Core Viewpoint - The company, Xiangxin Technology, is leveraging its liquid cooling and refrigerant direct cooling technologies across various sectors, including computing power services, electric vehicle battery systems, and data centers [1] Group 1: Technology Applications - The company's liquid cooling and refrigerant direct cooling technologies are applicable in fields such as computing power servers, electric vehicle power batteries, motor control systems, industrial energy storage systems, IDC data centers, and low-altitude unmanned aerial vehicles [1] - Current clients include Super Fusion, Huakun Zhenyu, and ZTE Kangxun, for whom the company supplies liquid cooling server-related products [1] Group 2: Electric Vehicle Battery Products - The company supplies various components for electric vehicle power batteries, including liquid cooling plates, box covers, trays, end plates, and bottom protective plates [1] - Notable clients for these products include C customers, B customers, Guoxuan High-Tech, Yiwei Lithium Energy, Zhengli New Energy, Funeng Technology, Xinwangda, Yuanjing Power, Weirui (Geely), Hive, and Ruipu Lanjun [1] Group 3: Recent Project Developments - In May 2024, the company received a project development notification from a leading domestic flying car manufacturer, confirming its role as a supplier for battery lower box assemblies and liquid cooling plates [1] - In October 2024, the company was awarded a project bid notification from a leading digital energy client, establishing it as the supplier for wind and liquid cooling supercharging station assemblies and structural components, with a project lifecycle of 1-2 years and an expected total sales amount of RMB 300-400 million [1]

Core Viewpoint - The company has achieved independent research and production of key liquid cooling equipment, indicating a significant advancement in its technological capabilities [1] Group 1: Product Development - The company's data center liquid cooling products include server liquid cooling plates, fluid connection components, various models and heat exchange forms of CDU, multiple sizes and power ratings of TANK, pumps, and heat exchange units [1] Group 2: Supply Chain Strategy - To optimize supply chain efficiency and meet diverse customer demands, the company will consider customer needs and its own production capabilities when deciding on the self-manufacturing or outsourcing of related components [1]

Core Viewpoint - Immersion liquid cooling is a promising solution for high power density scenarios in data centers, with potential market opportunities driven by increasing demand for cooling solutions due to rising power densities from AI and 5G applications [1][2][4][6]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, especially with the increasing power density of AI servers, which can reach 2000-3000W compared to traditional servers at 300W-1000W [2]. - The current mainstream cooling solution is cold plate liquid cooling, which primarily uses water and ethylene glycol as cooling mediums, accounting for approximately 70% of the liquid cooling market [3]. - Two types of cold plate liquid cooling exist: single-phase (no phase change) and two-phase (with phase change), with the latter offering higher cooling efficiency suitable for higher power densities [3]. Group 2: Immersion Liquid Cooling - Immersion liquid cooling is more efficient than traditional cold plate systems, utilizing non-conductive cooling liquids to dissipate heat through convection and phase change [4]. - Single-phase immersion cooling is currently favored due to lower deployment costs and reduced risk of coolant spillage, while two-phase immersion cooling, although more efficient, faces challenges in cost and technology maturity [4]. Group 3: Market Potential and Demand - The International Energy Agency (IEA) predicts that global data center installed capacity will reach 114.3 GW by 2025, with annual additions ranging from 9 GW to 24 GW between 2024 and 2030, leading to a potential demand for 40,000 tons of fluorinated liquids [6]. - The estimated market space for immersion cooling solutions, based on a fluorinated liquid price of 250,000 CNY per ton, is approximately 10 billion CNY [6]. Group 4: Key Players and Recommendations - Companies in the fluorinated liquid space, such as Dongyangguang (600673.SH), Juhua Co. (600160.SH), and Yonghe Co. (605020.SH), are recommended for investment due to the growth potential in the cooling medium market [7][8].

Group 1 - The company has expertise in thermal management systems and liquid cooling technology, enabling it to provide customized cooling solutions based on client needs [1] - The company's liquid cooling modules and structural components for computing servers are specifically designed for cooling applications, such as GPU cooling [1] - The company has already supplied relevant products to leading clients in the market and is continuously exploring market opportunities related to liquid cooling products [1]

Group 1 - The core technology of the company includes liquid cooling and direct cooling technology applicable to various fields such as computing servers, new energy vehicle power batteries, motor control systems, commercial energy storage systems, IDC data centers, and low-altitude unmanned aerial vehicles [1] - The company supplies liquid cooling server products to notable clients including Super Fusion, Huakun Zhiyu, and ZTE Kangxun [1] - The company provides components for new energy vehicle power batteries, including liquid cooling plates, box covers, trays, end plates, and bottom protective plates, to well-known manufacturers such as C customers, B customers, Guoxuan High-Tech, Yiwei Lithium Energy, and others [1]

Group 1 - The core viewpoint of the articles highlights the surge in A-share liquid cooling concept stocks, with 22 companies experiencing stock price increases of over 10%, driven by the growing demand for efficient cooling solutions in data centers [1][2] - The liquid cooling technology is becoming essential due to the explosive growth of data and increasing computational demands, addressing significant challenges such as heat dissipation in data centers [2] - It is projected that by 2026, the global data center liquid cooling market will reach approximately 68.8 billion yuan, with the domestic market accounting for about 17.9 billion yuan, indicating substantial market potential [4] Group 2 - The liquid cooling market is expected to grow significantly, with estimates of 35.4 billion yuan in 2025, 71.6 billion yuan in 2026, and 108.2 billion yuan in 2027, driven by the intelligent upgrade of computing infrastructure [4] - The liquid cooling industry chain consists of upstream components such as cooling towers and pumps, midstream participants including third-party solution providers, and downstream users being server end-users [4] - Key components in the liquid cooling system, such as CDU, Manifold, UQD, and liquid cooling plates, account for over 90% of the system's value [7] Group 3 - Domestic liquid cooling suppliers are expected to capitalize on the growing demand, with several A-share companies reporting progress in their liquid cooling business [10] - Companies like Fangsheng Co. and Highlan Co. are actively delivering liquid cooling products for data centers and other applications, although the revenue from these products is still a small portion of their total business [10] - Ruanhe Materials is focusing on the development of cooling liquids, holding proprietary technology and patents, and is expanding its customer base in related industries [12]

截至2025年8月18日15时，浪潮信息最新股价为61.07元，较前一交易日收盘价上涨2.39元。当日开盘价 为58.96元，最高触及61.60元，最低下探58.89元，成交量为1158265手，成交金额达70.03亿元。 资金流向方面，8月18日浪潮信息主力资金净流入31387.77万元，占流通市值比为0.35%。近五日主力资 金净流入81134.06万元，占流通市值比为0.9%。 浪潮信息属于计算机设备板块，主营业务涵盖云计算基础设施、大数据、人工智能等领域。公司是国内 领先的服务器和存储产品供应商，在数据中心建设方面具有重要地位。 在液冷技术领域，随着AI算力需求爆发与数据中心绿色转型的双重驱动，液冷技术正成为高成长赛 道。英伟达GB200液冷机柜大规模商用及ASIC芯片加速渗透，推动全球液冷市场规模快速扩张。 ResearchNester预计，该市场规模将从2024年的30亿美元增至2030年的213亿美元。 风险提示：市场有风险，投资需谨慎。 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [4]. Core Insights - Liquid cooling technology is a crucial solution for addressing the heat dissipation challenges faced by data centers, especially with the increasing power density driven by AI and 5G applications [4][5]. - The report highlights that AI servers have power ratings between 2000-3000W, significantly higher than traditional servers, which operate at 300W-1000W, thus intensifying the cooling requirements [5]. - The main cooling method currently in use is the cold plate liquid cooling system, which utilizes water and ethylene glycol as cooling mediums, accounting for approximately 70% of the liquid cooling market [5]. - Immersion cooling is noted for its superior heat dissipation efficiency and potential for growth, with single-phase immersion cooling being the predominant choice among major companies like Alibaba and Tencent [5]. - Fluorinated liquids are identified as the optimal medium for immersion cooling, with a market potential estimated at around 10 billion [5]. Summary by Sections Liquid Cooling Technology - Cold plate liquid cooling is the leading technology, with single-phase systems being suitable for medium to low power servers, while dual-phase systems are emerging for high power density applications [5]. - Immersion cooling, both single-phase and dual-phase, is gaining traction due to its efficiency in high power density scenarios [5]. Market Potential - The report predicts that by 2025, the global data center installation capacity could reach 114.3GW, with a potential annual increase of 16.6GW from 2024 to 2030 [5]. - With a projected liquid cooling penetration rate of 60% and immersion cooling at 40%, there is an anticipated demand for 40,000 tons of fluorinated liquids, translating to a market opportunity of approximately 10 billion [5]. Investment Recommendations - The report suggests focusing on companies involved in the production of fluorinated liquids, such as Dongyangguang, Juhua, Yonghe, and others, as well as those producing silicone oil like Runhe Materials and Xin'an [5][6].

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry in China benefits from a well-established supply chain in temperature control for IDC (Internet Data Center) and AIDC (Artificial Intelligence Data Center) environments, with significant advantages in internal cooling for servers and switches due to historical development alongside ICT (Information and Communication Technology) and consumer electronics industries [1][2][3] Core Insights and Arguments - **Demand Drivers**: China's strong demand for liquid cooling is driven by dual carbon goals and the need to lower PUE (Power Usage Effectiveness). The ongoing technology trade war has resulted in lower thermal conversion efficiency for domestic chips, increasing the need for effective cooling solutions [1][2][3] - **Global AI Industry Position**: China holds comparative advantages in four sub-sectors of the global AI industry: optical modules, PCBs, liquid cooling, and MPO (Multi-fiber Push On). These sectors are expected to yield significant profits and enhance overall profitability [4][5] - **Market Growth**: 2026 is projected to be a pivotal year for the liquid cooling industry, with expectations of a market size approaching 100 billion. The liquid cooling segment is already showing signs of growth, with manufacturers preparing for large-scale procurement [2][12] Development Trends - **Technological Evolution**: The liquid cooling technology is expected to evolve significantly over the next three to five years, with a shift from air cooling to more advanced methods such as immersion and spray cooling. Leading companies are already establishing relationships with major overseas clients [6][7] - **Market Dynamics**: The industry is likely to see a concentration of leading firms, driven by customer demand and technological advancements. Companies that can quickly respond to customer needs will gain a competitive edge [7][10] Challenges and Opportunities - **Challenges**: The industry faces challenges such as rapid technological iteration, the need for continuous R&D investment, and the necessity to secure large clients for stable order sources. Additionally, fluctuations in domestic and international market conditions pose uncertainties [7][8] - **Investment Potential**: The liquid cooling sector is viewed as a significant investment opportunity, comparable to the PCB and optical module markets. Despite high short-term valuations, the absence of logical flaws in the industry’s growth trajectory presents long-term investment potential [18][19] Competitive Landscape - **Market Participants**: The liquid cooling market features a diverse range of participants, including domestic and international firms. While some companies are progressing slowly, the overall market potential remains substantial [16] - **Emerging Players**: Domestic firms are beginning to carve out market share, with opportunities arising from supply chain disruptions among Taiwanese manufacturers. The industry is still in its early stages, with significant potential for growth and development [17][18] Conclusion - The liquid cooling industry is positioned for substantial growth, driven by technological advancements and increasing demand in the AI sector. Investors are encouraged to consider the long-term potential of this market, particularly as it approaches a critical growth phase in 2026 [12][19]

8月18日，A股液冷概念股再度爆发，股价涨幅超过10%（包含10%）的公司有22家。其中，曙光数创"30cm"涨停，方盛股份、高澜股份、强瑞技术、润禾 材料等"20cm"涨停。 | 序号 | 代码 | 名称 | | 最新 | 涨幅% 1 | | --- | --- | --- | --- | --- | --- | | 1 | 872808 | 曙光数创 | 1 | 99.09 | 29.99 | | 2 | 832662 | 方感股份 | | 47.90 | 22.07 | | 3 | 300499 | 高澜股份 | 1 | 30.94 | 20.02 | | 4 | 301128 | 强瑞技术 | 1 | 89.29 | 20.00 | | 5 | 300727 | 润末材料 | 事 | 43.64 | 19.99 | | 6 | 301086 | 愛聞與 | 1 | 67.00 | 18.19 | | 7 | 688032 | 德邦科技 | 1 | 57.28 | 16.78 | | 8 | 300843 | 胜蓝股份 | | 52.00 | 15.76 | | 9 | 300602 | 飞荣达 | * ...