Core Viewpoint - Yistar Group Co., Ltd. is focusing on expanding its renewable energy and overseas business segments, with significant growth expected in solar, wind, and energy storage sectors due to the implementation of "dual carbon" policies [1][2]. Business Overview - In the first half of 2025, Yistar achieved a revenue of 1.667 billion yuan, with the renewable energy segment accounting for 56.83% of total revenue [1]. - The overseas business has been steadily increasing, reaching 21.26% of total revenue in the first half of 2025, primarily from power supply products such as UPS and EPS [1]. Charging Infrastructure - Yistar's charging pile business serves a wide range of clients, including major power companies and automotive manufacturers, and features mobile charging robots to alleviate congestion at gas stations and service areas [2]. Liquid Cooling Technology - The company offers various mature liquid cooling solutions, including cold plate, immersion, and spray cooling technologies, applicable in charging piles, data centers, and energy storage systems [2]. Research and Development - In the first half of 2025, Yistar invested 101 million yuan in R&D, representing 6.08% of its revenue, and holds over 1,000 patents and software copyrights [2]. Sodium Battery Products - Yistar has achieved mass production of long-cycle and high-power sodium battery cells, developing applications for sodium battery UPS power supplies and automotive start-stop systems [2]. Silicon Carbide Development - The company has been involved in silicon carbide technology development since 2016 and aims to continue research and application in the third-generation semiconductor field [2].

Business Overview - The company achieved a total revenue of 166,749.51 million yuan in the first half of 2025, with high-end power equipment contributing 71,240.65 million yuan (42.72%) and the new energy sector contributing 94,754.24 million yuan (56.83%) [1][2] - The new energy business is expected to grow in proportion due to the implementation of "dual carbon" policies, focusing on solar, wind, and energy storage as new growth points [2] International Business - The overseas business accounted for 21.26% of total revenue in the first half of 2025, primarily from power products like UPS and EPS [3] - The company has established an ODM cooperation model with partners and has its own overseas sales team, targeting markets in Europe, Africa, the Middle East, and Southeast Asia [3] Customer Base - Key customers for the charging pile business include major power companies and automotive manufacturers, with mobile charging robots being used to enhance charging capabilities during peak times [4] Technology and R&D - The company has invested 1.01 billion yuan in R&D in the first half of 2025, representing 6.08% of total revenue, and holds over 1,000 patents [7] - The company has developed various liquid cooling technologies, enhancing efficiency and reducing power consumption in high-density computing environments [6] Product Development - The company has launched a range of sodium battery products, including UPS power supplies and energy storage cabinets, which offer advantages over traditional lithium and lead-acid batteries [8][9] - The company is involved in the development of silicon carbide (SiC) technology, focusing on application technology rather than direct production [10] Risk Management - The company plans to apply for the removal of risk warnings by the end of 2025, having completed necessary financial corrections and audits [11] Investor Relations - The company emphasizes transparency and regular communication with investors, ensuring compliance with information disclosure regulations [12]

Core Viewpoint - Dasin Intelligent announced advancements in energy-saving technologies for data and computing centers, leveraging its AIoT platform to develop various control systems aimed at enhancing energy efficiency [1] Group 1: Technology Development - The company has independently developed a liquid cooling global optimization energy-saving control system, an AI-tuned energy efficiency management system, and a precise energy efficiency control and management system for data centers [1] - An additional investment of over 20 million yuan will be made by June 30, 2025, for the research and development of these data center control systems [1] Group 2: Application and Experience - The liquid cooling global optimization energy-saving control system has been successfully applied in the operation management of the cold plate liquid cooling system at the Shenzhen Guangming Life Science City big data center [1] - The company has undertaken multiple large-scale data and computing center projects, including the State Energy Commerce Cloud Computing Center and the Qianhai Information Hub, accumulating rich practical experience [1] Group 3: Market Outlook - Currently, the revenue generated from the liquid cooling global optimization energy-saving control system constitutes a small portion of the company's overall business [1] - Business promotion is subject to various factors such as policy guidance and market demand, indicating a degree of uncertainty in the expansion of related business [1] - The company will continue to monitor the development trends of emerging technologies like liquid cooling and actively explore opportunities in line with its business practices [1]

格隆汇9月29日丨飞龙股份(002536.SZ)在投资者互动平台表示，目前，公司在液冷领域的产品主要包括 电子泵和温控阀系列产品，未来还将逐步拓展至集成模块产品。在技术方案层面，当前以冷板式液冷为 主，同时也在积极推进浸没式液冷技术的研发与应用。 ...

Core Viewpoint - The liquid cooling market is expected to experience rapid growth due to the increasing power of AI chips and the density of single cabinets, with a recommendation to focus on the entire liquid cooling industry chain, particularly highlighting Envicool (002837.SZ) as a key investment opportunity [1][2]. Group 1: Industry Trends - In the AI era, the heat density of data centers is accelerating, making liquid cooling a mainstream cooling technology for intelligent computing centers [2]. - Liquid cooling offers advantages over traditional air cooling, including faster temperature transfer, greater heat removal capacity, lower noise, energy savings, and space efficiency [2]. - The global PUE (Power Usage Effectiveness) assessments are becoming stricter, which is likely to enhance the penetration rate of liquid cooling solutions [2]. Group 2: Market Potential - The global market for liquid cooling in data centers is projected to reach $10 billion by 2026, driven by the adoption of liquid cooling solutions in North America and China [3]. - In North America, the unit value of cold plate liquid cooling is approximately $1,040 per kW, with a potential market size of $3 billion driven by CSP cloud providers adopting liquid cooling for self-developed ASIC chips [3]. - The demand for NVIDIA GPUs remains strong, with optimistic projections suggesting that the liquid cooling market size for NVIDIA could exceed $7 billion by 2026 [3]. - In China, the unit value of cold plate liquid cooling is around 5,000 yuan per kW, with expectations for accelerated penetration rates by 2025 and projected market sizes of 11.3 billion yuan and 23.8 billion yuan for 2026 and 2027, respectively [3]. Group 3: Competitive Landscape - Traditional overseas cooling companies have an early advantage in the liquid cooling market, but domestic manufacturers are expected to benefit from high cost-performance ratios, rapid response times, customized services, and industrial capabilities [3][4]. - The liquid cooling supply chain includes upstream component manufacturers, midstream system solution providers/integrators, and downstream clients such as AIDC service providers, operators, and internet companies [3]. - System integrators require comprehensive capabilities, with high design and stability demands, where established companies like Vertiv and Envicool hold advantages [3].

Core Viewpoint - The liquid cooling market is expected to experience rapid growth due to advancements in AI chip power and density, with domestic manufacturers having opportunities to penetrate overseas markets, particularly through the entire liquid cooling industry chain, with a focus on Envicool (002837.SZ) [1] Group 1: Liquid Cooling Technology - In the AI era, data center heat density is increasing, making liquid cooling a mainstream cooling technology for intelligent computing centers [2] - Liquid cooling offers advantages over traditional air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, energy savings, and space efficiency [2] - The current phase of liquid cooling primarily utilizes cold plate technology, with NVIDIA's latest commercial B-series GPUs adopting 100% liquid cooling architecture [2] Group 2: Market Potential - The global market for liquid cooling in data centers is projected to reach $10 billion by 2026, with North America expected to contribute significantly [3] - In North America, the unit value of cold plate liquid cooling is approximately $1,040/kW, with a potential market size of $3 billion driven by CSP cloud providers adopting liquid cooling solutions [3] - The domestic market's unit value for cold plate liquid cooling is around ¥5,000/kW, with expectations for accelerated penetration by 2025 and projected market sizes of ¥11.3 billion and ¥23.8 billion for 2026 and 2027, respectively [3] Group 3: Competitive Landscape - Traditional overseas cooling companies have early advantages, but domestic manufacturers can benefit from high cost-performance ratios, rapid response, customized services, and industrial capabilities [3][4] - Key players in the liquid cooling supply chain include component manufacturers, system solution providers, and end customers such as AIDC service providers and internet companies [3] - System integrators require comprehensive capabilities, with established companies like Vertiv and Envicool having advantages in temperature control stability [3] Group 4: Component Manufacturers - Component manufacturers face technical and customer barriers, with early partnerships with NVIDIA providing a competitive edge [4] - Domestic suppliers are expected to seize development opportunities as CSP cloud providers pursue higher cost-performance decoupled solutions [4]

Core Viewpoint - Feirongda (300602.SZ) has technological reserves in micro-channel liquid cooling plates and is actively developing various cooling products for servers and terminal devices [1] Group 1: Technology and Product Development - The company is engaged in the research and development of thermal management products, including thermal conductive materials, various cooling modules, fans, 3D VC coolers, special coolers, single-phase liquid cooling plate modules, and two-phase liquid cooling plate modules [1] - Some of the company's products have already been delivered in bulk, indicating a level of market readiness and operational capability [1] Group 2: Market Position and Future Outlook - The company will continue to monitor developments in related technology fields to enhance its comprehensive competitive advantage [1]

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]

Group 1 - New stock subscription: Dao Sheng Tian He with subscription code 780026, issue price 5.98 yuan per share, subscription limit of 27,500 shares [7] - Industrial and Information Technology Ministry and eight other departments issued the "Non-ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", targeting an average annual growth of around 5% in added value for the non-ferrous metal industry and a 1.5% average annual growth in the production of ten non-ferrous metals [7] - The Ministry of Transport and six other departments issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'", aiming for widespread application of AI in transportation by 2027 and deep integration by 2030 [8] Group 2 - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the People's Bank of China issued the "Petrochemical and Chemical Industry Stabilization Growth Work Plan (2025-2026)", focusing on guiding project planning and enhancing high-end supply [9] - The People's Bank of China held its 110th monetary policy committee meeting, emphasizing the need for a moderately loose monetary policy and enhancing counter-cyclical adjustments to promote stable economic growth [9] - In August, profits of industrial enterprises above designated size increased by 20.4% year-on-year, reversing a decline of 1.5% in the previous month, with cumulative profits from January to August showing a 0.9% year-on-year increase [10]

申购提示：今日（9月29日）1只新股申购。 预告：今日国新办两场发布会。 重要的消息有哪些 1．申购提示：新股方面，道生天合申购代码780026，发行价5.98元/股，申购上限2.75万股。投资有风险，申购需谨慎。 2．预告：今日国新办将举行两场发布会。其中，上午10时举行"高质量完成'十四五'规划"系列主题新闻发布会，请水利部部长李国英介绍"十四五"时期水利 高质量发展成就；下午2时举行"高质量完成'十四五'规划"系列主题新闻发布会，请中央宣传部副部长、文化和旅游部部长孙业礼介绍"十四五"时期文化和旅游 高质量发展成就。 3．工业和信息化部等八部门印发《有色金属行业稳增长工作方案（2025—2026年）》。其中提到，2025—2026年，有色金属行业增加值年均增长5%左 右，经济效益保持向好态势，十种有色金属产量年均增长1.5%左右，铜、铝、锂等国内资源开发取得积极进展，再生金属产量突破2000万吨，高端产品供给 能力不断增强，绿色低碳、数字化发展水平持续提升。 多部门发文部署，有色金属行业、人工智能+交通运输、数字经济、石化化工等领域迎政策支持。 8月规模以上工业企业利润明显改善。 中国人民银行（下称"央 ...