台股 AI 算力 2025H1 经营总结 - 计算机 20250613 摘要 AI 服务器市场在 2025 年三季度预计保持强劲增长，广达、纬创和红海 维持全年营收三位数增长预期，英业达预估全年 AI 服务器出货两位数增 长，通用服务器也因 AI 应用带动呈现快速增长趋势。 广达 AI 服务器营收占比有望从一季度的 60%上升至 70%，纬创的营收 占比预计提升至 50%~60%，英业达则为 30%~40%。红海云端网络 业务较去年同期强劲增长。 锂电业务由于上半年存在提前拉货现象，下半年旺季拉货动能或将放缓， 加之汇率影响，各家厂商对三季度锂电业务持保守态度看待，预计全年 表现持平或略有增长。 英伟达 GPU 系列全面转向液冷，齐虹在大型云厂商 GB200 液冷元件市 占率高达 7~8 成，并已有 ISIC 客户开始导入液冷方案。双宏二季度营 收同比、环比均超 20%，上半年同比超过 30%。 GPU 供应顺畅推动 PCB 行业逆势上涨，主要来自英伟达 50 系列新 GPU 出货及传统 PC 业务推升。同时 PCB 厂商开始强化 AI 服务器布局。 上半年 BMC 出货主要由 AI 服务器推动，通用服务器也 ...

2025 年 07 月 12 日 东阳光 (600673) ——制冷剂景气向上支撑利润，机器人业务已实现收入 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 07 月 11 日 | | --- | --- | | 收盘价（元） | 13.42 | | 一年内最高/最低（元） | 14.10/6.20 | | 市净率 | 4.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 40,281 | | 上证指数/深证成指 | 3,510.18/10,696.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.02 | | 资产负债率% | 65.18 | | 总股本/流通 A 股（百万） | 3,010/3,002 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 05-11 06 ...

宁波博汇化工科技股份有限公司 投资者关系活动记录表 编号：2025-005 | 投资者关系活动类别 | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他 | | 参与单位名称及人员姓名 | 中泰证券、国泰基金、弘尚资产、平安养老、东方红资管、鸿富基 金、泛桥创投、果行育德管理咨询、甬兴证券、信诚基金、和谐汇 | | | 一、复胜投资、晨燕基金、杭银理财、源峰基金、西部利得基金、 | | | 长信基金、鹏华基金、开源证券、国金电新 | | 时间 | 2025年7月8日-11日 | | 地点 | 线下交流 | | 上市公司接待人员姓名 | 副总经理、董事会秘书 张雪莲 | | | 1.请对公司基本概况、优势亮点、运营生态、产品矩阵等信息做一 个基本介绍。 | | 投资者关系活动主要内容 | 1）基本概况：公司创建于2005年，主营业务是绿色化工，生产 | | 介绍 | 基地位于国家一级化工园区——宁波市石化经济技术开发区，该区 | | | 域是国内重要的石化产业基地和产品消费与集散地，产 ...

近来，A股、港股均呈现量价齐升的态势，7月10日上证指数更是站稳3500点。就在资本市场一路高歌 之际，随着半年度业绩预告披露窗口期开启，上市公司2025年上半年业绩备受市场关注。电子新材料巨 头东阳光（600673）（600673.SH）正以超预期的业绩增长，验证战略转型的前瞻性。 7月10日晚间，东阳光抛出了一份令市场惊艳的业绩预告——2025年上半年预计实现净利润5.83亿元至 6.63亿元，同比增幅高达157.48%-192.81%；预计实现归母净利润4.71亿元至5.51亿元，同比增幅最高超 200%。 这份被投资者称为"史上最强"的半年报预告，不仅刷新了公司自身业绩纪录，更验证了其向智算中心液 冷及人形机器人领域战略转型的成功路径。同日，东阳光还公布了员工持股计划及参与关联方东阳光药 向参股公司长江药业换股H股的合并换股事项的公告，在股价上行、业绩高增与资本运作的多重利好 下，东阳光正以"技术+产业"双轮驱动模式，加速竞逐未来计算革命与智能制造赛道。 传统与新兴业务双轮驱动业绩腾飞 东阳光的业绩爆发绝非偶然。 2025年上半年，东阳光传统业务板块延续强势表现。第三代制冷剂（HFCs）作为当前的主流 ...

Core Viewpoint - The recent issuance of the "Notice on Promoting the Scientific Planning and Construction of High-Power Charging Facilities" sets a quantitative target for the construction of over 100,000 charging piles with a single-gun power of 250 kW or above by the end of 2027, emphasizing the upgrade of highway charging facilities and encouraging long-term leases for charging stations [1][2]. Group 1: Policy and Infrastructure Development - The "632 Document" is the first national policy to specify a target for high-power charging facilities, aiming for over 100,000 units by 2027, with a focus on upgrading facilities in high-usage scenarios like highways during peak travel periods [2]. - The document aims to integrate resources and set a unified expansion goal, proposing pathways for implementation that involve various stakeholders, including investors, power grids, land leasing, and charging equipment companies [2]. - The current charging infrastructure is primarily composed of slow private charging piles, with a noted insufficient penetration of fast charging stations as electric vehicle adoption accelerates [1][3]. Group 2: Market Trends and Demand - As of May 2025, the total number of charging piles in China reached 14.4 million, with a year-on-year growth of 45.1%, while public charging piles grew at a rate of 55.8% [3]. - High-power charging piles (≥240 kW) account for only 6.7% of the public charging market, indicating a low penetration of fast charging options [3]. - The demand for ultra-fast charging is increasing, driven by the introduction of high-voltage platforms and vehicles compatible with ultra-fast charging [4][5]. Group 3: Company Initiatives and Competitive Landscape - Automakers are actively building their own charging networks, with companies like Li Auto constructing 3,246 charging piles in June alone, while others like Tesla and NIO have established between 10,000 to 15,000 fast charging piles [5]. - Major players are competing in the high-power charging space, with BYD developing 1 MW ultra-fast charging stations capable of providing 400 km of range in just 5 minutes [5]. - The introduction of Tesla's V4 supercharging station, with a maximum charging power of 500 kW, highlights the competitive push towards faster charging solutions [5]. Group 4: Technical and Economic Considerations - Current high-power charging products predominantly use liquid cooling modules, which offer better stability and heat resistance compared to air-cooled modules, although they come with higher costs [6]. - The initial investment costs for ultra-fast charging stations are high, and the profitability remains a challenge due to rising land rental costs and expensive electrical equipment [8][9]. - The charging service fees are decreasing, making it increasingly difficult for public fast charging stations to achieve profitability, especially in prime locations [8][9].

Core Insights - The demand for computing power is surging in the digital economy, leading to unprecedented cooling challenges for data centers, making liquid cooling technology a necessary choice for high-density computing centers [1] - Fluorinated liquids are emerging as a key material for liquid cooling systems due to their unique thermal and chemical properties, reshaping the cooling landscape for data centers [1][6] Group 1: Fluorinated Liquids - Fluorinated liquids, primarily composed of perfluoropolyether (PFPE) and other fluorinated compounds, are ideal for immersion cooling systems due to their high insulation, thermal conductivity, low viscosity, and chemical inertness [2] - Compared to traditional cooling fluids like mineral oil or silicone oil, fluorinated liquids offer superior thermal management performance, ensuring efficient heat dissipation for high-power devices such as AI servers and GPU clusters [2][4] - The chemical stability of fluorinated liquids allows for long-term use without significant degradation, enhancing the lifespan of electronic equipment [4] Group 2: Market Potential and Growth - The global shift towards high-density data centers and stringent energy efficiency standards is driving the demand for liquid cooling solutions, with the Chinese market for liquid cooling expected to exceed 120 billion yuan by 2025, growing at a compound annual growth rate of over 60% [6] - Domestic companies like Yonghe Co. are accelerating technological advancements to promote the large-scale application of domestic fluorinated liquids in data centers, semiconductors, and 5G base stations [6][8] - The increasing demand for AI computing power and national projects such as "East Data West Computing" are expected to further boost the fluorinated liquid market, providing long-term growth opportunities [8]

FSW液冷散热领域的革新力量 近期，第四届麦麦展华南区液冷散热系列年会暨晚宴交流会在东莞举行。本届大会汇聚了全球液冷散热 领域的顶尖企业和技术精英，共同探讨液冷散热技术的最新进展与应用趋势。万宇科技作为搅拌摩擦焊 (FSW)技术的领军企业，作为本次活动的品牌展商亮相本次年会，并由万宇科技销售工程师周经理主持 了会场二：AI高功率电子散热及芯片液冷技术论坛。 在液冷散热领域，搅拌摩擦焊技术正以其独特的优势引领着行业的技术革新。万宇科技作为该领域的佼 佼者，通过多年的技术积累和研发创新，成功将搅拌摩擦焊技术应用于液冷散热器的制造过程中。 搅拌摩擦焊技术通过焊接散热器的各个部件，如冷却管、散热片等，确保了散热器的密封性和散热效 率。与传统的焊接技术相比，搅拌摩擦焊技术具有焊接接头质量高、变形小、无气孔、无裂纹等优点， 特别适用于对密封性和散热效率要求极高的液冷散热领域。 3大领域12大场景的广泛应用 在华南区液冷散热系列年会上，万宇科技向与会者展示了搅拌摩擦焊技术在液冷散热领域的应用成果， 包括液冷散热器、服务器散热系统、新能源汽车热管理系统等多个场景。 避免熔焊的热影响区，保持材料力学性能(如铝合金强度不下降)。 ...

Group 1 - Company signed a strategic cooperation framework agreement with Shenzhen Green Cloud Technology Co., Ltd. to develop liquid cooling server products and technology [1] - Green Cloud Technology is a subsidiary of NetEase Technology and specializes in providing green data center solutions based on immersion liquid cooling technology [1][2] - The cooperation focuses on three main areas: product processing, joint technology research and development, and resource sharing [2] Group 2 - In product processing, Green Cloud will prioritize entrusting the manufacturing of integrated systems and related equipment to the company under equal business conditions [2] - Joint R&D will target cutting-edge technologies in liquid cooling servers, with both parties determining research directions and projects together [2] - Resource sharing will involve Green Cloud providing experimental support and the company offering mold development services to assist in new product testing [2] Group 3 - The company specializes in precision component manufacturing and R&D, with products used in electric vehicle systems, smart terminals, and consumer electronics [3] - In 2024, the company's automotive electronics and new energy vehicle business achieved sales revenue of 1.041 billion yuan, with over 80% from new energy vehicles, showing a growth rate of over 10% [3] - The company has completed capacity planning in multiple domestic locations and is expanding overseas in Thailand, Vietnam, and Indonesia, while strengthening market presence in Europe and North America [3] Group 4 - The company aims to focus on opportunities in computing servers and robotics, actively seeking external development opportunities based on industry insights [3]

编号：2025-024 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ☑其他（电话会议） | | 参与单位名称及 人员姓名 | 东北证券 赵宇阳 | | | 国盛通信石瑜捷 | | | 华富基金姚明昊邬熙哲 | | | 浙商资管王鹏覃思远庞雅菁许运凯陈珊珊 | | | 水璞基金 钟成 丁星乐 章宇轩 | | | 建信基金黄伟宾 吕怡 左远明 | | 时间 | 2025 年 7 月 7 日 | | 地点 | 飞龙汽车部件股份有限公司董事会秘书办公室（线上） | | 上市公司接待人 | 副总经理、董事会秘书：谢国楼 | | 员姓名 | 证券事务代表：谢坤 | | | 一、副总经理、董事会秘书谢国楼介绍公司情况 | | | 飞龙汽车部件股份有限公司（以下简称"公司"）始建于 1952 | | | 年，至今已有 70 多年的发展历史，是一家致力于热管理系统方案 | | | 解决的上市公司。 | | 投资者关系活动 主要内容介绍 | 公司发展主要分为两个阶段，第一个阶 ...

中信建投｜TMT 周观点 20250706 摘要 美股代币化浪潮在海外主要推行三种技术路线：第三方发行加交易所接 入模式、持牌券商自建链加自营发行模式以及差价合约方式，分别适应 不同的合规要求和市场参与者。 香港金融机构积极布局虚拟资产交易服务，已有 41 家完成 1 号牌升级， 超 40 家资管机构升级 9 号牌，虚拟资产交易系统 IT 改造空间预计在 30 亿到 180 亿人民币。 稳定币发行方和加密货币交易所将直接受益于虚拟资产快速发展，同时 RWA 业务服务方如朗新集团，以及跨境支付和证券 IT 相关标的如新大 陆、恒生电子等也将受益。 英伟达 GB200 量产进入高峰，GB300 增量可期，富联、广达等 ODM 厂商预计三季度推出 GB300 系统，Oracle 大型云服务协议预示 AI 基础 设施建设力度持续加强。 液冷技术在海外市场快速发展，预计 2025 年英伟达 B 系列应用液冷后 达到高渗透率，国内液冷技术预计 2026、2027 年达到高渗透率，相关 公司如英维克等有望提升收入规模及毛利率。 香港主力打造全球数字资产创新中心，在港金融机构积极布局虚拟资产交易服 务平台。目前 1,500 ...