points and Arguments 1. **Emergence of Hybrid Liquid Cooling Solutions** - The industry is exploring hybrid liquid cooling solutions that combine cold plates with silent liquid cooling to manage higher power outputs effectively [1][2]. - Hybrid solutions can handle approximately 70% of the heat through cold plates, reducing the reliance on silent systems and improving stability [1][4]. 2. **Cost and Performance Optimization** - Hybrid liquid cooling significantly reduces the amount of fluorinated liquids required, with each cabinet needing about 500-600 kg (approximately half a ton), leading to a cost of around 150,000 to 200,000 RMB per cabinet [1][6][7]. - This cost is deemed acceptable compared to the overall cabinet cost of over 6 million RMB, indicating a balance between performance and cost [7]. 3. **Market Demand Projections** - The market demand for high-end electronic fluorinated liquids could reach 20 billion RMB if hybrid solutions are successfully implemented [3][11]. - Current production capacity for liquid cooling solutions is around 2,500 to 3,000 tons, with plans for expansion to 5,000 tons specifically for liquid cooling applications [3][14]. 4. **Technological Requirements for Next-Gen Chips** - NVIDIA's Ruby Ultra series requires advanced cooling solutions that exceed the capabilities of traditional single-phase cooling systems, necessitating the adoption of hybrid solutions [3][11]. 5. **Comparison of Cooling Fluids** - R134A is highlighted for its high cooling efficiency and lower cost (around 50,000 RMB), but it faces quota reduction risks [9]. - Hydrofluoroethers are considered a viable alternative due to their adjustable boiling points and high stability, although they may cause corrosion over time [9]. 6. **Challenges with Pure Silent Liquid Cooling** - Pure silent liquid cooling faces issues of high costs and system stability, as it requires a significant amount of liquid (over 1.5 tons) and can lead to instability in high-density interconnect products [5][10]. 7. **New Opportunities for New Materials** - High-end electronic fluorinated liquids, such as perfluoropolyether and perfluoramine, are becoming preferred choices for hybrid solutions due to their superior performance [3][11]. Additional Important Content - **Newzobang's Market Position** - Newzobang is positioned as a leader in liquid cooling cabinet production, with plans to expand its capacity significantly, potentially reaching 10,000 tons [14]. - The company is expected to achieve a service profit of approximately 7.775 billion RMB in 2025, with a total valuation of around 30 billion RMB for its main business [15][16]. - **Strategic Partnerships and Validation** - Newzobang has established partnerships with major companies like Alibaba and ByteDance, which have provided data support for its liquid cooling products [13]. This summary encapsulates the critical insights from the conference call, focusing on the advancements in liquid cooling technologies and the strategic positioning of key players in the industry.

格隆汇9月24日丨统一股份(600506.SH)在投资者互动平台表示，关于咸阳工厂的后续情况，请您关注公 司的临时公告。关于液冷产品的情况，请您关注公司半年报中的相关表述，超充桩冷却液已有订单，数 据中心行业正在积极推进招投标。 ...

Group 1 - The company does not currently engage in liquid cooling technology [2] - The core business of the company is generator products and services [2] - In data centers, the company's products primarily serve as backup power sources, supplying electricity to various loads during power outages [2]